Compensation & benefits: Recap of 2016 & trends for 2017

2016 saw an evolving compensation and benefits scenario as companies redefined and relooked at their strategies for this domain holistically. Reward strategies have been looked at in new light by organizations and have started being treated as the key components that aid business functioning. The year saw the emergence of reward trends such ESOPs, health and wellness programs, maternity benefits and rise of flexible benefits in companies, however, benefits largely remained pro-women, especially maternity related benefits that were introduced by organizations in view of the Maternity Benefit (Amendment) Bill 2016 that was passed by the parliament.

In 2016, 58 percent of multinational companies offered some flexibility over benefits and 24 percent are planning to incorporate this

 

On the compensation front, 2016 was good year for India as it remained largely unaffected by global economic slowdown owing to incessant inflow of FDI under government’s ‘Make in India’ initiative as