In a world where employee expectations have evolved, rewards aren’t just about compensation anymore, they’re the key to unlocking growth and loyalty. As companies rethink how they manage their workforce, Total Rewards and Wellness have become pivotal in shaping the future of work. 

At the upcoming Total Rewards and Wellness Conference (TRWC) 2024, themed "The (New) Value Nexus: Weaving Growth, Wellbeing & Sustainability," leaders will dive into how businesses can create meaningful rewards strategies that don’t just support employee well-being but also drive growth and sustainability. 

On November 14th, 2024, these discussions will explore the interplay between organisational success and personal fulfilment amidst economic and technological shifts.

Ahead of the conference, we had a rapid-fire session with one of the key speakers, Sushil Baveja, CHRO, Jindal Stainless, who shared his thoughts on the future of Total Rewards and how organisations can stay ahead of the curve.

Sushil Baveja’s insights underline how AI and personalised care are becoming central to the future of Total Rewards. As businesses navigate the balance between growth and employee well-being, the strategies shared at TRWC 2024 will pave the way for a more innovative, engaged, and sustainable future.

What's the one value that drives your approach to total rewards, growth, and well-being?

For me, it's all about holistic care–not just fulfilling the basics but building an emotional connection with employees. It’s about making them feel truly valued, special, and cared for. I believe this connection goes beyond transactional rewards and fosters a deeper sense of belonging within the organisation.

What's the most impactful action you’ve taken to reinforce that value within your organisation?

We recently revamped our entire rewards and recognition program, and I believe it’s had a real impact. Alongside that, we’ve sharpened our focus on wellness initiatives. This refreshed R&R program is something employees truly appreciate because it aligns with what they value most, feeling recognized and cared for.

What trend in total rewards and well-being excites you the most?

The use of AI and digitalisation in the rewards space excites me. The ability to respond faster and more effectively than traditional methods is something I believe will significantly boost employee engagement. It’s a game-changer in terms of how we interact with and support our employees.

What are you doing differently in your organisation to prepare for this change?

We’re actively embracing AI and digital tools to engage with employees more frequently. We’ve just launched a chatbot for regular pulse checks, and we’re also using new digital tools for employee integration and to monitor Net Promoter Scores. These tools allow us to maintain a consistent connection with our team, which is key for engagement.

What challenges do you anticipate in driving this change, and how can leaders proactively address them?

The acceptance of AI and digital tools can be a challenge. They’re still becoming part of the regular ecosystem, so managing that change is crucial. We need to help people appreciate and embrace these tools. The more acceptance we foster, the more impactful these tools will be.

In one word, what is the future of rewards and well-being?

It’s all about employee experience. When people feel wanted, engaged, and cared for, their effort and commitment increase, and that ultimately drives business impact.

Sushil Baveja’s insights underline how AI and personalised care are becoming central to the future of Total Rewards. As businesses navigate the balance between growth and employee well-being, the strategies shared at TRWC 2024 will pave the way for a more innovative, engaged, and sustainable future.

To hear more from Sushil Baveja and other industry leaders on transforming Total Rewards into a driver of growth and well-being, join us at TRWC 2024–where the future of work takes centre stage.