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CONTENTS
#1
Learning Promise
Quick Snapshot
Learning Experience
#2
Learning Anchors
Point of View
Program Snapshot
Evaluation Criteria
Module Details
Course Curriculum
#3
Commercials
Calendar
Connect with Us
Registration Details
#5 Learn from our Best Consultants
Architects
#4
Aon Hewitt Learning Center is on a mission to provide real learning to help HR impact business outcomes. We bring together our consulting insights and capability building expertise to create highly-specialized learning journeys for HR professionals
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LEARNING PROMISE
Effective Partnership
Technical Expertise
Business Acumen
Gain leaders’ trust to sharpen the human capital agenda
Understand business imperatives, connect people initiatives
Navigate across contexts to create tangible impact
4
QUICK SNAPSHOT Alumni refer
someone for an AHLC course
40%
200
HR leaders are a part of our alumni community
8000
Is the median participant experience
Alumni feel empowered to drive business
results
10 years
80%
HR professionals have received training via our
courses
1
2
Flagship certificate courses for HR professionals
Bespoke HR capability journeys for organizations
Our Capabilities
5
LEARNING EXPERIENCE
Registration
E-Learnings
Online Discussion
Learning Lab
Assignment
Comprehensive Assessment
Get your courseware
Connect with peers
Learn from our best consultants
Reinforce your learning
Certify your learning
Register
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UNCOVERING BENEFITS
Benefits are forms of indirect or non-wage compensation, conceptualizations that are principally useful for accounting and tax purposes. They promote job satisfaction and increase organizational commitment
Defining Benefits
Need for Benefits
Become an employer of choice 43% employees picked an employer offering extra benefits
Reduce attrition 55% employees are likely to look for other work if benefits are reduced
Tax benefits 27% tax rebate can be attributed to pension schemes
Increase engagement 80% employees said flexible work affected retention positively
Reduce fixed costs 76% have been able to revise their total cost based on employee benefits
Employee Morale 66% employees said benefits reduce worry of future unplanned expenditure
*Source: Aon Hewitt Benefits Study 2015 – Insights & Perception
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BENEFITS IN INDIA
• Inclusion of traditional benefit like gratuity and provident fund
• Supplementary schemes like defined pensions offered
• Large organizations move towards car and housing facilities
• No significant differentiation in benefits
• Insurance liberalization leads to group health and accidental plans
• Cost constraints end defined benefits pension schemes Increased focus on compensation causes rapid salary increases
• Car and housing benefits heavy on administration, replaced with HRA and car allowances
• High benefits costs puts focus on optimization, employee perception, outsourcing benefits
• Limited flexibility introduced in insurance schemes
• Innovative policies around time-off, health and wellness introduced
• The National Pension Scheme evolves for retirement savings
1990s and earlier
2000 - 2010
2010 onwards
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TYPES OF BENEFITS
Benefits based on Employee Utilization
Traditional Approach
Retirement Health Insurance
Lifestyle Miscellaneous Paid time-off
In Rewards Framework
Health care Medical
Insurance
Retirement Pension
Savings Plans
Work/Life Time Off
Flexible Work
Wellness Health Assessments Wellness Screening
Com
pany
Personal
Experiential
Financial
Medical Allowances Conveyance Allowances Leave Travel Allowances Telephone Reimbursement Meal Allowances
Company Leased Vehicle Company Leased Accommodation Hard Furnishing Allowance
Insurance Benefits Health & Wellness Executive Education
Recognition platforms Childcare
Insurance Utilities Financial Assistance Concierge Service Gym Memberships
Travel / Holidays Medical Facilities Education Lo
w
Util
izat
ion
Hig
h
Util
izat
ion
Salary Benefits Formalized Benefits Corporate Tie Ups
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DRIVERS OF STRATEGY
Market prevalence and
competitiveness
Employee perceived value of benefits
Global atmosphere and strategy
Elements which will create the organization’s
‘brand’
Statutory regulations and
amendments
Plans to maximize tax
savings
Market Preference Differentiation
Tax Regulation Directives
Governance mechanism for stakeholders
Implementation
Financial value and cost for each benefit
Financial
COMMUNICATION
Employee Engagement
