WhatsApp group Chat – Current Trends in Compensation & Benefits Management

We’ve heard a lot about the current trends in compensation & benefits management. We’re certain that we may have missed some things and would like to stay updated with the trends. What better way is there than to have a WhatsApp discussion addressing the “Current Trends in Compensation & Benefits Management” as suggested by one of our Hyderabad Group member Santosh. And since we have members from various companies on the @SourcingAdda platform we’ll be able to get a fair idea about the compensation and benefits management practiced in their respective organisations.  Therefore let’s review the discussion and thereafter we can sift through the key take away pointers to help us retain what we’ve learnt. So let’s view the discussion below…

The above conversation clearly suggests that the inputs received are sure to help you stay updated. And if you’ve found it beneficial then we’re sure that you’d like to catch the key take away pointers as well so here goes…

Current Trends

Flexibility

  • More flexibility is given to employees due to the change in the mind sets with more control over their time.
  • More people are opting out of full time employment
  • Shifting to contract based opportunities because it gives them full control over their –
  • Time
  • Growth
  • Education
  • Job Security
  • Flexible benefits are a good practice these days as it creates a feel good factor for employees since they had chosen their compensation structure.

Technology

Use of Technology like organisational software helps to reduce the countless hours spent in manual administrations.

Personalisation

With flexibility becoming a norm Employees will expect personalised Compensation and Benefits that are in keeping to their life stage and personal needs.

Health & Wellness

  • Most employees consider their health & wellness to be their individual responsibility hence they expect organisations to provide facilities like –
    • Medical insurance
    • Sick Leaves
    • Occasional off – site activities
    • These perks are more applicable in large scale organisations

General Perspective

  • Compensation and benefits are mostly lopsided
  • There is no industry based or standardised way to adhere to this crucial area
  • End of the day employees are not interested in these details
  • Employees are worried only about their –
    • Take home salary
    • Tax ambit to be accounted and planned for
  • Standardisation would help arrest attrition on many counts
  • Industry churning of employees will come down drastically
  • Incentives and commissions play a pivotal role when it comes to finalizing compensation by mid-level and small companies
  • Compensation and benefits are based on the type of role & the Company size –
  • Typically contractual roles are paid peanuts
  • Large scale companies try to push for these as the cost impact is lesser
  • There is a proper benchmarking put in place in large scale companies
  • In smaller companies there is hardly any benchmarking
  • If a resource is critical to the business the Employer offers a high salary to such Employees
  • Businesses keep increasing the salary but at the cost of others who may be equally important
  • Grab the best offer so wait till the next offer to decide which one is the best one for you
  • Lack of standardisation has led to lack of long term commitment & / faith in values such as
    • Allegiance
    • Loyalty
    • Gratitude
  • All the arithmetic details of the Compensation & Benefits fail to strike a chord

Well the above pointers have covered the interesting conversation and we’re sure you’d have received interesting insights that you might not have considered. If yes, then we’re sure you’d want to know more about Relevant Professional Certifications in HR for a Career in I.T. Organisations. If you’ve found these discussions worth your while then here’s what you can do to be a part of these discussions in two simple steps namely,

  1. Follow us @Sourcingadda to gain real time updates to our upcoming activities and events such as Talent Acquisition Summit
  2. a) Leave your views or requests to join these groups in our comments section below

OR

  1. b) DM us to @Sourcingadda with your name, WhatsApp. Contact no. and location

And one of our representatives will get back to you as soon as possible.

 

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