Are you offering the rewards your employees truly value?  If you want to attract and keep top talent, a one-size-fits-all approach won't cut it.  Divya Mohan, CHRO of InsuranceDekho, explains why tailoring rewards to individual needs is the key to revolutionising your employee experience.

In the rapidly evolving landscape of work, how have you seen rewards changing in the insurtech sector?  

Insurtech in India is a dynamic industry, and over the years, it has undergone significant changes. There is a definite shift in preference among employees to see a broader view of rewards that takes into account the varied needs of employees at different life stages and maturity continuum. We need to ensure we are addressing basic questions for employees like: What does this company offer me? What value do I get from being here? How can I enrich my career? This goes well beyond traditional compensation and benefits — including physical and mental well-being, learning and growth, recognition, work environment, and much more — it’s the entire employee value proposition.

Our total rewards strategy has evolved to accommodate these shifts by integrating features like flexible work arrangements, wellness support, custom development path and leave policy. These address the needs of different life stages, an academy-based learning approach and a supportive work environment that focuses on inclusiveness and empathy.

How do you balance traditional elements of compensation with non-monetary rewards in your total rewards package?

We understand that every employee cohort may have different expectations and motivators. Our approach emphasises the value of anytime recognition, enabled through cutting-edge technology, allowing employees to receive instant rewards and recognition for outstanding performance or exemplary behavior. Our flexible leave policy goes beyond conventional norms, accommodating celebratory occasions, sabbaticals, and wellness leaves, in addition to traditional leave benefits. This approach supports our employees across various life stages and situations, promoting a healthy work-life balance. We also offer alternative work arrangements to assist young parents and caregivers in managing their professional and personal responsibilities effectively.

Our commitment to employee well-being extends to providing access to company-paid online health services, enabling employees to seek consultation and diagnostics conveniently, anytime, and anywhere. We also have our corporate social responsibility (CSR) initiatives to empower employees to contribute their time, effort, and resources to causes close to their hearts. We know the importance of diversity and inclusion, hence we have implemented a women's leadership development program to cater to the specific needs and challenges faced by women as they progress in their careers.

Through these initiatives, we aim to create a holistic total rewards package that attracts and retains talent and encourages a culture of appreciation, support, and growth within our organisation.

Mental health and wellness have become paramount in today’s work environment. What role do they play in your total rewards strategy?

A comprehensive total rewards strategy should address not only monetary compensation and benefits but also the overall well-being of employees. Implementing a flexible leave policy that accounts for celebratory occasions, sabbaticals, and wellness leaves in addition to traditional leaves is a valuable component of a total rewards strategy. This approach demonstrates an understanding of the diverse needs and life stages of employees, allowing them to maintain a healthy work-life balance and prioritise their mental well-being when necessary.

Offering alternative work arrangements, such as flexible schedules or remote work options, can be particularly beneficial for young parents and caregivers. These arrangements provide the flexibility needed to balance work and personal responsibilities, reducing mental stress and promoting a healthier work-life integration.

Providing company-paid online health services, such as virtual consultations and diagnostic tools, is an innovative approach to promoting employee well-being. By offering convenient access to healthcare resources, organisations demonstrate a commitment to their employees' overall health and mental well-being. These services can help employees by addressing medical concerns, and increasing productivity.

How do you ensure your total rewards package remains competitive in attracting top talent in the insurance sector?

Total rewards as a field is rapidly evolving and there is a lot of learning that can be done by benchmarking and understanding employee needs at a micro level. Understanding that a one-size-fits-all approach will not work while designing a total rewards strategy, is paramount. Additionally ensuring that we communicate back to the employees our vision of total rewards and seeking their input in recalibrating it wherever required also helps in remaining updated.

Looking ahead, what trends or challenges do you anticipate will impact the direction of total rewards?

Creating a great and rewarding workplace environment is essential for unlocking the full potential of employees and nurturing a thriving workforce. A successful total rewards strategy plays a crucial role in achieving this goal by encompassing various elements that demonstrate value and appreciation for employees.

Several trends and challenges will shape the direction of total rewards, focusing on compensation, benefits, well-being, and recognition. Firstly, compensation strategies are evolving, with a move towards transparency and equity, alongside alternative forms like bonuses and equity grants. Secondly, benefits packages are being redefined, with a spotlight on health and wellness benefits, such as mental health support and flexible work arrangements, amid rising healthcare costs and changing regulations. Thirdly, employee well-being is a top priority, prompting investments in physical and emotional well-being programs. Lastly, recognition programs are adapting to remote work, emphasising digital platforms for real-time appreciation and encouraging connection across distributed teams. Addressing these trends will be key for companies to remain competitive and support their workforce effectively.