aca report

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Analysis for Competitive Advantage - 1 -

1 INTRODUCTION

Managers, today, are challenged by sweeping changes in the global arena. In such a

competitive and complex environment, performance evaluation and effective reward

systems are keys to business organization in achieving competitive edge. However, a

critical task that all companies must face is how to measure employees performance

and how to reward employees based on performance. On realizing the shortcomings

of financial measures, performance measurement models attempts to blend both

financial and non-financial measure together at all level of company (Andrew, G. &

Brian H. K., 2001). This report focuses on two such models known as BSC and TBL.

In the first section, this paper presents a literature review on the salient features

arising form their use, and thence compare and reveal differences as well as similar

between them. The following section depicts various theories of motivation and

explains how they relate to reward system. Thenceforth, forms of compensation plans

will be identified and clarify which ones are more suitable for individual or group

accomplishment. Additionally, it also discusses whether rewards given to top

executives are similar or different to non-employees. In order to connect between

theory and practice, the last section researches and analyses how Phillips Electronics

and Shell implement their performance model and rewards system.

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2 PERFORMANCE MEASUREMENT SYSTEMS

2.1 Balanced Scorecard

BSC is a performance measurement tools that incorporate both financial and non-

financial performance measures into organisational management systems to translate

organisational visions and strategies into performance objectives (Crawford &

Scaletta, 2005). It aims to balance the financial outcomes of an organization with

internal and external issues of human performance that focuses on corporate strategy

in four different perspectives which are shown below (Figge & Hahn 2002):

Financial Perspective determines an organisation's progress towards desired financial

results and measures the best results of the business to provide to its shareholders.

Financial goals encourage managers to evaluate the effectiveness of their strategies

and operating plans besides helping employees relate the activities to the entity's

financial outcomes.

Customer Perspective focuses on customer needs which can satisfy their satisfaction

that will eventually create value for customers and more likely to generate desired

financial results. It is usually evaluated using outcome measures such as market share

and customer satisfaction.

Internal Business Perspective concentrates on the key internal processes'

performance that drives the business and identifies internal business processes that

enable the firm to meet the expectations of customers in the target markets and

shareholders. Its purposes are to improve processes that will increase customer

satisfaction and the efficiency of operations.

Learning and Growth Perspective directs attention to achieving future success by

discovering new and better strategies. Managers identify opportunities for enhancing

the capabilities of employees, information systems and operating procedures.

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During the implementation process, the strategy might change if the implementation

takes too long. This will result in some of the indicators becoming obsolete and

requires new indicators.

Too few measures

The organisation will fail to obtain a balance between leading and lagging indicators

or financial and non-financial indicators when too few measures in each perspective

are constructed. It obtains only the measures that reflect the strategies and the most

critical ones that are linked to the organisation's vision.

2.2 Triple Bottom Line

In order for an organisation to be socially sustainable in the long run, actions must be

taken to ensure that sustainable management of natural and human resources has

contributed, as well as the well-being of society and the economy as a whole. Triple

Bottom Line focuses on working towards environmental, social and economic

outcomes by assisting organisations in developing a strategic planning process that

integrates all three pillars of it (LAL Annual Report, n.d.):

- Economic outcomes (profit) measured in traditional ways and itincludes wages and benefits, labour productivity, job opportunities,

expenditures and development and investments in training and other

forms of human capital.

- Environmental outcomes (planet) impact of the firm's operations onthe environment which includes effects of processes, products and

services on air, water, land, biodiversity and human health.

- Social outcomes (people) relates to health and safety of employeesand other stakeholders including workplace health and safety, employee

retention, labour rights, human rights and wages and working conditions

at outsourced operations.

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2.2.1 Advantages

In economic outcomes, an ability to increase product sales through well-developed marketing campaigns can be clearly demonstrated.

A credible, practical and unblemished environmental image that corporatepartners can align with to provide the infrastructure to successfully run

environmental projects in the environmental outcomes.

As for the social outcomes, providing companies with the opportunity tointeract with and activity or involvement to generate staff interest.

2.2.2 Challenges Faced

Measurement for environmental factors and social is not easy as a globalstandard for such a measurement is not always identifiable and quantifiable.

