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With talent taking the centre-stage in CEO’s agenda, it is time that Indian organizations use every tool at their disposal to attract and retain talent as the expectations of employees are at an all-time high. An ideal Total Rewards plan is the perfect blend of tangible and intangible rewards. Traditional reward patterns will not work as the workforce in most organizations is multi-generational. ESOPs, integrated healthcare benefits, work-life balance, non-cash rewards are some of the rewards that companies can use to engage the employees.
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www.peoplematters.in
www.peoplematters.in
www.peoplematters.in
Reward management – from payroll to engagement – would start looking at smart-phone, and tablet enablement to connect with people
The HR community, specifically the reward manager, has access to far better tools, technology and services to suit every requirement at prices to suit every budget.
To harness the GenNext, engagement programs will have to be relevant to their mindset: Engrossing, easy to use, with the appropriate incentive (read money) built in
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A few unique or path breaking trends are visible for 2014 for businesses overall, including the Reward space. Still, 2014 promises to be a busy and exciting year on some counts:
• A justifiably nit-picking C-Suite• A spirited next-gen workforce• Compensation numbers and Big Data• Technology will need to get more ‘with it’• Pay and Engagement will get used to interchangeability• Benefits will get more customized• Mobile• Outsourcing• HR Roles• Compliance and Governance
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The need of the hour is integrated healthcare benefits that may enhance productivity, produce healthier and happier employees. The success of such initiatives largely depends on these three important aspects and some of the trends being noticed in its sphere:
• Focus on value-based benefits• Tailored healthcare products• Using healthcare benefits for employer branding
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Equity-based compensation plans, popularly known as ESOPs, have been in vogue for two decades. Over this period, all the stakeholders namely issuer companies, beneficiary employees,regulators and shareholders have had a reasonable experience of what this tool can deliver and how relevant it is in India Inc.’s scheme of things. To the regulators’ credit, they have been open tosuggestions from the corporate sector and have responded favorably to their demands.
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In the last few years, healthcare benefits have become an essential component of total rewards strategy. The realization that smartly planned and successfully implemented healthcare benefits can increase employees’ productivity and engagement is one of the driving forces behind this change. One thing is clear – Health and wellness is no longer a reward componentthat can be ignored or implemented just for the heck of it. It’s time companies try to see what they can do in this space to make it a differentiator for their employees. Companies are realizing that the healthcare component not only balances their total rewards strategy but also affects employee well being, which in turn improves productivity.
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Every organization needs a highly talented, engaged and motivated set of people, who spend their time enhancing productivity rather than looking outside for greener pastures. It is time that Indian organizations use every tool at their disposal to attract and retain talent as the expectations of employees are at an all-time high. HR professionalsare under increased pressure to develop innovative and intrinsic ways of motivating and engaging employees. An ideal Total Rewards planis the perfect blend of compensation, benefits and work-life balance apart from recognition and right career opportunities. While the compensation part gets a lot of focus, it is not the only component thathelps employees engage with an organization.
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Here are a few Total Rewards trends noticed in high performing companies:
• Even distribution of resources in all components of Total Rewards to attract and retain talent.• Special emphasis on interventions supporting work opportunities and recognition for good performers.• Less investment in traditional benefits such as retirement plans and more investment in rewards in the sphere of learning and development and employee wellness etc.• Adjusting HR structures to support implementation of Total Rewards.• Through data gathering, they involve all the key stakeholders in the process of reward designing.• They focus on establishing two way communication channel for effective implementation and dissemination of information regarding objectives of the Total Rewards strategy.
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Till very recently, the only ‘rewards strategy’ that organizations had wasto dangle the carrot of a larger bonus at the end of the year. The financialcollapse of 2008 pretty much exposed the flaws in that strategy. Another not-so-good strategy is to overdo non-monetary awards and hand out badges for everything without really paying much, thereby trivialising the whole exercise. To get the rewards strategy correct, managers must recognize that the ‘reward’ people look for when it comes to work is a combination of tangible rewards compensation, bonus, promotion)and intangible rewards (recognition, praise, acceptance and a supportive culture).
Total Rewards SupplementJanuary 2014
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