Bringing Your Reward and Recogni0on Scheme to Life Making the Transi.on from a .red method Michael Walters Director of Rewards and Recogni.on Catherine Diamond Head of Engagement at TSB Everyone should have a digital rewards pla;orm Properly structured incen=ve programs can increase employee performance by more than 44%. 2 About Me & Next Jump Next Jump’s mission to change workplace culture • 90,000 Clients globally • 100M Users globally • 300+ UK Clients 3 Incen=vise your Culture 4 Why R&R is important £5 Billion on rewards annually • Reinforce correct behaviours • Strengthen corporate culture • Produce business results 5 Why R&R is important Business Impact • 31% lower voluntary turnover • 44% increase in employee performance 6 Failings of tradi=onal systems Common mistakes • Too complicated • Too expensive • Terrible redemp=on op=ons 7 Failings of tradi=onal systems The results… • 65% of employees feel underappreciated • 63% of employees feel disengaged • Disengagement costs the global economy £340 Billion 8 Your Rewards pla;orm How to build a beHer rewards plaIorm • Program structure • Giving awards • Redeeming awards 9 Structuring Your Program. Award types Choose the right reward type • Automa=c long service awards • Peer to peer recogni=on • Tradi=onal top down – s=ll important! • The future…Connected systems 11 Changing behaviour Build awards to change behaviour • Personalise the award to your Culture • Focus on Clarity • Use stories 12 The right reward How to build great rewards • Avoid cash • Tie it into behaviour • Timely and easy to use 13 The right reward Digital Currencies are flexible! 14 The right reward Voluntary Benefits provides choice 15 The right reward Appropriate Awards • Long service -‐ Virtual currencies • On the spot -‐ Cinemas and Restaurants • Larger awards -‐ Personalised gids 16 Improving your Awards process. Awarding must be easy As easy as liking a post on Facebook. • Keep it simple • Mobile op=ons • Be transparent • Be public • Don’t fear Social! • Make it personal 18 Redemp=on requires choice 19 Improve your redemp=on process Make it Instant Communicate Charitable op=ons Track your results 20 Summary To make your plaIorm work • The awards • Digital currencies • Go public • Look to the future… 21 Thank you 22 Employee Benefits Live © Next Jump, Inc. 2014 CONFIDENTIAL 23 The TSB Journey September 9th 2013 • TSB Bank returns to Britain's high streets • Single clear aim of bringing more compe==on to UK banking • Divestment of 631 branches from Lloyds Banking Group • 8,600 employee’s collec=vely with over 100,000 years of experience • Values-‐led brand: Collabora=ve, Responsible, Straigh;orward, Transparent, Pioneering • Successfully listed on the London Stock Exchange "a different sort of bank" © Next Jump, Inc. 2014 CONFIDENTIAL 24 The TSB Journey September 9th 2013 February 2014 • Picked up responsibility for Recogni=on across TSB • The expected ‘mini-‐me’ transi=on of the LBG Recogni=on program not going ahead • Contractually had to fulfil on Long Service Awards from 1st April • We needed something quick and easy to implement • Started to speak to Nextjump to see if they could help "a different sort of bank" © Next Jump, Inc. 2014 CONFIDENTIAL 25 The TSB Journey September 9th 2013 February 2014 April 2014 • Started administering our Long Service Awards through Nextjump • 355 Long Service Awards given to date • Began conversa=ons to see if Nextjump could help with administering broader recogni=on © Next Jump, Inc. 2014 CONFIDENTIAL 26 Recogni=on in TSB Our Approach PRINCIPLES TSB recogni0on will be: • Be open to everyone • Have the ability to recognise lots of people. • Encourage and celebrate colleague contribu=ons that reinforce our Values. • Be =mely and flexible. There are three 0ers of recogni0on: • Pioneer na=onal events, for significant achievement. • Business level awards and events. • Local level personalised thank you cards. TSB Bank Na=onal events that celebrate significant achievements. Business func0on Award of gids, vouchers and experien=al ac=vi=es. Func=onal events to celebrate business unit achievements. Local Sending of personalised e-‐ thank you cards TSB Pioneer Events BEC Above and Beyond Awards & Func0onal Events Individual Apprecia0on & Thank You Awards The business func0on process: • Each business unit will be allocated a quarterly budget, which they can use to recognise their people however they choose. • It will be flexible so each business unit has the freedom to tailor how they use their own budget to best suit their people. This approach means we can be consistent in principles but the approach can be purely discre=onary for each area. • To find out how each local area plans to use the budget, colleagues will need to follow local communica=ons. Each business unit will need to do their own local communica=ons, which we’ll be cherry picking best prac=ce from to share at a wider strategic level and encourage regular ac=vity. © Next Jump, Inc. 2014 CONFIDENTIAL 27 The TSB Journey September 9th 2013 February 2014 April 2014 July 17th 2014 • Say Thank You Launched • Link to Colleague Offers, helping to ensure recogni=on feels different in TSB. • Open to everyone, with all colleagues having the opportunity to say thank you. • Reinforces that we want to recognise and celebrate all the things which reinforce our values and encourage a culture that appreciates the contribu=on our people make by saying thank you more oden. • 8 ‘Local’ e-‐cards (5 aligned to our values) and 4 Monetary awards for approved users © Next Jump, Inc. 2014 CONFIDENTIAL 28 The TSB Journey September 9th 2013 February 2014 April 2014 July 17th 2014 Today • Over 2000 “Thank You” awards given • 100% of Recogni=on budget now going directly to partners • Crea=on of bespoke custom personal award for COO ‘Serving our Customers Brilliantly’ CONGRATULATIONS © Next Jump, Inc. 2014 CONFIDENTIAL BEING RESPONSIBLE BEING TRANSPARENT 29 THANK YOU The TSB Journey September 9th 2013 February 2014 April 2014 July 17th 2014 Today Next steps? • Evolve the use of the hub for other purposes such as Wellbeing and Community ini=a=ves and survey’s CONGRATULATIONS © Next Jump, Inc. 2014 CONFIDENTIAL BEING RESPONSIBLE BEING TRANSPARENT 30 THANK YOU
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