MORE ABOUT Benefits & Rewards

• Benefits & rewards advisors in India

  Organizations have differing benefits & rewards structures, operate under diverse management principles, and have different approaches to employment value positioning. Irrespective of the number of surveys and statistics available on what the workforce values, the horizon of attraction and retention factors in India is rather broad.

  Companies aspire to provide rewards that allow the creation of a strong emotional bond between employees and the organization. There are essentially four key areas where companies provide rewards― compensation, personal development, organizational attributes, and benefits. The prevalent trend of total rewards in India centers around offering standard financial incentives (incentives, ESOPs, stock options) and undifferentiated company-wide benefits (wellness, retirements).

  Indian companies today look at rewards in a reactive manner, making a choice factoring business context and market dynamics is still work in progress. An organization has to find the right balance between short-term and long-term rewards. Different objectives require different incentives and rewards programs have to reflect the short-term and long-term objectives of the strategy.

  ESOPs are getting increasingly popular as an incentive among companies. ESOP in India is a factor of the role and hierarchy of an employee in an organisation. Also, there are several ESOP accounting services in Delhi NCR, Mumbai, Gurgaon, Chennai, Bangalore, and Hyderabad.

• Employee health and wellness

  Employee health and wellness often falls off the grid of priorities in an organizational strategic plan. HR lacks demonstrable ROI to project the importance to the management while employees lack awareness around the potential health risks posed by their immediate external environment and their own internal genetic build, and ultimately the effects that absence of health can have on productivity, motivation, and engagement. Much like compensation, many remark that health and wellness are actually negative engagement drivers― employees are never happy with the amount of money that the organization invests on them. Most organizations grapple with the question of how, and to what extent, health and wellness affect employee productivity and efficiency metrics. Also, which metrics do investments in health and wellness really affect― attraction, engagement, retention, satisfaction, or productivity.

  Many HR leaders believe that the responsibility of an organization extends beyond ensuring physical well-being, it is also equally important to ensure the mental well-being of the workforce. On the flip side, industry leaders believe that it is also an individual’s responsibility to partake a role in ensuring his/her physical and mental well-being. While the debate continues around how much of health and wellness is an organizational responsibility and how much an individual’s responsibility, there is no question about the fact that ignoring the risks will result in productivity losses, employer brand damage, and escalating workforce costs. It is hard to quantify the impact of health and wellness on attraction, retention, productivity, and engagement, but HR leaders do acknowledge that they have a significant impact on the workforce.

  Many HR wellness programs are springing up and companies are availing these service to improve their overall health. Employee wellness programs have become an essential part of human resource management policies in companies.