Mumbai Event report • Committees • HR Focus
IFCCI HR Committee Session on Redefining Total Rewards: Fuelling Business Ambitions & Employee Aspirations
IFCCI HR Committee in collaboration with Pluxee India, proudly hosted its annual session on Compensation and Benefits trends on 13th December 2024.
IFCCI HR Committee Session on Redefining Total Rewards
IFCCI HR Committee in collaboration with Pluxee India, proudly hosted its annual session on Compensation and Benefits trends on 13th December 2024 at Pluxee India's office in Mumbai. This insightful session brought together 16 in-person and 30 virtual attendees.
During the Session, IFCCI released its Digital Report on Total Rewards which is a result of a detailed survey conducted among the Members of IFCCI HR Committee. This initiative aims to foster knowledge sharing and collaboration, offering participants the opportunity to benchmark their practices against industry standards with a focus on Indo-French business domain.
The session convened HR leaders and Comp & Ben Heads from IFCCI member companies to explore key trends and strategies in total rewards for the upcoming financial year. The session fostered insightful discussions on innovative compensation practices, highlighting an increased focus on employee well-being initiatives with the target of aligning business objectives with employee aspirations.
Key Highlights:
🔹Mr. Anish Sarkar, Managing Director - India, Director - India / Philippines / Indonesia Cluster, Pluxee India, delivered the keynote address, sharing insights from Pluxee’ s evolution and its vision as a leader in employee benefits. He highlighted the importance of the Total Rewards Survey conducted by IFCCI, recognizing it as an invaluable resource for HR leaders navigating compensation trends.
🔹Mr. Gaurav Mahajan, Head of Total Rewards, L'Oréal India shared insights on proactive rewards, and hyper-personalized benefits to enhance employee engagement. His insights on preventive care, digital integration, and aligning benefits with employee needs gave a peak into some of the best practices followed at L’Oréal India.
🔹Ms. Richa Singh, AVP Compensation & Benefits and HR Operations, Total Energies India explored the evolving role of an HR and rewards systems in balancing organizational goals with employee needs. Her insights included the importance of retaining top talent through personalized reward strategies, cost-effective pay structures that balance rewards thus aligning it with overall business goals.
🔹 The highly anticipated digital publication of the IFCCI Total Rewards Survey was unveiled on 13th December 2024 by Mr. Anish Sarkar, CEO, Pluxee India.
🔹 The report, presented by Mr. Suraj Chettri, Chairperson, IFCCI HR Committee, VP, Head of HR – Airbus India & South Asia, & Head of Site – Bangalore, Airbus India and Ms. Suvarna Mishra, CHRO, Pluxee India, offers critical insights into compensation trends for 2025, evolving reward strategies, and industry-specific benchmarks. Highlighting the importance of data-driven decision-making, Mr. Chettri emphasized that the survey provides actionable insights that enable organizations to align rewards strategies with both business goals and employee expectations. The findings serve as a valuable resource for HR leaders in the IFCCI community and beyond, offering data to help benchmark and refine total rewards strategies.
During the Roundtable discussion titled ‘Devil is in the Details’, participants explored how benefits should be communicated as an integral part of the overall employee value proposition rather than just a retention tool. The discussion highlighted the generational shift in employee expectations, with younger employees prioritizing work-life balance, flexible work arrangements, and mental health support over higher pay.
The session concluded with closing remarks from Ms. Suvarna Mishra, who summarized the key takeaways from the Survey report. Ms. Snehalata Deshmukh, Vice Chairperson, IFCCI HR Committee, and CHRO and Data Protection Officer, Naval Group India delivered the Vote of Thanks, expressing gratitude to all participants and contributors.
