Asia and Thailand Reward Trends th March 2012 Thanwa Chulajata

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1 Asia and Thailand Reward Trends th March 2012 Thanwa Chulajata

2 What we will cover Regional Market Snapshot Thailand Reward Trends Economic Indicators Pay Market Findings Participant Profile Remuneration Management Market Pay Movement Working Conditions and HR Issues 2

3 About Hay Group: we look at things differently

4 Hay Group online diagnostics How we organize our business Our purpose Helping organizations work Our practice clusters Building effective organizations Leadership and talent Reward services Our service lines BEO solutions Leadership transformation Executive rewards Job Capability evaluation Performance management assessment Talent management Reward Information Services Reward strategies Hay Group Insight: employee and customer surveys 4

5 Helping organizations with their leadership and talent issues No matter how good they may be, your top people and emerging talent need to be in step with your strategy and operating model to deliver the best results. We can help you develop and retain leaders, leadership teams and other strategic talent that is crucial to sustained success. You can leverage our pioneering research into human behavior to align your leaders with your strategy. Our services help you identify and nurture future leaders and make sure your people are focused on your business objectives. Drawing on our renowned databases of leadership data, you can benchmark your people against outstanding performers in order to make the best staffing decisions. 5

6 Helping organizations through our reward services From setting remuneration levels to identifying the right benefits and executive rewards, providing the right reward program is essential to attracting and retaining talented staff at all levels. Hay Group research has shown that, on average, it costs the equivalent of six months salary to replace a person who leaves an organization. So it s important to invest time and effort to get your reward programs right. With Hay Group, you gain experience, expertise, market knowledge and insight, as well as the world s most comprehensive remuneration, benefits and reward management practices databases. Our global network of total rewards consultants provides a clear understanding of business practices, industry trends and most of all, a clear understanding of people. 6

7 Helping clients to build effective organizations If you are driving change or simply trying to realize more value from your plans, being able to translate your strategy into reality is key to building an effective organization. Hay Group works with leaders to solve their business issues by: Creating a joined-up effective organization. We ensure that core operating principles, organization structure, culture and accountabilities are truly aligned with, and deliver, the business strategy. Helping clients develop clarity of direction and purpose. We help provide clarity and gain commitment to goals and strategies, developing both the team and individual's capability to sustain an effective organization. Focusing on generating value. We focus on implementing improvements that generate real benefits to our clients' businesses as speedily as possible. 7

8 Helping organizations with their employee and customer surveys An effective employee survey is one of the key means through which your organization can define and measure whether it is creating the necessary energy and purpose to ensure that great results occur. It s no surprise then that most organizations use employee and customer surveys. But asking the question isn t enough. The true benefits come when employee feedback is translated into meaningful action. It s here that Hay Group s employee survey process stands out. We can help you ask the right questions, understand what the results mean and prioritize actions (using our comprehensive database of normative benchmarks) and in doing so help your organization and your people achieve their potential. 8

9 Hay Group offers the Ultimate Range of HR tools Attract Talent Screening + Selection Tool Managing Talent For Growth Assessment + Development Rewards Services Data + Consulting Organization Effectiveness Engagement + Enablement High Performance Organization HAY Group is here to support every phase of your Employee Life cycle needs 9

10 Ultimate Range of HR Tools Tools and Services to support every phase of your Talent Life-cycle Attract Talent Screening & Selection Tools Personality,/ Role Suitability Testing Verbal, Numerical, Logical Thinking ability tests Team Profiling Managing Talent for Growth Assessment + Development Growth Factors Inventory (hi-potential identification) Emotional & Social Competency Inventory (Leadership Development) Talent Q (development report) Pathfinder (e-learning support tool) High Performance Organization Reward Talent PayNet Compensation Database Salary Benchmarking Grade + Salary Structure Design Engaging Talent via Organization Effectiveness Survey 10

11 The facts and figures $450m Offices in 48 countries Employees worldwide International clients Turnover 11

12 01 Regional Market Snapshot

13 Regional Economic Outlook % 12% 10% 8% 6% 4% 2% 0% China India Indonesia Malaysia Singapore Thailand Vietnam GDP 8.2% 7.8% 6.3% 4.4% 4.0% 6.0% 6.0% Inflation 3.8% 8.5% 4.7% 2.6% 2.9% 3.9% 11.7% Unemployment Rate 6.4% 9.8% 6.6% 3.3% 2.1% 1.6% 4.1% 13

