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Creating the perfect compensation and benefits (C&B) plan is not an easy task, especially so with today’s global war for talent.
At Benefits Asia 2013, Lilach Sela, vice president of global C&B at Amdocs, shared how C&B in the company has been designed to support the organisation’s unique business model.
As a product and services organisation composed of employees from different generational and cultural backgrounds, Sela mentioned it is important to strike a balance between the company’s business needs and employee expectations.
In order to do so, companies need to understand market trends in the global economy and “think long term”.
“Continued uncertainty in the financial market has been the norm… salary increase as budgets rise moderately across the regions,” she said.
Amidst the war for talent, companies should also balance between fixed and variable elements, maintaining standards of fairness internally as well as externally.
This is why Sela said the business model of Amdocs has a high degree of interdependency among its units in creating value for its customers.
She mentioned Amdocs has also evolved into an organisation with a structure segmented by areas of responsibility and expertise, whereby some groups are “relatively far from the customer”.
She advised companies should align its incentive plan with their company objectives to support the business. While it might not be a straightforward process, Sela emphasised the process has to remain objective, “clear, and simple”.
Additionally, it is critical to keep in mind market segmentation should be maintained while adhering to a global approach based on clear principles.
For live updates from Benefits Asia, follow the #BenefitsAsia conversation on Twitter @Mag_HR.
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