I am sure this edition of the TRQ finds most of you in the extremely busy appraisal and pay correction season. This annual exercise of performance reviews and pay determination is an enormously complex exercise at multiple levels. Not only is the administration of this process complex and tiring, but the outcomes are almost never right. I read an interesting paper written recently by two Harvard Business School professors called 'Who Games SSRN Downloads' that talks of a research that goes to show how the most important motivator for people is not the value of their own work, but how it relates vis-à-vis others. And when relativity is fundamentally the true driver – it is almost structurally impossible for pay decisions to be satisfactory for people. There will always be someone with a whiter shirt!
And so all we can hope to achieve is to ensure that the process and the inputs are inherently objective. In that vein, this edition of the TRQ aims to provide you insights on salary increases in India with a special focus on performance based differentiation in pay increases. You will also find a set of interesting insights on the whole process of incentive design and how target setting and incentive frameworks can be made more efficient from both driving performance and rewarding it. Alongside this, we are also happy to bring to you a range of analysis on pay trends across varied industries including clinical research, oil & gas and over the counter pharma.
You would have also received our invitation for this year’s Annual Performance & Rewards Conference – like every year, we will see you in mid June (14th to be precise) at the Grand Hyatt in Mumbai. And we promise you a fantastic line up of speakers along with a whole lot of fundamental research on performance, organization and pay. We look forward to seeing you there.
Meanwhile do let us know your thoughts and feedback on this journal and keep sending us your questions on performance, pay and productivity. It keeps us focused on generating more data-driven insights!
Partner – Talent & Rewards,
Aon Hewitt Consulting
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