14 Regional Salary Movement Actual and Forecast % 13.70% 13.00% 8.70% 9.50% 11.18% 10.40% 10.40% 6.20% 6.10% 6.14% 6.11% 4.50% 4.50% China India Indonesia Malaysia Singapore Thailand Vietnam 14

15 Regional Variable Bonus (no. of month) Actual and Forecast China India Indonesia Malaysia Singapore Thailand Vietnam 15

16 Regional Employee Turnover

17 Country Insight - India Workforce planning/sourcing : India is a growing market with the globalization economy is open for the talent war with the options available to professionals. Talent acquisition is and quality of manpower is the key issues now. Employee motivation : Keeping the workforce motivated is one of the key challenges of HR. Motivation no longer comes from not only a attractive pay package but also talent segmentation with performance appraisal and rewards is essential to a good team of workers. Employees also expect job satisfaction, learning and development facilities. Talent retention and employee engagement : Work-life balance and organization climate are considered part of the employee experience. Employee Satisfaction Surveys cannot just remain an exercise and results cannot simply be ignored yet implementation to develop have to be presented. 17

18 Country Insight - China Globalization : Companies are exploring new sources of revenue such as expansion into new markets-either from mature economics into fast-growing markets like China, India. The expatriate pay and regional roles are the reward implications need to be focused. Win the leadership talent war : The new type of leader in is short supply and globalization means that the best people will go the highest payer, whatever in the world happen to be. These lead to engaging leaders through non-cash elements and ensure development opportunities and career growth especially in the senior management and executive level. Key three issues are organization climate/leadership style, work life balance and reward. Do more with less : Minimum wage increase every year and with the limited budget, hence, the communication through Total Remuneration Statements and Return on Investment is the key issues to ensure value for every budget spent. Initiate to move base from 1 st tier to 2 nd tier cities in order to save cost is also considering. 18

19 Country Insight - Malaysia Pay mix : More caution on salaries especially after the last global recession. Particular in the area of balancing between the fixed and variable costs. Moving toward more on pay for performance : linking performance with variable bonus; linking salaries more to competency and capability, exceptional increase of salaries only provided to high flyers (talents). Reward budgets are in more targeted way. Manpower cost : Start looking at higher return on investment on their manpower cost spending and try to create more engaging workforce (with less cost) Benefit plan : Some companies have starting to look at the possibilities to reduce non-performance related benefits and using this saving to pay higher salaries to the high calibers (with same cost concept) New minimum wage : With recent announcement on possibility of launching minimum wages next year also created some tension in the market. 19

20 Country Insight - Singapore Rising inflation : Lingering concern about rising prices, rising inflation. Most of company considered giving salary supplements in form of one time payment, account for inflation in their annual increment and more aggressive salary increment range and also other forms of assistance provided to employees eg supermarket vouchers, subsidized meals, lunch, subsidized transports, increase transport allowance. Employee motivation and retention : Key challenge is to motivate and retain employees, especially the High Potentials and High Performers. Hiring trend : it is very likely to be focused on permanent roles in Singapore, however fixed term contracts will also be a key part of hiring strategies. These contract hires may plug the gap created by restrictions on permanent headcount increases. Hot jobs are engineering, sales and finance. Reducing hiring expatriated but more localized hire. Succession planning : Talented staff always have options in the jobs market. That s why employers will not only review their retention strategy, but will focus on succession planning in 2012, particularly for roles where skills shortages are greatest. 20

21 Country Insight - Indonesia Talent management : The economy is in a favorable position to be able to grow faster in Demand and supply for talent are increasing due to the positive growth of industries. Talent Management is still becoming the hot topic across industries as well as employee value proposition. Critical skill gaps : With the changes of company goals and directions or business models, many organizations are facing with critical skill gaps as the skills of the current workforce do not match with it. The pay premium industries : Pay Trend of leading sectors are including FMCG, Telecommunications, Hi-Tech, Financial Institutions, and Automotive. New investments, mergers and acquisitions : there are still taking place. The most sought after jobs are in the areas of Finance, HR, Sales and Marketing and Engineering. 21

