Reward – its not just about money!

1. Reward – its not just about money! Agenda: What? How? Why?

2. What makes our cogs turn:

3. Proven Motivational Theories: Herzberg Theory 1959: Motivators: • Achievement • Recognition • Opportunity for personal growth • Interest in the job Hygiene Factors: • Organisation • Policies and admin • Working conditions • Job Security • Salary/Status

4. What is meant by Total Reward? ‘A reward strategy that brings additional components such as Learning and Development together with aspects of the working environment into the benefits package. It goes beyond standard remuneration by embracing company culture and is aimed at giving employees in operations with the employer in return receiving an engaged employee performance.’ • CIPD, 2008

5. Future Vision for Hells Kitchen • To align our reward package with our business and people strategies – ‘finding the balance to meet employee expectations and become an Employer of Choice’

6. SWOT Analysis – Current Pay and Reward Structure

7. Current Reality in Hells Kitchen: • High staff turnover in all restaurants • Demotivated workforce • Perceived inequality in terms offered • Not employer of choice • Low staff morale/engagement • Overall impact on profitability and efficiency

8. Top Priorities • Pay grading – fair and equitable terms to be implemented • Structured performance related reviews – linked to pay • Career progression/personal development and training

9. Pay grading – fair and equitable terms to be implemented • Why? • Removing disparities between departments • Transparent structure and pay banding • Boosting staff morale • Increased retention • Allows incentivisation of staff going forward

10. 2. Structured performance related reviews – linked to pay • Why? • Fair and consistent across the company – non discriminative • Appraisals – encouraging employee voice • Employee engagement • Transparency of development opportunities • Retain and motivate staff • Employer of Choice

11. 3. Career progression/personal development and training • Why? • Employer of Choice • Enhances skill sets • Improves staff retention • Providing opportunities/challenges • Non financial rewards • Improved staff loyalty

12. Financial elements in place include: • Pay/hourly rate • Bonuses • Benefits • Restaurant discount vouchers • Childcare vouchers • Pension • Company Cars • Shares

13. Proposed Non-financial benefits: • Flexible working hours • Career development /Training • Recognition of achievements - reward schemes • Issue of reward statement for all colleagues – improved communication as to what rewards are actually on offer • Employee of the month competitions • Employee forums/employee representative groups • Employee opinion surveys – find out what employees expect from Hells Kitchen as an employer • Involvement in project planning groups – general consultation

14. Proposed Financial Benefits to include: • External and internal benchmarking • Launch pay grades • Instigate job profiling/evaluations to facilitate annual structured pay reviews. • Offer salaried workers performance related bonuses – Restaurant managers, Head Chefs etc • Monthly incentives for part time staff

15. How we plan to do this Fairly and Consistently: • Value individual differences and ensure that all employees are treated fairly and equitably and ensure that their individual circumstances and requirements are taken into account. • We will do this by adopting a Total Reward Strategy offering flexible working and a range of benefits.

16. Tools to Implement: • Communication plans – top down... • Reward statements • Processes/guidelines • Training packages • Employee forums • Gender equality for men and women • Non discriminatory practices

17. Timeline:

18. Cost Implications • Investigate and outline costs involved – review budgetary constraints • Cost of reviews • Return on investment regarding training • Minimise cost of recruitment and training of new staff by increasing retention • Happier, motivated and engaged workforce – impact on bottom line! • Talent for future expansion.

19. Questions and Answers?