There are several things that need to be looked at:
- The pay setting process needs to be transparent, while employees need to understand how they move up the grades as well as how they move through the pay scale.
- The remuneration policy needs to be a public document with base pay being set according to the complexity of work.
- Short-Term-Incentives need to reward a job well done depending on past results while Long-Term-Initiatives need to match shareholder growth.
- Benefits also need to commensurate with industry norms while there needs to be a better alignment between performance and pay, disentangling skill from luck.
- Governance frameworks also need to be adhered to and guidance needs to be provided on addressing inequality.
B.Sc Chem. Eng., MBA – Leadership & Sustainability