22 Country Insight - Vietnam Key industries : Sectors that has seen massive expansion and significant contributors to the GDP are Oil & Gas, Banking, FMCG, Property and Manufacturing. Minimum wage : Apply the country s labor regulations, the minimum wage is adjusted every year, most of employee at FIEs earning more than the minimum wage have not seen any subsequent changes in their salaries. Labor market is highly mobile: Many labor-intensive companies, especially those in free trade zones and industrial parks (IPs), are facing massive labor shortages. This is not only due to salary or work condition but also because of most of the laborers are more likely to choose jobs near their home towns and families. Employee engagement : Benefits is a key to retention strategies. Common benefits seen are uniform / laundry, transport allowances, additional medical assistance, health screening, and in some cases housing allowance. Not only benefit but also Internal equity, motivational value in reward program, reputation, learning & development opportunities and better work conditions. Remuneration Mix : Depending on levels, 13 months pay is a norm with smaller variable bonuses. LTIs do not seem to be enticing levels below Middle Level Management. Lower level is more focus on benefit than cash. 22

23 Country Insight - Thailand M&A: Large conglomerates aiming for inorganic growth, restructuring and expansion to be regional Workforce planning: Increased market competition requires organizations to use available resources more efficiently and effectively War for talent continues: Attracting and managing critical few: hi-potential talent and leaders succession planning Change in SOE and Gov: Increased drive for more productivity and efficiency in SOE and government agencies Change management: Implementation of desired changes Performance management: Managing poor performance in organizations Improving HR capabilities: re-skill of HR professionals Engaging employees: employee engagement is the key 23

24 Regional Pay Differential : Base Salary Base Salary = 12 monthly basic salary + fixed payment 320% Thailand Market Median = 100% 324% 260% 238% 200% 155% 140% 102% 125% 116% 80% 20% 96% 83% 70% 59% 68% 60% 34% 34% 33% 99% 73% 61% 64% 48% China India Indonesia Malaysia Singapore Vietnam Clerical Junior Professional Middle Management Senior Management 24

25 Regional Pay Differential : Total Earning Total Earning = Total Cash (Base Salary plus short term incentives) + fixed cash allowance 320% Thailand Market Median = 100% 307% 280% 240% 225% 200% 160% 120% 127% 100% 145% 110% 80% 40% 95% 98% 86% 69% 72% 69% 73% 57% 62% 60% 61% 60% 57% 49% China India Indonesia Malaysia Singapore Vietnam Clerical Junior Professional Middle Management Senior Management 25

26 02 Thailand Reward Trends

27 Thailand Economic Indicators Economic Indicators as of March 2012 Percentage 2011 (Actual) 2012 (Estimated) 2013 (Forecasted) GDP Growth a (%) Headline Inflation a (%) Unemployment b (%) n/a Average Salary Increase C (%) (as of March 2012) Average Variable Bonus C (No. of Month) (as of March 2012) Source: a. Bank of Thailand b. National Statistical Office Thailand c. Hay Group's E-Poll Survey, March

28 Participant Profile

29 Participant Profile By Ownership Government 2% 15% 15% By Sectors 13% 13% 13% 8% 8% Foreign Owned 57% Domestically Owned (non-govt) 41% 4% 6% 5% Chemicals Consumer Financials High Industrials Insurance Oil and Gas Real Estate Utility Other Goods Technology Sectors Others Activities included : 1. Basic Resources 2. Health and Life Science 3. Public Sector & NPF 4. Retail, 5. Services 6. Telecommunications & Media 7. Transportation 36% 32% 32% 28% By Employee Size By Revenue size 17% 16% 12% 8% 8% 8% 3% < >2000 < 501M 501M - 1,000M 1,001M - 5,000M 5,001M - 10,000M 10,001M - 50,000M > 50,000M 29

30 Salary Review Month (Effective Date) 59% 21% 3% 4% 1% 4% 3% 1% 1% 3% 30

31 Remuneration Management

32 Ways to Design Salary Structure Multiple Structure can be divided into three main types which are Critical/Talent Skill, Job Family Base, and Location Base. From the analysis, Location Base Multiple Structure type is the most widely used. Types of Multiple Structure 22% 22% 56% Multiple Structure applied with different functions/ business units 23% Single Structure applied throughout the company 77% Critical/Talent Skill Job Family Base Location Base 32

33 Remuneration Mix Current Practice :: by Employee Level Senior Management / Executive 65% 20% 8% 7% Base Salary (12 Month Salary + Fixed Bonus) Middle Management/ Seasoned Professional 67% 18% 8% 7% Incentives/Variable Bonus Supervisory/ Junior Professional 69% 18% 6% 7% Total Allowance Benefits Clerical/Operations 70% 17% 6% 7% 33

