Post by harsha on Feb 25, 2004 11:17:02 GMT -5
KEEPING TALENT!
Companies are leaving no stone unturned to reward and recognise high performing talents as part of their `Employee Enhancement and Retention’ policies. Exclusive and innovative strategies are being designed to nurture and boost the morale of high performers to drive them towards excellence. A look at the ways of rewarding and recognition being adopted by some leading companies reveals how the best are being treated, Aditi Joshi tells more..
What do companies like Hughes Software Systems (HSS), ICICI Prudential, Eicher, Xansa India, Keane India, Apollo International and STG International have in common?
They are leading companies that are experimenting and implementing unique talent recognition and reward programs to pat the shoulders of their high performing employees.
HSS, for instance, acknowledges that higher salaries alone cannot help in retaining good staff. Thus, the company offers innovative and creative rewards and incentives such as personal development initiatives like a state-of-art gym, stress management classes and art of living classes. Besides, HSS also helps its employees to grow professionally by providing them maximum access to key information, interfaces and resources through participation in industry forums, training etc.
Another system that is followed effectively by HSS is "IJPP" or the "Internal Job Posting Program". The program allows employees to look for job change within HSS. All new positions are posted on the intranet and employees can apply on-line in total confidentiality (without even their managers' knowledge) and the selected candidate can move to a new job, maybe even in another function.
Hughes gives an opportunity to its employees to voice their views through help-desks, on-line surveys and opinion polls. In addition, there are several other facilities that are available on-line such as an on-line concierge service, travel desk, library booking, taxi-bookings, electronic employee magazines, a software library, "info-channels", on-line booking of discussion rooms etc.
Eicher, a leading automobile company, has introduced a monetary- performance linked pay system whereby at the end of a year, based on appraisals, employees get monetary rewards. There are also event-based rewards in which there are teams at business levels, which evaluate the proposals given by various departments – and individuals or teams are rewarded for the same.
There are also small monetary instant rewards that team heads can give to anybody soon after an achievement and these do not require prior approvals from higher management. Eicher also sends employees on paid vacations and study tours.
ICICI Prudential goes a step ahead by allowing its employees structure their compensation packages the way they want within the existing tax laws and thus drive lifestyle choices. The compensation strategy of ICICI is aligned to pay for position and pay for performance driving high performance work culture. Staff member’s compensation is completely determined by the contributions they make and the respective value of the contribution vis a vis market and other internal positions in the organization. Depending on the function, the positions are benchmarked not only in insurance but also in other sectors e.g. retail, BPO, banking, telecom etc. The company also has incentive and bonus programs, rewards and recognition programs for specific categories of staff members, like the specific R&R programs for frontline sales staff, training staff, operations staff etc.
To maintain high employee retention levels, Xansa India, a BPO and IT services company, conducts compensation surveys twice a year and pays upper quartile salaries to high performing employees. The company also has a kitty full of regular recognition schemes that are implemented every alternate month to award achievers who have gone the extra mile, in terms of achieving targets or in displaying excellent team work. Top management officials do the distribution of these awards, which also helps boost the employee morale. The company has a mandatory nine man-day training schedule for all employees – this is apart from the essential process training for employees working in the BPO division and the skill enhancement training for those working in the IT division.
Xansa also organises picnics for families of employees and celebrates festivals together in the company. The company opened a crèche for children of employees in Delhi. Doorstep facilities like ATM banking facilities and monthly medical check up at the company offices are other means of incorporating the trust of employees in the organisation.
Keane India, a leading software services company, embraces a tax-friendly compensation structure, provides frequent onsite work opportunities, and nurtures an excellent working environment besides having world-class infrastructure. Career paths are charted for all employees and requisite training and development programs are held to enhance knowledge levels. Provisions exist for various facilities and perquisites, such as subsidies on loans for cars/ housing and other insurance schemes including mediclaim. The central idea: to generate a sense of belonging among the employees.
Substantial budgets are set aside to recruit, train and retain talented professionals.
The company gives its long-standing technical employees the exposure to interface with clients at onsite. Onsite opportunities are treated as part of the growth and development plan for employees and considered on purely performance merit.
Apollo International, a global giant with presence in varied fields pays utmost priority to performance and defines it as a way of life. The organization recognises and rewards performance through various performance linked intrinsic as well as extrinsic benefits. Strong performance management system designed on the concept of Management By Results (MBR) and Personal Development Plan (PDP) makes Apollo International an extremely good learning ground for employees. As the organization has global presence it gives unique job enrichment & rotation opportunities.
STG International too has deployed an effective reward and recognition policy for its employees. The sales and marketing staff are given performance-based incentives. Staff outings, parties and sports events are also organized to infuse a spirit of camaraderie among departments. Performance appraisal is an ongoing activity in the organisation. A regular feedback on the performance of the individual employee is taken from their respective managers and department heads.
What follows out of these observations is a “feel good factor” for employees. Definitely the role of HR has changed with the changing times. Employees are reaping rich benefits and are more satisfied. An instant recognition in terms of perks, bonuses, rewards and other different means is coming handy to companies faced with stiff competition and challenge of retaining the best talent. Not only are the employees benefiting through monetary rewards they are also adding value to their practical knowledge and enhancing their existing skills. This is making the employees a value-add not only for the present employers but also for the future employers. So clearly, reward and recognition is the most important initiative that more and more companies are adopting to become successful and make high profits in today’s competitive job market.
