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Total rewards: a must for progressive organisations
The Latest TJinsite Study by TimesJobs Indicates That Nearly 43% of the Surveyed Organizations Already Have a Well-built Total Rewards Strategy and 23% Have it in the Planning Stage Total Rewards, encompass not just compensation and benefits but include other rewards such as a motivating work environment, learning and development, recognitions, and professional growth opportunities provided to emp
New Delhi: The Latest TJinsite Study by TimesJobs Indicates That Nearly 43% of the Surveyed Organizations Already Have a Well-built Total Rewards Strategy and 23% Have it in the Planning Stage Total Rewards, encompass not just compensation and benefits but include other rewards such as a motivating work environment, learning and development, recognitions, and professional growth opportunities provided to employees as well.
Organisations recognize that Total Rewards help them in many ways including increasing business output, retaining and engaging their top performers, etc. and so are investing huge amounts of money and resources on these programs. How does India Inc. implement this concept? The latest TimesJobs study [http://content.timesjobs.com/docs/TJinsiteJuly2016.pdf ] reveals interesting pointers on how Indian firms view the concept, make it work on ground and perceive its future.
Outline Nearly 43% of the 442 employers surveyed across India by TimesJobs, have a well-built Total Rewards strategy in place and for about 23%, it is in the planning stage. A Total Rewards approach helps both employer and employee to look beyond monetary rewards and strategically evaluate the value of their non-monetary rewards as well. A well-executed Total Rewards strategy helps not just in increasing employee productivity but enhancing business output as well, state employers.
"While compensation is critical in attracting new talent, asyou move up the value chain, top performers need to be engaged and motivated in order to be retained - this is where a robust Total Rewards program creates the cutting edge differentiator for the organisation," says Nilanjan Roy , Head of Strategy, Times Business Solutions. Benefits Retaining employees has been stated as the key benefit of a Total Rewards strategy by nearly 40% of the surveyed organisations, followed by employee engagement (30%), attracting potential talent (20%) and increasing business output (10%).
"In today's cut-throat competition, Total Rewards are an employee program that no organisation can afford to miss on. The Total Rewards strategies are a set of recognitions that allow a company to recognize, praise and commend hardworking employees with the aim of sustaining a motivated and engaged workforce," says Zubin Zack , Director and Chief Recognition Strategist, O. C. Tanner India.
Implementation For nearly 50% organisations, the most important aspect while executing a Total Rewards strategy is aligning it with business objectives. Another 25% feel that effective communication at each stage of implementing the program is crucial to its success.
However, a critical issue that many organisations don't understand is that communication is a two-way process and organisations often neglect the importance of listening to the employees' voice. This is one of the key reasons, which results in failure of the Total Rewards program.