Total Rewards Communication
Customer Value Proposition (CVP)
Employee Value Proposition (EVP)
Align CVP and EVP
Embed differentiated EVP to
rewards strategy
Eva
luat
e im
pact
of C
VP
to re
fine
com
mun
icat
ion
Use targeted communication to increase engagement
Communication Governance
Information Strategy
Brand
Messaging
Communication Vehicles
Framework Parameters
Employee Preference
Survey
Input
Communication Framework
Communication Implementation
Employee Benefits Communication Framework Process
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GOVERNANCE
Effective Governance: Measures
Fixed Structure “Tax Efficent” Fixed Structure
Flexible Structure
Rigid employers
Evolved Employers
Tax Structures: Evolution
Trust Management: Considerations
Sufficiency of Funds
Target size of the Fund
Level of Contributions over time
Growth of the Fund
Organization’s Funding Principle
Availability of Information
Risk and Opportunity Assessment
Strategic Policies: Design
and Financial
Ongoing Reporting and
Monitoring
Formal Structure for
Execution
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FLEX BENEFITS Construct of Flex Benefits
Core Benefits • Required by law • Mitigate risk of poor selection
Optional Benefits • Selected by employee choices • Choices made annually
Core Benefits
Optional Benefits
Flex Credits
Flex Credits • Defined contributions approach • Differentiated fixed amount of Flex
Credits given
Disbursement of Flex Benefits
8-12 weeks Feasibility Study
8-10 weeks Plan
Design
6-8 weeks Communication
10-12 weeks Implementation
Assessment of organization’s readiness for Flex Benefits
Design decisions on benefits budget & cost impact projections
Configuration of system requirements and user testing
Defining target audience; communication plan and material
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DIFFERENTIATED BENEFITS
Build Awareness to highlight importance Education
Analyze current level of financial wellbeing Assessment
Design and launch support programs Action
Continuous support and communication Marketing
Type A: Financial Wellness Approach
Type B: National Pension Scheme Highlights
1
2
3
4
Voluntary Defined
Contribution Plan
NPS: Highlights
Robust structure
Formidable governance
Wide Coverage
Flexible investment
options
Option to choose Fund
Manager
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PROGRAM SNAPSHOT
Online Learning Modules* Online Discussion Boards*
Learning journey spanning across four contact classes and a comprehensive online assessment
Day 1 Day 2 Assessment
*Active for one year
Communication Design Strategy Flex Benefits Final Assessment Governance Differentiated
Benefits
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EVALUATION CRITERIA
40%
20%
20%
10%
10% E-Learnings
Online Discussion
Class Participation
Assignments
Final Assessment
• Final Assessment can only be taken after attending all six modules
• Minimum 50% is required in the final
assessment
• At least 50% aggregate score is required to complete the certification
MODULE DETAILS
Objectives
Outcomes
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• Integrate and articulate benefits into the total rewards strategy
• Explore the bucketing of different types of benefits: health, insurance, retirement, paid time-off and lifestyle
• Articulate the organizational perspective towards employee benefits
• Understand the drivers of a benefits strategy in an organization
• Appreciate the linkages of the benefits strategy with
other tenets of total rewards
• Comprehend the business considerations while deploying benefits
• Understand the classification of benefits, associated legislation and market approach to each
• Calibrate drivers to influence the benefits strategy of an organization
1 Strategy Plan the benefits strategy of an organization
MODULE DETAILS
Objectives
Outcomes
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• Deep dive into design considerations while planning a benefits strategy
• Analyze benefits to focus on organization philosophy, talent strategy and market prevalence
• Understand cost escalation drivers and cost control measures while implementing various benefits
• Develop review mechanism for benefits strategy • Calibrate benefits strategy to suit organization’s talent priorities
• Conduct market benchmarking exercise for benefits: choose appropriate comparators
• Compute financial implications of instituting a benefits policy
• Design a benefits policy aligned with employee preference
2 Design Calibrate different design considerations
MODULE DETAILS
Objectives
Outcomes
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• Understand tax implications and impact of statutory regulations in the benefits policy
