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VOLUME-VI I ISSUE 7 I JULY 2016 www.content.timesjobs.com

Find TimesJobs.com’s career articles, expert advice and tips @www.timesofindia.indiatimes.com, Jobs & Career section

Changing business dynamics have reformed the Total Rewards program with an increased focus on aligning

it with the organisation’s business strategy

n Guest Column : PAGE 4 Zubin Zack, O. C. Tanner India n Interview: PAGE 6 Sanchayan Paul, Vodafone India

The new world of Total Rewards

VOLUME-VI I ISSUE 7 I JULY 2016www.content.timesjobs.com

TimesJobs.com Study

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Changing spectrum of Total Rewards strategy

Apeksha Kaushik, TimesJobs.com

NEARLY 43 per cent of the surveyed organisations have a well-built Total Rewards strategy and for about 23 per cent it is in

the planning stage.Total Rewards, by definition, encompass

not only compensation and benefits but also the personal and professional growth opportunities and a motivating work environment. A Total Rewards approach helps both employer and employee to look beyond monetary rewards and strategically evaluate the value of non-monetary rewards.

A well-executed Total Rewards strategy helps in increasing employee productivity and enhancing business output.

Benefits and opportunities

Retaining employees has been stated as the key benefit of Total Rewards strategy by nearly 40 per cent of the surveyed organisations. Since Total Rewards caters to all the essential requirements of an employee, it is claimed to be a powerful employee retention tool.

Another 30 per cent felt that it helps in engaging employees, about 20 per cent said it helps in attracting potential talent and rest 10 per cent cited that the biggest advantage of Total Rewards is that it helps in increasing business output.

Implementing the program

For nearly 50 per cent organisations the most important aspect while executing Total Rewards strategy is aligning it with business objectives.

Another 25 per cent feel that effective communication at various stages of implementing the program are crucial to its success.

However, the critical issue here is that most organisations don’t understand

that communication is a two-way process and often neglect the importance of listening to the employee voice.

This is one of the key reasons which results in failure of the Total Rewards program.

Organisations invest huge amount of money and resources on Total Rewards programs. How does India Inc. implement this concept? TimesJobs study finds out interesting pointers on how Indian firms view the concept, make it work on ground and perceive its future

What are the key benefits of Total Rewards strategy?

Retaining high performersEngaging employeesAttracting talentIncreasing business output

40%

30%

20%

10%

Which element is most critical to building and executing a successful Total Rewards strategy?

50%

25%

15%

10%

Alignment with business objectives

Effective communication

Inputs from employees/HR /business leaders

Understand generational or other demographic differences

The loopholesNearly 40 per cent organisations stated lack of awareness/communication about Total Rewards as the biggest barrier in effective implementation of the program, followed by lack of support from leaders. Total Rewards need effective management to suit business goal and employee needs and thus leadership support is imperative for the success of the program.Nearly 25 per cent of the survey respondents also felt that budget constraints possess a big challenge in execution of the Total Rewards strategy.

Total Rewards priority 2016-17

For nearly 45 per cent organisations employee engagement and retention will be the biggest Total Rewards priority in 2016-17, followed by aligning the Total Rewards program with the overall business strategy.

About 30 per cent organisations are looking at improving the Total Rewards alignment with business strategies and 15 per cent wants to improve its suitability for the increasing set of diverse workers. In fact, another TimesJobs study revealed that nearly 87 per cent employees prefer a customised compensation structure

and organisations need to take that into account while designing the Total Rewards and benefits package.

The study further revealed that Baby Boomers, owing to their proximity to retirement, give more importance to post- retirement benefits after the in-hand salary in their compensation and benefits package. Gen X, on the other hand, prefers other benefits such as flexible work arrangements and more work-life balance.

This generation is typically at a stage where they are supporting either ageing parents or growing children, or both. Finally, Gen Y gives almost equal preference to retirement, medical and other benefits. All these influencers need to be factored in while designing a Total Rewards strategy.

ConclusionThe survey results suggest there is

an increased focus on Total Rewards program now. There have been considerable changes in the Total Rewards landscape and it is evolving continuously. India Inc. requires a holistic approach for effective and efficient implementation of the program. The results also point out some critical areas where the organisations need to improve their efforts. The primary one among them is, creating an effective two-way communication channel with the employees who are the ultimate beneficiaries of a company’s Total Rewards program.

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What is the key barrier to effective implementation of Total Rewards strategy?

