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Through greater standardisation and interconnectedness, organisations can deliver sharper insights, drive better transparency, and create more dynamic rewards systems, the leader says.
Meet Prashant Khandelwal, Head of Compensation & Benefits, ASEAN & ANZ at Siemens AG, who is leading strategic transformation across 11 markets with a clear goal: to build a holistic rewards ecosystem that attracts and retains talent in a fast-evolving landscape.
With a background in rewards, HR business partnering, M&A, and technology, Prashant combines strategic vision with execution to deliver high-impact people solutions.
Speaking with Sabarish Prasad ahead of #TotalRewardsSG, Prashant notes that the APAC region is experiencing major shifts in workforce expectations, driven by tech disruption, demographic changes, and new business models. While the market may currently favour employers, mobility remains high — in Singapore, 67% of employees are either looking to move or open to new roles within the next year. "This tells us we still need to do more to retain our key people," he says.
He shares: "It's not just about attracting star tech developers anymore — it's about building a complete ecosystem and introducing flexibility in our reward systems to attract and retain critical tech skills." With Singapore’s ageing population and multi-generational workforce, he adds, flexible benefits are also gaining ground.
Q What is one C&B trend that you believe is powerful enough to stay for the long term?
The power of ecosystem to harness insights is transforming how we work. I believe standardisation and optimisation of our currently disconnected rewards processes is here to stay.
Through greater standardisation and interconnectedness, we can deliver sharper insights, drive better transparency, and create more dynamic rewards systems. For instance, technology can help us pinpoint pay equity gaps, or by analysing performance results against KPIs and rewards interventions, we can create more targeted pay frameworks.
Think of it as adding a technology layer on top of our programmes — it's not just about digitalisation; it's about empowering our managers to make smarter reward decisions. This will drive rewards effectiveness in the future!
Q As a seasoned rewards/HR professional, what do you believe are the most important traits for rewards leaders of today and the future?
Three traits stand out in today's dynamic environment.
First, a broad external perspective — moving beyond market data to make sense of enormous information and bringing that outside-in perspective to leadership in a way that cuts through the clutter.
Second, navigating ambiguity — being able to drive clarity by remaining close to business and being flexible to adapt programmes as needed.
Third, creative communication — with reduced attention spans, the challenge is how to effectively convey our offerings. It's imperative that we experiment with new communication tools to reach our people. Gone are the days of lengthy benefit handbooks — we need to think like marketers to engage our people.
Q To end on a lighter note, what are the biggest misconceptions people have about total rewards?
There's this persistent belief among managers that a new or improved incentive scheme will magically boost team performance. While incentives are indeed powerful tools, they're not always the answer.
I often use this analogy — it's like thinking that simply buying top-quality seeds will guarantee a thriving garden. Sometimes, you need to focus on the fundamentals and the entire ecosystem around it.
"Just as premium seeds won't ensure a lush garden if the soil is poor or if the plants aren't properly watered, incentives alone won't drive performance if the underlying organisational elements aren't aligned."
Q What are you most looking forward to in your speaking engagement at #TotalRewardsAsiaSummitSG?
I'm keen to learn and explore how companies are navigating rapid technological advancement while maintaining their human touch. It's a fantastic opportunity to engage with fellow rewards professionals and explore how we're all adapting to this dynamic environment.
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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