Concentrix

Digitizing rewards; Each employee is given points which can be monetized to get vouchers of their choice
My Rewards
It is also connected with their onboarding platform- Swagatam
My Rewards

Digitizing offers and benefits

My offers
My offers

Provides on the go medical consultation; Prescription is sent online to the employees

Dr.
Users just have to type in their symptoms, and they’ll be connected to a doctor on call for a consult
Dr. Insta
Insta

Partnered with Optum for psychiatric counseling for the employees

Optum
Optum

Automating HR transactions (like Leaves, Visa Applications etc.) catering to all India offices from one
My Help
place
My Help

Genpact
Rewards and Recognition system- Genpact has an online rewarding system called ‘Cheers’ that enables managers
to instantly reward deserving employees with Cheer Awards (Bronze / Silver / Gold / Diamond / Platinum). The
Diamond and Platinum Awards are extremely prestigious and are conducted in a grand manner with a ceremony
felicitating the employee in front of their families and the leadership team. The Platinum Award is Genpact’s highest
honour and goes to the top 0.1% performers of the company. Every year, these individuals are sent on a week-long
vacation to an exotic location with their partners which culminates in a ceremony fit for the winners. It generates
tremendous aspiration and excitement in the company and motivates employees to perform better each time. There is
also a Point based reward system where the points can be used on different websites.
The changing landscape of rewards

- People Matters

Reward strategies are becoming enormously important to help organizations

attract, motivate, and retain the very best candidates. Smarter rewards
represents the tool kit organisations need to choose, offer and align a value
proposition with an employee - resulting in a satisfied, engaged and productive
workforce that creates desired business performance and outcomes. We need
smarter rewards to make it a holistic, well-rounded and ongoing experience,
rather than a singular article or one-time event.

The challenges of catering to a changing, dynamic workforce with increasingly

diverse needs and preferences. Rewards are in the midst of a transition from
the strictly standardized to the highly personalized. creating rewards programs
that are delivered more continuously, aligned more closely with individual
preferences, and based more fully on an employee’s whole contribution—to
the team and the organization.The programs have been customized and
employees are given an option to choose their own benefits such as health
benefits, coupons, etc. Many organizations have moved beyond normal
benefits and have started offering flexible schedules, development
opportunities, recognition programs, and other incentives. The rewards
offering has moved from cash benefits to recognition, kind, and experience.
Overall, compensation is not the only factor that will impact the employer
brand. A reward strategy that offers care, connection, career path with
employees, and understand both extrinsic and intrinsic needs conveys an
attractive employer brand.

To become an employer of choice, companies can better position themselves if

they have an effective rewards structure in place. Not only does a well-
thought-out rewards structure help attract the best talent, but it can also boost
employee productivity, creativity, motivation, and overall engagement and
retention.The companies are understanding that effective rewards programs
requires a personal relationship with each worker. Moreover, recognition has
emerged as the biggest differentiator in the context of employee engagement
and has successfully improved the intention to stay and attrition. 

1. Templatized rewards to Total rewards-

The rewards system should work towards building a holistic view of

performance, compensation, health, aspirations, recognition, and career
expectations

2. Growing a culture of transparency in rewards to gain the employee trust

3. Beyond coupons & vouchers-

Companies should consider offering an extra leave, a privilege access to the

next leadership meeting or a premium learning course that aids employee
career