40%

25%

25%

10%

Lack of awarenessLack of support from leadersBudget constraintsCultural barriers

What is your Total Rewards priority for 2016?

Improve employee engagement and retention

Improve alignment with business strategies

Improve talent attraction

45%

30%

10%

Improve suitability for diverse workforce 15%

An effective Total Rewards strategy creates a competitive advantage for the organisation. A successful rewards strategy has to justify return on investment (ROI). The money spent should get maximum returns in terms of relevance to the different priorities of employees, organisation level, or regions. The measure of success has to focus on contribution of each aspect of rewards on business outcome, rather than launch of variety of programs to create a feel-good factor for program administrators. The success of the strategy is heavily dependent on a robust and consistent communications plan.

Vipin Arora, Compensation Director, Asia-Pacific, Honeywell International India Pvt Ltd

For us changing workforce demographics and evolving employee lifestyle, means shaping a diverse, future fit workforce through Total Rewards. Our approach ensures external customer focus, internal segmentation and differentiated rewards. We have built a benefits portfolio that delivers employee care, helps build an inclusive work environment while ensuring the right return on investment. We are committed to offering holistic Total Rewards by giving more ‘power’ in the hands of the employees through a bouquet of flexible work arrangements, called ‘V-Flex’.

Sanchayan Paul, Head of Performance, Rewards & Recognition, Vodafone India Ltd.

EXPERT SPEAK


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Zubin Zack

TOTAL Rewards are understood globally as a holistic program to nurture employees. Everything from the organisation that

can benefit an employee; comes under the purview of Total Rewards including salary, emoluments, training, recognition, leaves etc. While employees are attracted to employers because of competitive salaries, profits and employer branding, it is the Total Rewards program (comprising of talent management, recognition & company culture) that are now being used to attract and retain talent.Delving further, the Total Rewards strategies are a set of recognitions that allow a company to recognise, praise and commend hardworking employees with the aim of sustaining a motivated and engaged workforce. Total Rewards come in all shapes and sizes. Through these methods, employers hope to align personal and professional goals of their employees with those of the business while ensuring employees’ overall job satisfaction. Companies who offer such rewards often attract talented, hardworking individuals. Today, finding dedicated individuals is a relentless struggle for companies. Employers are faced with an initial challenge of attracting such individuals and later to keep them satisfied with their role and loyal to the company. In recent studies, employees have exhibited a preference for organisations that invest in developing employee skills while offering opportunities for learning and growth. They are drawn to employers who wish to nurture their existent abilities and add value to their life skills. Apart from employee retention, Total Rewards also impact talent management, which takes a holistic approach to hiring, training and retaining employees. Implementing Total Rewards schemes through talent management allows a

company to adequately reward talented employees. This means that talented individuals are praised when it is due and they become aware of their significance in the company. This motivates the individual, which on a broader scale can lead to individual’s increased productivity and also contribute to the business results. Furthermore, the Total Rewards programs often encourages other employees to emulate the hardworking individuals. Recognising and showing appreciation to a dedicated individual sets a standard for the peers. To ensure a greater reach of Total Rewards program, the leadership also needs to be involved in its strategy. This is the second new differentiator of the Total Rewards program. By including

employee bonding sessions - say annual events, world-class awards, rewards and appreciation strategies - an organisation can inspire more employees to achieve greater success. Today businesses are seeking out greater resourses to ensure that their employees stay happier and feel looked after. With diversified HR policies - including customised work timelines, work from home, flexi hours etc - employers are making the workplace experience more holistic. From Fortune 500 companies to innovative startups, managements have been increasingly utilising HR 2.0 measures to increase engagement among employees and build a ubiquitous brand. These engagement activities, benefits, communication strategies etc. along with leadership actions go a long way in projecting a positive company culture where employees love to come to work. Saying that, employing a robust Total Rewards program comes with its set of challenges as well. The management needs to skillfully access the need, relevance, worth and focus of such a program to have the desired effect. A deftly managed and well thought out Total Rewards program offers the organisation a chance to woo star employees and also keep a tab on the business’ health. In conclusion, it is safe to allude that the Total Rewards program is a method to align business focus to employee master plan and achieve superior results that better the business aim. The Total Rewards program also ensures that the employees respect their responsibilities and help build up an enviable brand that the stakeholders are proud of.

