Incentives and Recognition

Transcription

1 Rewards 101 for HR: Module 3 Incentives and Recognition RPI: Please note that this training content only includes information referenced in the nomination form. Information not applicable to the nomination has been removed.

2 Rewards 101 Modules 1 WaMu s Rewards Philosophy and Job Management 2 Base Compensation 3 Incentives and Recognition 4 WaMu Equity and Perquisites 5 Rewards Considerations in Formulating an offer 6 Your Rewards Resources Rewards 101 modules may be viewed together or individually and referred to when you have questions related to Rewards programs and policies. Rewards 101: Module 3 Incentives and Recognition 2

3 Incentives and Recognition In this module you will learn about: Cash Incentives: Performance Bonus Plan Leadership Bonus Plan Incentives/Commission Signing Bonuses Other Bonuses Employee Recognition Employee Contests and Drawings Rewards 101: Module 3 Incentives and Recognition 3

4 Incentives and Recognition WaMu s Total Rewards Package Cash incentives and recognition are elements of our Total Rewards Package Base Compensation Cash Incentives & Recognition WaMu Equity Executive Benefits * Perquisites = Total Rewards *Benefits not included in this training; See Benefits 101 for HR on Learning Central. Rewards 101: Module 3 Incentives and Recognition 4

5 Employee Recognition The WaMu WaHoo enterprise-wide employee recognition program: Fosters a culture that recognizes employees contributions to WaMu s mission, Key Focus Areas and values Provides a menu of options for recognizing employees consistently across all WaMu business lines Partners with other WaMu recognition programs in leveraging online tools Is the one-stop-shop for employee recognition at WaMu Rewards 101: Module 3 Incentives and Recognition 5

6 Employee Recognition (Cont.) WaMu WaHoo tools include: ecards sent by any employee to recognize any other employee for a job well done WaMu WaHoo 4 You award certificates used by managers to recognize individuals or teams for accomplishments that contribute to the success of a department or WaMu WaMu WaHoo Gift Certificates allow managers to issue online gift certificate awards and employees to redeem them to a retailer of their choice WaMu WaHoo Wall of Fame lists employees who reach key milestone anniversaries and honorees of other WaMu recognition programs WaMu WaHoo How-to Manager Guide provides information on each WaHoo component with additional guidelines, instructions and tips Online nomination tool used by various WaMu recognition programs to streamline nomination processes Rewards 101: Module 3 Incentives and Recognition 6

7 Employee Recognition (Cont.) WaMu WaHoo online gift certificates: Managers may issue WaMu WaHoo gift certificates to any employee within their reporting hierarchy using the online tool Second level manager approves the request online Employee redeems the gift certificate online by selecting from hundreds of retailers WaMu WaHoo gift certificates, and ANY other gift certificate or gift card of any value, are considered taxable compensation Gift certificates issued using the WaMu WaHoo online tool are automatically billed and reported to Payroll, and taxes are grossed up For gift certificates purchased outside of WaMu WaHoo, managers must submit the Employee Award Record Form to payroll and submit the expense in Concur Rewards 101: Module 3 Incentives and Recognition 7

8 Employee Recognition (Cont.) Scenario: Emily is a high performing Level 9 employee, and has recently taken on more volume and additional responsibilities to cover for a co-worker s maternity leave. Emily s manager wants to acknowledge her efforts and measurable results, and wants to give her a cash bonus. What guidance should the HRBP provide to the manager? A. Request a cash bonus to reward Emily for her efforts. (Answer: Sorry, please try again.) B. Submit a base salary increase effective immediately. (Answer: Changes to base salary should only be made during Pay Planner, and the Base Salary Exception Process should be used only in special situations. There is a better answer.) C. Advise the manager to utilize existing means of acknowledging superior performance. (Answer: Correct! Before using other bonuses as a means of acknowledging superior performance, the manager may do one or more of the following: recognize Emily s excellent performance in Pay Planner with an appropriate merit increase or Performance Bonus; issue a WaMu WaHoo gift certificate in an appropriate amount.) Rewards 101: Module 3 Incentives and Recognition 8

9 Employee Recognition HRBP Role HRBP Alert! Encourage managers to use WaMu WaHoo for employee recognition, and to learn more about other WaMu recognition programs they may be eligible for Be aware that ALL gift certificates and gift cards are considered taxable compensation, and encourage managers to utilize the online WaMu WaHoo gift certificates Contact the Rewards/Recognition Programs Department when a client requests that a new recognition program be created Visit the WaMu WaHoo website or contact GM WaMu WaHoo Recognition with any questions Rewards 101: Module 3 Incentives and Recognition 9

10 Questions? Contact your Rewards Analyst or Corporate Rewards and Benefits Your Rewards Analyst is here to help! Rewards 101: Module 3 Incentives and Recognition 10