Article: Reimagining the salary slip

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Reimagining the salary slip

Future organisations will require people who are agile and nimble. This calls for a shift in the way pay is determined
Reimagining the salary slip
 

The biggest problem with existing reward structures is that they incentivise long projects rather than those that require specialised, valuable insight that cannot and should not be measured in time

 

Organisations that want to stay ahead of the competition and be an employer that the best want to work for need to radically change their reward structures to ones that encourages creativity and innovation instead of hours spent at work

 
In his first placement after college, Dhruv Sharma was roped in as a strategy consultant for a leading consultant firm, a job anyone would have died for. But Dhruv never really wanted to be stuck behind a desk for hours; he wanted to travel the world, meet new people and do different things. One day, he called it quits and set off to travel. And now his bio reads somewhat like this “Footloose traveler. Music aficionado. Photography enthusiast…and when I find the time, I write”. Dhruv still consults. However, he takes contract assignments that allow him to pursue other passions while earning money. And yes now he loves his life! Dhruv is not an exception. Indeed, he represents the outlook of the changing demographics of the workforce. As per the Economic Survey 2011-12, India will be one of the youngest countries in the world with 29 being its average age and the workplace will belong to these millienials, for whom the 9-5 job is a relic and social media freedom, device f...

Topics: #TotalRewards, Performance Management, Compensation & Benefits

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