The author is Director & Chief Recognition

Strategist, O. C. Tanner India

The new differentiators in Total Rewards program

Guest column: Total Rewards program

“IN TODAY’S CUT-THROAT COMPETITION, TOTAL REWARDS ARE AN EMPLOYEE PROGRAM THAT NO ORGANISATION CAN AFFORD TO MISS ON”


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How to win the war for talent 2.0

War of Talent 2.0 HR Meet 2016, Chennai

TimesJobs.com Bureau

THE war for talent in the country has entered another phase and the winning formula will require organisations to proactively

help institutions to produce employable candidates, said experts at a TimesJobs.com conclave in Chennai recently.‘War for Talent 2.0: HR Meet 2016’ held in association with Jaya Educational Trust saw the participation of HR leaders and experts from academia. The experts also answered audience questions.Here are excerpts from this discussion:

n David Raj, EVP & Chief HR Officer, CSS Corp: “Today, IT and ITeS companies are moving from headcount and project-based models to outcome-based models. So, you need talent who can produce a solution. We (organisations) need to create solution-oriented talent. There is a myth that we need to produce digital- oriented talent. That is not the case. We need a strategy to manage the digital age population.”

n Saravanaprasad Balasubramanian, AVP- Talent Acquisition & Global Mobilisation, Quadrant 4: “The major issue

is that educational institutions are failing to understand the gap. They look at you (companies) only from the placement angle. But slowly, they are not realising that if you don’t train the talent, they will go down the drain.”

n Prof A Kanagaraj, Chairman, Jaya Educational Trust: “Real talent will come when students at engineering colleges work while they learn instead of spending time only in lectures. They should not make students work after they learn. We should introduce practical-oriented student training.”

n Dhanabalan RK, Vice President-Human Resources, Maveric Systems: “The industry expects institutes to churn out candidates they need but they too have

to work much more closely and put in lot more efforts within campuses in case they want to see talent that will meet their needs. Corporates have to put a stake on the ground and create much stronger inroads into campuses.”

n Dr Murali Padmanabhan, SVP and India Head-Talent Management, VirtusaPolaris: “There will always be competition for talent, even if the supply is in excess or supply is short. Since India is an aspirational economy, there is a mad scramble for jobs. Children are forced to pick science, engineering or medicine irrespective of what the child really enjoys. Parents have to let their child work in areas they enjoy.”

n Shekar Arora, Ombudsman, Ashok Leyland and ED-HR & Strategy, Hinduja Foundries: “If any company says it is struggling to retain talent, it has already lost the war for talent. You cannot retain the talent by paying more money. The war for talent has to be fought internally. You have to enable, engage and empower talent. But this war is good for the organisation and for talent. It is always the threatened immune system which fights the threat and emerges stronger than before.”

Experts call out for improved industry-academia relationship for talent to meet the expectations of the organisations

EXPERTS UNANIMOUSLY AGREED THAT REAL LIFE WORK EXPOSURE IS MUST FOR STUDENTS DURING THEIR TRAININGS BEFORE THEY STEP OUT TO LOOK FOR JOBS


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How are Total Rewards impacting the hiring and talent management landscape in organisations?

The concepts of ‘work’ and ‘reward’ have changed significantly over the last two decades. Today’s workforce is more diverse, not just from a demographics perspective, but also by behavioural and psychographic segmentation. Now talent moves or stays, not for higher ‘Rewards’ alone. The Employer Value Proposition (EVP) or the complete employer-employee ‘deal’ is under discussion and negotiation. Organisations have to perform a tricky balancing act to attract, retain and engage employees. Career advancement opportunities, trust and confidence in senior leadership, professional development opportunities, work-related stress, challenging work, relationship with supervisor etc. are all being viewed as ‘Total Rewards’.

What are the trends, opportunities and challenges in the Total Rewards sphere?

A number of broad Total Rewards trends are emerging now which aim to address shifting business and workforce dynamics. The future will be about treating employees as consumers and delivering tangible employee experience. It is about getting lean i.e. delivering more with less. It shall no more be about rewarding a little bit to everyone, but more differentiated pay for performance and pay for critical skills. Business, HR & Rewards teams will have to take note of social media trends and pick signals while separating the noise. The focus shall be on making the most of communication and technology to share with employees about the overall ‘deal’ or EVP, letting them know what they earn and explaining how they can maximise their earnings and build wealth for themselves.

How do you align Total Rewards Strategy to Talent Strategy?

