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Total Rewards Service Providers List_2015

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Organizations across the board are moving away from the traditional domain of guaranteed cash and incentives to incorporate a much bigger focus on intangible rewards, benefits and work-life balance.

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Total Rewards Service Providers List_2015

  1. 1. www.peoplematters.in Reward Trends for 2014 •Business Linkage: One of the biggest changes in the rewards space is the morphing role of performance •Mix advantages: With a mix of millennials in the workforce at the entry levels, the focus is more on providing better work and growth opportunities •Health & Wellness: From being a part of mix advantages, health and wellness is evolving into a whole new gamut of rewards •Niche Skills: With niche skills gaining ground, hot skills are being rewarded at market aligned levels, even if it means that the company has to deviate from its standard pay and reward levels •HiPo Performers: High or rather ‘Hyper-performers’ are being recognized, empowered and rewarded more than ever •Long-term rewards: Within long term incentives, ESOPs have taken a beating due to the poor and volatile market conditions in the last few years for established companies.
  2. 2. www.peoplematters.in •Compensation: The general market can expect the median salary increase to stay between 10 per cent and 11 per cent like the last financial year. In reference to specific sectors, the Chemical industry is expected to lead the market •Political Influence: With the installation of the new government, speedy economic revival has led to positive expectations in the employment space •No one size fits all: The trend of companies moving away from a ‘One size fits all’ to ‘Bespoke rewards strategies’ will continue in 2015 •Social recognition: Social recognition is becoming the order of the day and is rapidly gaining prominence with companies working to include a complete online system •Health & Wellness: In the coming year, wellness could move to be a part of the compensation package. With increasing reimbursements for cycling to office, car-pooling, gym memberships etc. wellness is becoming a significant part of rewards. What does 2015 hold in store?
  3. 3. “11 per cent was the average salary increase projected by a group of 700 plus companies who participated in a Mercer survey released in February 2014. However, the actual increase was 10.6 per cent. Likewise, sales and performance incentives paid out in 2014 fell way short of the targets that organizations had expected to payout based on 2013 performance. Business performance in many organizations was below expectation, therefore impacting their ability to pay as forecasted.” Click for full story
  4. 4. “Equity-based compensation in the form of ESOPs or any similar form is often looked at and evaluated as a compensation tool. The decision-making often is restricted to how much an employee makes from it. However, the fact that there are other stakeholders in this initiative is often ignored. Any equity-based compensation scheme has three prominent stakeholders apart from the employee – Shareholders, Regulators and the Compensation committee or the Management. Each of them has their respective views and perspectives about such schemes.” Click for full story
  5. 5. “We work in an environment that requires us to collaborate, function as teams, have common goals and yet, when it comes to rewards, we gravitate towards placating individuals. It’s but natural for us to be a little more than just skeptical of the system. How can we be part of the team and yet aim for personal achievements? If your intention is to increase productivity and efficiency, incentivize teams. If it is purely for retention, it doesn’t matter.” Click for full story
  6. 6. “During the past several years, the concept of rewards and recognition has progressed considerably. HR leaders have practiced and experienced the power of leveraging multiple factors in rewards management to attract, inspire and retain talent. Today, companies understand that their rewards and recognition programs empower them to engage talent in a better way. We, as a company, deliver a seven-pillar approach that identifies the ecosystem and includes business vision, HR strategy, culture and employee focus where R&R operates.” Click for full story
  7. 7. “One of the most prominent developments in the rewards space this year has been the change in the way companies look at their employees. It is not just enough to know if individuals are performing but the levels of his/her motivation, peer interaction, innovation and engagement with the organization. This key new trend has companies looking at transforming a very mechanical evaluation mechanism into an interactive and real time platform. Unfortunately, even today one still witnesses HR departments working in isolation and their initiatives unable to percolate down to the last man.” Click for full story
  8. 8. For Further Information Kindly Contact +91 (124) 4148102 info@peoplematters.in www.peoplematters.in Connect with us on Total Rewards Supplement, January 2015
  9. 9. For Further Information Kindly Contact +91 (124) 4148102 info@peoplematters.in www.peoplematters.in Connect with us on Total Rewards Supplement, January 2015