HR is no longer playing an administrative role handling the softer aspects of HR, but it’s evolving to include taking ownership of people strategy, using metrics, focusing on aligning themselves with the business and partnering with the functional units. Business managers’ expectation from HR as a function is also increasing. Business managers’ want to be empowered to make better compensation decisions for their teams using project goals data, KPIs and other performance indicators. From a business perspective, these expectations from HR, triggers the responsibility to provide a stronger experience to the decision-makers – line managers, CFO, CEOs – having a line of sight, transparency, accountability and empowerment.
The compensation review process is the ideal first step towards systemizing HR as these transactions are a ‘moment of truth’ in any organization. Continuing with our endeavor to provide actionable research for our community, People Matters in partnership with Aon studied the Rewards technology landscape to uncover some of the most pertinent trends.
According to our survey, Rewards Trends in India Inc., we found that there is a huge gap that persists in the current and desired state of technology adoption rate. While 75 percent of the organizations aspire to fully automate their HR processes, only 3 percent of organizations have achieved the state. Through this study, we found that Total Rewards is set for major disruption, but such a major change cannot happen overnight. Rewards specialists must leverage the available tools and people to make the
transition smooth. Perhaps, the first step is to leverage technology, which has the power to drive rewards efficiency and effectiveness.
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- No. of pages: 10
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