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Global Compensation and Benefit Governance

28 november, 2008

In recent years compensation and benefits governance has been high on the agenda of many companies. This has been driven in part by concerns around the impact of benefit costs on companies’ finances, a general move toward effectively managing financial and legal risks in the wake of corporate scandals and a trend to harmonize the treatment of benefits in the areas of accounting standards and financial reporting.

The recent market turmoil and the potential economic downturn confront companies with further significant challenges requiring quick and strong decisions. Given the global nature of the current economic malaise, companies need a global response in the compensation and benefits environment which is based on a strong and robust global decision making process.

Global Compensation and Benefit Governance is a system of decision making structures, processes, practices and values that enable an organisation to make good and actionable decisions. This enables it to mitigate risk associated with compensation and benefits around the globe. The main elements of the governance process include assessing the current state in the organisation, developing strategies and structures and clearly communicating roles and responsibilities from the Board, through Corporate to the local business level.

Besides the above mentioned advantages of good global governance it also creates an environment in which the strategic advantages that compensation and benefit structures can provide are more likely to be realised. Further, governance allows for efficient management of information throughout the organisation including greater transparency, the leveraging of global purchasing power, research, experience and intelligence and the building of a global company brand.

The attached article provides more insight on Global Compensation and Benefit Governance. Watson Wyatt will organise a OneWorld seminar on the subject of Global Governance on 24 March 2009. We will provide more information about this seminar later on.

Meer weten? Neem contact op met Danny Vercruyce

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