When you think about workplace experience workers want experiences that strive to energize them, not only by satisfying their basic needs, but by providing opportunities for career advancement and expansion to look forward to.
Also listen to our podcast on: The Secret To A Great Workplace Experience
That is where the concept of Total Rewards comes in. It includes all that an employee wants today, rather than concentrating exclusively on compensation.
In this podcast, Charu Purohit talks about the role of total rewards in employee engagement. According to Charu, total rewards is about looking at the big picture, looking at everything an employee values about working at a particular organization. It looks at the combination of pay, benefits, learning and growth opportunities, wellness, and recognition to ensure employees receive an optimal mix. Thus, it helps employers utilize different levers to optimize return on talent investment.
Charu has worked in the industry over 13 years leading HR assignments, primarily focused on rewards and talent, in organizations like Aditya Birla Group, Abbott and Tata. She has worked across South Asia, US and Middle East leading multiple projects. Some of her key assignments include large scale mergers and acquisition, business shutdowns and organization restructuring. She recently stepped back from her corporate roles to follow her passion of mentoring and advising start-ups on HR.
Connect with Charu on Linkedin
(01:17) Please let us know a brief about your journey in the corporate world.
(02:04) So, going by our topic, for our listeners, could you please explain what is a Total Rewards System? Why is it so important for organizations?
(03:55) How are total rewards connected to employee engagement.?
(05:15) How do you figure out what your workers (depending on generations) want?
(09:12) Once you know what they want, how do you communicate it once you know and make sure employees understand that the company is responsive and able to fulfill their requirements?
(11:51) What’s the most effective way of rewarding top performers?
(12:40) Talking about additional benefits, Vantage Rewards is an easy-to-use and customizable cloud-based solution that makes recognition fun and impactful.
Again, Vantage Fit. has been revolutionizing employee wellness journeys around the globe helping employees march towards a healthier lifestyle for better productivity and increased motivation.
According to you, what additional benefits can you give to build a better workplace, apart from pay?
(15:30) How can you say if your reward systems are successful?
(16:38) What are the current trends and how much do companies invest in rewards and recognition in India and abroad?
(18:20) Suggestions for our listeners.