Article: Driving business results through Total Rewards: Subeer Bakshi

Compensation & Benefits

Driving business results through Total Rewards: Subeer Bakshi

With the growth in understanding of the Total Rewards concept, companies in India are able to do a better cost-benefit analysis
Driving business results through Total Rewards: Subeer Bakshi
 

Research and experience suggest that the components of total rewards and the EVP are interdependent and compatible

 

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 total rewards programmes, the need to demonstrate value for cost is critical. Doing that means viewing programmes as employees do — as a set of related plans that offer support and security in ways that matter, and shape decisions about the organisation and the discretionary effort that employees bring to their work.
By "going total" in the total employment deal, companies can meet three critical goals:

1. Accurately "sizing" aggregate investment to ensure it's in line with financial realities
2. Improving value-to-cost relationship by allocating total investment in ways that will drive the right employee behaviours
3. Creating a framework that adapts easily to the changing needs of the business across different countries, employee segments or divisions.

Components of total rewards (Indicative)

Foundational Rewards
Base Pay • Perquisites • Allowances • Retirement • Health Care • Life and Disability • Other Welfare Benefits • Wellness Initiatives • Voluntary Benefits • Discounts/Affinity Programs • Time Off

Career and Environmental Rewards
Career Management Programs • Talent Mobility Programs • Training/Development • Flexible Work Programs • Rewards of Association (Indirect) • Employee Assistance Programs • Mentor Programs • Discretionary Technology • Work/Life Programs •Corporate Social Responsibility Programs • Well-being Programs

Performance-Based Rewards
Base Pay Increases (Merit, Promotion) • Short-term Incentives • Long-term Incentives •
Recognition • Profit-Sharing Plans

Research and experience suggest that the components of total rewards and the EVP are interdependent and compatible. Companies today face an inflection point relative to their total rewards programme and the most progressive are addressing the economic slowdown by recrafting their EVP, thus optimising their investments.

Subeer Bakshi, Director-Talent and Rewards, Towers Watson India
 

Read full story

Topics: Compensation & Benefits, Performance Management, Employee Engagement, #TotalRewards

Did you find this story helpful?

Author

QUICK POLL

What are the top work tech investment focus areas for your company currently?

2 months free subscription
q_auto,f_auto/v1633601707/mag-october-2021.png

Subscribe to all new People Matters HR Magazine

.

Subscribe
And Save 59% plus Two months free

Subscribe now

How are you solving the skills gap in your organisation?

READ the October 2021 issue of our magazine to find out the skill transformation equation of global leaders.