The 24th Annual Compensation and Benefits (C&B), powered by Informa Connect; was held on 21st June to 25th June 2020. In light of the current Pandemic, and a duty of care for the community being a priority. For the first time in its history, this was redesigned as a virtual event. Hearing from inspirational leaders such as Robert Mosely, Peter Lemperis, and Rajiv Warrier.
Bringing together HR Professionals Exhibitors and Sponsors from, a wide range of organisations from various industries from across the Globe all from the comfort of their homes. This was an opportunity to connect, collaborate and gain valuable insights, into the Key Trends driving conversations, on the C&B agenda, at Strategic level.
A well designed C&B strategy, needs to be aligned with and support the Strategic Direction of the Company, incorporating the values, while staying relevant to the external market and expectations of a diverse workforce, in order to attract, retain and motivate employees.
An Agile Compensation structure allows to:
- Adapt quickly and react to shifts in the market. (recession, disruption, global pandemic etc.)
- Adjust compensation spend as business needs change (e.g. high attrition in a department)
- Continually meet the ever changing needs of workforce, as the makeup of the employee population evolves over time.
Simplicity and Flexibility are key in order to control fixed costs, consider adaptability across countries as well as time periods.
Traditionally Employee Benefits have a ‘one size fits all model, however Flexible Benefits are becoming more prevalent. Flexible Benefits can help boost employee recruitment and retention; giving employees, an opportunity to choose a ‘personalised’ benefits package which they prefer.
With current ways of working and working arrangements being impacted; a shift to working from home, has seen growing concerns on physical, mental, emotional and financial implications. As Companies navigate their way through this, we have seen some unique experiences, and support being offered. (financial and non-financial offerings).
- Google offers $1000 for employees to fit-out their home ‘workplace’.
- Internet packages/reimbursements.
- Desk Assessment – (Ergonomics).
- Medical Insurance – extended to well-being.
- Education/tools on Healthy saving habits.
- Staying connected/Regular Updates.
The initiatives/benefits being offered are from a practical stand point and factor in, short/long term objectives (ROI) for the Company, supporting employees, keeping them engaged and motivated, during this transition period and beyond.
The conventional annual appraisals; ‘Pay for Performance’, against individuals KPIs, is slowly being eliminated, as this is too infrequent for an employee to change their work ethic and behaviours. Instead this is moving more towards, frequent, just in time conversations, where employees are encouraged to suggest ideas about what needs to be done and how, and are being assessed, and rewarded, based on improvements in productivity, or reduction in costs.
Whichever C&B strategy a company defines, to compliment this a Communication Strategy is essential. This ensures a clear line of sight between employee performance/contribution, and the Companies Strategic Objective. This provides the organisation at each level an understanding of the detail and the thought process behind the structure, demonstrating transparency, fairness, equality,gaining buy-in, motivating behaviours, and engagement.
HR are instrumental in leading the C&B agenda, working closely with Senior Leadership, gathering data internally and externally, understanding employee needs and expectations and embedding this into everyday HR practices and communicating this effectively.