EB Connect 2013: Employers must recognise that there is no one-size-fits all approach to a global reward strategy.
Speaking at Employee Benefits Connect on 1 March, Caroline Jowett-Ive, group vice-president reward-human resources at Travelport (pictured), explained that the company’s reward strategy in emerging markets is closely aligned to business strategy, as well as to local markets.
The company has global compensation advisers in place and can also rely on local HR and management to provide market and cultural insights to inform its strategies.
Two years ago, Travelport introduced a global grading tool, provided by Towers Watson, to enable consistent job sizing and to be able to link to market pay data. “This enables Travelport to quickly get up and running in a new market,” said Jowett-Ive.
Spencer Roach, an international benefits specialist, explained the importance of recognising that a solution is always unique to an organisation. But he added that the challenge for employers is finding one that fits the needs of an organisation.
According to Roach, a comprehensive benefits programme should: apply a global framework; meet all statutory requirements; allow an organisation to compete for talent in each country or region; allow an organisation to manage costs and risk; and be simple to communicate and administer.
