A surprisingly large number of employing organisations in Singapore and the Southeast Asia region are working without a formal compensation strategy. This is according to the latest Chief of Staff Asia research paper, focused on compensation, benefits, and employee health.
The report, titled Innovation Rules: How Compensation and Benefits Strategies are Evolving in 2023, was released today, and is available for download to all subscribers now.
Among the key insights from the research is that just under half of the organisations surveyed for a recent Payscale report, did not have a clear compensation philosophy in place. While 84% of organisations did have some sort of compensation plan, five out of 10 of these admitted to being unsure what principles or parameters underpinned the policy.
Some organisations admitted to not believing a full-scale compensation strategy was necessary, or that they lacked the knowledge and resources to be strategic about compensation.
The research paper also looks at changes and innovations in non-financial benefits, the impacts of surging inflation and a disrupted economic landscape, and the tightening markets for group medical coverage for employers.
The Innovation Rules: How Compensation and Benefits Strategies are Evolving in 2023 report can be downloaded here.
Subscribe to Chief of Staff Asia for full access to this and our research paper archive here.
