Congratulations for having navigated another roller coaster year. If 2016 seemed like a tough year, with DeMo and the promise of growth – 2017 made it look like child’s play. This year, we had the effects and after-effects of demonetization, followed by GST, drop in GDP growth and industrial production, uncertain monsoons while at the same time booming stock markets, improved credit ratings and consistent political stability. It is only fair for us to feel confused about what course of action should one take when thinking about pay and budgets and incentives for the year ahead. And finally, this year the Nobel Prize for Economics went to a man who works on theories that fl y in the face of classical economics – how much more complex could the world have gotten?
While we have started the process of preparing for our Salary Increase Study 2018, this edition of the Total Rewards Quarterly aims to bring some of our perspectives on the changes and the consequent impact on three industries – the technology business, the non-banking financial services segment and the cement business. All of these three have seen enormous volatility over the last few quarters based on tectonic business shifts as well as regulatory, competitive and customer changes. We have also brought in perspectives from leaders across our global technology practice to talk about how they are seeing the industry shift in North America and other parts of the world. And as always, our Trend Check segment should allow you to run some quick benchmarks of how your pay planning is reflecting vis-à-vis segments of the market.
As I close this editorial, I wanted to come back to the point I made earlier about this year’s Nobel Prize – our HR and rewards theories have been founded on the principle of believing human beings to be rationale economic agents and with increasing proof that humans actually do not behave that way, it is time for us to relook at how we think about our classical rewards practices.
The editorial team and I would like to leave you with a 'nudge' to let us know your thoughts and comments on this edition of the quarterly.
Partner – Talent & Rewards,
Aon Hewitt Consulting
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