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Design Rewards
that truly matter
While featuring in the HR lexicon for over 10 years, there are
widely divergent opinions in the community as to what
constitutes total rewards. Organisations have differing
compensation and benefits structures, operate under diverse
management principles, and have different approaches to
employment value positioning.




                                                                  By Vikram Choudhury
www.peoplematters.in




Checklist while assessing a total
rewards strategy




                                                  By Vikram Choudhury
www.peoplematters.in



What the experts have to say…




“Research and experience suggest that the components of total rewards
and the EVP are interdependent and compatible. Companies today face
an inflection point relative to their total rewards programme and the most
progressive are addressing the economic slowdown by recrafting their
EVP, thus optimising their investments.”
www.peoplematters.in




“Retention and reward are the two key reasons for employers to grant
stock options to employees. Almost all the companies (more than 90 per
cent), who grant stock options, feel that the retention objective is
achieved. What is left unsaid is if the employees have realised the cash
from the perceived ESOP gains.”
www.peoplematters.in




“According to the large accounting firms, the Rs.5,000 annual tax
exemption amount is only for organisation wide non-distinguished
awards (for example, Diwali gifts for all employees, New year gifts for all
employees). Any other award based on performance or milestones that
are given to individuals, need to be taxed and do not fall under this
Rs.5,000 limit.”
www.peoplematters.in




“Another fundamental change, which has emerged as a strong
supplement to the increasing role of R&R in driving performance
based milestones, is the shape and structure of the rewards catalog.
Emerging trends in industry practices indicate that the dynamics
have now shifted more towards experiences that translate into
memories. The enhanced impact created by the experiential nature
of rewards has made adoption of these metric and performance based
schemes much easier and faster.”
www.peoplematters.in




“Employers are choosing from a bouquet of employee benefit offerings
such as life insurance, profit sharing, employee stock ownership plans,
healthcare facilities, both, curative and preventive, meal benefits and
child care availability amongst others. Going forward, the focus seems to
be changing in this space, more towards flexi-plans, employee and
family welfare and focus on protecting and preserving income..”
www.peoplematters.in




“A large part of employee attrition is attributed to lack of recognition in
workplace. Though many leaders pursue recognition strategies, there is
still a high degree of dependency on the immediate manager to execute
towards building such a culture. There is thereby emerging popularity for
technology led social recognition programmes, which drive uniform and
syndicated usage, eliminate “favoritism” and yield high excitement
among the workforce.”
For Further Information
                             Kindly Contact

                             +91 (124) 4148102
                             info@peoplematters.in

                             www.peoplematters.in


                             Connect with us on




Supplement – February 2013

                               Subscriber Now!

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Design Rewards That Truly Matter Slide-share

  • 2. www.peoplematters.in Design Rewards that truly matter While featuring in the HR lexicon for over 10 years, there are widely divergent opinions in the community as to what constitutes total rewards. Organisations have differing compensation and benefits structures, operate under diverse management principles, and have different approaches to employment value positioning. By Vikram Choudhury
  • 3. www.peoplematters.in Checklist while assessing a total rewards strategy By Vikram Choudhury
  • 4. www.peoplematters.in What the experts have to say… “Research and experience suggest that the components of total rewards and the EVP are interdependent and compatible. Companies today face an inflection point relative to their total rewards programme and the most progressive are addressing the economic slowdown by recrafting their EVP, thus optimising their investments.”
  • 5. www.peoplematters.in “Retention and reward are the two key reasons for employers to grant stock options to employees. Almost all the companies (more than 90 per cent), who grant stock options, feel that the retention objective is achieved. What is left unsaid is if the employees have realised the cash from the perceived ESOP gains.”
  • 6. www.peoplematters.in “According to the large accounting firms, the Rs.5,000 annual tax exemption amount is only for organisation wide non-distinguished awards (for example, Diwali gifts for all employees, New year gifts for all employees). Any other award based on performance or milestones that are given to individuals, need to be taxed and do not fall under this Rs.5,000 limit.”
  • 7. www.peoplematters.in “Another fundamental change, which has emerged as a strong supplement to the increasing role of R&R in driving performance based milestones, is the shape and structure of the rewards catalog. Emerging trends in industry practices indicate that the dynamics have now shifted more towards experiences that translate into memories. The enhanced impact created by the experiential nature of rewards has made adoption of these metric and performance based schemes much easier and faster.”
  • 8. www.peoplematters.in “Employers are choosing from a bouquet of employee benefit offerings such as life insurance, profit sharing, employee stock ownership plans, healthcare facilities, both, curative and preventive, meal benefits and child care availability amongst others. Going forward, the focus seems to be changing in this space, more towards flexi-plans, employee and family welfare and focus on protecting and preserving income..”
  • 9. www.peoplematters.in “A large part of employee attrition is attributed to lack of recognition in workplace. Though many leaders pursue recognition strategies, there is still a high degree of dependency on the immediate manager to execute towards building such a culture. There is thereby emerging popularity for technology led social recognition programmes, which drive uniform and syndicated usage, eliminate “favoritism” and yield high excitement among the workforce.”
  • 10. For Further Information Kindly Contact +91 (124) 4148102 info@peoplematters.in www.peoplematters.in Connect with us on Supplement – February 2013 Subscriber Now!