Injustice between powerful and powerless groups may be caused assubjectivity in evaluating global measurement is unavoidable.

Does not include the specific internal strategies and performance drivers thatan organisation can use for its present and future operation.

2.3 Comparison between BSC and TBL

Both systems aim at linking an organisation's vision to operational-level objectives

and support the development of specific strategic-level performance measures.

BSC TBL

It is more prescriptive and may providemore concrete guidance on priorities.

BSC is more towards developing anorganisational planning structure that

integrates human factors, both internal

and external, with conventional planning

around financial outcomes.

It uses a more flexible methodology thatemphasizes building capacity within an

organisation to develop its own

principles and priorities.

TBL focuses more explicitly onidentifying social, economic, and

environmental sustainability aspects and

integrating these into organisational

planning, from the strategic level to the

operational level.

Figure 2

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3. MOTIVATION THEORIES & REWARD SYSTEM

3.1 Abraham Maslows Hierarchy of Needs theory

Maslow (1954) has set up a hierarchy of five levels of basic needs. The basic of this

theory is that human beings are motivated by unsatisfied needs, and that certain lower

needs need to be satisfied before higher needs can be addressed. Starting from the

bottom of the pyramid, they are general needs (physiological, safety, love, and

esteem) which have to be fulfilled before a person is able to continue to move toward

growth, and eventually self-actualization.

(Abraham Maslow, Motivation and Personality, 1954)

Physiological needs:

Needs are essential for sustaining the human life such as foods, water, protein, salt,

sugar, calcium, other minerals and vitamins, shelter and sleep, etc.

Safety needs:The second layer of need is free of physical danger and the fear of losing security off

family, shelter, job and property.

Social needs:

People feel the needs for friends, a sweetheart, children, affectionate relationships in

general, even a sense of community.

Social

Safety

Physiological

Self-Actualisation

Esteem

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Esteem needs:

They include not only internal esteem factors such as self-respect, achievement, and

autonomy but also external factors like status, attention and reorganization.

Self-Actualization:

The highest layer includes growth, achieving ones potential and self-fulfilment.

3.2 Herzberg's Theory

Herzberg (1968) suggested that there are two factors that affect employee behaviour

which are hygiene factors and motivators whereby hygiene factors are factors that

provide the necessary setting for motivation but do not motivate employees

themselves while motivators are factors that relate job content or to outcomes of the

job that will encourage motivation. A certain level of hygiene factors is needed to

prevent dissatisfaction. Powerful factors that Herzberg's theory suggests are such as

achievement, recognition and responsibility. Herzberg recommends that extrinsic

rewards are not motivators but provide only the setting for intrinsic rewards.

However, it is believed that extrinsic rewards are motivational for the proliferation of

performance-related pay systems.

3.3 Expectancy theory

Unlike Maslows Hierachy of need theory and Herzbergs two factors theory,

Expectancy of motivation theory (Vroom, 1964) does not focus on needs but rather

than concentrate on outcomes. Expectancy theory says that individuals have different

set of goals and can be motivated if they have particular expectation. Individuals will

behave based on the outcome they expect and the attractiveness of those expected

outcomes. Vroom formed the expectancy theory using three concepts:

1 2 3

Individual

Effort

Rewards Personal

Goals

Individual

Performance

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1. Expectancy: is the belief that high levels of effort will result in attaining ofhigh level of desired performance.

2. Instrumentality: is an individuals perception about the extent to whichperformance at a certain level will lead to the attaining of outcomes (rewards).

Expectancy is, thus, the belief that if a person performs well that a valued

outcome will be received.

3. Valence: refers to the importance that an individual personally places on thereward. When people have higher valence, they tend to have higher

motivation. (Langfield-Smith, Thorne & Hilton 2006).

In short, high motivation results from high level of expectancy, instrumentality, and

valence. This means if any one factor is low, motivation will be low. Managers,

hence, should strive to ensure employees three above concepts are high so that they

will be highly motivated.

3.4 Form of rewards

According to Michael (2002), a rewards system consists of financial rewards,

employee benefits and non financial rewards.

Financial rewards (FRs):

Base Salary: is the basic level of pay which each person receive for doing a job. It

may provide a platform for determining additional payment related to performance,

competence, and pension. Level of pay can be agreed through negotiation or be

measured based on job evaluation and market rate.

