Promotions and salary reviews will always be a sensitive issue for both employers and staff, which is why the role of HR to set up a fair and structured framework for wage increments and career advancement is vital to retain top talent.
With the right system in place, employees will feel their performance and hard work is recognised and they are fairly compensated, which in turn leads to increased loyalty and lower turnover.
At Benefits Asia Interactive 2014 in October, the topic of how HR can better navigate salary reviews and promotions will be covered in depth by a range of HR leaders.
Boris Biryukov, the region head of C&B, OTC IntOps/Animal health at Novartis Asia Pacific Pharmaceuticals, will sit on a panel to discuss this issue. He says “identifying the right talent for disproportionate investment and to compensate them properly” is a key business enabler – and HR leaders should leverage all tools available to make this happen.
He adds it becomes increasingly challenging to successfully drive the business in a constantly changing VUCA (volatile, uncertain, complex, ambiguous) world.
“The reality is that the VUCA index is particularly high across many Asia Pacific countries, which creates demand to attract the best people who are able to cope with this complexity, and ensure short and long-term success in this highly ambiguous environment,” he says.
“Novartis’ compensation and benefits philosophy is built around pay for performance principle, supporting the company’s aim to attract, motivate and retain best talent available in the industry.”
Biryukov says applying this philosophy allows them to invest in highly performing associates who are critical for the business’ success, while remaining cost-efficient.
To view the full conference agenda, please click here.
Benefits Asia 2014 Interactive will be held on October 15th at the Singapore Marriott Hotel.
Book your tickets now by registering here.
For any enquiries, please contact Manuel Almira at +65 6423 0329 or firstname.lastname@example.org