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Over the years, countless surveys have been conducted in an effort to determine what factors about work are most important to employees, but what have we learned?
Brent Tignor, regional HR manager APAC at Stepan Company, sums it up the answer:
“People like having more money as opposed to less money, and beyond that, everyone wants something different.”
Because of these differences, Tignor says each company needs to focus on a total rewards philosophy that fits their culture, “with a reasonable amount of flexibility to accommodate the different cultural norms of the various countries in which they operate”.
While it’s important that cultural fit is a component of the hiring process as well as pay, bonus and rewards, Tignor says it is critical companies do not lock themselves into such a structured total rewards system that the structure has more decision-making power than the business itself.
“At the end of the day, if a new employee is worth what they cost to the business, that should trump everything else,” he says.
“An effective pay, bonus and rewards system will be structured enough to maintain control while allowing human capital investment to remain a business decision.”
Tignor will be speaking more on this topic at Benefits Asia 2013 next month, and will address these key points alongside other compensation & benefits experts from Reckitt Benckiser and SABIC in a panel discussion.
Benefits Asia 2013 will take place on 23-24 October at the Sheraton Towers in Singapore.
For more information on the event and speakers lineup, visit the Benefits Asia 2013 website.