It is widely acknowledged that incentive and recognition initiatives are vital in inspiring and involving employees. Nevertheless, constructing an effective program can be a daunting task. To establish a robust framework for rewards and recognition, it is critical to synchronize the program with the organization's strategic goals and the demands of its workforce. It involves meticulously examining the program's objectives and intended results and conveying this information lucidly to all relevant parties.
It's also crucial to conduct frequent evaluations and modifications to the program to ensure its ongoing success. Creating an appropriate rewards and recognition structure requires thoroughly comprehending the organization's business objectives and employee requirements. It necessitates dedication to designing a program that can motivate and engage employees effectively over a prolonged period.
In this podcast episode, we will discuss this more with our speaker, Joseph Chan, who is the Founder and Chief Loonie at Looniewell Consulting.
About the Speaker
Joseph founded Looniewell in 2021, bringing over 20 years of experience in total rewards & recognition. He and his team work with some of the fastest-growing companies helping organizations scale and grow through their hands-on expertise in compensation, benefits, retirements, and total rewards. He was previously Director of Total Rewards and the Head of Benefits & Pension at Walmart Canada, overseeing compensation and benefits for 100,000 associates and 400+ stores in Canada. Joseph has an Actuarial background and is a Certified Employee Benefits Specialist and a Fellow of the Life Management Institute.
Connect with Joseph on Linkedin
Show Notes:
(1:06) Joseph's corporate background and experiences.
(2:15) What's the key to build a solid foundation for a successful R&R program?
(3:26) What are the challenges while building a successful R&R program?
(5:52) How do you blend art and science in building Rewards and Recognition programs?
(8:02) Is compensation an effective lever for competitive advantage in talent attraction?
(11:05) How do you assess an organization's maturity in terms of Rewards & Recognition?
(13:57) What upcoming innovations are you anticipating in terms of Reward & Recognitions?
(16:58) What's something that you're excited about looking forward when it comes to Reward & Recognitions?
