IFCCI and Pluxee India Release Comprehensive Total Rewards Study Report

20th December 2024 Mumbai, Maharashtra, India Indo-French Chamber of Commerce and Industry (IFCCI) in collaboration with Pluxee India released a report on “Redefining Total Rewards: Fueling Business Ambitions & Employee Aspirations” at an event in Mumbai that brought together HR leaders, industry experts, and thought leaders to explore innovative Total Rewards strategies that bridge employee expectations and organizational goals.

The IFCCI & Pluxee Total Rewards Survey Report was unveiled by Mr. Suraj Chettri, Chairperson of the IFCCI HR Committee and VP, Head of HR for India & South Asia & Ms. Suvarna Mishra, HR Director, Pluxee India.

This comprehensive study highlights trends in compensation, well-being programs, and workforce engagement strategies.

The survey was shared with 140+ prominent companies, all members of the IFCCI HR Committee and of the respondents, 87% were Indian subsidiaries of French enterprises from diverse sizes and sectors of activities.

Key Insights from the Survey:

• Holistic Rewards: 72% of organizations prioritize wellness programs, while 94% have adopted flexible work arrangements to boost employee satisfaction.
• Performance-driven Compensation: Companies are increasingly adopting pay-for-performance models, linking salary increments to skill growth and performance.
• Personalized Benefits: Customized rewards such as hybrid work options and mental health support are gaining traction to meet diverse workforce needs.

The launch event covered key themes such as:

• Future-proofing Benefits: Exploring the role of preventive care, digital tools, and value-based benefits in enhancing employee well-being.
• Proactive Rewards: How tailored rewards can help organizations navigate business challenges and retain top talent.

Mr. Anish Sarkar, Managing Director – Pluxee India & Director – India/ Philippines/ Indonesia Cluster, emphasized, “We are committed to supporting organizations with insights that drive meaningful change. This report reflects our dedication to fostering workplaces where employees feel valued, motivated, and empowered.”

Ms Payal S. Kanwar, Director General, IFCCI, remarked, “We are proud to present this collaborative report with Pluxee India, which highlights the evolving dynamics of Total Rewards as a cornerstone of workforce management. The insights from this survey offer a valuable benchmark for companies to understand emerging trends and best practices, enabling employers to make informed decisions and optimize their employee offerings.

”The event concluded with a roundtable discussion, “Devil is in the Details,” where HR leaders shared actionable insights and strategies to implement forward-thinking Total Rewards frameworks.