Total Rewards Conclave – Evolving Role of Rewards

0
104

Gurgaon, Haryana, India
For organisations to become ‘Destination Employer’, it has become imperative to deliberate on the evolving role of Rewards. People Matters, which is India’s leading knowledge and media platform in the Human Resources space, in its quest to answer this, organised ‘Total Rewards Conclave, 2016, at The Leela Gurgaon. It is a forum where high-impact questions were debated by the best brains in the business.

The event saw 400 delegates coming from various businesses to deliberate on the theme – ‘Becoming a Destination Employer, The role of Rewards’ – Reward is a strategic tool to achieve the talent strategy of the organization. “Attracting and retaining the best talent is significant in a disruptive business environment that requires innovation and discretionary effort to strive. Understanding the implications of rewards and its dimensions across the employer and employee requires keeping up-to-date with research, best practices and the future opportunities for reward professionals,” shared Ester Martinez, CEO & Editor-in-Chief, People Matters Media at the event.

The programme was spread throughout the day with 9 separate sessions – with keynote speakers, panel discussions and Bistro sessions. And there were 4 parallel Masterclass sessions in the event. Distinguished speakers addressed at the Conclave – Genevieve Lim – Head of APAC Compensation and Benefits at Facebook; Prabir Jha – Global Chief People Officer, Cipla; Suchitra Rajendra, VP- HR, PepsiCo India; Ritu Anand – Deputy Head Global HR, TCS; S V Nathan – Senior Director, Chief Talent Officer, Deloitte; Kevin Ames – Director, O.C. Tanner Institute, John O’Brien – Vice President, Employee Performance Group, BI WORLDWIDE and others.

The inaugural speech by B Srikanth, Global CHRO Airtel set the mood for the event. His ‘Board’s Eye View of Total Rewards speech emphasised on what does the board look for in a reward program to align with the business strategy, and also how does reward connect with the talent strategy. He spoke about 9 perspectives to be considered for Total rewards approach. “People are now referred to as human capital. This is valued as high as physical assets, and brands. Boards have the responsibility to invest in human capital, raise its economic value and manage efficiencies. With a dramatically increasing base of knowledge workers, the importance of human capital has also multiplied. In today’s brutal VUCA world, the quality of top and senior management has never been so critical to business success as we perceive today. Start-ups have not only redefined business models, they have also redefined reward models,” said Srikanth at the Conclave.

The second session was a bistro session that was about Re-looking at reward and EVP from the employees’ view. The speakers at the session were: Vipin Arora, Compensation Director, APAC, Honeywell International, Debasreeta Pattnaik, Head – C&B, Dr. Reddy’s Laboratories, Harish Upadhyay, Head- Performance & Rewards, Vertex Customer Services, Priyanka Sinha, Head – Corporate Solutions Division, BookMyShow, Rohini Wadhwa, Head, Account Manager, Hay Group, and Shatrunjay Krishna, Director, Rewards, Talent & Communication Willis Towers Watson. The session was divided into two parts; the first discussed the challenges and the second was about finding the solutions to those challenges.

Aon Hewitt’s Industry Lead – Manufacturing & Services Sector Navneet Rattan spoke about The Changing Spectrum of Rewards in 2016 – Navneet deliberated about the market trends and the changing landscape in the compensation and benefits space – session was structured to share trends on the salary increase, performance, variable pay, engagement and attrition.

Employee wellness programs have made major strides lately. Moved on top of the reward leaders agenda, they are no longer considered just a nice to have or offered by employees as a way to check the box. The Panel discussion following this saw speakers talk about the perception of wellness around the world, what is the length and breadth of wellness and what could be the impact of such wellness programs. The speakers who were at the Panel include: Rajesh Mundra, Founder & CEO, Truworth Wellness, Nanjappa B S, Head – Employee Relations, Infosys, Pooja Minocha, Head – C&B MSD Pharmaceuticals, Dr. Ashray Kanchan Naik, Senior Disease Expert, Sanofi Pasteur, Anurag Sanjay Apte, Director Benefits, Strategic Health and Wellbeing, Amex.

Genevieve Lim, Head of APAC Compensation & Benefits at Facebook in her session emphasised on how reward programs enable and support the culture the organisation aims to create from various perspectives. She also deliberated on the reward strategies, programs and policies that are used to foster the culture required.

