Total Rewards Program
The University of Melbourne’s Total Rewards Program is an essential part of our commitment to attracting, recognising and retaining quality staff, supporting Growing Esteem and making Melbourne a 'Great Place to Work'
Our Total Rewards Program consists of a range of strategies designed to recognise and reward the exceptional contributions of our staff:
- Organisational Level Rewards Programs
- Local Level Reward Programs
- Staff Health & Wellbeing Initiatives
- Employee Benefits
Recognition can be given in a number of ways, and the University encourages all members of staff to acknowledge the contributions of colleagues. Recognition in the form of positive feedback and celebration of achievement should be a matter of daily management and good business practice.
The University’s Reward, Recognition and Retention Framework provides an overarching strategy for professional staff individual and team rewards across the University. The Framework details key principles to guide the future development and implementation of reward and recognition initiatives across the University.
Why have a Total Rewards Program?
The Total Rewards Program is designed to encourage employees to make a performance difference either individually or through teams. Taking time to recognise achievements helps staff to understand how their performance contributes to the overall objectives of the University.
Reward and recognition strategies:
- Improve morale and motivation
- Create and reinforce a culture of recognition
- Foster healthy work relationships
- Assist in retention
- Encourage repeat performance
- Inspire change in others
- Improve productivity
- Increase confidence and loyalty
Outstanding individual and group performance can be recognized in a variety of ways. The University of Melbourne has a suite of rewards programs, ranging from both Organisational level and Local level reward initiatives.
Key ingredients to any rewards program
How do you ensure your efforts to reward and recognise staff are effective?
Include in day to day management
Recognition in the form of positive feedback and celebration of achievement should be a matter of daily management and good business practice. Simple recognition and positive acknowledgement are important!Do not assume that “one size fits all”
Every staff member is different and needs to be recognized in a different way. Match the reward to the person. There is no one-size-fits-all approach, so be careful not to assume all staff will value the same reward (eg: some staff may appreciate being publicly recognized for achievements whereas others may find it uncomfortable).
Differences such as age, stage of career, cultural background and general interests should be taken into account when considering reward and recognition programs.
Managers that are aware of diversity (e.g. generational diversity) and how this applies to the workplace will be equipped with the right information on how to motivate and retain staff.
Rewards can be intrinsic or extrinsic in nature. Intrinsic rewards are internal to the individual, such as contributing to a common good, mentorship or 'giving back'. Extrinsic rewards are rewards external to the individual, such as payments and promotions (tangible) or praise and public recognition (intangible). The University of Melbourne aims to find a balance between providing adequate extrinsic rewards and valuing the intrinsic needs of employees.
Ensure a blend of individual and team recognition
The more blending of individual and team awards, the better. However it is a balancing act. Individual awards, which single out one or a handful of winners, can result in excessive competition that can be harmful in a team setting. On the other hand, focusing only on team achievements may de-motivate high performers who may feel their individual accomplishments are not appreciated.
Managers need to find a balance between both and be consistent with praise across the work unit.
Mixture of monetary and non-monetary rewards
Consider a range of reward incentives for staff. Research in reward and recognition shows that money alone is not a major motivator for people to perform well in their jobs. Intrinsic, non-monetary forms of reward such as challenging and meaningful work; professional growth; empowerment; working relationships; work/life balance and flexibility are often cited as key work motivators. Consider a broad range of strategies to cater for different preferences and values in relation to reward and recognition.
Be specific
Be clear so the individual understands what positive behavior is being reinforced. Provide details of the achievement and explain why it’s valued. For example:
- 'I saw you...': I noticed
- 'It's important because...': The context / impact
- 'I appreciate it because...': I value the behaviour / achievement
- 'It made me feel...': Emotional reaction
Be honest – insincere praise is worse than nothing at all!
Involve staff!
The easiest way to gain buy-in and effectiveness of rewards is to ask your staff what they value and appreciate! Don’t assume people feel valued just because they continue to be productive. Include the topic in your next team meeting agenda.