Rizwan Masood, Head of HR—Retail Banking Greater China and North Asia, Standard Chartered Bank
Times are changing rapidly and people think differently—the real question for HR therefore, claims Rizwan Masood, Head of HR—Retail Banking Greater China and North Asia, Standard Chartered Bank, is how to conquer this.
The basic objective for organisations today is to attract, engage and retain the best talent in the organisation, but Masood added, “Extrinsic incentives, particularly those monetary rewards, will not work alone. This needs to be balanced with intrinsic incentives, involving employee experience, development and recognition.”
He added, “You could develop a competitive package of monetary benefits but people might not buy into it. The trick is to pay employees fairly and then provide an attractive package that makes employees forget about money. For example, we have maternity leave for three months—and one employee came back after her leave and wanted flexitime, so she could spend some time looking after her child. Her line manager was accommodative and provided it. Culture and employee experience matter—and with Gen Y becoming more prominent in the workforce, quality of work, autonomy, mastery, purpose and impact must feature in a strong EVP.”
The challenge as well for big organisations is how you tailor set rewards for different groups of people in the organisation. Masood noted that it is important to look at rewards for different people differently. Using the example of sales versus operations, he spelt out that while the latter may look for a stable, more structured career path, sales, however, rely a lot on commission and a competitive environment. The expectations will be different. A winning reward strategy is the one which customises rewards to different talent groups. The bottom line is to find out what the driving motivational factors for different skill sets are.
Paul Arkwright
Publisher