• Understand the policies of trust governance and fund management
• Explore technology as an enabler in the benefits implementation strategy
• Manage service partners and outsourcing options to broker a benefits plan
• Design benefits plans to maximize tax savings for employees and organization
• Identify key considerations and legal intricacies in managing trusts
• Update disbursement plans through impact of technology in benefits implementation
3 Governance Manage taxation, trust fund and enablers
MODULE DETAILS
Objectives
Outcomes
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• Evaluate the characteristics of effective communication: listening and communicating to employees
• Understand mechanisms to develop listening strategy
• Plan communication campaign, key focus areas and considerations
• Conduct employee preference surveys on benefits offered and analyze the perceived value of benefits offered
• Increase awareness and utilization through improved total rewards statements
• Calibrate effective frequency of benefits communication to employees
• Investigate effective mix of different communication channels
• Educate employees on benefits offerings to improve the perceived value of benefits
• Cascade demographic specific benefits communication
• Implement effective total rewards statements
4 Communication Execute effective communication plans
MODULE DETAILS
Objectives
Outcomes
22
• Explore the design features needed to implement a flexible benefits plan
• Understand expectations of different employee demographics from a flexible benefits plans
• Analyze the feasibility of implementing flexible benefits
• Determine the plan type for your organization: traditional, modular or full flexible
• Optimize plan costs and employee preferences to increase ROI
• Examine the opportunity to flex different sub types of benefits
• Build capability to execute a flexible benefits plan
• Design the flexible benefits approach: feasibility study, plan phase, implementation, communication
• Assess organization’s readiness to implement flexible benefits
• Design ongoing administration strategy for a flexible benefits plan
5 Flexible Benefits Comprehend and implement flex benefits
MODULE DETAILS
Objectives
Outcomes
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• Understand the need, utilization and design of financial wellness plans
• Analyze the impact of the National Pension Scheme on retirement benefits
• Build awareness on new practices in health, retirement and lifestyle benefits in different organizations
• Design and implement financial wellness plans
• Anchor the shift from gratuity and superannuation to NPS
• Design differentiated benefits plans to build on the employee value proposition of the organization
6 Differentiated Benefits Build awareness on benefits disruptors
LEARN FROM OUR BEST CONSULTANTS
25
Anandorup Ghose leads Aon Hewitt’s Rewards practice for South Asia. Prior to this role, he managed several client relationships in the Middle East, Asia Pacific and India in the areas of executive compensation design and benchmarking, long term incentive plan design, sales incentive plan design, governance structure definition, remuneration committee advisory etc.
Moreover, he has also worked on some large scale merger integration projects with clients in the region, primarily in the field of telecom, financial services and oil and gas. His key clients include the Aditya Birla Group, Mahindra, Genpact and Tata Consultancy Services.
Anandorup is a regular speaker at several executive compensation forums in industry associations such as All India Management Association, FICCI, and Anchorage Society for Human Resource Management.
He is ardent reader of The Economist and whenever time permits he loves to travel and experience new cultures.
Anandorup Ghosh Dean,
Aon Hewitt Learning Center
Anandorup's Mantra Culture eats strategy
over breakfast Peter Drucker
LEARN FROM OUR BEST CONSULTANTS
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Chitra is the Practice Leader and the lead Actuary for the Retirement Practice of Aon Hewitt’s India business in Mumbai. She has been with Aon Hewitt for the last 9 months. She has 24+ years’ experience in Actuarial Valuations under Indian GAAP, IFRS and US GAAP for India, Sri Lanka, Pakistan, Bangladesh, Thailand & Turkey. She has also worked in the area of life reinsurance business costing, pricing, basis for terms of trade and experience analysis, Valuation of Liabilities under UK regulations, Embedded Value calculations, analysis of surplus, Economic Capital and Life underwriting.
