The European Networking Group’s (ENG) 17th annual summit on executive compensation and benefits explored the trends and challenges which are most critical for today’s executive remuneration professionals.
The event brought together senior executives from some of the worlds largest organizations, with attendees working together across a mixture of strategic sessions, case studies, panels, and roundtable discussions to address issues surrounding executive compensation.
Our Three Takeaways:
The gender pay gap will continue to be an issue
An increasing number of regulatory and legislative requirements has helped elevate the conversation of gender pay differences, and this topic will continue to be of concern to enterprises across all industries who are keen to affirm their commitment to a fair and diverse workplace.
The debate will continue to be a complex issue, but there are ways organizations can begin to tackle it. Adopting stricter measures to ensure diversity at the succession planning stage, and creating metrics that allow for pay variation to be justified by performance and output were discussed, along with methods to build a diverse and inclusive culture will make progress towards the required cultural change.
AI will play a big role in future compensation and benefits
Artificial intelligence (AI) and big data are set to be at the forefront of organizations of the future, and large enterprises are questioning how to meet the challenges of integrating them into the workplace. One way AI can help is through customizing benefits for employees, offering benefits that are in sync with their lifestyle and life stage. The goal is to avoid cookie-cutter benefits, such as blanketly offering a car, when it may not be relevant to a single person living in the city center who would prefer a gym subscription. By automating this process, AI will not only free up HR managers to spend more time on other value-added tasks, but it will also act as a way to attract and retain top talent through creating personalized and flexible rewards packages.
The right technology is critical to manage total compensation
Technology is rapidly changing organizations, and the theme naturally raised a lot of interest. Large enterprises are finding that having the right technology to manage their compensation processes can be a critical factor in driving corporate transformation, especially since the requirements are becoming increasingly complex. For organizations to attract the right leaders to execute on strategy, executive compensation and rewards packages not only have to be attractive, competitive, fair and transparent, but they must also be strictly in line with the organization's objectives while being compliant with internal and external regulations.
HR technology limitations or internal complexity should not prevent you from implementing an attractive and competitive compensation and rewards package for executives, regardless of how much it varies across the organization. beqom’s unified Total Compensation solution has a comprehensive approach to tackling the nuances of executive compensation for leading organizations.