Published: 25th October 2021
Talk on compensation took centre stage at XIM University's annual business conclave
The second half of the conclave was a panel discussion on Bespoke Compensation-Is That a Future Reality?. It certainly made for an invoragating listen
School of Human Resource Management, XIM University, New Campus, Odisha and XIMAHR, the HR Association of XIM University, hosted its annual flagship business conclave Kshitij'21 on October 23, 2021.
The theme for the conclave was Bespoke Compensation-Is That a Future Reality?. The event started with the lighting of the lamp, followed by a welcome address by Dr Andrew Dutta, Dean, School of Human Resource Management, XIM University, New Campus, Odisha. Dr Andrew Dutta shed light on the importance of compensation strategy in the post-pandemic era and the shift in the mindset of organisations while devising compensation structures. Further, he talked about the rising awareness in organisations about the changing nature of compensation and its importance in an employee's career trajectory. His address concluded on the note about how the topic for the conclave would shape the actionability of the HR managers of the school in the near future.
Prof Fr S Antony Raj, SJ, Registrar, XIM University, Odisha gave the inaugural address. Amongst many invigorating ideas, Prof Fr Antony Raj talked about the power of effective compensation strategy and its impact on culture, engagement, retention and productivity. He mentioned compensation as the most important factor in employee engagement as it is critical to attract and retain top talent in the market. He concluded by focusing on shifting from cumbersome compensation practices to flexible yet personalised incentive plans.
Dr Shantanu Rath, President, NHRD Bhubaneswar Chapter gave the keynote address. He provided a historical backdrop of the association of XIM University and NHRD and how Kshitij has evolved over the years. He spoke on multiple topics related to the changing nature of the workforce and workplace after the pandemic, the importance of customised and non-standardised compensation strategies and the challenges HR leaders will face due to a hybrid workforce in devising a strategy.
The address was followed by the launch of HRXpert, the annual magazine of School of Human Resource Management, XIM University, New Campus, Odisha by all the jury members. This was followed by the National Anthem, after which, the White Paper Presentation Competition commenced. The jury members for the competition were Dr Bijan Basini Mohanty, Retired Professor, PMIR Department, Utkal University; Vandana Jha, Executive Director, Aarohan Holdings & Advisors and Barttanu Das, Head-Corporate HR, Larsen & Toubro.
Teams from across the country participated in the competition and 11 teams were shortlisted for the final round. These teams presented their research on topics ranging from Hybrid Workforce, Multigenerational Workforce and Digital HR. The jury carried out a detailed assessment of the teams through the Q&A round at the end of each presentation. The competition addressed pertinent issues related to the rapid technology change, upskilling and reskilling of employees, segmentation of customised compensation, and contingency planning.
The second half of the conclave was a panel discussion on Bespoke Compensation-Is That a Future Reality?. The discussion was moderated by Dependra Mathur, Head Human Resource Development Units at Infosys BMP. Moving ahead, he introduced the speakers for the forum and steered a knowledgeable discussion.
Amrita Das, VP HR, Head Talent Rewards and Talent Management, HCL Technologies, shared insights on total rewards and the various aspects covered by benefits and compensation, especially after the pandemic. She explained the challenges organisations face to quantify the total rewards and the current efforts of industry practitioners in laying out a framework around the rewards system. Further, she shared her observations on developing a compensation structure keeping in mind the needs of a multigenerational workforce. She concluded that having a wide array of compensation plans based on broader requirements of employees help in creating long-term value for the employees.
Amit Das, Director HR & CHRO, Bennett Coleman and Co. He addressed the topic of discussion from a business landscape standpoint. In which he talked about the VUCA world and the fourth business model. He highlighted the fast-changing employee demographics and diverse workplaces. Such diverse workplaces require regular overhauling and benchmarking of the incentive structures. He concluded by emphasizing a personalised, agile and holistic rewards system for the GenZ and the millennials.
Shourya K Chakravarty, CHRO, Quality Kiosk Technologies started the talk by discussing how employee welfare is the basis of wellness nowadays. He shared his insights on the changing nature of the compensation structure that has been observed over the last two years. To tackle the changes, organisations have to move towards a more personalised approach in devising a compensation strategy as the employee's requirements vary substantially. He later focussed on finding the right mix of compensation and benefits such as health insurance and vacations. He concluded by the necessity of personalised rewards in attracting top talent in the market.
After concluding the panel discussion, the moderator opened the platform for a Q&A session. Post this, the White Paper Presentation Competition results were announced, followed by a closing speech by Manash Ranjan Mandhata, NHRD Secretary and VP-Corporate HR, Maithan Ispat.
The conclave concluded with a vote of thanks by Ritika Mittal, Treasurer, XIMAHR, School of Human Resource Management, XIM University where she extended her gratitude to the Vice-Chancellor, Registrar, speakers, moderator, faculty members and everyone who contributed to its smooth functioning and flawless execution.