34 Remuneration Mix Current Practice :: by Sectors Other Sectors 75% 13% 6% 6% Utility 55% 22% 14% 9% Real Estate Oil and Gas 66% 64% 18% 21% 6% 7% 7% 11% Base Salary (12 Month Salary + Fixed Bonus) Insurance 71% 16% 4% 9% Incentives/Variable Bonus Industrials 69% 18% 6% 7% High Technology 76% 12% 3% 9% Total Allowance Financials Consumer Goods 54% 72% 23% 12% 17% 11% 3% 8% Benefits Chemicals 68% 18% 7% 7% General Market 68% 18% 5% 9% 34

35 Primary Basis on which Remuneration Policy is Determined As you can see, most companies currently use Basic Salary as their primary base of salary comparison. However, in the near future, companies will continuously shift to the use of Total Cash and Total Remuneration as the primary basis of salary comparison. Since employers gradually increase employees salary base on personal performance achievement and, on the other hand, employees progressively look at the benefit they receive from employers. 10% 19% 44% 19% 23% 52% 10% 23% Benchmark Pay Policy (Current Practice) Benchmark Pay Policy (Plan) Basic Salary Base Salary Total Cash Total Remuneration 35

36 Plan on Revising the Current Salary Structure classified by Salary Structure Age* 20% 39% 40% 63% Yes, we are planning to do Yes, we are doing 48% 60% 80% No 30% 13% 7% 1-3 years 4-6 years 7-10 years above 10 years *Salary Structure Age is how long of the Salary Structure which your company have been used. 36

37 Developing Remuneration Policy

38 Remuneration Policy on Market Stance 45% 36% 12% 2% 5% AVG - Average P25 to P50 - Between Lower Quartile and Median P50 or MD - Median P50 to P75 - Between Median and Upper Quartile P75 or Q3 - Upper Quartile 38

39 How Long does It Take to Move a Fully Competent Employee from Minimum to Midpoint of Salary Range 66% 25% 9% 1-3 Years 4-6 Years 7-9 Years 39

40 Reference Markets Used to Determine Remuneration Policy Other Sectors 43% 21% 36% Utility 33% 17% 50% Real Estate 29% 71% All Organizations (General Market) Oil and Gas 17% 17% 66% Insurance 36% 64% Industrials 64% 7% 29% Select Peer Group of Companies High Technology 25% 75% Financials 100% Consumer Goods Chemicals 17% 22% 49% 13% 61% 38% Your Industry Sector General Market 29% 15% 56% 40

41 Market Pay Movement

42 Total Basic Salary Increase 2012 to 2013 :: by Employee Level * Clerical/Operations Supervisory/Junior Professional Middle Management/ Seasoned Professional Senior Management/Executive Forecasted % 6.42% 6.30% 6.23% 6.37% Actual % 6.22% 6.01% 5.95% 6.14% Forecast % 6.15% 6.00% 5.94% 6.11% Overall 42

43 Total Basic Salary Increase 2012 to 2013 :: by Sectors General Market Chemicals Consumer Goods Financials High Technology Industrials Insurance Oil and Gas Real Estate Utility Other Sectors Actual % 5.66% 6.72% 5.90% 6.61% 5.88% 5.39% 6.69% 6.04% 6.21% 5.89% Forecast % 5.67% 6.40% 6.19% 6.44% 6.35% 5.31% 6.34% 6.50% 6.21% 5.78% 43

44 Total Bonus Payment 2011 to 2012 :: by Employee Level * Clerical/Operations Supervisory/Junior Professional Middle Management/ Seasoned Professional Senior Management/Executive Forecasted Actual Forecasted Overall 44

45 Total Bonus Payment 2011 to 2012 :: by Sectors General Market Chemicals Consumer Goods Financials High Technology Industrials Insurance Oil and Gas Real Estate Utility Other Sectors Actual Forecast

46 Pay Comparison by Sectors : Base Salary 140% All Sectors Market Median = 100% 137% 131% 120% 118% 118% 119% 120% 109% 110% 105% 106% 100% 99% 96% 80% 76% 87% 85% 82% 82% 89% 79% 60% Chemical FMCG Manufacturing Oil & Gas Real Estate Clerical Junior Professional Middle Management Senior Management *Source: Hay PayNet Database 46