Variable pay (performance related to pay): is additional FRs which is provided

based on individual or group performance. Organizations can choose to implement a

variety of variable pay programs at the same time including:

- Individual incentive plans rewards for achieving individual performance goalswhich will be tied to outcome and rewards.

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- Profit-sharing plan is organization-wide program where cash bonuses are paidto each employee based on a specified percentage of the companys profit. This

plan rewards individuals but based on the organizational performance.

- Employee share plan is a plan that gives employees a right to purchase shares inthe company at a specified price and specified future time.

- Gain sharing is an incentive plan which improvements in group productivitygain.

- Team-based incentive plan is designed to encourage group accomplishment andcorporation among employees, in which each employee is rewarded if their

work team exceeds certain performance goal. (Langfield-Smith et al 2006)

Employee benefits: is indirectly payment such as pension, sick pay, insurancecover, annual holiday, and company car, etc.

Non-financial rewards (NFRs):

Besides Financial rewards, NFRs are alternative motivators that can act to influenceemployee behaviour and enhance employee motivation, including:

- Achievement is the need for competitive success measured against a personalstandard of excellent. Organizations can create achievement through processes

such as job design, contributing skill or competency-related pay schemes.

- Recognition is one of the most effective of NFRs. Individuals need to know notonly how well they achieved their goals or carried out their work but also that

their achievement are appreciated. Recognition can be promotion, allocation to

high profile-project, listening to and acting upon team members suggestions

and, importantly, acknowledging their contributions.

- Individuals are also be motivated by being given more responsibilities on theirown jobs. More responsibilities organization gives their employees, more self-

confident they feel over setting their goals as well as over defining the path to

these goals.

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- Additionally, organizations also use influence and personal growth as powerfulform of rewards to motivate their employees.

Any individual personally wishes to get a dream job with high achievement,

recognition, responsibility, influence, and personal growth. These forms are means to

satisfy the need of individual. They, therefore, are more suitable for individual

accomplishments.

3.5 Rewards for Executives and Non-executive Employees

The Cadbury Report (1992) reported that the roles of non-executive employees are

they usually have a breadth of experience and have particular personal qualities. Top

executives contrive strategies and formulate policies to ensure that the goals and

objective of organisation are met (Job Descriptions, Definitions Roles, Responsibility:

Top Executives, n.d.). The basis of rewards should be distributed based on

contribution and performance of the employees instead of whether they are executives

or non-executive employees. As the non-executive employees do not involve

themselves in the day-to-day running of the business, they can bring fresh perspective

and contribute more objectively in supporting. As a result, excellent performance of

the non-executive employees can be portrayed clearly. Therefore, the basis of reward

for top executives and non-executive employees should be varies.

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4. COMPANY ANALYSIS OF PMM & REWARDS

4.1 Phillips Electronics

Phillips Electronics is one of the largest, multinational electronic companies with

several division and vast product diversity all over the world. The rapid change in the

external environment as well as the growing influence of Asian competitors made

Phillips Electronics realize the need of to respond quickly to these changes. BSC has

been applied to streamline Phillips complicated process and structure. Phillips has

used the BSC to communicate the strategy across its divisions that had more than

120,000 employees spread across 150 countries all over the world. It was

implemented from top the Board of Directors - to all Phillips divisions and

companies worldwide, with its purpose be aligning company vision at all level,

enabling the employees understand the companys strategic goals and vision of the

future, educating them on what drives the business success as well as their role and

relationship with vision and strategy.

Firstly, Phillips identified hundred of factors which were important to create value

and they were grouped under four critical success factors (CSFs) on the Phillipsscorecard, including:

Competence: knowledge, technology, leadership and team workKey Performance Indicators (KPIs): Organizational development and IT

support

Processes: drivers for performanceKPIs: Operational excellence

Customers: value propositionsKPIs: Customer delight and employee satisfaction

Financial: value, growth, and productivityKPIs: Profitable revenue growth

The top level scorecard criteria were determined first in order to drive the lower level

scorecard criteria.

