Thriving Together with Thoughtful Rewards
28/10/2024
"Thriving Together with Thoughtful Rewards" was the theme in 2024. HR has a unique opportunity to be at the forefront of steering the company through a dynamic market. We have explored how thoughtful rewards can navigate the macro challenges and increase productivity. The key focuses of the survey and webinar include:
- Macro Economic Environment
- Changes in Business Performance and Bonus Expectations
- Salary Increase Budget
- Headcount Outlook, Staff Turnover and Staff Mix Ratios
- Approach to thrive through thoughtful rewards
Key Takeaways
During the Pretium Year-end Rewards & HR Trends Webinar - 2024, Ms. May Poon shared case studies on how to develop pay-for-performance reward strategies and optimize manpower alignment.
Key takeaways to facilitate HR planning
- Developing budget strategies for competitive salary review. Segmentation and differentiation in pay positioning for different businesses according to their relative business performance and development stage.
- Develop salary structures based on desired pay positioning to align employees' salaries with the performance and competencies to promote pay for performance and to provide clear salary planning and career pathing for each department.
- Diverse performance across sectors and conflicting compensation trends have created market noise, necessitating comprehensive analyses and stakeholder engagement to align reward strategies with business goals and employee needs.
Optimizing both headcount and resource allocation—ensuring talents are placed at the right job levels with the right skills—is key to boosting productivity and effectively managing staff costs