Brief comparison between two players in the healthcare industry (india) on Total Rewards & Recognition

1. C
REWARDS AND RECOGNITION
IN
HEALTHCARE INDUSTRY

2. PRESENTED BY PGDM-B-HR
GROUP-4
Aditi Banerjee-47
Disha Thakker-42
Lisa Pereira-29
Mansi Sagar-106

3. KEY FINDINGS FROM E&Y REPORT
• The Employers and employees were asked if they were satisfied with the rewards programs.
• Did they understand the factors that affect compensation and were they satisfied with the
compensation offered.
• Does individual performance affect compensation
• Whether employees value opportunities to earn long term rewards over just year on year pay
hike
• Benefits and communication
• Is the organisation compensation competitive compared to the outside market

4. INDUSTRY OVERVIEW

5. TRENDS AND REWARDS AT
APOLLO and FORTIS

6. APOLLO
• YOUNG LEADER AWARD
• EXECUTIVES’ PERFORMANCE BONUS
• EMPLOYEE OF THE YEAR AWARD
• SERVICE EXCELLENCE AWARD
• CERTIFICATE OF APPPRECIATION FOR SERVICE EXCELLENCE
- SERVICE RECOGNITION AWARD
-ATTENDANCE AWARD
-HONESTY AWARD
-BEST PERFORMER OF THE MONTH

7. Rewards & Recognition (R&R) Process Rewards and Recognition Process
details the steps involved in the following R&R schemes at Fortis:
• Long Service Awards
• Sparkle Awards (Bi-Annual)
• Operation Excellence Awards (Half Yearly / Annual)
• Values Awards (Annual)
• Win Nurse Awards (Annual)
• Nursing Week Awards
FORTIS

8. ISSUES AND CHALLENGES
ISSUES FACING REWARD MANAGEMENT
• How to achieve internal equity and external competitiveness.
• How can we reward individual performance and contribution and promote teamwork.
• How can we give high rewards to high achievers and motivate the core of the
employees upon whom we ultimately have to rely.
• How to reward people for their outputs and their inputs.
• How to ensure that reward management strategies support the achievement of the
organization’s business strategies.

9. TODAY’S SCENARIOS AND SOLUTIONS
KEY REWARD MANAGEMENT TRENDS IN TODAY’S SCENARIO.
• A move towards team pay as the importance of teamwork increases.
• More attention given to achievement or success-oriented individual bonuses rather
than payment increases in base pay.
• More flexible pay structures based on job families and using broader pay bands or
pay curves.
• Greater creativity and sensitivity in benefit practice
• More emphasis on the choice of benefits and ‘clean cash’ rather than a multiplicity of
perquisites.