Frazer Jones recently hosted its Reward Leadership Forum at the Royal Exchange.
Numerous Reward Directors attended from a diverse range of sectors discussing topical subjects inclusive of Gender Pay Gap, Brexit, Global Grading, Performance Related Pay and Flexible Benefits. Firms in attendance ranged from multinational powerhouses in oil and gas, boutique financial services businesses in asset management and private equity, bulge bracket banks, blue-chip FMCG’s and global tech companies.
Feedback was positive, with many in attendance valuing views from their cross-sector counterparts, particularly as the topics discussed were of a generalist reward nature. As conversations evolved, many in the room gleaned information on some challenges firms are currently facing, particularly around Gender Pay. Although the average disparity in pay figures for many firms will raise eyebrows to those externally looking in (whilst causing migraines for executives and board members!), the majority in the room concluded ‘the numbers will be the numbers’ but discussed initiatives to increase engagement, particularly with women after education, and to enhance their careers from the grassroots up.
Performance Related Pay was another lively discussion in which many participated, with the common cry being Performance Pay which was on the way out for many firms in multiple sectors. Firms have taken on a much more holistic approach to pay, ensuring employees focus on delivery of objectives in line with company culture. As the breakfast event drew to a close, Victoria Gibbard, a Senior Reward Director at PepsiCo, discussed some of the challenges around offering flexible benefits to a wide population base, with some of the law firms in attendance adding valuable insights with some of the approaches they had taken. Often described as the ‘poor cousin of compensation’, it was wonderful to see Reward Directors who were incredibly passionate to promote wellness and choice in their respective firms.
John Edwards, an Executive Director in Reward at RBS stated "It was great to get senior reward professionals from a range of sectors together to cover relevant topics. The conversation was easy flowing and allowed a number of experiences to be discussed in a relaxed but professional setting."
If you’re interested in finding out more about our Reward Leadership Forums, or would like a confidential discussion, please don’t hesitate to contact me.