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An effective total rewards strategy requires deep understanding of what the CEO and employees really value. Read more to know experts' views on Total Rewards Designs that truly matter.

An effective total rewards strategy requires deep understanding of what the CEO and employees really value. Read more to know experts' views on Total Rewards Designs that truly matter.

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  • 1. www.peoplematters.in
  • 2. www.peoplematters.inDesign Rewardsthat truly matterWhile featuring in the HR lexicon for over 10 years, there arewidely divergent opinions in the community as to whatconstitutes total rewards. Organisations have differingcompensation and benefits structures, operate under diversemanagement principles, and have different approaches toemployment value positioning. By Vikram Choudhury
  • 3. www.peoplematters.inChecklist while assessing a totalrewards strategy By Vikram Choudhury
  • 4. www.peoplematters.inWhat the experts have to say…“Research and experience suggest that the components of total rewardsand the EVP are interdependent and compatible. Companies today facean inflection point relative to their total rewards programme and the mostprogressive are addressing the economic slowdown by recrafting theirEVP, thus optimising their investments.”
  • 5. www.peoplematters.in“Retention and reward are the two key reasons for employers to grantstock options to employees. Almost all the companies (more than 90 percent), who grant stock options, feel that the retention objective isachieved. What is left unsaid is if the employees have realised the cashfrom the perceived ESOP gains.”
  • 6. www.peoplematters.in“According to the large accounting firms, the Rs.5,000 annual taxexemption amount is only for organisation wide non-distinguishedawards (for example, Diwali gifts for all employees, New year gifts for allemployees). Any other award based on performance or milestones thatare given to individuals, need to be taxed and do not fall under thisRs.5,000 limit.”
  • 7. www.peoplematters.in“Another fundamental change, which has emerged as a strongsupplement to the increasing role of R&R in driving performancebased milestones, is the shape and structure of the rewards catalog.Emerging trends in industry practices indicate that the dynamicshave now shifted more towards experiences that translate intomemories. The enhanced impact created by the experiential natureof rewards has made adoption of these metric and performance basedschemes much easier and faster.”
  • 8. www.peoplematters.in“Employers are choosing from a bouquet of employee benefit offeringssuch as life insurance, profit sharing, employee stock ownership plans,healthcare facilities, both, curative and preventive, meal benefits andchild care availability amongst others. Going forward, the focus seems tobe changing in this space, more towards flexi-plans, employee andfamily welfare and focus on protecting and preserving income..”
  • 9. www.peoplematters.in“A large part of employee attrition is attributed to lack of recognition inworkplace. Though many leaders pursue recognition strategies, there isstill a high degree of dependency on the immediate manager to executetowards building such a culture. There is thereby emerging popularity fortechnology led social recognition programmes, which drive uniform andsyndicated usage, eliminate “favoritism” and yield high excitementamong the workforce.”
  • 10. For Further Information Kindly Contact +91 (124) 4148102 info@peoplematters.in www.peoplematters.in Connect with us onSupplement – February 2013 Subscriber Now!