Because the current economic climate demands that companies keep costs down and productivity up, organisations are focusing more keenly on talent management. As such, employee rewards play an increasingly important role in global, complex organisations. A new WorldatWork survey reports that consistency balanced with localisation is key to effectively rewarding a globally dispersed workforce.
Results from the 2008 WorldatWork Global Compensation Practices survey reveal some emerging trends and areas of improvement for organisations operating across borders.
Key Findings:
— There is an emerging trend toward greater centralisation in compensation systems: the percentage of multinational companies reporting a more centralised approach to compensation increased from 49% in 2004, the first year this survey was conducted, to 53% in 2008.
— Regionally, a comparison of figures from 2004 and 2008 shows that Asia continues to present challenges in developing a global compensation system; 70% of respondents indicated it is a major challenge this year compared to only 55% in 2004.
To help solve this problem, WorldatWork, the global Total Rewards association based in Washington, D.C., is bringing its world-renowned professional certification programme to India. Participants who successfully complete the programme will earn the designation of Global Remuneration Professional or GRP. HR professionals with a GRP designation possess a foundation of knowledge spanning across borders on all elements of global remuneration, from base pay management to variable pay to strategic communications.
