Rewards is an integral part of talent management and there is no talent management without rewards
All India Management Association (AIMA), the national apex body for professional management in India envisages helping businesses evaluate how to build competitiveness of professional managers and in the process, bring excellence and sustainable advantage. Their endeavor is to bring this excellence on one platform where managers can benefit by sharing experiences by benchmarking, networking and learning from each other.
Under this umbrella, talent management and human resources become central to many of the initiatives that AIMA undertakes, both in training programs and conferences and within this theme, compensation and rewards is particularly important in this quarter. R. Sankar, Executive Director and Head – People & Change Consulting, PwC, Knowledge Partner for the event, expressed, “Rewards is an integral part of talent management and there is no talent management without rewards, careers and leadership.”
This is the time for employers to broaden their perspective and learn from best practices in this space as they gear for the next financial year. As most organizations revisit their compensation strategies, plan their appraisals and look forward to new trends, ideas and practices during this time of the year, AIMA organized the National Summit in Compensation & Rewards to support this process. The two-day seminar brought into light, new trends and practices in the compensation & benefits space. It initially emphasized on how compensation and rewards play a role in not only attracting but also retaining talent and the way executive rewards can be the drivers for strategic change.
The summit also stressed on the importance of the role of communication. Organizations might have the best schemes and great implementation strategies but the challenge is whether or not that is being communicated to the employees in a clear manner. Sharing his views, P. Dwarakanath, Summit Director & Director – Group Human Capital, Max India, said, “Organizations should establish a total rewards philosophy which is consistent, fair and equitable and it should be transparent and communicated well. The need of the hour is to focus on differentiation, specially based on performance to create a high performance culture to enhance productivity.”
Domain experts also looked at practicalities of designing variable compensation and long term incentives, including ESOPs, by sharing case studies. The purpose was to not only highlight how to design these compensation tools but also how to manage them and communicate them effectively.
The competitive advantage that India enjoys among others is its young population. The Summit held an exclusive session completely dedicated to Gen Y, and how to compensate and reward this segment at the workplace. The panellists focused on the varied expectations of this workforce and how to maximize the total reward strategy for this segment. The discussion gained more relevance because of the active participation of Gen Y professionals in the panel itself. AIMA once again delivered a complete learning experience for managers on how to make the best of their budgets for 2012.
Director, All India Management Association
“AIMA has been organizing several programs on human resource management and we believe that if India has to really make its mark, it would be through its people. The competitive edge that the country enjoys today is its young population. AIMA is giving a lot of thrust to bring this talent forward and bring a lot of insight globally on this platform.
The purpose of the Compensation and Rewards Summit was to bring together all the relevant challenges faced by HR managers and leaders, on one platform. Apart from sharing insights into how compensation can be managed effectively, the intent is to look at the evolving trends as well. The seminar covers all aspects of compensation, right from design to delivery, including communication mechanism and administration mechanism. Particularly at this time, when the industry is under severe pressure of performance and delivery performance, what has been achieved in the past few quarters, is not that encouraging. So, how do we look at compensation as a parameter there? The aim is to understand how to move from one end to another end as far compensation and benefits is concerned.”
Executive Director and Head – People & Change Consulting, PwC
“Organizations can either look at rewards in a very narrow way and view it as compensation, data, surveys, etc., or have a broader perspective and link it to their talent management strategy.”
Summit Director & Director – Group Human Capital, Max India
“The philosophy of the organization, reward & recognition policies, and compensation strategy should align with the business strategy.”