Going beyond Compensation and Benefits Total Rewards

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Speaker: Mr Anand Pillai, Sr. Executive Vice President & Chief Learning Officer at Reliance Industries Ltd

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  • i found this useful as im currently duin reward management as one of the modules among others fr the sake of persuing my degree program
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Going beyond Compensation and Benefits Total Rewards

  1. 1. TotalRewardsGoing beyondCompensation
  2. 2. POLL 1What is the Best form of Reward?Money/compensation increasePromotion with Higher responsibilitiesPublic recognitionEquipping the Individual so that he cancontinue to excel
  3. 3. Employees are not impacted by the rewards that they receive/do not receive as long as they do not understand why theyreceived/did not receive it.
  4. 4. POLL 2
  5. 5. Worst way of implementing isrewarding for thepast performance
  6. 6. POLL 3
  7. 7. Most impactful way ofrewarding is to equipfor the future so thatthey can continue to be rewarded..
  8. 8. POLL 4
  9. 9. Contents1. Definition2. Why Total Rewards3. Caselets i. Hay Group ii. Worldatwork iii. Watson Wyatt iv. Towers Perrin v. Michael Armstrong4. Work Flow5. Concerns
  10. 10. Definition• Includes all types of reward – non-financial as well as financial, indirect as well as direct, intrinsic as well as intrinsic.• It is a value proposition which embraces everything that people value in the employment relationship and is developed and implemented as an integrated and coherent whole.
  11. 11. Why Total Rewards“Total rewards is required to creating fun, challenging & empowered work environment in which individuals areable to use their abilities to do meaningful jobs for whichthey are shown appreciation is likely to be a more certain way to enhance motivation and performance – even though creating such an environment may be moredifficult & take more time than simply turning the rewardlever” -Jeffrey Pfeffer, Prof of OB at Stanford University
  12. 12. Engaged Performance Inspiration/ Quality of values Work Tangible Engaged Work Life Rewards Performance balance Future Enabling growth/ Environment opportunity
  13. 13. Attract, Motivate & Retain Total rewards are all the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship
  14. 14. Business + Human Capital business strategy human capital strategy total reward strategy fixed reward costs performance-based environment-based rewards rewards fixed costs of employment variable costs of intrinsic rewards employment value of role to contribution made by Employment deal organization individualEffective delivery through focused communication, greater flexibility & use of technology
  15. 15. Job Design TRANSACTIONAL (TANGIBLE) PAY/REWARD BENEFITS • base pay • pensions • contribution pay • health care • shares/profit sharing • perks • recognition • flexible benefits L&D WORK ENVIRONMENT • workplace learning • core values • performance management • leadership • career development • employee voice RELATIONAL (INTANGIBLE)
  16. 16. Transactional & Relational base paytransactional total contingent pay rewards remuneration employee benefits total reward learning and development relational non-financial rewards the work experience rewards recognition, achievement, growth
  17. 17. Making total reward happen Conduct Monitor Diagnostic & Interview Evaluate Define Communicate Objectives Develop ImplementApproach Progressively Prioritise Design Involve
  18. 18. Total Reward Issues  How do we convert rhetoric into reality  Should we distinguish between total reward and total remuneration  How are we going to persuade people that total reward is a good thing  How are we going to communicate the benefits of total reward  What priorities do we give to the different elements of total reward package  How do we make total reward work, bringing the elements in the package together
  19. 19. What if we reward ouremployees &, they leave?
  20. 20. What if we don’t rewardour employeesand, they stay?
  21. 21. Thank YouTwitter: Anand__PillaiAnand.k.pillai@ril.com

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