In addition to providing financial results, Chitra also works on benefits projects which included developing a benefits philosophy, benefits design and reviewing benefits for multinational companies in India. She also works on Due Diligence and Trust Governance projects governing the private trusts in India. She is also responsible for conducting surveys of accounting assumptions and retirement benefit studies and produce appropriate reports on these studies.
Chitra has earned a B Sc. degree in statistics at the University of Madras. She is a Fellow of the Institute and Faculty of Actuaries, UK, Fellow of the Institute of Actuaries of India and Fellow of the Insurance Institute of India. She is also a member of the Advisory Group on Pension, Employee Benefits and Social Security Schemes of the Institute of Actuaries of India.
Chitra Jayasimha Actuary
India Practice Leader, Retirement and
Investment
Chitra’s Mantra If I asked people what
they wanted, they would have asked for a
faster horse. Henry Ford
LEARN FROM OUR BEST CONSULTANTS
27
Poonam is a senior consultant in Aon Hewitt’s Talent and Rewards consulting practice. She leads the compensation business for the Consumer & Life Sciences Industry in India.
Poonam has been with the firm for over 9 years. She has rich experience in the area of compensation & benefits consulting across FMCG/D, Pharmaceutical, Engineering Manufacturing, and Retail industries. Her consulting experience spans across working with local and multinational clients in India and South East Asia.
Her areas of specialization include Job Evaluation, Compensation and Benefits Benchmarking, Compensation Structuring, Variable Pay Design, Sales Incentive Design & Audits, Rewards Philosophy Articulation, Pay Range Design and Compensation Implementation Support.
Poonam has played an pivotal role in institutionalizing flagship research studies for Aon Hewitt India, namely, Campus Compensation Study, Employee Preference Study, Salary Increase Survey, Workforce Analytics Study among others
She also leads the facilitation of Aon Hewitt Learning Centre programs for Compensation professionals in India.
Poonam did her graduation in Economic honors from the Delhi University and holds a degree in German language from Max Mueller Bhavan, Delhi.
Poonam Chopra Senior Consultant,
Rewards Consulting (General Industry),
India
Poonam's Mantra To do a common thing
uncommonly well brings success Henry J. Heinz
LEARN FROM OUR BEST CONSULTANTS
28
Vishal is a Senior Consultant in the Retirement and Investment Practice at Aon Hewitt India based in Mumbai. He has more than 9 years of experience within the Retirement and Employee Benefits consulting space.
Vishal has also advised Indian clients on wider employee benefits issues covering benefit designs, market benchmarking, DB to DC conversions, vendor selection, employee benefits perception surveys, flexible benefits, total reward statements and has also assisted newly formed companies in India set up their benefit plans and their overall benefits strategy.
Vishal has worked on large projects related to the designing of Pension and other long term employee benefits plans covering areas such as liabilities and risk assessment, impact of changes with related financial, compliance, administrative and employee implications and conducted HR due diligence and participated in the harmonization of employee benefit plans for mergers and acquisitions in India and South Asia
Vishal has completed his B Com (H) from Shri Ram College of Commerce, Delhi University. He is also a fully regulated member of the Institute of Actuaries of India and the UK and is close to attaining Fellowship qualification.
Vishal Grover Senior Consultant,
Retirement and Investment
Vishal’s Mantra Price is what you pay, value is what you get
Warren Buffet
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COMMERCIALS, CALENDAR & CONNECT WITH US
Connect with us aonahlc@aohewitt.com
011 39585050 Course Fee (inclusive of taxes)
₹45,000* Participation will be confirmed post payment
Learning Center Classroom sessions
16 hours
Online Discussion Board Active for one year
Participant Handbook Pre-reads 10 hours
Certification Aon Hewitt Certified
Benefits Professional
Course Calendar Click to view
Terms & Conditions Click to view
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