In a recent conversation, Madhumita Banerjee, APAC Head of Compensation and Benefits at Bank of America, shares insights on the evolving landscape of employee rewards. Companies are increasingly moving towards a more personalised approach to compensation, reflecting the diverse needs of employees across Asia Pacific.
Source: Human Resources Online
Key Points
- COVID-19 has significantly reshaped employee expectations regarding rewards and benefits.
- Organisations are moving beyond traditional financial compensation to holistic, personalised programmes.
- Flexible benefits tailored to individual needs are deemed essential in attracting and retaining talent.
- Current trends include a strong focus on employee wellness, encompassing physical, emotional, and financial aspects.
- Misconceptions about total rewards being solely about salaries are addressed; they also include flexibility, recognition, and career mobility.
Why should I read this?
This article is a must-read if you’re curious about how companies are reshaping their reward systems to meet the diverse needs of their employees. Madhumita Banerjee’s insights shed light on current trends and highlight the importance of flexibility and wellness in the workplace. If you want to stay ahead in the HR field or simply understand the changing workforce dynamics, this piece is essential reading!