Urs Klingler, Managing Partner. Zurich, 14 th November 2012
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1 IHRC Compensation & Benefits Event Breaking the Paradigm: The Future of Reward Strategies Incentives Motivation People The Future Is Bright Transparent - Fair Urs Klingler, Managing Partner Zurich, 14 th November 2012
2 ASCO White Paper & Trends In the following publications you will find additional information about current compensation & benefits topics and trends. ASCO think! White Paper: The think tank of ASCO (Association of Management Consultants Switzerland) provides detailed information on certain topics to important decision makers in economy and politics. The first publication deals with current trends in compensation & benefits. After a detailed description of the initial position in the first chapter, a framework and elements of a sustainable compensation with following key aspects are given: Competency and role based salaries Real variable compensation Effective performance management (no leverage, no absolute performance figures) The discussion ends with recommended procedures for politics and economy. Download: Trends in Compensation: klingler consultants provides an overview about the most recent developments in compensation & benefits. Download: Both publications can be ordered by as well: urs.klingler@klinglerconsultants.ch 2
3 CAS Compensation & Benefits Management Title: Certified Compensation & Benefits Expert (ccbe) The CAS (Certificate of Advanced Studies) in Compensation & Benefits Management provides established knowledge of total compensation and links theoretical expertise to practical experience. During this course you will learn how modern compensation systems are built and how to implement them in a company successfully. You will deal with current topics like total rewards design, executive compensation and corporate governance and receive insights into several elements of a sustainable compensation. This course is being conducted together with the Hochschule für Wirtschaft Zurich (HWZ). By using the combined expertise of many professionals, this course is unique and provides very attractive insights to many practitioners. For further information please check: HWZ Hochschule für Wirtschaft Zürich Master-Sekretariat Sihlhof / Lagerstrasse 5 CH-8021 Zürich Telefon : Fax: master@fh-hwz.ch Internet: 3
4 Correlation between Company Performance & Management Compensation Study at University Zurich No Link between Company Performance & Executives Payments There Are only Market Prices! This year, students of the University of Zurich conducted a study to examine the correlation between company performance and management compensation. Hypotheses H 1 : There is a positive correlation between conventional performance indicators and variable management compensation. H 2 : There is no correlation between performance independent operating figures and management compensation. Theoretical background: Economic theories (principal-agent theory and stewardship theory) as well as psychological theories (Herzberg s two-factors theory and goal-setting theory). Sample: 44 companies of the SMI and SMIM Method: Conventional performance indicators and performance independent operating figures were analyzed in order to detect potential correlations. Results: The analysis of the data showed that there is no significant correlation between pure performance indicators and the variable compensation of the management. Only the correlation between performance independent operating figures (FTE and EBITDA) and management compensation was empirically demonstrated. Conclusion: The results suggest to keep variable compensation, but at the same time renounce bonus payments during inefficient years: Follow real variable compensation! 4
5 5 Future Challenges Five Elements Influencing the Generations Virtual Teams Work-Life- Balance Home office New technologies Electronic devices Virtual workplaces & projects Workforce Private / Business Life Different interests Interests & knowledge outside of business Different jobs & life styles Generation A - X Generation Y Increased aged work force structure Change of competencies change of people Loss of organisational knowledge & internal available experience Shortage of young people Diversity Shortage of Knowledge Increasing culture mix Gender issues Heterogeneous teams Different ways of how to reach success (short term / long term) Decreasing relevance of knowledge High demand for learning & training High demand for higher educated and specialised experts
6 Compensation Components European Trends Compensation components Importance / relevance Value / Amount Degree of complexity Performance contribution / criteria Long Term (LTI) Increasing (high) Increasing (high) Decreasing (very high) Peer Relative Performance Short Term (STI) Important (high) Less high / capped More Transparency Team & Unit Performance Annual Base Salary (ABS) Still high Increasing for senior positions Easy / Function based Compentency & Role based Fringe Benefits Decreasing Decreasing (taxe authorities) Decreasing Level based Pension Fund Heavy under construction n.a. n.a. Assets & Performance 6
