A Case on making better use of organization’s human capital Motivating employees and getting best out of the human capital is a top priority for organizations. Pandemic has further necessitated it that organizations must step up and find ways to build employee commitment and make much better use of employee talent and creativity. It is in this context that the concept of Quality of Work Life has gained lot of attention. Quality of work life is a concept which talks about the overall focus on employee as a person rather than just the work done by him/her. Quality of Work Life talks about the methods in which an organization can ensure the holistic well-being of an employee instead of just focusing on work-related aspects. Integral to QWL is, compensation, incentives and benefits in building employee commitment. Today’s organizations are going above and beyond to ensure that incentive plans stimulate and motivate employees to do better. For example, Reckitt is a British multinational consumer goods company behind well-known brands like Dettol, Strepsils, and Durex. The company has designed extremely incentivizing remuneration policies that stand out in the industry for their high-upside of variable pay on excellence in performance. By design, the variable plan drives strong performance with a significant reward for overachievement of annual targets linked to Reckitt’s strategic priorities and aims to achieve collaboration. They are also providing stock options that can give an “owner” status to employees. Employee rewards is no longer only about compensation; it now factors in new and diverse aspects such as well-being, family care, learning, and flexibility. All these have become a motivating factor to stay with the company, along with other factors such as health care benefits. Besides, Organizations are wary of focusing on individual performance alone and creating unnecessary competition, discouraging employees from working as cohesive teams. . Questions: 1. Give examples of how organizations are trying to improve QWL and get the best out of their human capital. ( 2. How do you package your reward systems for front line Sales staff with an optimal mix of financial and non-financial elements? 3. Why are organizations not very forthcoming with offering ESOPs to all?
A Case on making better use of organization’s human capital
Motivating employees and getting best out of the human capital is a top priority for organizations. Pandemic has further necessitated it that organizations must step up and find ways to build employee commitment and make much better use of employee talent and creativity.
It is in this context that the concept of Quality of Work Life has gained lot of attention. Quality of work life is a concept which talks about the overall focus on employee as a person rather than just the work done by him/her. Quality of Work Life talks about the methods in which an organization can ensure the holistic well-being of an employee instead of just focusing on work-related aspects.
Integral to QWL is, compensation, incentives and benefits in building employee commitment. Today’s organizations are going above and beyond to ensure that incentive plans stimulate and motivate employees to do better. For example, Reckitt is a British multinational consumer goods company behind well-known brands like Dettol, Strepsils, and Durex. The company has designed extremely incentivizing remuneration policies that stand out in the industry for their high-upside of variable pay on excellence in performance. By design, the variable plan drives strong performance with a significant reward for overachievement of annual targets linked to Reckitt’s strategic priorities and aims to achieve collaboration.
They are also providing stock options that can give an “owner” status to employees. Employee rewards is no longer only about compensation; it now factors in new and diverse aspects such as well-being, family care, learning, and flexibility. All these have become a motivating factor to stay with the company, along with other factors such as health care benefits. Besides, Organizations are wary of focusing on individual performance alone and creating unnecessary competition, discouraging employees from working as cohesive teams. .
Questions:
1. Give examples of how organizations are trying to improve QWL and get the best out of their human capital. (
2. How do you package your reward systems for front line Sales staff with an optimal mix of financial and non-financial elements?
3. Why are organizations not very forthcoming with offering ESOPs to all?
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