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
Bu hikaye People Matters dergisinin September 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye People Matters dergisinin September 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
How Digital Transformation Can Power The Great Reset
Technology has the potential to serve as the key enabler of change between digitalising administrative tasks and fostering human connections
The Crypto Meltdown Of 2022
FTX implosion: A setback, but not the end for the crypto market
Govern Pre-IPO Unicorns to Create Value; Not Valuation
Billion-dollar startups always make the headlines. But is there true value behind those eye-catching valuations? How can proper governance be implemented for these much-hyped companies?
On change and change management
The best way to end the year, especially such a disrupted one as 2022, is by laying the groundwork for the year to come. Michelle Yong, Head of Resourcing at Shell, offers some insights on change management to bring us forward into 2023
The Great Reconnection: A paradigmatic moment for employers and employees
This year has not been a good one for employee retention. The Great Resignation, originally thought to be a US phenomenon, has emerged in Asia now. But is there a way to turn it into the Great Reconnection?
Lessons Managing in leadership: a global hybrid team
What takeaways can we draw from the pandemic? Fatima Koning, Chief Commercial Officer at IWG, shares what the last five years have taught her about managing a global sales team across 120 markets in the hybrid model
Eight HR trends that we saw throughout 2022
As companies manage their workforces in a dynamic era, HR departments have continually adapted and adjusted, and never more than this year as digital acceleration and workplace evolutions came together
One way to turn the tide of employee retention
There's a surprising link between skill development opportunities and job satisfaction. Here are some ways of boosting skilling and thereby talent retention
A key focus for L&D going into 2023 should be business alignment
Venkat Subramaniam of Degreed believes that learning is core to business success and organisations need to invest in the right processes and technologies to adapt to continuous change
WOMEN IN LEADERSHIP CAN BE GAME GHANGER FOR INCLUSIVE FUTURE OF WORK
BREAKING FREE FROM THE STEREOTYPES IN THE INSURANCE SECTOR, PAMELA THOMSON-HALL SHARES HER JOURNEY OF BEING A CHAMPION FOR WOMEN AND BRINGING ABOUT A CHANGE IN A MALE-DOMINATED INDUSTRY
