enthroned_round2.pdf

8/10/2019 entHRoned_Round2.pdf

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Symbiosis Centre for Management and Human Resource Development, Pune

entHRoned

- Total Reward Strategy

Develop the perfect Total Rewards Strategy for your people. You may not have the best pay structure, or youmake not even have the best hierarchical system. Days of future are here now, develop the basket which offers

your employee the rewards everyone is talking about. Offer them responsibilities, workplace benefits,

incentives. Be creative and arise! Make him King, Empower, Endeavour and EntHRone.


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TOTAL REWARD STRATEGY

Ms. Rashmi Mehra, CHRO, Flynetics Technologies Ltd. had recently attended the SHRM conference held inChicago. The theme of the event revolved around the recent developments in the areas of Human CapitalStrategy Planning and development. The summit entailed speeches by various industry leaders across the globe.

One of the panel discussions were around Total Reward Strategy.

While on her flight back, Ms. Mehra was joined by a co-passenger in the emergency row. Basis theconversations of her fellow co-passenger with the cabin crew and her relative familiarity with safetyinstructions, Ms. Mehra assumed that she might be a frequent flier. S he couldnt help but ask her co-passengerabout her close familiarity with technical safety instructions of the aircraft to which she promptly replied thatshe happened herself to be one of the cabin crews employed with the company who had gone on the companysponsored overseas trip.

The airline had rewarded this passenger a special package holiday tour as an annual reward for her excellent

work performance. The conversation took Ms. Mehra to a brief dialogue she had with the CHRO of AmericanExpress during the summit, where he mentioned amount a healthy mix of incentives, monetary and non-monetary, that AmEx was focusing on to reward its employees.

May be my employees at Flynetics Technologies desire and deserve something in addition to pure monetarycompensation, she thought. She was excited about the prospects of revamping the firms To tal RewardsStrategy. She believed the new rewards strategy to act as a critical tool to curb attrition within her industry.According to a 2014 survey by an HR consulting firm, attrition in IT/ITeS sector was expected to hover aroundthe 50% mark- one of the highest among all industries in India.

Flynetics Technologies (FT):

Flynetics Technologies has been the preferred technology vendor of many well-known companies from acrossthe entire spectrum of the travel domain including Full Service Carriers, Low Cost Carriers, Travel Managementand Technology Companies. Many of these customers have trusted FT with managing their critical travel-relatedprocesses & operations.

FT services its clients through 2 businesses FT-IT and FT-BPO. It has a resource pool of close to 4000technology & domain experts across both businesses catering to clients various travel -related solutions.

Flynetics Enterprise, FTs parent company, is a travel industry solutions provider with more than 15 years oftravel domain knowledge. It is a financially stable group complemented with an aptitude to align the clientsbusiness needs to its own. Flynetics Enterprises is a leader in aviation and hospitality, growing the market

through innovation and service leadership. Established in 1999 Flynetics today has a network of 100 officesacross 45 cities globally. It employs more than 11,000 professionals across its businesses.

Total Rewards Strategy: The Concept

Total Rewards Strategy focuses on an employer making use of all monetary and non-monetary tools that may beleveraged to attract, motivate and retain employees. Total rewards include everything the employee perceivesto be of value resulting from the employment relationship.

There are five elements of total rewards, each of which includes programs, practices, elements and dimensionsthat collectively define an organizations strategy to attract, motivate and retain employees. These elements are

Compensation, Benefits, Work-life balance, Performance and Recognition, Development and CareerOpportunities.


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Next Steps:

Ms. Mehra conducted a meeting with her managers, to structure and position a new Total Rewards Strategy forFlynetics. As a pilot, she wants to start off with designing a blueprint for her IT function , comprising of 1200employees currently.

You are a management Trainee at Flynetics Technologies. These are the 4 questions your mentor, who happensto have attended the meeting, asks you work upon:

1. You have to design a Total Rewards Strategy. What all factors should you consider while designingthe Total Rewards Strategy for Flynetics?

2. Do you feel that Flynetics should look at customizing certain elements of its Total Rewards Strategyfor the IT function? On what parameters will you evaluate the need?

3. How should Flynetics Technologies communicate the strategy to its present and future employees?4. How can effectiveness of the strategy be measured?

You can refer the appendix to find out the current programs and practices in place at Flynetics Technologies.

Appendix:

Whats happening @ Flynetic solutions!!

Compensation Flexi Compensation structure Performance Linked Pay Short Term Incentive Plan Long Term Incentive Plan

Benefits Statuary Benefits ( PF, Gratuity, Insurance )

Other Benefits : medical insurance,benevolent fund, maternity benefits, carbenefits

Retirement BenefitsPerformance and Recognition Balanced Scorecard

DAP, Training and Development R&R Policy Monetary Awards, Non-

Monetary recognition, Spot Awards Team outings / informal get together, etc

Work Life Leave Policy Flexi Work policy/ work from home policy CSR Involvement Clean City Financial Support

Development and Career Opportunity L&D initiatives, Leadership Next Succession Planning, HPHP programs Career movements with the group Coaching / Mentoring Up skill/ upgrade through workshops,

University Programs

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