Transparent remuneration policies improve OD/HR management: They yield towards delivering strategized formulated compensation to ensure firstly internal equitability and secondly external competitiveness
A national remuneration survey will form the basis from which companies can further develop their human resources and remuneration policies, according to the Namibian team of Premier Human Capital Corporation; a Pan African group that serves client companies by providing accurate, practical and professional business and human resources management interventions.
Premier Human Capital (OD/HR) Consultant, Jason Hutchins explained that the survey will be conducted to assist companies in making informed remuneration decisions. “It is imperative for companies to make prudent remuneration decisions that are market related for the year 2016 and beyond” he recently told the Economist.
Hutchins explained that the survey will target all industries that do not have statutory minimum wage limits according to the Labour Act regulations.
Participating companies will be able to have a view of their current structure and make informed decisions relevant to the data and help create transparency and remuneration information accessible to all employer and employees.
Premier Human Capital advised that there is no limit to which companies can participate, stating that any company in any industry is welcome. “As many as possible, we have no limit. All industry sectors are welcome i.e. at any tier and will be benchmarked ultimately accordingly to tiered competitor level,” said Hutchins. The benchmarking will yield an impartial and accurate idea of pay information to help businesses make informed and effective remuneration decisions, while at the same time accounting for variations that need to be considered.
The survey will be conducted by using software data tools that appropriate statistical and econometric techniques to analyse the collected data. This will then be presented in an easy-to-interpret way to the intended user.
“After confirmation of participation we will revert back with a data sheet. The data sheet will assist us to determine the fee package for the participant company based on size and structures. This then will ultimately comprise a comprehensive report. Organisations can thus after review – set the right compensation package, and have a competitive advantage so as to attract, retain and motivate their employees. All information will be treated with strict confidentiality and results will be available to participants only. However reports will statistically be available on request form any interested party. The analysis will not disclose individual names of participating companies nor their employees,” he emphasised.
OD/HR managers/directors who need to find out more about the survey can email to [email protected] or go to website www.phccglobal.com