Enrich your employees' experience both at work and outside of work with the aim of creating a place where the best people choose to be, advises Aakash Mehta, Vice President, Total Rewards, Mastercard.
Q What inspires you the most about your role?
An organisation can define and influence its culture through the investment it makes in its employees and putting this mandate into action is what keeps me going. The work of the total rewards team at Mastercard has a significant impact on all the employees and the way that they perceive the organisation.
Engaged employees are significantly more productive and this reflects in the organisation’s success. The growth of the organisation and the people together is what I am most passionate about and being able to play a part in this growth inspires me to bring my best to work.
Q What are some of your key considerations when conceptualising the total rewards strategy at Mastercard?
Our proposition 'Connecting everyone to priceless possibilities' represents how Mastercard enables the employees to enrich their world and how being a Mastercard employee creates opportunities for them to enrich the world. This is a strong consideration for us in our overall strategy. from both a business and a HR standpoint.
Our endeavour is to enrich our employees’ experience both at work and outside of work with the aim of creating a place where the best people choose to be. We equip our employees with the tools to build their own careers and through our reward programmes, we provide many great reasons for people to choose to work and stay at our company.
We believe in a good mix of all elements of total tewards to ensure we are relevant and competitive in each of our markets.
Q How do you ensure your employees are able to achieve work-life balance, amid the busy work week?
Today’s evolving workforce cites flexibility as a key factor when selecting a job and Mastercard employees consistently cite work/life flexibility as their most important priority. Flex-work is available to all Mastercard employees and managers are encouraged to support employees who would like a flex-work arrangement, where appropriate.
Mastercard offers flex-work to employees to help them achieve their goals at work and outside of work. Driving a winning culture with decency at its core is at the heart of all our offerings.
In addition to the work flexibility, our employees in Singapore have free gym access, a comprehensive medical and wellness plan and sponsorships for athletic events. We want to ensure that our employees can achieve the right balance with their work and be able to maintain a healthy lifestyle.
We also have a generous annual leave benefit that allows our employees to manage both work and life to the best of their abilities.
Q In your view, what are some of the skills rewards professionals need to keep up with the trends?
A rewards professional needs to be a good communicator and have a strong business acumen to manage stakeholders and influence them. Identifying and understanding business challenges or trends can make a reward professional partner better with the stakeholders to define the reward strategy and plans for the organisation.
Reward professionals should reach out to their business stakeholders to understand business drivers in detail. Aspiring reward professionals should access an organisation’s annual report or proxy statement to understand the business strategy and know more about their compensation philosophy.
A rewards professional must also be a great networker. Its important to know what’s relevant in the market and how competitors are thinking or acting to identify important trends early in the day to maintain a competitive edge. Networking creates reliable and transparent market intelligence.
Q What would delegates learn from your session at Total Rewards Asia Summit 2020?
My session at Total Rewards Asia Summit 2020 will bring to light some of the actions we have taken in Mastercard to connect everyone to priceless possibilities. I will share more about the changes we implemented to ensure we can support our employees both at and outside of work.
I will also be sharing some of the things that we are currently working on to ensure we foster a workplace where all employees feel valued, respected and empowered to reach their greatest potential.
Q What would you be look forward to experience at #TotalRewardsAsia 2020?
#TotalRewardsAsia will be an extremely relevant conference for anyone who wants to learn the best practices in the market as well as understand how to navigate different stakeholders while implementing the same. I am looking forward to learning more from the presenters and the delegates and taking it back with me to improve what I deliver.
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