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What's New in Compensation and Benefits

Cerebrus Consultants was yet again the knowledge partner for the 6th Compensation & Rewards summit held by Asia Pacific HRM Congress on 20th September 2017 at Taj Vivanta, Yeshwantpur. Ms. Anita Ramachandran, Founder & CEO of Cerebrus Consultants chaired the summit. The theme of the day was “What’s new in C&B”.
The first panel discussion on the topic ‘Changing trends in Performance Management’ had Mr. Rajnesh Khosla, Head- Human resources of LG Software India and Mr. Mani Mittal, VP Corporate HR from ITC Infotech, sharing their views and experiences. Ms. Anita set the context of the discussion by briefly touching upon the importance of Performance Management System (PMS) in driving the newer agenda of corporates – building a performance culture, increasing productivity and reskilling the future. She spoke about driving line managers to take ownership of PMS and the impact constant dialogues can have on the PMS effectiveness. This was followed by Mr. Rajnesh’s talk about the importance of linking PMS with the mission and vision of the organisation. He also touched upon the Performance Development system followed by LG such as the in-house 360-degree feedback for development plans and the Life Time Employment plans. Mr. Mittal gave a comprehensive insight into the evolution of Performance Management System in ITC Infotech. He specified that a system should be set up around performance development rather than performance management. He spoke about the revamped PMS in ITC Infotech which focuses on past performance as well as the future potential. The role of Analytics in determining patterns & trends and driving accountabilities in the system was also explained well.
Ms. Suman Shankar, Associate Director at Cerebrus Consultants, presented the results of a survey conducted by Cerebrus Consultants on “Rewards & Recognition in Digital Age” to set the context for the second-panel discussion on ‘Using non-monetary incentives for motivation’. The discussion featured Mr. Alex Mathew, AVP HR, Max, Landmark Group, India and Mr. Shiva Sundar, Director HR, Akamai Technologies India Pvt. Ltd. Mr. Alex explained the various aspects of motivation and how non-monetary incentives can be used to raise the level of motivation. He explained the performance management system of Max i.e. Maxelerate and its impact on attrition as well as engagement levels in the company. This was followed by the presentation of Mr. Shiva who took the Total Rewards structure to explain the practices covered in Akamai. He spoke end to end about the non-monetary practices adopted in Akamai including Fitness, Cafeteria, Wellness, Flexibility at work, Education Support, Rewards & Recognition as well as Fun @ work practices.
The third panel discussion post lunch was on “How to make Compensation attractive in Start-ups”. Mr. Atul Mohan, Vice President - Human Resource & Administration, BlueStone.com and Ms. Anu Mathew, Head – Human Resources, QwikCilver Solutions Private Ltd., shared their insights. Atul started by explaining the typical DNA of an employee in a start-up and the importance of customizing the package to suit the employee needs and make it all simple. Anu spoke about the need to balance employee aspirations with company goals and the various programs being adopted as an outcome of that: Stock plans to balance cash flow, frequent job rotation, building teams through equal benefits e.g. travel, non-dedicated seats etc and providing a cool work experience. The debate between both panellists on whether swanky offices are required to attract talent was quite interesting.
In the final session on Variable pay, Ms. Suman introduced the keynote speaker for the concluding session, Mr. Metzen Cherian, Director- Talent & Rewards, Volvo Group, India. and also briefed about the various variable pay practices and approaches followed in the market. Mr. Cherian gave interesting insights on why variable pay is perceived to be complex and how it can be made simpler.  The live tool demonstration by Mr. Cherian kept the audience engaged.
The event was attended by over 40 mid to senior level HR professionals. The detailed insights into C&B practices shared by heterogenous mix of speakers made the event an enriching and successful one.