Interview with Lara Kumar-Fuller, Global Head of Reward, New York
At Frazer Jones, we partner with HR and reward leaders across the globe, helping organisations navigate an increasingly complex people landscape. In today’s economic environment, reward has never been more critical, as businesses look for sustainable ways to drive performance, retain key talent and motivate their workforce.
As a result, reward leaders are playing a more strategic role than ever, shaping how organisations attract, engage and recognise their people.
In this interview, Alfredo Lira sits down with Lara Kumar-Fuller, Head of Reward, to discuss her career journey, her perspective on the evolving reward agenda, and the key trends she sees influencing the function today.
With extensive experience leading reward strategy in complex organisations, Lara shares her insights on delivering impactful change and the challenges and opportunities facing reward teams in the current market.
What major trends do you see shaping Total Rewards in the next 3–5 years, and which of these will have the biggest impact on incentive compensation?
“On the compensation side, I believe a lot more creativity to attract and retain top talent. Potentially redesigning incentive programs in a way that financially incentivizes employees outside of the annual year-end review cycle. On the benefits side, I believe the workforce demographics will shape the programs offered. Allowing employees ample choices ensures they can elect programs that fit their needs and that of their dependents.
Flexibility to adapt incentive programs to the changing economic landscape will be critical as well as letting go of programs that are no longer viewed as lucrative.”
How do you think AI and predictive analytics will transform compensation and benefits strategies, and are there any tools or technologies you’re particularly excited about?
“I adopt technology open heartedly and believe leveraging AI to build guardrails for routine tasks is efficient and allows for more creativity. That said, I do believe total reward professionals will need to shift perspective from data analyzers to creative consultative partners. Data from predictive analytics will need to be met with strategies that can flex per the evolving priorities of the business.
On the compensation side, tools that aid in matching and benchmarking roles will allow the compensation team weeks of work and the ability for thorough review within a tight timeframe. On the benefits side, using chatbots and AI to help answer basic employee questions will allow for real time answers for employees and also help us gain insights into employee interests.”
How will Total Rewards adapt to global remote work, rising expectations for flexibility and well-being, and growing demand for personalization, and which innovative benefits are likely to become standard?
“Total Reward professionals are typically subject matter experts who focus on outcome. Employers who remain open to flexible working teams can continue to attract the best talent irrespective of location. The ability to develop attractive incentives, recognition programs and benefit offerings will outweigh ongoing physical presence in the office.
The pandemic has taught us that employees can be just as productive at work without being in a physical office space. While I do believe there is tremendous benefit for employees entering the workforce to have this facetime and ability to learn from those around them, I do not believe it is a requirement to be successful at work.
Working hybrid, remote or time-based remote options (e.g. working from anywhere for 2-4 weeks) will continue to rise and employers who adopt this benefit will likely be preferred, especially for the younger generations.”
What role will pay transparency and equity play in shaping compensation programs going forward?
“The goal of transparency was to minimize the pay gap between employees in the same role performing at similar levels. I believe this gap has significantly diminished over the past 3 years. I believe having a compensation range that balances pay equity yet accommodates top performance will shape compensation programs going forward.”
What advice would you give to organizations trying to future-proof their Total Rewards strategy today?
“Being nimble and open to different ways of approaching total rewards programs which are customized for the specific company and industry will guide the total rewards strategy for years to come.”
Inspired to advance your rewards career?
A career in rewards is highly fulfilling, you can help drive an organization and their people strategy forward. If you are looking for a reward job, check out our latest reward job opportunities.
Alternatively, if you are looking to hire a rewards professional, please submit a brief and a member of our expert team will be in touch.
