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Seminar on Reward Management "Rewards today need to extend beyond monetary benefits...", said Dr. Archana Tyagi (Chairperson PGDHRM). She was delivering the inaugural address at the one-day seminar on Reward Management organized by the students of PGDHRM at IMT Ghaziabad on 8th September, 2004. In his keynote presentation, on the Emerging Trends in Rewards Management, Mr. D. Vashist, from Mercer-Human Resource Consulting, New Delhi, spoke mainly about the philosophy of the Reward Systems prevalent in the industry. Adding on, he also stated that trends suggest that a higher compensation is a consequence of attrition. One interesting trend that held each one's attention was that study has suggested that the highest salary increases are awarded in India, followed by Korea, Philippines and China. He also gave several other "sound bytes", or trivia, to the students. The first issue to be undertaken was that of variable pay and Mr. A. Sudhakar, VP (HR), Dabur shared his views on the topic and said that the term Variable Pay could well be described as "pay at risk". He also emphasized that rewards, which are an employees' share in the business success must be given for instant gratification. Mr. Narsimha Rao, GSK, was the next speaker and he clarified a lot of the subject related issues using the example of his organization and many others. He explained the concept of Individual Performance Multiplier, and the method of calculation using the same. He was of the view that any Reward Management policy can be successful only if it has the complete top management commitment. In the final session, Mr. Krishnamurthy, Dalmia Brothers took up a discussion on Administrative issues in Pay Administration. It was quite an interactive session and the students, eager to share Mr. Krishnamurthy's vast experience, asked a lot of subject related questions. Mr. Rajan Johree, CEO, People & OD Practice, also added on to say that the students as future HR managers must understand their role, first in the organization and then as major player in formulating the Rewards and Recognition policies of the organization. Later, Prof. C. S. Venkatratnam summed up the deliberations made during the daylong plenary seminar and thanked the eminent speakers for their participation thereby concluding the seminar. Contributed by - |
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