Reward Strategy for Millennials!

How do we consumerize the rewards strategy for millennials who have entered our workforce? We have been debating and working on rewards strategy for Gen Y all these years, however, with millennials joining us we need to decide how we consumerize the rewards strategy for them.  Across the globe, there has been a massive change happening due to shift in ideology, demographic change (workforce dynamics) and technological factors.

Let’s discuss on how we can re-define our rewards strategy for the millennials:

• Medical Insurance- Gone are the days when medical insurance as a benefit was a differentiating factor for talent in the market. What needs to be re-defined is the insurance for the dependents as well for the new age workforce

• Medical Benefits- As the new recruits are busy in office, it takes a load off from the mind if they know there is someone (Tie-up with medical facilities) who can take of their parents/dependents and they can provide medical care, OPD (Corporate tie-up) and lab diagnostics from the comfort of homes

• Health Checkup- How about telling your employees that you need not worry about minor health problems and check ups as we have doctor in our office to take care of that. We will also have dental, eye and health check done regularly in the office. Healthier workforce means productive workforce

• Accommodation- Millennials relocating for jobs will always take it as a point of consideration on selecting job offer if they know that my office has a tie-up with company who will assist me for accommodation (E.g. Motif) or they already have accommodations available for me to walk in (E.g. CoHo)

• Home Furniture & Appliances Rental- What more could you have asked, if you know that after helping you settling in the new city, your new workplace has another tie-up with a company where you can rent all the stuff you need in the house ranging from bed to refrigerator to a recliner (E.g. Rentickle)

The strategy needs to be constantly revisited and re-worked as millennials do not belong to a null set but rather its always intersection of various subsets!

Future of AI & HR:

Ever wondered how would you feel if you didn’t have to check your schedule on a day when you are sick? Or do not want to fill up a feedback coming from HR end? AI and Chatbot is the new age HR which will help you to avoid the age old processes in your daily work life.

With the new chatbots coming up employee will be able to send a communication to his/her manager regarding a sick leave and the chatbot will automatically alert all the users w.r.t your schedule. Chatbot will help your manager to align the meetings in your absence.  Gone would be the days when you are writing a mail to HR and waiting for revert. With chatbot you would be able to ask queries or clarifications on any company policy or process and you would be able to get an instant answer.

HR would not be required to send lengthy feedback forms but with the help of chatbot  they would be able to gauge the pulse of the people through set of defined questions. HR including the business leaders would be able to view the responses, which would help them to take necessary intervention. AI will alert the business leaders and HR on how the people are feeling and who are the people who have moved from happy to unhappy zone or even probably have become a fence sitter. Annual Employee Satisfaction Survey will become archaic and real time feedback through AI will become the fashionable thing to be implemented.

The future of performance management will be when employees will share their feedback with chatbot on a regular basis and not fill the long annual performance forms.  Chatbot will be the new friend of all the managers to give them real updated information. HR will also see a transition from people to business and interventions. AI will be the new tool to help HR in decision making. 

Chatbots on mobile phones will revolutionise the way we work and will become a key ask from Gen Z/Millenials.

HR Trends:2017

As we usher into another year, let’s welcome 2017 with open minds, free thoughts and network clouds to understand the complexities that we deal with everyday. 2017 will witness more technology, financial and human disruptions. With Amazon Go, PayPass, Digital Wallet & with latest UPI/BHIM transactional modes coming into mainstream, it will require people capabilities and competencies to be constantly upgraded to remain ahead of the mind game.

Let’s look at some of the competencies, capabilities and trends which would be necessary to add in 2017:

• Learning Agility- People need to be constantly upgraded on the latest happenings around the world and should always in hunger mode to learn new things. It will require our people to quickly unlearn and learn new things
• Communication - It is of utmost importance for the leadership to be constantly in touch with the employees in a volatile and dynamic business environment. It also means that leadership should also be seen taking feedback and inputs from the people as any idea or suggestion could be a game changing strategy
• Transparency - Companies should ensure that they are having transparent policies and processes as with holding of information or knowledge may be instigator for competition. Having ambiguity or not leading the vision of the organization will not lead to path breaking innovative products
• Data – This year will require HR professional to build more data predictive models and partner with the business to take accurate decisions
• Career Development- Carving clear defined road maps for employees and providing them avenues to learn new things will be very important for quarterly feedback, performance management and as retention strategy  
• Reward Practices & Tools- It will be required to innovate more in terms of benefits rather than relying only on money. With more of Gen Z/Millenials in the workplace and the business models it will be required to build HR tools on smartphone, empower them with information through mobile and engage with the employees through apps

Let’s look forward for this New Year as a new opportunity to learn and consequently keep ourselves innovating!