Getting Your Rewards Strategy in Order

As rewards strategies get more complicated, rewards professionals &experts investigate the question – “How do you know your rewards strategy is working?”

- Dhruv Mukerjee and Vikas Arora

With an increasing focus on creating a productive workforce as the business environment becomes more competitive, organizations are looking closely at the engagement levels of the employees within the organization and are realizing the importance of a robust Total Rewards program towards attracting, retaining and motivating talent. According to a recent India Recruiting Trends 2016 report by LinkedIn, around 83 percent of the companies globally have defined acquiring the right talent as a business imperative. And with millennials entering the talent pools along with heterogeneous workforce, organizations are facing wide-ranging expectations from employees. On the other hand, the increased application of technology has also created a growing need within companies to re-think their people management practices.

The effect of such an evolving business ecosystem has been felt across the spectrum of functions that fall within the domain of HR professionals. From front-end recruiting to managing healthy employee attrition, organizations today are demanding more from their HR function. With such greater business focus on engaging, motivating and retaining the right talent, HR professionals need to look beyond the obvious to strategize and streamline their processes, especially the Total Rewards space.

Rewards in the modern context