Page 50 - SightsIn Plus, Nov 20

Insights Sushma Bhalkikar

l Wellbeing (programs for emotional
wellbeing, online counselling
facilities for employee and family)
l Annual Health check-up – if
enhancing is required
l Insurance – premium allocation
full or partial; differential cover
depending on the type of job
l Retiral and other benefits
l Rewards and Recognition –to suit
virtually platforms than in-person
gathering
l Education support to employee
children

F TECHNOLOGY
The best of technology for
every aspect is available in the
market, but organizations need not go
with the best, but choose based on need.
had resorted to 30 to 50% pay cuts consider while designing budget:
and other compensation revisions. l Invest in AI and ML l Catering for improved operations
Depending on business scenario, l LMS that can switch between l For advanced data and analytics
companies should revisit compensation personalized and blended learning that aid business decisions
and benefits strategy. A few other l Enhance budget for online l Any equipment, process or tools
things to consider are: certifications, tie-up with that need to be upgraded
institutions; less for ILTs
l Total Wage Bill – existing and (Instructor-Led Training) COMPLIANCES
proposed (increase due to new l Allocate for developing internal G Mandatory for routine
hires/replacements or decrease due SMEs than hiring external expenses and for any
to reduction) consultants unexpected employee/workmen
l Incremental increase (as per Aon l Reduce towards Executive related contingencies
salary survey 87% of companies Education, Overseas Training,
are planning to give salary hike in travel &conference space, etc. l Consider all statutory payments –
2021)and ratio of fixed and variable l Encourage subscription of PF, ESI, PT, etc.
cost e-journals, e-magazines l Provision for any likely changes
l Possible changes to other l Digital transformation and new l Impact of new labor codes
components such as insurance,LTA, ways of working warranting
leave, etc. reskilling and upskilling at every A WELL PLANNED AND
l Cost towards benchmarking level THOUGHTFUL HR BUDGET
compensation surveys, obtaining l Virtual Team Building sessions
market data
l Payroll expenses and other admin BENEFITS, WELFARE It is one that strikes a balance
costs E AND WELLNESS between employee expectations and
l Retiral and other mandated The primary focus should be organizational needs; comprehensive
statutory funds to blend frugality and productivity for yet vigilant to accommodate changing
l Any other allowances or benefits enhanced employee experience. scenarios of how the business is
emerged during new normal All the non-salary items such as impacted.
facilities, benefits, incentives, etc., are
D LEARNING AND to be considered under this. Pandemic has affected every business in
DEVELOPMENT
diverse ways. With the future being in a

The Pandemic has seen a l List of existing employee benefits flux, baselines and benchmarks drifting
360-degree turnaround sparking a with proposed changes, if any unimaginably, it may be worthwhile
revolution on how to reframe spending l For instance: safety and health to opt for a zero-based budget than an
L&D budget. About 61% of companies (24/7 Employee Assistance incremental one, considering various
spent more on learning technologies, Helpdesk, tie-up with hospitals for business scenarios with close monitoring
online courses, etc. A few things to critical treatment); and scope to amend.

50 SightsIn Plus