The next speaker Prabir Jha, Global Chief People Officer at Cipla spoke about using rewards to create the culture, and making it holistic. Organisation’s plans often fail because of the lack of alignment and employees need to understand what is expected and how to do that work, and they should be rewarded for their contribution. The session examined how reward programs enable and support the culture the organisation aims to create from several perspectives.

To create a culture of greatness, organisations need to raise the bar of performance in today’s business environment which is becoming more competitive every day. It’s possible if every individual aspires to do their best, and employees need to raise their own bar for the common goal of the company. This was spoken at length by Kevin Ames, Director, O C Tanner Institute.

The last and final panel discussion of the day was on the big rocks for reward strategy in 2016. The panelists included Ritu Anand, Deputy Head Global HR, TCS, Ester Martinez, CEO & Editor-in-Chief of People Matters Media (Moderator), Suchitra Rajendra, VP – HR India region, PepsiCo, S V Nathan, Senior Director, Chief Talent Officer at Deloitte and Lipika Verma, Director- rewards, India & Pacific, Global Human Resources. Suchitra Rajendra, Vice-President HR, PepsiCo India said, “PepsiCo believes in attracting and retaining high-performing talent through providing great career opportunities, building leadership capabilities and rewarding through the right mix of compensation and benefits. We believe that employees perform best when they are coached, given differentiated experiences which set them up for long-term success that enables them to achieve their career aspirations. The value they bring to the organization, the potential they demonstrate, the success of the team and the organization are factors that determine the total rewards. We believe in rewarding strong individual performance resulting in strong business performance through the right behaviours and values. The rewards are structured both for the today and tomorrow.”

The Total Rewards Conclave also saw 4 parallel Masterclass sessions deliberating on 4 different topics on rewards – Power of Strategic Recognition by John O-Brien, VP Employee Performance Group, BI Worldwide; Job Evaluation: Getting it right! By Eshan Joshi, Principal Consultant & Rewards Consulting Leader at Mercer; Getting global mobility right by Soumen Choudhary, head of Global Mobility, Global Shared Service Centre, Ericsson; and Building a Culture through reward and people practices by Kevin Freitas, Global Head of Recruiting and Rewards at InMobi.

Siddharth Reddy, Managing Director, BI WORLDWIDE India said, “The cycles of employee supply and demand have taken pole position in turns. The employees are again gaining that leverage and companies need to respond to what they are now looking for if they have to attract and retain great talent. Total Rewards that goes beyond just compensation is gaining more mindshare in determining who is the employer of choice.”

The event gave a great insight to Reward and HR Directors, Compensation and Benefits Leaders, Reward Managers and other C&B Specialists, HR professionals with responsibility for reward, Consultants, Reward Technology service providers. The Total Reward Conclave, 2016 was exclusively targeted at over 450 Reward practitioners and professionals. Individuals, who consistently use Reward as a tool to attract, engage and retain talent in multi-faceted organizations.

Rightly summed up by Rajesh Mundra, Founder & CEO, Truworth Wellness, “Rewards that betters the quality of life have the ability to attract and engage employees and it’s one of the things that makes any Employer a Destination Employer.

About Total Rewards Conclave

The Conclave is India’s largest dedicated rewards and benefits event focused on providing expert insights, information and exposure to industry experts, C&B leaders, strategic advisors and senior HR professionals. Every year, the Total Rewards Conclave provides an opportunity for leaders and functional heads managing the rewards portfolios to come together on one platform, share their best practices and ideas, learn about the new products in the market and also devise strategies for acquiring and retaining talent by evaluating the maturing rewards, compensation and benefits space. As a significant component of the organization’s cost base and a top lever for CEOs and CHROs to build an aligned culture, Reward is the pivot for attracting, hiring and retaining talent, and a critical tool for organizations for becoming a Destination Employer. As organizations re-define the meaning of talent, the need to align their rewards to create a Destination Employer for their talent segments becomes all the more imperative. Rewards will determine the success of the overall talent strategy – from recruitment, development, performance, to culture to behavior and ultimately brand.

About People Matters

People Matters is India’s leading media platform on leadership, talent management, and organizational development. People Matters has a portfolio of channels, including a monthly print magazine, an active online community and offline events. Content is structured to provide accessible & practical information to help companies implement people practices and initiative successfully. It focuses on the delivery of content by engaging with domain experts in India Inc. which sets the tone for future management debate and discussion, and inspires business leaders. People Matters is a platform where business leaders share their experiences, best practices and ideas which budding leaders and entrepreneurs can apply in their own careers and companies.