Smart Reward Strategies

I found this recruitment ad on the Blue World site for “design guru”, and one of the “cool perks” is  

“Be featured with us in Newspapers, magazines and online – we famous (see below)”   

In the Talent Economy, it is less about the organisation being famous and more about talent being famous for their contribution.

The skills shortage is affecting everyone in SA today. If you’re a Manager, in Human Resources, Finance, or a Payroll Practitioner, discover these radical yet simple approaches to retaining the staff you can’t afford to lose! Finlay and Associates will be hosting the Smart Reward Strategies breakfast on 26 August 2008. Profits from the events go to NOAH  (Nurturing Orphans of Aids of Humanity) 

For full details about the event and registration, go here 

A must read article in today’s Business Report, Vodacom ex-worker lodges suit for millions is quite a frightening read - a former employee, working in the finance department proposed the “Please Call Me” service that was subsequently launched by Vodacom and is a cash making machine for the company. The former employee has issued a summons against the company, claiming financial compensation for the product. Vodacom “denies liability”. It should be an interesting case to follow for the next few years!  Getting back to the purpose of this post, the former employee did receive recognition for his innovation viz:

“Thanks” in the staff newsletter when the product was launched in March 2001

In Smart Reward Strategies, I contend that employees lease their talents to the organisation for remuneration. I expose traditional recognition whether it is thank you, gold stars, awards or training as a load of crock. Recognition doesn’t pay!

 Promises customers: innovative, leading edge products and services, the latest technology, superior customer service, competitive price

And then gives staff: toxic management, outdated/no resources, suffocates innovation, blocks access to technology, poor HR service, raw pay deal?

Still wondering why the customer experience is a disappointment?

Another first in South Africa: introducing the SA Talent Brief In today’s fast moving world, you can get truckloads of information from anyone. The SA Talent Brief distils the noise into critical insights – save hours each month, slash info costs and stay on top of developments. It covers talent management, recruitment, reward, performance, training, career development retention, employment taxes and trends. The SA Talent Brief membership includes unlimited: 

The success of reward strategies like so many other things in life and business is one word: execution. The big ideas, plans, permutations, hardcore analysis, design principles, deep technical stuff means nothing without execution – it must be a living part of the organizational DNA, flowing through business, supported by management and individual working experience. Few achieve it.

Catch Smart Reward Strategies Tour in Cape Town from 11-17 June 2008. During this week, I will be meeting corporates, SME’s and joining my distributor, PSD Promotions at the Cape Town Book Fair. E-mail me to explore further.

From: A Basic Salary of R xxx

To

A Basic Salary of R xxx - R yyy = R zzz

Where R yyy is used for a benefit enjoyed by the employee

Total R amount of package                     Allocated to

Guaranteed Company Contributions

Guaranteed Allowances

And the resultant amount left over is

Cash Component

Examples:

Company contributions - Provident fund, Medical Aid

Allowances - Travel, Cellphone

Examples of Exclusions

Reimbursements

Non guaranteed allowances and earnings

You have a $$$ idea. Ok, more than an idea - you know the what, why, where, how of bringing this idea to life. What will you do?

Share it with your employer?  Or quietly develop it yourself, outside of the corporate cubicle?

Why?