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Managing and Rewarding Performance »
Total Rewards: Design rewards that truly matter
By Vikram Choudhury
Feb 4th 2013
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. Irrespective of the number of surveys and statistics available on what the workforce values, the horizon of attraction and retention factors in India is rather broad. The diversit... Read more »
Driving business results through Total Rewards
By Subeer Bakshi
Feb 4th 2013
Total rewards” has been in the HR lexicon for well over a decade, but during much of that time, organisations have focused more on discussing than implementing the concept. Recently, however, strong global competition for talent and shortages of critical-skill workers — particularly in the fast-growing economies of Asia — have driven a surge of interest in applying core total rewards principles in designing and delivering workforce programmes.With greater attention on cost of... Read more »
ESOPs as a reward: Cash realization is the key
By Harshu Ghate
Feb 4th 2013
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. This last leg of the ESOP cycle is mostly unattended by the employers. As the process owner of this plan, the HR team should be aware that if one is selling the ESOP idea to employees as... Read more »
Tax treatment of employee rewards
By Jayanth Narayanan
Feb 4th 2013
Ask an HR person in an organisation how they deal with taxation of employee awards, and the most typical response you would get is that we don’t worry about it up to Rs.5,000. Post that, the amount is taxed. What exactly is this exemption of Rs.5,000 and what is covered in this Rs.5,000?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 al... Read more »
Fuel high performance through rewards
By Phani N Raj
Feb 4th 2013
Recent years of stunted global economic growth has orchestrated radical changes in the way businesses run. From accounting practices and governance systems to HR policies and practices, all of these are driven with very fresh perspectives today. The rising prominence of Gen Y has substantially catalyzed these new perspectives and given business strategy a new body suit.The rise of rewards, recognition and performance incentives has been most significant in the recession affected industries. Wh... Read more »
New age of perquisites for the dynamic workforce
By Sandeep Banerjee
Feb 4th 2013
The influx of diverse demographic groups joining the workplace has triggered a revised approach to retain and motivate employees in the organisation. With human capital gaining prominence over financial capital in recent times, non–cash perquisites have gained significance in the rewards and benefits basket. Organisations are providing relevant non-financial rewards. which are in line with employees’ needs and aspirations.Today, identifying the employee needs has become a common p... Read more »
Three big questions on total rewards
By Vikramjit Singh Sahaye
Feb 4th 2013
In order to formulate an effective total rewards strategy, companies need to have a structured approach. Answered below are three questions that need to be answered to create a competent and progressive rewards and recognition plan.What are the categories of rewards and recognition?Rewards & recognition programmes can be classified in multiple ways, largely depending on their target segments, structure and micro-objectives. Some of these are “time based recognition awards”, &ld... Read more »
Rewards Special: Balancing Fixed, Variable and Long Term Pay
By Judhajit Das, Head - HR, ICICI Prudential Life Insurance
Feb 10th 2012
There are different policies being followed by organizations in terms of fixed and variable pay. Most organizations follow a basis of giving fixed pay bonus, variable pay and long term pay; some companies follow very high fixed pay, no bonus and selected long term pay, whereas some organizations choose to give sharper variable pay. Most insurance companies give, especially in the sales management area, fixed pay and performance incentives. Performance incentives are linked to individual perfor... Read more »
Rewards Special: Non-Cash Rewards
By Mark A. Szypko, CCP, GRP, KeneXa®
Feb 10th 2012
When we look at compensation, it has certainly increased from 2009, when the market bottomed out from a salary increase perspective. We conducted a global hi-tech salary survey and of the 115 different countries reporting in our increase budget section of the survey, in Q3 of 2011, only 5 reported a double digit increase and India was one of them. As we continue to emerge from the economic downturn, many organizations are curious to know when things are going to get back to “normal&rdquo... Read more »
Rewards Special: Measurability of Effectiveness
By Mohit Saxena, Founder and CEO, BenefitsPLUS
Feb 10th 2012
The R&R space is a very old space and has always been there, but not focused enough. The smallest of organizations have always incentivized their sales people. Compensation and benefits were more medical and related to tax savings, but now there is an increasing need for a professional intervention in the R&R background, which engages the entire organization. It becomes impossible for HR to do it alone and companies need a dedicated resource. They might tie up with few shops or do coup... Read more »
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