VC R&R Report Launch 2024-2025
New Delhi, India, May 21 2024: Vantage Circle, the world’s leading behavioural-Science-Powered Global Employee Engagement SaaS-Platform, in collaboration with SHRM India and Aon, has launched its Annual Rewards and Recognition (R&R) Report for India (2024-2025), titled “Quantifying R&R Programmes for Measurable Results. With Aon onboarded as a ‘knowledge partner’ in its second year of publication, the report offers an even more comprehensive analysis, extending its coverage to 250+ companies across 10 industries. Additionally, it covers detailed insights from 14 HR Leaders.
This report builds on the legacy of Vantage Circle’s First R&R Report for India, which introduced its proprietary tool- the AIRe framework, encouraging Indian businesses, for the first time ever, to adopt a data-driven approach to R&R programme, design and execution. The framework enabled HR leaders to quantitatively measure the effectiveness of
Their R&R programmes along various objectives like employee engagement, performance, and retention. This transformed the perception of R&R in the country, shifting it from solely an HR practice to a strategic driver for business success.
This year’s report dives deeper into quantifying R&R, focusing on measuring the ROI of R&R programmes and their effectiveness in execution. Additionally, Vantage Circle has integrated the principles of Behavioural Science into its R&R framework, enhancing the potential of R&R programmes to drive desirable employee behaviours, which ultimately lead to organisational success.
Nitin Sethi, Chief Executive Officer of Talent Solutions in India at Aon, said, “Organisations across the board are struggling with retention, attraction, capability development, employee engagement and defining a purpose-driven employee value proposition. People-related risk is ranked in the top 3 risks impacting business performance. In this environment, how organisations use the power of recognition to engage teams, empower managers and front-line employees, build a sustainable culture, and align employees to organisational values can make a big difference. A well-designed employee recognition programme delivers superior business performance”.
Key insights from the report further validate the need for shifting towards the quantification of R&R programmes. Companies that execute well-designed R&R programmes and measure their ROI see 2-4 times increase in the effectiveness of their programmes, as opposed to companies that don’t.
Achal Khanna, CEO, SHRM-EAST, said, “For years, recognition programmes have held immense potential and now it’s time to elevate its strategic importance. This insightful report by Vantage Circle, Aon, and SHRM showcases ways to quantify the impact of R&R and amplify its benefits. Picture a vibrant workplace driven by recognition, where both employees and employers are happier, more productive and organisations are thriving. This is the incredible power we can unlock together.”
“By delving into the latest trends, best practices, and actionable insights, this report aims to be a valuable resource for HR professionals and business leaders across India. Our goal is to inspire a paradigm shift, moving R&R from a ‘check-the-box’ exercise to a cornerstone of an organisational transformation,” said Partha Neog, CEO and Co-founder, Vantage Circle.