Forward thinking organisations see value in defining and articulating Total Rewards as a coherent deal. They keep Total Rewards relevant by segmenting and aligning them with organisational and employee needs. Organisations like us are making efforts to understand the requirements and level of contribution / performance required from employees. Total Rewards strategy addresses our Talent Strategy in the following areas:n New / emerging talent segmentsn Critical skills /pivotal rolesn Talent / skills attraction / retentionn High potentials & performers

What are the do’s and don’ts of creating successful Total Rewards strategy?

A successful Total Rewards strategy flows from business context and is linked to other processes like performance & po-

tential assessments, talent management and organisation effectiveness. You must have a broad understanding of different employee segments and their needs. Then, try to personalise and simplify it.

Is there a gap between how employees see Total Rewards v/s what the company offers?

The best organisations are quickly closing the gap. Employees would need to be seen as consumers. Yet, there will always be a gap as consumer expectations are a moving target and your organisational response will go through a filter of business realities, statutory regulations and budgets. Please share your best practices.At Vodafone, we are continuously strengthening organisational vitality. Performance dialogue is a continuous affair between the line manager and the employee, thus enabling high performance on a bed-rock of Total Rewards processes.For us, changing employee demographics and evolving lifestyle means shaping a diverse, future fit workforce through Total Rewards. Our approach ensures external customer focus, internal segmentation and differentiated rewards. We have built a benefits portfolio that delivers employee care, helps build an inclusive work environment while ensuring the right return on investment. We are committed to offer holistic Total Rewards by empowering employees through flexible work arrangements called ‘V-Flex’. ‘V-Flex’ options are crafted to support employees through the key junctures in their lives e.g. need to invest in self, taking care of children, their education, illness in family, etc. and thus empower them both personally and professionally.

(As told to Neha Singh Verma)

‘Forward thinking organisations articulate Total Rewards as coherent deal’

Interview: Sanchayan Paul Head of Performance, Rewards & Recognition, Vodafone India

“OUR SOCIAL AND TALENT MANAGERS REGULARLY PROMOTE EXCHANGE OF IDEAS BETWEEN MEMBERS IN THE TALENT COMMUNITY”


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TimesJobs.com Bureau

THE Delhi Management Association (DMA) and Indus Business Academy (IBA) organised the 8th Mega HR Conclave on June 9, 2016 at

The Royal Plaza, New Delhi. The theme of this one day conclave was ‘Transforming HR: Preparing for Tomorrow’. TimesJobs facilitated the event as the online knowledge partner. The conclave began with the lighting of ceremonial lamp followed by the welcome address and conclave overview by Dr Veena Swarup, Director – HR, Engineers India Limited & Conclave Director-8th Mega HR Conclave.This event was graced by esteemed speakers from the HR fraternity including HR veterans and heads from corporate houses such as TATA Communications, Fortis Healthcare Limited, HR Anexi Pvt. Ltd., JK Organisation, Deloitte Consulting, Central Warehousing Corporation, Mckinsey & Company, LANCO Infratech Limited, Anand Automotives Ltd., Innodata, IBM Global Services, SAP, HCL Technologies and PeopleStrong etc.The conclave was covered in four sessions. First session was the inaugural one where in the keynote address was delivered by Mr Subodh Bharagava, Chairman, TATA Communications. He

shared about the transforming function of HR, social and community choices made by the organisations, emergence of networks, leadership at all levels. He also emphasised on the importance of communication within an organisation. Guest of Honour Mr Bhavdeep Singh, CEO, Fortis Healthcare Limited emphasised that it is an age of partnership, where it is important for the HR to be a partner with the business segment. He talked about the implications of technological shift and requirement of open office environment. He also shared the innovations that have been done at Fortis - such as having a Doctor as HR Head-Recruitment.The chief guest, Dr Subhash Chandra Khuntia, Secretary, MHRD, Govt. of India shared his experiences and the importance of HR in the workplace. He outlined ‘keeping people motivated’ as one of the biggest challenges in the organisations.Second session was about ‘New Trends in Organisational Culture’. It was moderated by Mr Suvojoy Sengupta, Partner, Mckinsey & Company. The panelists included Mr Ashish Arora, Founder & Managing Director, HR Anexi, Mr JS Kaushal, Director-Personnel, Central Warehousing Corporation, Mr A Thiru, President-HR, JK Organisation (EZ), Ms Sonali Dua, Global Clients

