The world of work has gone through some turbulent times since Covid-19 that shook up economies, organisations and people in it. The geopolitical situation and a potential recession in the future are keeping quite a few leaders up at night.
With India now touted to be a growth economy, it is essential to look back into our past to design the course of our future. During an insightful session at Total Rewards and Wellbeing Conference 2023, Navneet Rattan, Partner, COO and Global Head - Product Development, Compport Solutions spoke about the world of work that was and what it takes to build the new world of work around big and bold rewards technology stack through a case study.
A look back
For organisations of the 80s, the focus was on the product but with the new decade rolling in, the focus shifted to profitable growth. From there, we saw the emergence of customer service in the 90s and in 2000, customer centricity took centerstage. Today, we can say that organisations are gearing up for digital growth, transformation of workplace and consumer grade experiences for the workforce.
Focus in today’s era has shifted from outputs to outcomes, with constant, regular and ongoing developments and improvements, with the aim of transcendent consumer experiences.
In the world of compensation and rewards, we have come a long way from pure play compensation to the concept of total rewards along with wellbeing.
With the adoption of technology, organisations are now starting to leverage employee data, to not only increase efficiency and productivity, while reducing the time, efforts and energy spent in HR functions, but also to enhance pay equity, inclusion and diversity, pay transparency and more.
What has differentiated leading organisations from laggard organisations in the past few decades is the adoption to change. Thus, it is crucial for organisations to move away from the mindset of, “Change is good unless it starts happening to us.”
Barriers to change
From a business perspective, there are some universal people problems that every organisation struggles with. For example, the attraction and retention of talent, pay differentiation and pay equity.
From a leadership point of view, HR is still looked at as a support function in many organisation as opposed to being a core function, to be able to drive outcomes rather than enable them.
The employee’s view on decisions around pay and the way it is communicated is always looked through the lens of confusion.
For any transformation to take place, technology should align with people strategy. With Compport, the idea is to transform rewards from cost and move it towards growth. As a service compensation technology platform, it helps organisations with automating annual compensation review process, any and every bonus plan and incentive plan for sales, operations and leadership teams. Backed by strong analytics, Compport lets you take better decision faster. Not just that, with the use of digital letters and total rewards statements, you can communicate compensation and rewards better with employees.
The impact created is around efficiency, where the platform is able to reduce manual interventions, to enable growth and help organisations attract and retain talent better and offer right incentive programs. As it builds on each of these aspects, empowerment for various stakeholders comes into play who are a part of the compensation process.
Bringing in innovative practices, backed by technology and data also creates the right impact to bring about a balance.
In the end, the implementation of Compport means that employees who spend months on end doing this job throughout the year will have more time to focus on other areas. The compensation cycle, in turn, would run seamlessly in an effective manner without any issues in data security, leading to better dialogue between the employee and employer.