companies in India are increasingly restructuring their rewards and recognition programmes in order to attract, motivate and retain the talent. This has given birth to unconventional and intrinsic approach towards the policies and practices they adopt. From single window employee R&R platforms, to contextualising rewards to specific needs of an individual, or L&D opportunities, organisations are deliberating on models that match the needs and aspirations of the Indian workforce. Edenred, a leading orgnanisation providing work-life benefits, rewards and loyalty solutions, and Great Place to Work® Institute, came together for the second consecutive year to understand and honour the exceptional R&R practices in India to motivate talent and improve their overall performance. Great Place to Work ® Institute has been conducting workplace studies and recognising the best companies in India for the past nine years.
Mr. Sandeep Banerji, MD and CEO Edenred, says “Edenred and Great Place to Work® Institute continue this association for the second year in a row to applaud such organisations with exceptional rewards and recognition practices that have evolved themselves to maximise the performance of the most valuable asset of the organisation – The Human Capital. The outcome of the study – India’s Best Companies for Rewards and Recognition 2013, will help organisations benchmark their R&R initiatives with some of the best in the country.
Highlighting a significant change in the paradigmof R&R, Mr. Prasenjit Bhattacharya, CEO Great Place to Work® Institute, India and Sri Lanka, delves further deep into the philosophy. “The best workplaces in India have demonstrated a significant shift in mind set when it comes to R&R. Not only are they talking about total rewards encompassing aspects of financial, intellectual, physical, social and psychological rewards, but are also recognising that talented employees are worth far more than an average employee. There is growing realisation that winning in the talent market is as important as winning in the market for customers. The Top 15 companies featured in this study demonstrate that rewards and recognition can go far beyond conventional definitions and be a key driver of emotional engagement with the employee,” he says.
2012 overview
The first edition of India’s Best Companies for Rewards and Recognition witnessed participation of 76 organisations from 11 industries.
The report highlighted that an organisation’s culture needed to be reflected in its R&R practices. This became a crucial aspect in 2013, looking at recognition for value alignment. 2012 study found recognition to be highly underutilised and 2013 aimed at understanding it further.
One key challenge in 2012 was to measure the ROI and effectiveness of an R&R initiative. Determining what impacts the effectiveness of R&R practices was another concern area. The 2013 study aimed at taking up these questions head-on and finding answers for an effective R&R strategy.
The 2013 Study
The second edition of India’s Best Companies for Rewards and Recognition saw 107 organisations compete in the segment. Sampled employees from these companies were sent a questionnaire administered over a period of 15 days. Before or during this time, the organisations had to provide information on its current R&R initiatives, workforce strength, compensation strategy, benefits policies, attrition rates, benefits etc. This formed part of the Culture Audit (2) submission.
hypotheses
1 Once a threshold point is reached, internal equity and transparency are more important than the actual quantum of the rewards in enhancing the effectiveness of R&R (particularly rewards) programmes.
2 Higher frequency, genuine experience of appreciation and greater inclusiveness in recognition programmes makes them more effective.
The basic objective of this study was to prove that perceived equity, fairness and transparency in a reward practice together have a greater impact on the effectiveness than just the actual size/quantum, amount or value of the reward. This study has already identified that a high employee feedback score reflects effectiveness of R&R practices. . Secondly, it suggested that recognition programmes, which are frequent and close to the action, reflect a genuine sense of gratitude and attempt to include a majority of the workforce.
METHODOLOGY
Organisations participating in the 2013 edition of India’s Best Companies to Work For were invited to participate in the second edition of India’s Best Companies for Rewards and Recognition. Out of 107 organisations which opted to compete, 75 completed the 2-step process This was a 41 per cent increase since last year and a testimony to the growing awareness and keenness of organisations to participate.
