Future of Compensation and Its Impact on Business
Aon organized a rewards conference in partnership with CII, South Region at Chennai that focused on both the history and evolution of rewards of compensation. The aim of the event was to explore the various changes which have occurred in the rewards practices as India has traversed from an agrarian-oriented economy to a post-liberalization services-driven economy.
The business lens was firmly focused on exploring and understanding if the advantages which India has historically leveraged such as cost advantage continue to be valid in a globalized set up. The other areas of concern which the business speaker referred to were around both productivity which is a key driver of bottom lines as well as leveraging technology in order to engage employees.
Speakers then spoke on the importance of transitioning the engagement from a transactional approach which the HR function has traditionally followed towards a more relational approach thereby re-defining the expectations and the experience which an employee can expect in this environment. The other theme was to focus on the quality of performance conversations since that was clearly identified as an area of concern. The other contrarian fact which emerged was that majority of the audience felt that the bell curve was expected to stay since that was a key tool to be leveraged for overall cost management.
While discussing the future of HR and rewards, some of the themes which clearly emerged were around – differentiated benefits being delivered by focusing on generational preferences; leveraging analytics to deep dive into the workforce segmentation; and understand and differentiate expectations of each discrete employee segment. Additionally, the organizations are redefining their ethos basis emerging trends and thereby redefining their core EVP as well. The discussion also focused around the changing nature of employee expectations due to emergence of technology and share-based economy. Speakers also emphasized the fact that employees appreciate and desire greater clarity and simplicity in all the communication which is shared as well as the various programs and policies which are designed for them.
Impact of Technology Disruption on Rewards
Aon Hewitt IT/ITeS Rewards Conference & Radford Talent and Rewards Conference were concluded successfully in Bangalore and Delhi with eminent speakers from the industry discussing rewards trends and insights focusing on the impact of technology disruptions in the industry and the way forward for rewards professionals.
Ambarish Kenghe, Head of Products at Myntra elaborated that today’s workforce is increasingly looking at factors like autonomy, mastery and purpose in the workplace as levers of motivation. Manpreet Ratia, Head HR and New Initiatives, Myntra said that accumulating assets is not a priority for millennials instead learning, growth, flexibility, instant/short-term benefits and recognition matter.
The presentation by Marie Brinkman, Associate Partner, Global Relationship Manager, Radford and Olivier Maudiere, Director, Radford focused on the factors that make the Silicon Valley a hotbed for technological innovation and breakthroughs, prime among them being the perks offered, the culture of celebrating risks, learning from failures and collaboration across industries and the availability of an ecosystem that fosters ideation.
Abhishek Sen, Director – Performance, Rewards and Talent Consulting, Aon Hewitt India discussed the trends brought about by new age disruptions in technology and it’s impacts on rewards. He highlighted that the workforce of the future is expected to become more mobile, skills would be remunerated over jobs and rewards would become more customized and individual-centric.
The panel discussion elaborated the increased adoption of automation and analytics that help making HR initiatives more measurable and effective. This can be achieved by upskilling rewards professionals to handle the nuances of a multi-dimensional workforce.
Urvashi Singh, SVP HR, Genpact said that the biggest challenge for rewards professionals is the accuracy of data. Nitin Seth, Chief Administrative Officer, Flipkart expounded upon the technological disruptions that has resulted in a VUCA environment. He proposed 6 themes that would help businesses thrive: Agility, Anchors, Simplicity, Collaboration, Learning and Resilience.
Dinesh R, CHRO, Oyo Rooms stated it is important for HR to find out when there are diminishing returns for employees. Real-time feedback is more valuable than long feedback surveys.
The day provided rich insights into the changing priorities of the workforce and how organizations are preparing to address these changes, especially in the field of rewards.
The Aon Hewitt Annual Rewards Conference – Manufacturing Sector
The Indian manufacturing sector has been in the spotlight ever since the ‘Make in India’ campaign was started. Home to world’s second largest population, India has paved the path for 440 million millennials and Gen-Z, to create one of the most enthralling consumer story in the world.
The Aon Hewitt Annual Rewards Conference for the Manufacturing Sector, was held at Gurgaon in November 2016 and provided a platform to hear of enriching experiences from leaders across the industry.
S. Y. Siddiqui, Chief Mentor, Maruti Suzuki India, drew a correlation between the success of ‘Make in India’ campaign and prevalent HR strategy. His key point was on Indian manufacturing sector’s management quality and how restructuring and reshaping by decentralization would provide an impetus to growth in industry. This was further substantiated by Navneet Rattan, Industry Leader – Manufacturing & Services, Aon Hewitt Consulting India as he presented the results from research in the space of rewards strategy in leading manufacturing organizations. An interactive session on ‘Rewards at PSU Organizations’ between Anandorup Ghose, Partner – Talent & Rewards, Aon Hewitt and Saptarishi Roy, Director HR, NTPC touched base on topics around attrition and effective incentives provided to employees in PSUs.
At this juncture of the conference, our panelists spoke about how increments should be de-linked from performance and how 'Pay is hygiene, not a motivator'. The panelists were – Dr. Anadi Pande, Professor of Strategy IIM Lucknow; Harsh Bhosle, Head HR, Essar Oil and Amitabh Akhauri, SVP – HR, Jindal Stainless Steel.