When in India, follow the market to remain pay-competitive! That basically explains in one line the reward philosophy of organizations present here. There has been a lot of debate on how organizations tend to over-benchmark and hence market price the job. There is also a lot of discussion on what the ideal rewards mix looks like. In the midst of so many views and ideas that continue to puzzle Rewards practitioners on what is the optimal approach, it is important to first disintegrate this discipline, de-clutter the jargon noise and get a good understanding of the basics. In simple terms, Rewards encompasses everything that is given to employees for the work they do, the performance they demonstrate, the loyalty and commitment they show, and the skills they bring to the role. Hence it has monetary as well as non-monetary elements to it.
To begin with rewards segmentation, while there are many ways (and firms might use their own methodology to define this) in which rewards components can be divided some key and prevalent ones are shared here at the macro level. Organizations...
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