Relationship Leader, Deloitte Consulting. The pointers of this session were – global human capital trends for 2016, values based leadership, employee on-boarding, crony socialism, use of social media in employer branding, shared functions and adaptable organisations.Third session was focussed on ‘Building Capability: Challenges & Solutions’. It was chaired by Mr Deepak Bharara , CHRO, Lanco Infratech Limited. Other distinguished speakers were Ms Pooja Malik, Vice President - HR, Anand Automotives Limited, Ms Nasreen Khan, Director, Catalysts India & Mr Ajay Bhatia, Vice President – HR, Innodata. This session discussed on building the apt competencies and the panelists were of the view that asking simple questions of what, why and how gives relevant answers. They added that it is important to assign responsibility for taking actions on the decided strategies and action plans. The highlight of the discussion was when panelists shared some real life experiences on capacity building mechanisms. The event concluded with the final session on ‘HR Analytics & Big Data’. Mr Prasheel Pardhe, Corp. Group HR COE-Talent, HCL Technologies Ltd. moderated the session. Other panelists included Mr Deepak Malhotra, Talent & Change Service Area Leader, IBM, Mr Prakash Rao, Vice President & Head, mpHRO, PeopleStrong HR Services, Ms Suparna Pal, Director Technology Integration, Deloitte Consulting, Ms Anila Nair, Sr HCM Presales Specialist, Solution Architecture & Advisor SAP Success Factors.The last session discussed one of the emerging areas in HR - the HR Analytics. The panelists touched upon the basics of Human Capital Analytics and that the environment was now conducive for it. They detailed on the Descriptive, Prescriptive and Predictive Analytics in HR domain. This session saw multiple queries from the audience.

‘HR processes must change with evolving business scenarios’

8th Mega HR Conclave 2016, New Delhi

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Copyright ©2016 Times Business Solutions (A division of Times Internet Ltd). All rights reserved.

Code Gladiators is a unique contest in the coding world. The fact that the event entered into Limcabook of records for being India’s largest coding contest, makes it a most desirable contest for tech community. It is definitely a great platform for networking with industry peers too.Swaminathan T V, Executive Regional CIO, South Asia, GE Digital

Two words come to mind –we are proud and inspired by TGCG -I am super proud to see the kind of talent that exists among the developer community in India today, and super inspired by the idea these youngsters have about building apps on top of real world services, that can help others. TechGig was able to reach out to thousands of programmers and get them exposed to our location based technologies. We were inspired to see them using MapmyIndiaAPIs to build apps for Smarter Cities, Improving Knowldege, and Making life fun.Rohan Verma, Executive Director, MapmyIndia

We believe, unless we are on platforms such as TechGig we won’t have access to the right kind of talent. We can go to job boards and work with social media sites, but I don’t think you get access to the best coders unless you participate in these events. From a talent acquisition perspective, I think it’s important to participate in these contests if you want to reach out and attract the best of the talent.Rajeev Menon, Director HR of Cognizant

TechGig Code Gladiators is a fantastic initiative to inculcate the spirit of healthy competition among all the programmers we have across the country. Competitions such as this build enthusiasm and zeal, and it is a matter of huge pride to be able to compete at a national level. Talent exists in pockets but it is hidden –getting that talent to the surface is just tremendous. TechGig, through Code Gladiators, has given our associates an opportunity to don their best coding hats and compete with the best in the nation.Partha Ghosh, AVP of Sears India

The magnitude of this event is huge. India has a large number of developers, but being able to get them together, making them excited, keeping them engaged and finally picking the cream from that is amazing”.Anthony Thomas, CIO GGO of GE Digital

It’s amazing to see the buzz around TGCG. Seeing these coders sitting together and coding is an amazing scenario. For a technical company like Here it is an extremely important that we have the brightest minds with us to crack problems, and the platform TG is the ideal platform we have to attract those top talents of the country. There is no lack of talent, but the problem is how do we reach out to those talent pools – TG gives us that platform. We are able to directly interact with these top coders and attract these top talents. TG helps out reach out to the technical minds, it will be a win win situation for a company like us and those talents who are looking for a company like us.Subhendu Roy, Engineering Manager, Here Maps

Code Gladiators is undoubtedly an excellent platform designed to test and showcase the tech skills of India’s talent - We have been particularly impressed with how this event has scaled – in terms of participants, submissions, languages, themes, geographic spread and diversity. Based on our great experience last year, we decided to sponsor Code Gladiators 2016 and so I expect this relationship to get both deeper and wider in the future as we expect continuous innovation on this platform.”Anil Apte, Director, IRIS Software

TESTIMONIALSThe latest edition of Code Gladiators broke all its existing records. Here is a glimpse of what the sponsors had to say about the event.

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