Survey: Five keys to getting compensation right
The 2018 Willis Towers Watson Getting Compensation Right Survey explores how technological, cultural and legislative changes are influencing reward practices around the world.
- Nearly half of employers say that base pay programmes are effective at driving higher performance, while one in four strongly disagree with this statement.
- About 63 per cent of employers believe that limited budgets are a challenge to reflecting performance in merit pay.
- 60 per cent of employers report that demonstration of skills and knowledge in their current role influences base pay decisions to a great extent, however 51 per cent say that the possession of skills critical to the future business model will become more important over the next three years.
- The top three challenges in delivering performance pay are: limited budgets (63 per cent), manager capability (44 per cent), and limited differentiation (42 per cent).
The survey gathers responses from nearly 2,000 professionals from almost 50 countries around the world.