SUNBIZ

Consider Behavioural, Cultural Aspect In Remuneration Process

Chairpersons and board members must engage and be aware of what’s happening in the market, the competition and what needs to be done to retain your market share. Jenny Seeto,
25 Jun 2017 15:27
Consider Behavioural, Cultural  Aspect In Remuneration Process
Participants at the Topex Conference 2017 at the Shangri-La’s Fijian Resort and Spa on Yanuca Island. Photo: Waisea Nasokia

Chairpersons and board members must engage and be aware of what’s happening in the market, the competition and what needs to be done to retain your market share.

Jenny Seeto, a partner at PricewaterhouseCoopers made the statement at the final day of the TOPEX conference at Shangri La’s Fijian Resort and Spa.

She spoke on the topic, Executive Remuneration. To make it work, it was important to think long term.

“The major challenge for remuneration is looking at the overall package and competitors. This includes looking at the information and to be relevant.”

Mrs Seeto said simply looking at the number of years someone worked is not necessary for the performance of the company.

Other areas business leaders should consider are Fiji’s behavioural aspects, customer satisfaction and cultural aspects. These, she said are very important.

“Business linkage with culture, it looks at the behaviours, the vision and the informal motivation processes.

“We encouraging companies to work towards outcome based performances.

“I think in Fiji we really need to improve corporate governance when it comes to renumeration.

This includes having staff committees that understand what renumeration is all about.

Also speaking on ‘Work Life Balance’ was Steve Nutley.

“It’s important to limit time wasting,  turn off email notifications, internet surfing, e-mails for at least three hours a day,” he said.

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