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Secondly, a performance management system was set up to measure progress against

the corporate vision and strategy. This system created link between short-term actions

with long-term strategy that can make employees understand their day to day

activities and thence achieve the companys strategic targets. (Gumbus & Lyons,

2002)

As a result, Phillips has realised significant benefit from implementing a worldwide

scorecard system. It has taken management teams through a process, with creating

awareness about the business environment, competitor behaviour, the market,

technology and product road maps (www.europartnership.com 09/09/2009). Hence,

Management has used the BSC to communicate strategy and align employees with

strategy at all level of the organization. Employees have embraced and use the

scorecard to share success practise as well as to improve their performance.

Significantly, at Phillips, BSC has been used as a useful instrument to evaluate actual

performance against the targets and to link individual reward and company-wide

performance (Gumbus & Lyons, 2002). Phillips annual report -2008 shows overall

score leaped from 64% (2007) to 69% favourable above its annual target and closing

in on the high performance-benchmark.

The remuneration policy of Phillips aims to give employees sustainable rewards, to

motivate and retain them, and to attract other high qualified staffs to enter into

Phillips service. They are competitive at the median of comparable companies in the

general industry and in terms of performance (Phillips Remuneration policy, 2009).

Phillips remuneration policy includes:

Base salary:It based on a function-related salary system and reflects the market value of the job.

Due to economic downturn, salaries of the members of the Board of Management will

not be increased in 2009 and Phillips will be restricted in the salary review for all

employees. (Phillips Annual report, 2008)
http://www.europartnership.com/http://www.europartnership.com/http://www.europartnership.com/http://www.europartnership.com/

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Variable pay: Pay for performance

Focusing on performance and reorganizing employees for the achievement of specific

results. Almost everyone within Phillips has a performance-related score to their pay.

There are two types of programs:

Short-term incentive - Annual incentive (AI)bonus:

KPIs and individual performance rating are linked to determine the variable cash

incentive payout. Each business unit will formulate KPIs according to their needs and

drivers. The annual incentive payout is computed based on the level of achievement

of the KPIs and the weighage assigned if there are more than one KPI. When AI for

level of staff is determined, individual employees will be rewarded based on their

performance rating.

For members of the Board of Management, the on-target AI percentage is set at 80%

of base salary for CEO, and 60% of base salary for other members. AI paid in any

year relate to the achievement of the preceding financial year in relation to agreed

targets.

Long-term incentiveStock options and Shares:

It will be granted to the eligible employees depends on the performance of the

individual employee and on the share performance of Phillips in the form of restricted

shares and stock options. The share performance of Phillips is measured on the basis

of the total Phillips shareholder return (TSR) compared with the TSR of a peer group

of 12 leading multinational electronics companies over three years period as

following:

Electrolux Emerson Electrolux

General Electric Hitachi

Honeywell International Johnson& Johnson

Matsushita Phillips

Schneider Siemens

Toshiba 3M

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In 2008, there are 9,979,902 stock options and 2,321,634 restricted share rights were

granted under LTIP. (Phillips Annual report, 2008)

Spot Awards:

Phillips also provides one-time payment to reward individual and teams for making

contributions such as increasing efficiencies, reducing risks and saving costs. This

program will help managers to recognize and immediately reward significant

contribution and results.

4.2 Royal Dutch Shell PMM Used by Shell

Today, however, with rapidly increasing perception about sustainable development,

many organizations have recognized the powerful combination of BSC and TBL to

maximize their competitive advantage into a circle in which economic and

environmental performance coupled with social impact, combines to improve

organisational performance. Shell is such company that has integrated environment

and social indicators in its BSC (David E. Stout et al, 2006). Shell is a global group of

energy and petrochemicals companies, operating in 100 countries with around

102,000 employees (Shell annual report, 2008).

