ARE YOU REWARD-WORTHY?

ARE YOU REWARD-WORTHY?

Although the Reward and Recognition (R&R) policy is quite common in the corporate arena, firms are thinking beyond mere monetary benefits to keep their employees happy, says Sheetal Srivastava

    In the current scenario, it is vital to look beyond compensation as the sole motivation and retention factor for employees.With changing times, monetary rewards and medical/health benefits are no more novelties for the employee, but have become mandatory hygiene factors to be a part of any organization. Hence, these benefits are not lucrative enough to retain employees in current times.
    “Increasingly, it is becoming vivid that the battle for talent involves much more than highly effective, strategically designed compensation and benefits programmes. While these programmes remain critical, the most successful companies have realised that they must take a much broader look at factors w.r.t attraction, motivation and retention. And they must deploy all of the factors including compensation, benefits, worklife, recognition, development and career opportunities to their strategic advantage,” says Rajeev Bhadauria, group president- HR, Reliance Infrastructure.
    “In today’s times, companies are following the ‘Total Rewards’ philosophy comprising a combination of market relevant rewards that draw from individual, team and business performance and believe in rewarding meritocracy. Companies in India are looking at differentiated rewards systems, and adopting ‘Total Rewards’ practices that cover not only cash component, but also pay for performance, benefits, work-life balance programmes, competency/skill based pay packages, career opportunities such as overseas assignment, job rotation, etc,” expresses Prithvi Shergill, lead India HR, Accenture.
    The key to employee retention today is to look beyond just fixed pay and variable pay – and move to smart people management practices. HCL Technologies has introduced unique initiatives like ‘O2 League of Extraordinary’ and ‘Xtra Miles’ that focus on making employees feel valued and motivated. O2 recognises employees who are given the rating of ‘outstanding’ in their performance reviews for two consecutive years. Similarly, Xtra Miles is a unique reward & recognition portal, which is an empowerment tool in the hands of HCLites to recognize extraordinary efforts and sterling performances of peers, colleagues or seniors as well as encourage the ‘Thank You’ culture.
    The concept of ‘Total Rewards’ is focused on enabling an emotional connect between the employees and the organization by providing work-life benefits, health care, education, recognition, mentoring, etc.Those companies who have very well-defined philosophies with regard to holistic and sustainable growth will emerge progressive.To enjoy the benefits of overall productivity and reduced attrition, companies need to find that perfect combination, which allows employees to succeed in both personal and professional spheres.“One of our rewards and recognition programmes include global mobility that allows performers to take on international assignments within the AXA group,” says Chirag Buch, head HR, Bharti AXA General Insurance. Nokia Siemens Networks encourages international career assignments with employment policies designed to facilitate and not inhibit job mobility within the company. In addition, international short-term and long-term delegations providing challenging assignments in other countries can also be a part of an employee’s personal development plan.
    Whatever the route, engaged employees help bolster the bottom-line of the company by building the reputation and brand of the company, as they stay longer and strive harder to perform. And what better way than rewarding and recognizing them!
sheetal.srivastava@timesgroup.com

WATERCOOLER BYTES

Do you think in the present-day corporate scenario, investment in effective HR tools has become mandatory?

SOUMIK BANDHYOPADHYAY, chief executive officer, ATS Group: “The key differentiator in businesses across industries today is the quality of human resources. Therefore, no investment can be enough to capacitise the HRM function with tools and practices to discharge its responsibilities in an organisation. An effective HR mechanism must focus on hiring based on organisational fit, not just job fit; keep employees engaged through an environment of continuous development, trust and empowerment and nurture aspirations through continuous reward and recognition. The focus of generating employee productivity must shift from employees to the employer and this can only be achieved through an effective and a responsive HR system.”
ADITYA NARAYAN MISHRA, VP-staffing, Ma Foi Randstad: “Organisations need to provide HR with sufficient resources to ensure that organisational goals are in alignment with managerial ones. And in order to ensure the above, organisations need to play a vital role and make the necessary investments.”
ROSITA RABINDRA, executive vice president and head HR, NIIT Technologies: “HR initiatives contribute directly to improved staff satisfaction and productivity, both of which, impact the success of an organisation. Many companies have made several investments and empowered HR to run their own show.”
    (Compiled by Priya C Nair and Yasmin Taj)