India, 14th August 2024: In an era where human capital is increasingly seen as the cornerstone of organizational success, ANSR has unveiled the findings of its latest Compensation and Benefits survey, revealing strategic insights from the top 100 leaders from Global Capability Centers (GCCs). Rolled out as the second phase of the earlier Employee Compensation and Benefits Survey, this review shifts the focus to leadership perspectives to reveal critical areas of talent development and the innovative application of data analytics to attract, nurture, and retain top-tier talent.
As businesses navigate a competitive landscape, the results underscore a paradigm shift towards prioritizing employee satisfaction and engagement as key drivers of sustained growth and operational excellence.
The insights from the survey highlight that 88% of leaders identified talent development, learning and development (L&D), and career pathing as top priorities for the upcoming year, while over 70% emphasized leadership development and mentorship as crucial components of their L&D strategy.
In addition, 69% of leaders acknowledged the importance of AI and data analytics in C&B planning. This indicates a shift towards data-driven decision-making to optimize compensation packages and benefits offerings.
To address these priorities and leverage data insights, GCC leaders at the ANSR Leadership Forum (ALF) identified key pillars for C&B strategies:
- Hyper-personalization: Tailoring compensation and benefits to individual employee needs and preferences.
- Skill-based differentiation: Rewarding employees based on skills and competencies rather than job titles.
- Pay equity audit: Ensuring fair compensation across genders, roles, and levels.
- Deferred cash compensations: Offering alternative long-term financial benefits.
- Job evaluation framework: Establishing clear criteria for assessing job roles and determining compensation.
- Sentiment analysis tools: Utilizing data to understand employee satisfaction and identify improvement areas.
- Career pathing, L&D, upskilling: Investing in employee development and career growth.
- Global exchange programs: Facilitating cross-cultural learning and talent development.
- Talent marketplaces: Creating platforms for employees to discover new opportunities.
- Compressed workweeks: Offering flexible work arrangements to improve work-life balance.
- Transparent communication: Maintaining an open dialogue with employees about compensation and benefits decisions.
Commenting on the findings and insights of the survey, Vikram Ahuja, Co-Founder of ANSR and CEO of Talent500 said, “In today’s competitive global market, talent stands as the single biggest asset for any organization striving for success. Our recent survey of tech professionals highlighted a crucial need for ongoing upskilling, learning, and development. Complementing this, our latest survey of GCC leaders reveals that they too are prioritizing learning and development, career pathing, and the nurturing of future leaders. As GCCs evolve into strategic partners for headquarters, investing in talent development and leadership growth is essential. These insights reinforce our commitment to fostering a culture of continuous improvement and ensuring that our leaders are equipped to drive sustained success and organizational excellence.”