47 Pay Comparison by Sectors : Total Earning 140% All Sectors Market Median = 100% 136% 131% 137% 120% 118% 117% 113% 110% 106% 119% 108% 100% 100% 80% 90% 89% 83% 79% 89% 77% 95% 60% 68% Chemical FMCG Manufacturing Oil & Gas Real Estate Clerical Junior Professional Middle Management Senior Management *Source: Hay PayNet Database 47

48 Starting Salary-Diploma/Vocational (THB/ Month) at Median 0 2,000 4,000 6,000 8,000 10,000 12,000 Accounting Admin/Support/Service Customer Service Design/Creative/Advertising Engineering Finance Health & Environment Human Resources IT & Telecom Legal Logistics/Supply Chain Marketing Merchandize Operations Production Sales 48

49 Starting Salary-Bachelor Degree (THB/ Month) at Median 0 5,000 10,000 15,000 20,000 Accounting Admin/Support/Service Customer Service Design/Creative/Advertising Engineering Finance Health & Environment Human Resources IT & Telecom Legal Logistics/Supply Chain Marketing Merchandize Operations Production R&D Sales

50 Impacts from New Minimum Wage and Starting Rate Agreed 39% Disagreed 61% Less impact Little impact Moderate impact Significant impact Most impact Be relevant to current cost of living Lift up Thai labor skills and standard Higher payroll and operating cost Should gradually be adjusted step by step Should consider by industries and ability Payroll cost will be potentially increased 10%-30%* *Exclude from cost implication caused by salary compression 50

51 Working Conditions and HR Issues

52 Employee Turnover Rate :: by Employee Level 18% 15% 13% 13% 11% Clerical/Operations Supervisory/Junior Professional Middle Management/ Seasoned Professional Senior Management/Executive Overall 52

53 Employee Turnover Rate :: by Sectors 26% 21% 21% 15% 15% 17% 11% 10% 8% 8% General Market Chemicals Consumer Goods High Technology Industrials Insurance Oil and Gas Real Estate Utility Other Sectors Others Activities included : 1. Basic Resources 2. Health and Life Science 3. Public Sector & NFP 4. Retail, 5. Services 6. Telecommunications & Media 7. Transportation 53

54 Workforce Planning in 2012 Unchanged 28% Increase Headcount 65% Decrease Headcount 7% 54

55 Top Three Recruitment Difficulty Job Family Employee Level No. of Companies Sales Supervisory/Junior Professional 15 Engineering Supervisory/Junior Professional 13 Information Technology Middle Management/ Seasoned Professional 12 Above is the top three working functions, which are the result from 119 participants who participated, that are selected to contain the most recruitment difficulty. This result is considered from the classification by Job Family and Employee Level. 55

56 Top Three Highest Employee Turnover Job Family Employee Level No. of Companies Sales Supervisory/Junior Professional 19 Engineering Supervisory/Junior Professional 17 Productions Middle Management/ Seasoned Professional 15 Above is the top three working functions, which are the result from 119 participants who participated, that are selected to be the most working functions that maintain the most Employee Turnover issue. This result is considered from the classification mode of Job Family and Employee Level. 56

57 Current HR Issues Work Culture Capability Assessment Job Evaluation/Job Design Organization Structure Review Competencies Business Strategy Reward Management Manpower Planning Training & Development Recruitment and Selection Performance Management Succession Planning Employee Engagement Talent Management & Career Path Leadership Transformation/Development 60% 62% 63% 65% 66% 68% 72% 74% 78% 79% 81% 81% 82% 84% 85% 57

58 Plan to Resolve HR Issues Work Culture 27% 39% 34% Capability Assessment 20% 43% 37% Job Evaluation/Job Design 27% 29% 44% Organization Structure 21% 23% 56% Review Competencies 19% 39% 42% Business Strategy 22% 56% 22% No Reward Management Manpower Planning 14% 17% 42% 23% 44% 60% Yes, we are doing Training & Development 10% 21% 69% Yes, we are planning to do Recruitment and Selection 12% 14% 74% Performance Management 10% 26% 64% Succession Planning 13% 43% 44% Employee Engagement 11% 44% 45% Talent Management & Career Path 10% 45% 45% Leadership Transformation/Development 8% 31% 61% 58

59 Thank You For more information please contact Hay Group Limited 18 th Floor Unit 3, Q. House Lumpini, 1 South Sathorn Road, Thung Mahamek, Sathorn, Bangkok 10120, Thailand Tel: (02) Fax: (02)

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