Best practices in rewards landscape

The Total Rewards landscape is undergoing rapid changes as organizations are integrating employee value proposition with rewards and recognition. Today, optimizing Total Rewards is of utmost priority for organizations as they seek to design newer strategies to attract, motivate, retain and engage employees while integrating all aspects of rewards coherently. 

In this special feature, we look at some distinct reward interventions by organizations in the five key categories — compensation, benefits, work-life balance, performance and recognition, and career development, while capturing the case studies of progressive organizations that use tailor-made reward and recognition approaches to provide solutions to key business challenges like diverse workforce, employee wellness, high levels of attrition and fulfilling customized needs of varied employees across the organization. 

Several organizations were identified and selected for their innovative Total Rewards strategies by People Matters in the Total Rewards Conclave 2017. The selection process commenced with the screening of over 180 applications followed by their evaluation by a Jury through a two-tier process. In the first round, the applications were carefully vetted on the basis of the responses provided by these organizations to a questionnaire that asked about the business challenges these organizations faced and the Rewards and Recognition solutions they designed and implemented to counter them. In the second round, the representatives of the shortlisted organizations gave presentations at the League Awards night, where the innovative reward strategies adopted by these organizations to solve their existing business challenges were fully evaluated and assessed. 

(In this special feature, the case studies of the finalists of the Total Rewards Conclave 2017 have been compiled. These case studies reflect and highlight the problem statements of the company's Total Rewards team, the solutions that were implemented and their impact on the business)