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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)
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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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