Shell has adopted a version of the BSC concept to define its business strategy and to

report its performance in achieving this strategy. Shells strategy is based on the

principle of sustainable growth, which in broad terms means that it is devoted to

developing natural capital, promoting economic prosperity, and developing social

capital in all countries in which it operates. Based on the BSC, this principle is carried

out by measuring and improving CSFs grouped into four categories:

Economic measures:Crude oil prices

Operating profit

Total debt ratio

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Environmental measures:Greenhouse gas emissions

Carbon dioxide emission

Total number of spills of chemical products

Social measures:Number of countries using procedures to ensure equal employment

opportunities

Gender diversity, by management level

Number of health and safety incidents

Shell employees and partners/business integrity and strong businessprinciples:

Number of reported cases of bribery

Number of countries with screening process for compliance with Shell

business principles

At Shell, the BSC is trying not only to generate aligning of objectives, targets, actions

and processes, but also to provide a good implementation mechanism for integrating

environmental and social issues through various layers of organization. (David E.

Stout et al, 2006) Performance across the BSC is reported as a part of the companys

TBL external report on a quarterly and annual basis.

Moreover, this integration also helps Shell to strengthen the pay-performance link,

and each individual and business in Shell group has a scorecard for performance

measurement. Shell scorecard is set from Group to individual employee level to

reflect the integrated implementation of strategic objectives. The Group uses a

number of KPIs to evaluate the overall performance of the Group from financial,

social and sustainable development perspective and collectively they present the Shell

scorecard. (Shell annual report, 2007)

Reward System Shell

Shell has regularly reviewed its compensation system to ensure that all its

employees are being rewarded at competitive levels, as following:

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Competitive base salary: reflect the market conditions of the country whereemployees are based and high level of skill and experience required.

Executive Directors base salary is set at an appropriate market level, relevant to

scope and complexity of the roles of Directors. They are benchmarked against

the current oil majors (BP, Chevron, Exxon Mobil and Total) and a selection of

top European-based companies consist of

Allianz Diageo Rio Tinto

Anglo

AmericanE.ON Roche

AstraZeneca GlaxoSmithKline Siemens

AXA HSBC Unilever

Barclays Nokia Vivendi

BHP Billiton Novartis Vodafone

Deutsche Bank Philips

According to Shells annual report in 2008, total employee remuneration cos t is

$10,581 million compared to $10,021 in 2007. Executive Director base salary

increase of between 5% and 8% in 2008.

Annual Incentive: Shell also recognizes and reward individual achievementthrough performance-related pay and bonus. Shell scorecard is used to

determined remuneration for staff, Senior Management and Executive

Directors.

Executive Directors annual bonus is designed for achieving results that further

Shells objectives against Shell Group scorecard. Bonuses are based on this

score multiplied by the target bonus level. Based on Shell scorecard result in

2008, annual bonuses payable are 188% for CEO and 138% for other Executive

Directors.

Long-term incentives: consist of Long-term incentive (LTI), the DeferredBonus Plan (DBP), the Restrict Share Plan (RSP)

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LTI : an award of performance share made conditionally once a year toeligible Executive Directors. The number of shares awarded multiplied by

share price at the time of award can not exceed four times base salary and

will be delivered after three years depending on the relative performance.

DBP : it encourages share ownership by allowing Executive Directors toinvest up to 50%, and no less than 25% of their annual bonus in deferred

bonus shares.

RSP : awards with a face value of one times base salary made on a highlyselective to senior staff and Executive Directors continuous employment.

Global Employee Share Purchase Plan: gives eligible employees (excludeExecutive Directors) the chance to buy shares in one the companies of Shell. If

the shares are help in the plan during twelve month period, the employee will

receive an additional 15% share allocation.

Other benefits: offering typically pension or retirement plans and healthcarecoverage to employees. (Shell annual report, 2008)

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5 CONCLUSION

Issues arising from use of BSC and TBL have been discussed for implementing the

performance measurement tools to assist the decision making process of the

organization. Although there are few limitations of using BSC and TBL, their

advantages seem to overweight them. Phillips and Shell are two typical examples take

many benefits from applying BSC in their organizations as well as strengthen their

remuneration system. However, Shell has created a sustainable development by

integrating both BSC and TBL in its strategy.

Several theories of motivation have been discussed which helps to guide managers in

motivation and designing reward systems for employees such as Maslows theory,

Herzbergs theory and expectancy theory. Different companies use different reward

systems to retain and to motivate their employees. By offering attractive reward

systems, employees will be enthusiastic in performing better for the organisation.

Top executives and non-executives employees should not be given the same basis of

rewards as their contribution and responsibilities to the organisation are not the same.

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