Are You a Total Rewards Strategist?

How aligned is your HR strategy to Business?

We define HR strategy keeping in mind the business priorities for the year

We meet bi-annually to understand business and HR strategy alignment

We are in constant communication with business to understand the changing strategy and align our HR initiatives accordingly

How articulate is your rewards strategy?

We try almost everytime to ringfence our talent against attrition through compensation increases and counter offers

Apart from compensation, we regularly benchmark our employee benefit practices with the market to ensure that employees avail industry competitive practices

We have a well articulated Employee Value Proposition that clearly spells out the breadth of opportunities our employees have in terms of not just compensation but also work culture and career development opportunities

How detailed are your benchmarking studies?

We rely heavily on our recruitment data to create job wide pay ranges

We participate in annual industry wide compensation benchmarking studies conducted by HR consulting firms

As part of the compensation strategy, we have identified a set of companies that form our talent market and we regularly benchmark our compensation against this specific set

How detailed is the job documentation and job evaluation framework?

For all roles, there are well documented job descriptions in place specifying job responsibilities, accountabilities and skill proficiencies

The job descriptions for all roles are structured around the standard parameters of our well defined job evaluation framework

As part of the job evaluation process in my organization, all new jobs are graded by a committee of evaluators trained and certified in our job evaluation methodology

How is the budgeting process conducted in your organization?

The top management specifies the budgets for annual increments in consultation with HR

As part of the budgeting process, the rewards function in consultation with the finance function presents budgeting options to top management having considered the performance of businesses

Our budgeting process considers different budgets for high performing teams while they may be in the same business

At what level of maturity are your variable pay programs?

We only have annual bonuses for employees in my organization

All employees in my organization are entitled to a performance based annual bonus and eligible employees in senior management are additionally entitled to performance based long term incentives

We do not have a uniform bonus program across the organization, rather - the annual bonus and long term bonus programs are custom designed specific to the different business units, their context and requirements

Are You a Total Rewards Strategist?

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