Unlike the much criticized guaranteed bonus culture in the financial sector, Hong Kong businesses are planning to make performance related pay a key part of their 2011 plan, matching rewards with real results, finds a report by Regus. Set against an overall bullish business outlook, high-performing staff can look forward to enhanced earnings this year; but business sees no room for complacent workers as economic recovery takes hold.
In Hong Kong, the top resolutions were to add new staff, expand workspace, invest working capital, reduce operating overheads, and introduce more performance related pay - broadly consistent with the global picture.
“Business attitudes for 2011 show a gritty determination to go for growth and ride the wave of global economic development, but tolerance for any kind of ‘jobs worth’ attitude is in freefall. Staff, especially in small-to-medium sized enterprises, will all have to make a measurable contribution to revenue growth and will, at least in part, be rewarded accordingly. The research clearly shows that performance-related pay is becoming the standard in global businesses,” says William Willems, the VP of S.E.A and ANZ at Regus.
Martin Cerullo, Managing Director-Development, APAC at Alexander Mann Solutions, says the research underlines how the business community is increasingly aligning pay with measurable results. He adds the trend is not expected to be limited to sales teams but will extend to people working in production, customer service or administrative jobs. "Intelligent measures are being formulated and introduced – often related to overall company performance - to make sure that employees are suitably incentivised. So long as the measurement systems are fair, employees tend to be enthusiastic about their introduction,” notes Cerullo.
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