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"The shift has become essential to attract and retain talent in culturally diverse APAC markets. A one-size-fits-all approach no longer works in the competitive talent environment," the APAC Head of Compensation & Benefits shares.
Compensation & benefits has become a strategic priority in HR, evolving beyond pay and perks into personalised, human-centred programmes that support employees across life stages and wellbeing needs. This shift is especially evident in Asia Pacific, where diverse demographics and post-pandemic expectations are pushing organisations to move away from one-size-fits-all approaches. Today’s employees want more than a paycheck—they seek purpose, flexibility, and alignment with their employer’s values.
Leading the charge in this transformation is Madhumita Banerjee, APAC Head of Compensation and Benefits at Bank of America, who is responsible for all compensation, benefits, wellness, and comp regulatory matters across the organisation's franchise in Asia Pacific and Global Business Services in India.
Madhu also serves as an Advisor to the Governing Board of United World College, South East Asia, while also being actively involved in education-focused volunteering initiatives.
Leading up to her session at #TotalRewardsSG, Madhumita joins Sabarish Prasad to explore how evolving employee expectations in APAC have redefined total rewards and unpacks the shift toward personalised, flexible benefits and a culture of care which are key drivers of retention and business success in today’s talent landscape.
Q How has the role of rewards in talent attraction and retention strategies evolved over the last five years, especially in the APAC region?
We have observed clear disruption in the talent market over the past few years, especially during COVID-19 pandemic. These disruptions re-shaped employee expectations, pushing organisations to move beyond the traditional rewards model, which focused primarily on financial support. Over the years, the model has evolved to become more holistic and personalised in terms of offering corporate rewards and benefits. There is a greater emphasis on providing a culture of caring and assessing the impact on broader communities.
The shift has become essential to attract and retain talent in culturally diverse APAC markets. A one-size-fits-all approach no longer works in the competitive talent environment. At Bank of America, we strive to make the firm a Great Place to Work for our employees by providing access to a broad range of opportunities. This helps employees achieve their professional goals by maintaining a culture of caring for them and their families.
We provide flexible benefits and programmes in some of our locations including in Hong Kong and Singapore to support our teammates at every stage of life. We empower employees to choose their own benefits and wellness needs. This evolved rewards approach is important to attract and retain talent.
Q What is one compensation and benefits trend that you believe will have a lasting impact?
The integration of wellness-focused programmes into core employee value proposition is a trend that will have a lasting impact on the employment sector.
Organisations are well-aware of the value of supporting employee wellbeing and this focus has accelerated in the past few years prompting them to now look beyond the traditional benefits offerings such as health insurance and retirement plans. They instead offer preventive health programmes, expanded focus on mental health resources and flexibility in terms of work arrangement and programme choices.
For example, at Bank of America, we see wellness encompassing three areas: physical, emotional, and financial. By supporting all three, we have tried to make a difference to how we care for our employees through enhanced programmes, regular employee communications and benefits-focused events. Several publications and organisations have recognised our benefits programme with accolades across Asia Pacific region.
Q As a seasoned rewards/HR professional, what do you believe are the most important traits for rewards leaders of today and the future?
We believe, professionals must skilfully balance internal organisation priorities with external environment factors on a regular basis in a bid to successfully drive the firm’s talent initiatives and wellness agenda. This has become even more crucial given the increasingly volatile geopolitical and socio-cultural landscape we face today.
Secondly, we must develop a broad range of skills and competencies and build flexible programmes and teams that can quickly pivot and adapt to the ever-evolving business imperatives and external demands.
Q To end on a lighter note, what are the common misconceptions about total rewards and why do they matter?
A common misconception is —total rewards mean salaries and bonuses. In reality, Total rewards encompass a much broader spectrum – including benefits, wellness programmes, recognition, flexible work, career mobility among others.
Further, ‘rewards’ is not one-size-fits-all concept. Employee expectations generally vary depending on their life stages, cultures and the communities they work and live in.
Therefore, at Bank of America, we have benefits programmes and specialised life events services that support employees in moments that matter the most – be it the birth of a child or the planning for retirement. By knowing our employee demographics and creating programmes that meet their needs, we have increased our employee engagement and fostered a sense of belonging in the bank.
Q What are you most looking forward to in your speaking engagement at #TotalRewardsAsiaSummitSG?
I am excited about this fantastic opportunity to exchange ideas with fellow HR professionals, and I am confident of gaining valuable insights from this event and look forward to sharing the same with my teammates.
I want to attend the conference: If you're keen to attend this closed-door conference, kindly register your interest here. For speaking opportunities, please write in to Sabarish Prasad. We look forward to welcoming you!
I want to sponsor: Engage in meaningful dialogue through dedicated speaking slots, roundtable discussions, and at your booths! If your organisation provides any talent solutions and products that you'd like to showcase, you’ll fit right into this event. To learn how you can sponsor, please reach out to a member of our team now!!
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