The Manager's Guide to Rewards

Jensen, Doug; Stark, Mel; McMullen, Tom
July 2008
Manager's Guide to Rewards - Business Book Summaries;2008, Vol. 1 Issue 1, p1
Book Summary
Book Summary
Most books written about compensation and rewards are targeted at human resource professionals. These theoretical texts pay little attention to the implementation of rewards programs. With more and more frontline managers making decisions about employee rewards, practical guidance is needed about how to compensate employees in ways that also lead to the achievement of company goals. In The Manager's Guide to Rewards, Doug Jensen, Tom McMullen, and Mel Stark have created a pragmatic rewards handbook for line managers. Through research and case studies, they discuss how total rewards can be linked to business concerns, such as ROI and company strategy. The authors also outline the core dimensions of effective compensation programs, including base salary, variable pay and nonmonetary benefits. The book concludes by reviewing key elements that are linked with compensation programs, such as communications, career paths, and recognition programs. Readers will learn how to use rewards programs to achieve competitive advantage and organizational success. According to Jensen, McMullen and Stark, compensation is one of the largest controllable expenses that companies have. Yet, fewer than 20 percent of organizations use a formal ROI analysis for making compensation decisions. For companies to measure their compensation program ROI, they must consider the total rewards package that is offered to employees. Total rewards include direct cash compensation, as well as intangible rewards, development opportunities, and recognition programs. The authors propose a four phase approach to designing and implementing a total rewards program: take stock, sharpen your focus, take action, and measure the results. Supporting tools and techniques related to valuing work, managing base salaries, designing variable pay programs, and revealing the hidden value of non-quantifiable benefits are described in detail. The Manager's Guide to Rewards is intended to bridge the gap between designing reward programs and making them work. The authors provide pragmatic advice about how to manage employee compensation programs to achieve business results. This book is most appropriate for line managers.


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