As the CEO of Choithrams, Rajiv is responsible for running all facets of the business. He possesses nearly 30 years of experience spanning financial and general management roles in different sectors including financial institutions, information technology companies and payment companies.
Rajiv has extensive experience in the payments space dealing with secure payment instruments and several years of experience in a leading employee benefits services company as a CFO, regional CFO and CEO.
In your presentation you will dive into the problematic of the connection and understanding of the role of Comp & Ben and how it links with the objective of the company’s strategic management.
An Interview with Rajiv
• A grading and compensation structure that allows employees’ salaries to grow within the grade
• Factors in cost of living across different geographies
• Incentivises employees to be more productive
• A long-term benefit program for senior managers that encourages retention and performance
• Compensation fairness
• A higher level of employee engagement
The big picture perspective of a company is usually represented by its vision, ambition and corporates values. The vision, ambition and corporate values are represented by sales/financial objectives and exemplified by certain behaviours & competencies. An effective compensation strategy aligns compensation and incentives with financial objectives and competencies. The more effective the strategy, the better aligned are employee targets with company objectives. It, therefore, become a win-win strategy for the company and its employees with employees working towards the company’s objectives and being rewarded for achieving those objectives.
Compensation & Benefits cannot operate in a vacuum. They must be linked with the ambition and objectives of the company.
• The business plan of the company should be created by the company with relevant inputs from business and support functions.
• An important element of the business plan is the HR strategy and as a subset, the C&B strategy best tailored to meet the business plan objectives.
• The business plan is then translated into a budget document with different owners for different line items within the budget.
• An environment of openness and transparency that encourages discussion and closure between different stakeholders is a key ingredient to bridge this gap.
Organisations define business plans to achieve their strategic and financial goals. Business plans incorporate the different needs of the business. Employee motivation & engagement, employee training & development are important constituents of an organisation’s business plan.
The strategic and financial goals of the organisation are translated into objectives and key result areas for all the functional heads and their respective teams. That alignment of the organisation’s strategic goals with employees’ objectives and KPIs is essential for organisations to better balance employee and business needs with their financial and strategic goals.
As an essential service operating with the current COVID – 19 situation, we need to focus on the following areas:
- Health, safety and wellbeing of our employees and customers
- meeting the needs of the community and managing supplies to ensure that they don’t run out.
In the medium term, we need to focus on:
- Managing likely reduced sales and profitability
- strengthening digital and ecommerce offerings to meet the needs of an increasing number of customers post COVID
- upgrading employees’ skills and knowledge to meet the changing demands of the consumer influenced by the health hazards posed by CVD.
- Encouraging more digital communication in place of physical meetings and traveling
- Encouraging e-learning workshops in place of actual physical workshops
In these tough times, it is extremely critical to effectively motivate employees and reward them. It is important not to discontinue any existing incentive programs. Goals and targets may need to be redefined. If not redefined, it may be necessary to apply discretion at the time of evaluation. The C&B function can help to set new filters and apply another lens to how target achievement is measured.
The C&B function can also help create new reward programs that adapt to the new realities brought about by COVID 19.
Due to the uncertainties caused by COVID 19, organisations may feel the need to defer increments or the pay out of bonuses/incentives. When business normalcy resumes, organisations would do well to review and redefine their strategic and financial goals, rework their business plans, and align employees’ targets and incentives. During the waiting period until business normalcy, it is important to manage communication with employees in an open and transparent manner to manage uncertainty and keep them motivated.
- Take care of employees’ health and safety
- Prepare employees for changing roles and lateral shifts in the changing world
- Facilitate an environment where employees can work from home, can communicate on virtual platforms.
- Facilitate an environment where managers can learn to supervise their colleagues working from home
- Motivate and engage employees as they make the transition from working in office to working from anywhere
- Be pragmatic – changes brought about by Covid 19 could result in hard decisions.
- Be gentle – these are tough times and it’s important that everyone keeps their dignity
About Rajiv Warrier:
As the CEO of Choithrams, Rajiv Warrier is responsible for running all facets of the business. He possesses nearly 30 years of experience spanning financial and general management roles in different sectors including financial institutions, information technology companies and payment companies. Rajiv has a proven executive management track record of running business operations, business development activities, working at start-ups, launching an ADR issue in the USA, and acquiring companies and financial management of companies. He has had 9 years’ experience in the IT/technology sector including serving as a CFO in a leading dot-com company during the internet’s early days. Rajiv has extensive experience in the payments space dealing with secure payment instruments and several years of experience in a leading employee benefits services company as a CFO, regional CFO and CEO.