Rewards and Recognition

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Rewards and Recognition

"People work for money but go the extra mile for Recognition, Praise and Rewards"

Human capital is the most treasured intangible asset which defines the future of organization's performance. But a lot of organizations ignore this or mostly consider "pay/salary" to be a solution for everything. An organization is successful in utilising its resources only when its employees are performing at their best and that won't happen just with compensating their efforts with pay.

Employees need to feel valued in the organization and rewardsare considered as something that is given in return for their good behaviour or for their services in attaining results. Rewards and Recognition programs main objective is to get benefited from a more positive workforce in the organization, improving results, by delivering awards through a platform where everyone is aware of and also given an opportunity where everyone can earn them. Attaining right results for an organization is a complex task but can be improved by laying a strong foundation where right rewards are awarded to right people for the right reasons.

Reward strategy has to be designed to cater every group of employees and individuals, sometimes. Rewards are successful only when recipients are accepting and satisfied. Segmentation of workforce has to go beyond the level of employment and generation to life and career stage of employees. Providing a greater performance incentive plan for high performing millennials who look for career advancement and great exposure is an example but organizations should realize that these needs and priorities change in due course. A lot of mature organizations, today, are looking into flexible reward plans where wants of employee's are addressed ensuring high engagement and motivation.

Technology is to play a critical role in supporting rewards program with respect to effective decision making and enhancing the experience of the employee. Technology can help employees to review the pay process, and get information about type of rewards and benefits which helps them take a better-informed decision on choosing what they want. Investing on technology is not the end, it is important to communicate it to employees, constantly. Organizations need to improve awareness of employees on benefits, which they are entitled to. Above this, It is important for the organization to bring open culture on transparency about the Compensation, rewards and benefits system.

How we help?

Designing an effective rewards strategy is bringing everyone and every art effact in the organization onto one notion. From welcoming the needs of variety of recipients i.e. diverse and multi-generational workforce to attaining the right mixture of formal and informal rewards and recognition.

Our Rewards and Recognition advisors are highly experienced in designing and implementing rewards strategies in a highly diverse and complex environment. Our highly successful practices can help you in strategically building your employees careers, effective compensation plans managing the cost through customised incentive plans that drive growth.

Our approach:

  • Our strength in analyzing organization's effectiveness and building collaborative culture helps us in formulating action plan in deploying reward strategy which is welcomed by everyone in an organization.
  • Our market research analyses the best practices across the globe and helps us in benchmarking the competitive compensation plans and pay structure design.

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