Swati Duggal is a Compensation and benefits professional at Aristocrat. She has 13+ years of experience in the HR Profession specialising in Total Rewards Planning and Management. Prior to this, She had worked with Sapient, Gabriel India Limited and Red Planet marketing wherein she had played a pivotal role in organisation building, effectiveness, Rewards strategies, and talent retention initiatives. Swati holds a Master of Business Administration (MBA), International Business from University of East London. Find her on Linkedin here.
Q. From payroll generation, compensation & benefits to now total rewards. What are your views on the evolution of this vertical?
In today’s world and age, where Artificial Intelligence is not only contributing, but also augmenting the success of most of our businesses, the role and future of people functions is at a crossroad of opportunities. Total Rewards function in particular, is undergoing a huge transformation. Evolution now is directly impacted and driven by the agility to keep pace with the technological advancements. Creativity, empowerment and boundarylessness have become the vital pillars for the total rewards function which can now change the future of any business.
Q. What are the competencies required in a compensation & benefits professional?
A well driven total rewards strategy is critical for any business to be able to attract, retain, engage and motivate talent. Taking a reference from Dave Ulrich’s model, a total rewards professional wears multiple hats – a strategic partner, a change agent, people champion and administrative expert. Hence, the competencies required by a compensation and benefits professional vary as per the hat worn with regards to the business success. However, there is no replacement to having a clear focus on business strategy, stakeholder management and communication.
Q. There is always a thin line between what’s enough and what’s not when it comes to defining a Total Rewards Strategy for an organization. What steps would you use to evaluate a total rewards strategy before rolling it out?
Total Rewards strategy is more of an investment for the future than an expense of the present. The Reward strategy if applied carefully, can be the most powerful tool to attract, engage and retain key talent and is a competitive advantage for the organisation. When the rewards strategy makes a real difference to the life of people rather than the statutory or contractual obligation alone, when the rewards strategy meets the needs of the diverse workforce depending on their life stage rather than a one size fits all and when the strategy is perceived as fair and transparent by the workforce, is when a rewards strategy will be effective and ready to be rolled out.