On the issue of compensation and benefits, this year carries on in a similar vein to 2012. An increase in optimism has filtered through to employers and, even though some companies are reluctant, many are aggressively reviewing reward strategies to tackle a very competitive market.
The lack of quality data is making the design and benchmarking of packages increasingly challenging. High medical inflation, which has resulted in rising costs for employers, is showing no signs of slowing down any time soon either.
Employees are finding their incomes squeezed as housing prices begin to go up, while those with families face the growing year-on-year expense of schooling. HR teams across the region will need to monitor and review C&B strategies regularly and adopt a flexible approach to employee reward. It could also be time for C&B professionals to take a back seat in HR.
Retaining key employees and attracting the best talent will remain a priority for businesses across the region and HR will have to work smart to compete in a market that continues to evolve.