has evolved over the period of time and will become dynamic in the near future. It is not just about compensation, but empowering people and giving them room for experimentation. Public sector, private companies and multinational enterprises must understand which compensation mechanism will work best for them, said SY Siddiqui, summit director and managing executive officer admin (HR, Finance, IT and COSL), Maruti Suzuki India Ltd. He was speaking at the National Summit on 'Exploring Total Rewards: Design to Delivery' organised by All India Management Association (AIMA). The two-day summit featured industry stalwarts to speak on various issues pertaining to rewards strategy and the way forward.
Considering that by 2016, the automobile industry will have 38 million workforce and 25 million additional people indirectly associated with them, the sector ought to look at a detailed perspective on attracting, retaining and driving talent . Variable pay works well with young people, while older ones look for benefits like medical coverage post retirement. Thus, the requirements across segments vary.
Bhaskar Chatterjee, secretary, ministry of heavy industries, said in 2007, a different approach to compensation mechanism of the sixth pay commission made 15 million people see opening of a whole new world before them. Gradually the perspective on compensation has changed and companies are resorting to innovative & out-of-the-box thinking, and strategically defined ideas on compensation . He further added that as people across segments are motivated by differing compensation elements and these elements must be defined by the employees themselves. This is perhaps the reason that packages alone don't work.
VM Kaul, director (personnel), Power Grid Corporation of India opined that it is necessary to address the needs of people and create a culture of performance. Communicating the company's value preposition to the employees is imperative . Benefits like health plan, higher education, ensuring work-life balance etc help in retaining employees. PK Sinha, AGM (HR), NTPC, said, sourcing talent, motivating employees, management of performance and retention are the key parameters for compensation. These parameters arise from factors like work environment, freedom to think and implement ideas, assurance of stability and a feeling of pride on being associated with the company or a brand. A company should give room to employees to think innovatively so as to stimulate entrepreneurship to keep them engrossed and motivated.
The conference saw participation of close to 150 delegates including industry experts from both public and private sectors and representatives of the civil society at large.
Considering that by 2016, the automobile industry will have 38 million workforce and 25 million additional people indirectly associated with them, the sector ought to look at a detailed perspective on attracting, retaining and driving talent . Variable pay works well with young people, while older ones look for benefits like medical coverage post retirement. Thus, the requirements across segments vary.
Bhaskar Chatterjee, secretary, ministry of heavy industries, said in 2007, a different approach to compensation mechanism of the sixth pay commission made 15 million people see opening of a whole new world before them. Gradually the perspective on compensation has changed and companies are resorting to innovative & out-of-the-box thinking, and strategically defined ideas on compensation . He further added that as people across segments are motivated by differing compensation elements and these elements must be defined by the employees themselves. This is perhaps the reason that packages alone don't work.
VM Kaul, director (personnel), Power Grid Corporation of India opined that it is necessary to address the needs of people and create a culture of performance. Communicating the company's value preposition to the employees is imperative . Benefits like health plan, higher education, ensuring work-life balance etc help in retaining employees. PK Sinha, AGM (HR), NTPC, said, sourcing talent, motivating employees, management of performance and retention are the key parameters for compensation. These parameters arise from factors like work environment, freedom to think and implement ideas, assurance of stability and a feeling of pride on being associated with the company or a brand. A company should give room to employees to think innovatively so as to stimulate entrepreneurship to keep them engrossed and motivated.
The conference saw participation of close to 150 delegates including industry experts from both public and private sectors and representatives of the civil society at large.
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