Reward & compensation

Clearly, first-class employee compensation packages are a prerequisite for companies that want to attract and retain high-calibre, skilled employees. The problem is, the costs of such programs can be overwhelming. Insurance packages alone have become a contentious point as the cost of healthcare continues to sky rocket. Plus, companies are already feeling the affects of declining population growth and the dramatic increase in older workers, which again will push up compensation and benefit costs over the next few decades. Even outside of healthcare issues, compensation strategies—both during the time an employee’s working life and after retirement—can be complex to devise and difficult to maintain. However, as any savvy business professional will tell you, by aligning your compensation and performance management programmes (base pay, perquisites, short-term and long-term incentives) with your business objectives, you can gain a competitive advantage over your market rivals. What’s more, your situation, market context, and challenges are unique and require a tailor-made solution; in other words you need a customised remuneration structure based on internal job classifications, appropriate career paths, and a performance management system that is also responsive to your shareholders’ objectives.

If this is your situation

• You need to determine if your reward strategies are in line with your corporate strategy
• You want to make sure that your reward packages are flexible and can evolve along with changes in your company, such as a merger or acquisition
• You have to develop a long-term compensation strategy that is not based on employees’ ad hoc requirements
• You must design a low-risk, cost-effective rewards system that will help you remain competitive and attract skilled employees at both local and international levels
• You would like to implement a communication strategy to foster employee retention and job satisfaction
• You must find a way to identify the performance competencies you need to achieve your business goals.

What PwC can do for you

At PricewaterhouseCoopers (PwC) our specialists can help you address the sometimes difficult questions that arise when managing and rewarding your workforce; and our global network of people can assist you in aligning you human capital policies and practices to your company's business strategies. We are dedicated to improving the effectiveness of your work force and offer services in such key areas as recruitment, training and development; pay, benefits and performance management; retirement provision; diversity and ethics; and health and safety. At PwC we can work with you to properly align your reward tools and programmes with your company’s objectives and culture, translating company strategy into the desired remuneration approach. And, we can help you with job analysis and evaluation, wage and salary structure design, and remuneration surveys and job pricing. Plus, our experienced professionals can assist with executive compensation programme design and implementation, including director compensation, employment agreements, and service contracts. Taken together, this is all part of our commitment to serving you and your business needs, worldwide.