HR leaders have been urged to help their organisations optimise talent as well as achieve a strategic balance between rewarding employees and costs to other relevant stakeholders.
This was made known at the breakfast meeting hosted by PwC’s People & Organisation (P&O) team in Lagos, on the theme: Disruption in HR: Revving your game with strategic reward
PwC Nigeria P& O Advisory Competency Leader, Ibironke Tolu-Ogunpolu said research has revealed new ways of engaging employee for the future.
In his words: “Drawing on our research on disruptive developments across various sectors and the future of work, we’ve identified key priorities for optimising talent – or human capital – today, while building for the future.
Some of these include developing dynamic models for the workforce of the future, maximising the potential of digital talent exchange, digitising the work place to fuel productivity and integrating data analytics for decision making support. It is also important to redesign jobs and compensation models to reward contribution to business value.”
PwC Nigeria Partner and P & O Tax unit leader, Esiri Agbeyi while commenting on the tax presentation highlighted that the current environmental realities present an opportunity for discerning HR leaders to achieve better results from their workforce, sustain employee engagement and deliver greater value for the organisation.
Agbeyi said: “HR leaders must help their organisations achieve a strategic balance between rewarding employees and costs to other relevant stakeholders. They can achieve this by adopting a multi-competency approach that considers the entire business and core strategic values.
As an example, paying attention to tax advantages or leakages in determining a reward policy is critical to mitigating extra costs to both employees and employer, moreso when such employees are internationally mobile and can pick up more costs in the host countries due to difference in tax treatments or the absence of a double tax treaty.
We typically find this with long term incentive schemes such as share schemes where the cost consequences of accounting, tax and even foreign exchange implications should not be overlooked.”
Meanwhile, a Senior Manager with PwC, Seyi Onasanya explained that benefits form one of the key elements of any value proposition and it is essential for organisations to understand the landscape of current and future benefit trends in Nigeria and globally. That is why PwC is embarking on a reward survey.
“The PwC’s 2016 REMbenefit and REMChannel Policies Survey seeks to explore how benefit policies and practices compare between employers in Nigeria, will be published early 2017 and is now open for participation.” Onasanya announced.