A reward strategy brings together the investments an organization makes in its workforce with everything employees value in working for an organization. But how effectively has India Inc. been able to use it to its advantage?
Rewards have become an intrinsic part of the employee management processes and total rewards programs are gaining relevance and influencing organizational dynamics. And this has been true for Indian businesses as well. The latest TJinsite study by Times Job has revealed that out of the nearly 43 percent of the 442 employers surveyed across India have a well-built Total Rewards strategy in place and for about 23 percent, it is in the planning stage.
Total Rewards in today’s dynamic and complex business environment not just includes the components of compensation and benefits but also captures the essential elements of a motivating work environment like learning & development opportunities, recognition, and career growth opportunities. Organizations today are cognizant of the fact that innovative and comprehensive total rewards strategy can prove beneficial in multiple ways. These benefits range from increasing business output to retaining and engaging their top performers. As a result, there has been a steady increase in the investments towards such programs. A comprehensive Total Rewards approach helps the employer to look beyond just monetary rewards but also strategically evaluate the value of the non-monetary rewards as well.
Implementation
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