As the job markets improve, organisations in general and human resource personnel in particular need to shift gears to innovate and improve on their total employee benefits programme to attract and retain talent. What makes it more important to create a better rewards and recognition programme is the fact that employee loyalty has eroded as an effect of the global financial crisis that forced employers to cut jobs and freeze pays. A recent Mercer survey suggests that employee engagement has reduced significantly over the last couple of years from 24 per cent in 2010 to 13 per cent in 2012. Increasing the value of people, and truly understanding why people show up to work, and why they stay for longer periods in certain environments and shorter in others is important. For every person who says that money is the biggest motivator, we today will have another saying, that other factors like recognition, workplace environment and work-life balance are bigger motivators. The other variable today in play for creating employee benefit packages is the dynamic and intrinsic nature of the new motivating factors. With organisations creating challenging and engaging assignments, allowing employees the chance to interact with charismatic leaders and path-breaking technologies, allowing flexibility in the workplace and the time to pursue their own interests, the options that employees today have are innumerable. The fact today though is that people expect both the tangible and the intangible component in equal measures. With globalisation and a diverse set of employees being a reality across most organisations, it is impossible to create best practices that can address all organisations across cultures and functions. The difficult part in creating comprehensive employee benefit plans is in understanding what motivates employees and the fact that each individual has unique motivating factors makes the process more complex. The challenge is in creating a broad framework and then adapting it to suit unique situations. Organisations are aware of these facts, and in India and across the globe, we have seen a conscious effort to create better and bespoke rewards and recognition packages that focus on capturing and addressing employee needs.
In this issue, we carry a special study by Great Place to Work® Institute and Edenred on India’s best companies for Rewards and Recognition in 2013. This study is an attempt to analyse what the best organisations in India do to create happy and productive employees through unique rewards and recognition programmes. The issue carries insights from the winning organisations on how they have been creating high performance organisations through their people practices. What is also interesting is that the best companies for rewards and recognition come from across industries. The study recognises the best while at the same time encourages other organisations to create practices that suit their own unique situations the best. We are happy and proud to partner with Great Place to Work® Institute in this endeavour.
As always, l look forward to your feedback and comments. Happy Reading!