An organization’s pivotal strength is its ability to become a talent magnet, capable of attracting and retaining the best people to participate in the organization’s journey toward excellence.
Creating and sustaining an exceptional workplace is all about collective synergy where organizational objectives are achieved with employees who give their personal best and work cohesively as a team in an environment of trust.
While the employee gives their personal best, they expect a return to efforts and contribution. Also, the organization’s compensation philosophy should be commensurate to contribution and value addition by the employees and the earning potential of each of the employees.
Organizations put in an effort to create the right conditions for all members so that they can offer their best each day. Being committed to their organization’s goals and values motivates employees to contribute highly to the organizational success, with an enhanced sense of their own well-being.
While employees have a right to raise concerns like “What is in it for me to work with this Organization?”
The philosophy that drives employees is, “I should make money when the organization makes money, I can make more money if the organization makes more money.”
This depicts that both the individual and organizational performance is interlinked and both are mutually benefited through one another. Contribution towards the organization is not defined by the ‘amount of work done’ but rather by the ‘amount of value added’ and can be demonstrated by contributing to ideas, involvement & initiative. Contribution is not just hard work.
Organizations ensure that entitlements are provided to employees such as pay for performance, Rewards based on performance, incentives linked to performance, objective-based performance, affiliations, learning opportunities, career growth, and job satisfaction.
The right proposition of benefits across all levels from employees to blue-collar workforce and even contractual workforce helps in promoting dedication and inclusive work culture with total employee involvement in the workplace. Inclusive benefits such as parental leave, floating holidays, flexible scheduling, access to medical care, and wellness enrichment programs help promote a healthy workforce.
The objective of progressive organizations is to instill a right talent mindset at all levels and “Deliver on People’s Dreams”. The concept of Great companies with Great Leaders focuses on building a high-performance culture by hiring and nurturing the right talent, developing people to their potential, and ensure talent retention and growth.
1- India Power has adopted a holistic approach towards designing a total reward framework encompassing both tangible and non-tangible benefits. The framework depicts the entire array of compensation benefits and reward recognition that the organization offers.
2- Employee engagement surveys (Internal / External) are conducted from time to time to gather employees’ perceptions about the practices and policies around the reward and recognition initiatives. Based on the feedback received, action plan is devised for further improvement.
3- We believe in a philosophy of compensation that aims to attract motivate and retain talent by becoming a competitive paymaster in the relevant industry verticals. The principles of our compensation philosophy are as follows:
- Linkage to high performance.
- External competitiveness and internal equity
- Freedom of compensation structuring
- Tax-effective and compliant compensation structure.
At an organizational level, IPCL also benchmarks compensation with other competitive industries so that we can provide market-driven incentives to employees on a year-on-year basis, along with fixed variables, taxable and non–taxable variables, and rewards in cash or kind.
We also, value internal talent growth and exceptional contributors can get exceptional benefits which is in line with external hires. Suppose external hires are normally given up to 25% on CTC, the internal talent also can earn up to 25% annual benefit.
The organization aims to make the Total Reward compensation philosophy exciting to employees so that the CTC becomes unpredictable. The compensation of employees should be made dynamic so as to link it with the earning and growth potential of employees.
Progressive Organizations also keep in mind other necessary employee benefits such as a pension, superannuation, long-term growth fund, post-retirement benefits of employees, ESOP, company equity, Life Term Insurance, Accidental Insurance, meal coupons, fuel reimbursement, travel & vacation allowance, club membership, health insurance such as mediclam, overseas seminar/training and the opportunity to create more visibility by participation in professional forums have been the cornerstone.
Post-pandemic employee wellness has been a priority for all organizations. Wellness initiatives such as flexi working hours, stay-cation, mental health coverage, counseling, home automation allowances, WFH set up with furniture, and internet facilities have been provided.
Engaged employees want their organization to succeed because they feel connected not only professionally, but also emotionally, financially, socially, and even spiritually to its mission, vision, and purpose. Connectedness is not just about knowing. Continuously increasing Connectedness to purpose, people, and tasks. Higher Connectedness with the Organization leads to Higher Contribution and hence Higher Productivity.
