Article: How rewards became a strategic tool to retain top talent

Benefits & Rewards

How rewards became a strategic tool to retain top talent

Industry leaders share their winning strategies to retain and attract top talent.
How rewards became a strategic tool to retain top talent

For the battle for top talent, traditional compensation packages are no longer enough. Today's most desirable employees want rewards that go deeper – personalised experiences, flexibility, and opportunities for growth. Industry leaders are reimagining their reward systems to meet these evolving needs.

People Matters spoke with HR thought leaders to uncover their approaches to employee incentives. They share how they're listening to employee voices, crafting personalised benefits, and fostering cultures of growth to stay ahead of the curve.

Watch the video here:

Integrating employee’s voice is a must

We must recognize that giving employees a voice is paramount, says Navin Chaudhary, Executive Director and Head- Rewards, DBS Bank India. “To drive the dynamics of engagement, it is a must to recognise employee voices. Traditional, rigid approaches no longer suffice in today's environment. We emphasise hyper-personalisation in our offerings, which means integrating the employee's voice into the design of our products and policies.”

Building a thriving workforce

As a lifelong learner observing the evolving talent landscape, Ritu Anand, Senior Director- Human Resources, Administration & Corporate Communications of Terumo India, recognises that attracting and retaining top talent remains a priority for HR professionals. “In today’s environment, organisations face a delicate balance. We must offer competitive compensation that keeps up with inflation while maintaining financial responsibility. Beyond a paycheck, the modern workforce seeks enriching and progressive practices, flexibility, opportunities for skill and career advancement, and a dynamic work environment where they can excel and realize their potential,” says Ritu.

This is where the total rewards approach plays a crucial role.  For Ritu, it's not merely about offering appealing benefits; it's about a comprehensive strategy that addresses these challenges.

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Topics: Benefits & Rewards, Employee Relations, #HRCommunity

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