7 Compensation Trends Overview and Priorities for Compensation & HR Leaders TREND OPERATIVE STRATEGIC Internal Cost control Competency & role based salaries role Performance measurement Simple and transparent compensation External Relative performance Strengthen and increase influence of the board of directors & compensation committee Real variable compensation Understand the companies' market position (internal / external) Performance measurement 7
8 Summary / Conclusion Role based base salary (internal equity) Variable compensation linked to performance, higher transparency People generally think transaction and career related (you must know and understand the hidden agenda of the different generations) 8
9 Thank you! klingler consultants ag Prime Tower Hardstrasse 201 Postfach 3218 CH-8021 Zürich T F info@klinglerconsultants.ch
10 Our services COMPENSATION STRATEGY & IMPLEMENTATION Development and simulation of a compensation system Competence and performance Evaluation MARKET POSITIONING Executive compensation consultancy Function-specific market comparisons Salary surveys HR CONSULTING Function and human capital evaluations HR controlling & metrics Guidelines, policies and processes Development of total compensation strategy Development of base salary structures (salary bands, internal equity) Audit of existing compensation concepts Development, simulation & implementation of variable compensation systems (bonus, deferred bonus, bonus banks, share and option instruments, long-term variable compensation) Instruments for the automated calculation and distribution of base salaries Definition and selection of performance management systems (MBO) Development of performance and Executive compensation analysis and benchmarking Executive compensation research (executive functions) Salary comparisons (benchmarks) for specific functions (e.g. specialist, manager) and fields (e.g. IT, HR, banks, pharmaceutical) Benchmarks for fringe benefits including pension fund contributions Industry-specific salary surveys (pharmaceutical, biotech industry, life science, medtech, etc.) Execution of club surveys (surveys in Specific segments) Function audits with EXCEL-based tools Development of job families, job matching, and job levels Benchmarking of roles Development of a HR strategy Succession planning, strategic HR planning HR metrics / benchmarks Audit of HR tools Audit of existing HR policies, guidelines and processes Development of new HR
11 INTERNAL Appendix Compensation Trends (1/2) TREND Cost control Competency & role based salaries role Performance measurement SUGGESTIONS Avoid automatisms (systematic salary increases, etc.) Keep an eye on costs related to pension funds and adapt the solutions if necessary Introduce role and function based salaries and job families in order to better react to shortages on the labor market or for specific employee groups Perform internal peer group comparisons Enable that base salaries are internally on a comparable level by compensating the role specific requirements of the function Disregard the gender, the age, the nationality and the seniority of the job holder or else your system will generate discrimination Balanced between profit, cost and company development Performance criteria should be objective, qualitative and not manipulable Set measureable quantitative targets (e.g. revenue) as well as qualitative targets (e.g. encouragement of employees) and set them bilaterally Compensate team and business unit performance Simplify the existing system where possible and use a maximum of 7 indicators 11
12 EXTERNAL Appendix Compensation Trends (2/2) TREND Simple and transparent compensation Real variable compensation Relative performance Strengthen and increase influence of the board of directors & compensation committee Understand the companies' market position SUGGESTIONS Review the variable compensation part regarding clarity and comprehensibility Bonus payment can be equal to zero if the company s profitability is low Tie the variable payment with the team-unit or company performance Set incentives which support the loyalty of the employees towards the company and consider the relative performance towards the market Align your compensation strategy with your business strategy and adjust it if necessary Conduct an audit of your compensation strategy Ensure that your compensation committee is competent and experienced in compensation matters Participate regularly in remuneration surveys Use different sources when analyzing your market position (min. 2 sources) Verify the sources and the methodology of the survey and ask for transparency of the applied methodology Only rely on competency and role based surveys with a clear job catalogue (no regression based salary data on a self declaration basis) 12
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