Design Rewards That Truly Matter Slide-share
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The document discusses the evolving landscape of total rewards strategies in organizations, emphasizing the interdependence of compensation, benefits, and employee value positioning in response to economic challenges. Key trends include a shift towards experiential rewards and flexible employee benefit offerings, highlighting the importance of recognition in retention strategies. It also notes the need for technology-led recognition programs to ensure fair and effective implementation within workplaces.
Design Rewards That Truly Matter Slide-share
- 2. www.peoplematters.in Design Rewards that truly matter While featuring in the HR lexicon for over 10 years, there are widely divergent opinions in the community as to what constitutes total rewards. Organisations have differing compensation and benefits structures, operate under diverse management principles, and have different approaches to employment value positioning. By Vikram Choudhury
- 3. www.peoplematters.in Checklist while assessing a total rewards strategy By Vikram Choudhury
- 4. www.peoplematters.in What the experts have to say… “Research and experience suggest that the components of total rewards and the EVP are interdependent and compatible. Companies today face an inflection point relative to their total rewards programme and the most progressive are addressing the economic slowdown by recrafting their EVP, thus optimising their investments.”
- 5. www.peoplematters.in “Retention and reward are the two key reasons for employers to grant stock options to employees. Almost all the companies (more than 90 per cent), who grant stock options, feel that the retention objective is achieved. What is left unsaid is if the employees have realised the cash from the perceived ESOP gains.”
- 6. www.peoplematters.in “According to the large accounting firms, the Rs.5,000 annual tax exemption amount is only for organisation wide non-distinguished awards (for example, Diwali gifts for all employees, New year gifts for all employees). Any other award based on performance or milestones that are given to individuals, need to be taxed and do not fall under this Rs.5,000 limit.”
- 7. www.peoplematters.in “Another fundamental change, which has emerged as a strong supplement to the increasing role of R&R in driving performance based milestones, is the shape and structure of the rewards catalog. Emerging trends in industry practices indicate that the dynamics have now shifted more towards experiences that translate into memories. The enhanced impact created by the experiential nature of rewards has made adoption of these metric and performance based schemes much easier and faster.”
- 8. www.peoplematters.in “Employers are choosing from a bouquet of employee benefit offerings such as life insurance, profit sharing, employee stock ownership plans, healthcare facilities, both, curative and preventive, meal benefits and child care availability amongst others. Going forward, the focus seems to be changing in this space, more towards flexi-plans, employee and family welfare and focus on protecting and preserving income..”
- 9. www.peoplematters.in “A large part of employee attrition is attributed to lack of recognition in workplace. Though many leaders pursue recognition strategies, there is still a high degree of dependency on the immediate manager to execute towards building such a culture. There is thereby emerging popularity for technology led social recognition programmes, which drive uniform and syndicated usage, eliminate “favoritism” and yield high excitement among the workforce.”
- 10. For Further Information Kindly Contact +91 (124) 4148102 info@peoplematters.in www.peoplematters.in Connect with us on Supplement – February 2013 Subscriber Now!