Companies are leaving no stone unturned to reward and recognise high performing talents as part of their `Employee Enhancement and Retention’ policies. Exclusive and innovative strategies are being designed to nurture and boost the morale of high performers to drive them towards excellence. A look at the ways of rewarding and recognition being adopted by some leading companies reveals how the best are being treated, Aditi Joshi tells more..
What do companies like Hughes Software Systems (HSS), ICICI Prudential, Eicher, Xansa India, Keane India, Apollo International and STG International have in common?
They are leading companies that are experimenting and implementing unique talent recognition and reward programs to pat the shoulders of their high performing employees.
HSS, for instance, acknowledges that higher salaries alone cannot help in retaining good staff. Thus, the company offers innovative and creative rewards and incentives such as personal development initiatives like a state-of-art gym, stress management classes and art of living classes. Besides, HSS also helps its employees to grow professionally by providing them maximum access to key information, interfaces and resources through participation in industry forums, training etc.
Another system that is followed effectively by HSS is "IJPP" or the "Internal Job Posting Program". The program allows employees to look for job change within HSS. All new positions are posted on the intranet and employees can apply on-line in total confidentiality (without even their managers' knowledge) and the selected candidate can move to a new job, maybe even in another function.
Hughes gives an opportunity to its employees to voice their views through help-desks, on-line surveys and opinion polls. In addition, there are several other facilities that are available on-line such as an on-line concierge service, travel desk, library booking, taxi-bookings, electronic employee magazines, a software library, "info-channels", on-line booking of discussion rooms etc.
Eicher, a leading automobile company, has introduced a monetary- performance linked pay system whereby at the end of a year, based on appraisals, employees get monetary rewards. There are also event-based rewards in which there are teams at business levels, which evaluate the proposals given by various departments – and individuals or teams are rewarded for the same.
There are also small monetary instant rewards that team heads can give to anybody soon after an achievement and these do not require prior approvals from higher management. Eicher also sends employees on paid vacations and study tours.
ICICI Prudential goes a step ahead by allowing its employees structure their compensation packages the way they want within the existing tax laws and thus drive lifestyle choices. The compensation strategy of ICICI is aligned to pay for position and pay for performance driving high performance work culture. Staff member’s compensation is completely determined by the contributions they make and the respective value of the contribution vis a vis market and other internal positions in the organization. Depending on the function, the positions are benchmarked not only in insurance but also in other sectors e.g. retail, BPO, banking, telecom etc. The company also has incentive and bonus programs, rewards and recognition programs for specific categories of staff members, like the specific R&R programs for frontline sales staff, training staff, operations staff etc.
To maintain high employee retention levels, Xansa India, a BPO and IT services company, conducts compensation surveys twice a year and pays upper quartile salaries to high performing employees. The company also has a kitty full of regular recognition schemes that are implemented every alternate month to award achievers who have gone the extra mile, in terms of achieving targets or in displaying excellent team work. Top management officials do the distribution of these awards, which also helps boost the employee morale. The company has a mandatory nine man-day training schedule for all employees – this is apart from the essential process training for employees working in the BPO division and the skill enhancement training for those working in the IT division.
Xansa also organises picnics for families of employees and celebrates festivals together in the company. The company opened a crèche for children of employees in Delhi. Doorstep facilities like ATM banking facilities and monthly medical check up at the company offices are other means of incorporating the trust of employees in the organisation.
Keane India, a leading software services company, embraces a tax-friendly compensation structure, provides frequent onsite work opportunities, and nurtures an excellent working environment besides having world-class infrastructure. Career paths are charted for all employees and requisite training and development programs are held to enhance knowledge levels. Provisions exist for various facilities and perquisites, such as subsidies on loans for cars/ housing and other insurance schemes including mediclaim. The central idea: to generate a sense of belonging among the employees.
Substantial budgets are set aside to recruit, train and retain talented professionals.
The company gives its long-standing technical employees the exposure to interface with clients at onsite. Onsite opportunities are treated as part of the growth and development plan for employees and considered on purely performance merit.
Apollo International, a global giant with presence in varied fields pays utmost priority to performance and defines it as a way of life. The organization recognises and rewards performance through various performance linked intrinsic as well as extrinsic benefits. Strong performance management system designed on the concept of Management By Results (MBR) and Personal Development Plan (PDP) makes Apollo International an extremely good learning ground for employees. As the organization has global presence it gives unique job enrichment & rotation opportunities.
STG International too has deployed an effective reward and recognition policy for its employees. The sales and marketing staff are given performance-based incentives. Staff outings, parties and sports events are also organized to infuse a spirit of camaraderie among departments. Performance appraisal is an ongoing activity in the organisation. A regular feedback on the performance of the individual employee is taken from their respective managers and department heads.
What follows out of these observations is a “feel good factor” for employees. Definitely the role of HR has changed with the changing times. Employees are reaping rich benefits and are more satisfied. An instant recognition in terms of perks, bonuses, rewards and other different means is coming handy to companies faced with stiff competition and challenge of retaining the best talent. Not only are the employees benefiting through monetary rewards they are also adding value to their practical knowledge and enhancing their existing skills. This is making the employees a value-add not only for the present employers but also for the future employers. So clearly, reward and recognition is the most important initiative that more and more companies are adopting to become successful and make high profits in today’s competitive job market.