Rewards That Drive High Performance: Success Stories from Leading Organizations

Rating:
Summary: 10 Key Factors Make Reward Systems Successful.
Review: "This book provides a series of stories that offer a window into today's organizations. While the focus is on the reward systems that these organizations devised and implemented, the true picture goes much deeper. Each story reflects an organization that was facing a need to change the way it coducted its business and developed a process to support and reinforce change. So, the reward systems are manifestations of a new set of values and practices within organizations...The case studies in this book were developed with representatives of these organizations. They are true, real-life descriptions of what goes on inside these companies...While this book can be read from front to back, it was not written to be read in a traditional manner. It may be useful to take a non-linear approach, jumping from one section to another...This book is not intended to represent the best practices of the best companies, although it often does. It is a book about reality. It may not include the design for the perfect reward system, but it should give you ideas and approaches that will change the way you think about, develop, and manage rewards (pp.1-7)."

In this context, Thomas B. Wilson focuses on:

* How does an organization such as Amazon.com instill or retain the entrepreneurial spirit that it had when it was small?

* how companies such as DuPont, Coca-Cola, and Cisco Systems seek to create a bridge between the requirements for success and each individual.

* how companies retain a customer focus so that people collaborate and strive to perform better.

* how companies such as DuPont, Cumming Engine, and K/P Corporation encouraged people to collaborate and provided a share of the benefit if improvements could be achieved.

* how companies retain their critical talents.

* how companies such as Allied Signal, and Harvard University Health Services have integrated a variety of quality management processes into their organizations.

* how companies have changed their reward systems to support new business strategies.

Finally, he writes that "to aid you in developing your own approach to change, I have summarized the 10 key factors that seem to most accurately determine what makes reward systems successful. While this list summarizes common characteristics, the true significance is in applying these principles to your own situation and to learn from the direct application of experience."

1. Reward systems play a crucial role in performance.

2. Measures give rewards relevance; rewards give measures meaning.

3. Alignment and consistency are essential.

4. How people are paid is often more important than how much they are paid.

5. Build programs with a vision, and then improve them over time.

6. The value of the reward should exceed the cost.

7. The program begins after the first payouts.

8. Translate measures into action.

9. Make rewards meaningful.

10. Take a strategic, systemic, and holistic approach.

Highly recommended.

Rating:
Summary: 10 Key Factors Make Reward Systems Successful.
Review: "This book provides a series of stories that offer a window into today's organizations. While the focus is on the reward systems that these organizations devised and implemented, the true picture goes much deeper. Each story reflects an organization that was facing a need to change the way it coducted its business and developed a process to support and reinforce change. So, the reward systems are manifestations of a new set of values and practices within organizations...The case studies in this book were developed with representatives of these organizations. They are true, real-life descriptions of what goes on inside these companies...While this book can be read from front to back, it was not written to be read in a traditional manner. It may be useful to take a non-linear approach, jumping from one section to another...This book is not intended to represent the best practices of the best companies, although it often does. It is a book about reality. It may not include the design for the perfect reward system, but it should give you ideas and approaches that will change the way you think about, develop, and manage rewards (pp.1-7)."

In this context, Thomas B. Wilson focuses on:

* How does an organization such as Amazon.com instill or retain the entrepreneurial spirit that it had when it was small?

* how companies such as DuPont, Coca-Cola, and Cisco Systems seek to create a bridge between the requirements for success and each individual.

* how companies retain a customer focus so that people collaborate and strive to perform better.

* how companies such as DuPont, Cumming Engine, and K/P Corporation encouraged people to collaborate and provided a share of the benefit if improvements could be achieved.

* how companies retain their critical talents.

* how companies such as Allied Signal, and Harvard University Health Services have integrated a variety of quality management processes into their organizations.

* how companies have changed their reward systems to support new business strategies.

Finally, he writes that "to aid you in developing your own approach to change, I have summarized the 10 key factors that seem to most accurately determine what makes reward systems successful. While this list summarizes common characteristics, the true significance is in applying these principles to your own situation and to learn from the direct application of experience."

1. Reward systems play a crucial role in performance.

2. Measures give rewards relevance; rewards give measures meaning.

3. Alignment and consistency are essential.

4. How people are paid is often more important than how much they are paid.

5. Build programs with a vision, and then improve them over time.

6. The value of the reward should exceed the cost.

7. The program begins after the first payouts.

8. Translate measures into action.

9. Make rewards meaningful.

10. Take a strategic, systemic, and holistic approach.

Highly recommended.

Rating:
Summary: Find out how America's leading orgs. reward their employees.
Review: Tom Wilson's new book is even better than his last, which I found to be one of the best reward systems books written. Rewards that Drive High Performance is a rich and easy reading collection of case studies from some of the country's leading organizations, including Amazon.com, Starbucks, Genzyme and many others. It is a book that I, as a manager, found to be very practical -- a compensation "text" for line managers because it shows what works and why, not just theory.

I really liked the way the cases were grouped, because it shows that reward systems need to be defined differently for different applications and company cultures. Best practices are useful to study, but Wilson's book goes beyond this to show how and why the best companies do what they do and align their reward systems with their business objectives.

It's refreshing to see a book from a leading consultant not geared to "provide just enough" to entice the reader to want to know more -- this book truly tells the whole story, and does it in a way that proves to be a compelling read.

Rating:
Summary: Packed with Knowledge!
Review: Tom Wilson's premise: Employee incentives are just as important to corporations as they are to employees. Why? Because a company that aligns its own achievement with that of its employees is well on its way to success. Wilson uses a wide range of case studies to bolster his common- sense advice, including reminders that your employee rewards plan should be simple to understand, geared toward the kind of people you want to attract and should frequently vary. Even the most experienced manager can stand to learn a thing or two from Wilson's keen analysis of Amazon.com, Southwest Airlines, Saturn, and a host of other successful businesses. We from getAbstract think that you owe it to yourself - and to your employees - to read this well-crafted book.