MANAMA: Businesses need to revisit rewards strategies in the wake of Covid-19, experts from professional services firm Keypoint told a human capital-focused webinar.
The session identified three main trends in rewards strategies: changing employee mind-sets, optimising cost efficiencies and the critical importance of remaining flexible during the uncertainty brought on by the global pandemic.
“It is of fundamental importance that HR professionals recognise the drastic impact Covid-19 has had on everyone and everything. They also need to be at the centre of explaining why increments, promotions and bonuses may be deferred,” stressed Arpita Mhatre, who leads Keypoint’s human capital practice.
“We need to try to get away from the feeling that only financial rewards matter and emphasise the intrinsic motivational factors of giving employees increased responsibility and encouraging multi-skilling. Leading businesses are awarding bonuses for exceptional performance, while continuing to acknowledge, in innovative ways, efforts by employees.”
One finding was that businesses would be well-advised to adapt a ‘best fit’ according to their business and sector and take a longer-term perspective – waiting and watching – on talent decisions.
“Businesses need to avoid non-core spending to protect jobs and to prevent cuts while recognising that in the hardest-hit sectors – including aviation and hospitality – cuts have been necessary for survival,” said Charu Mehendiratta, a senior member of the firm’s human capital team.
Ms Mhatre said that businesses must stay flexible by re-adjusting goals, performance metrics and time horizons according to business needs.
“One encouraging sign is that we are seeing employers re-aligning benefits to support employees wherever possible by listening –and responding – to employee needs – and giving them the flexibility to integrate personal and work schedules.”
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