Article: Focus shifts in Total Rewards space

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Focus shifts in Total Rewards space

Many inventive compensation strategies are emerging in India, tied to the new-age expectations of the modern enterprise
Focus shifts in Total Rewards space
 

With diversification of rewards, companies will turn to performance-based measures to dole out justified monetary benefits

 

The major focus of non-monetary rewards will be around work-life balance, health & wellness and recognition

 
The compensation function in today’s organization has suddenly become an exciting space. The landscape of talent expectations has changed at a great pace over the last couple of years and the external business environment is imposing additional complexity. With the economy expected to grow by over 5% in 2015, the India market will most certainly grab the attention of global companies. At a time when China’s growth is slowing and the eastern region is tied down with conflict, this growth automatically increases talent demand. As the talent market becomes more competitive, the rewards space has become adaptive. More and more companies are creating competitive differentiation in their employment value proposition through creative reward strategies. And in most cases, innovations are happening on the non-monetary side. In most sectors this year, companies are not looking to change the basic compensation structure. There will, however, be more flexibility in terms of base salar...

Topics: Total Rewards, Trends, Compensation & Benefits

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Amid this new business imperative called EX, organizations are increasingly directing their focus on enhancing not only the professional prospects of their workforce but also their employees’ cumulative professional experience and creating that 'aha' moments. In this issue, we take a look at the right mix of physical, digital and emotional experiences that can help organizations elevate the employee experience, and more importantly the roadblocks that organizations face to create a home-away-home.

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