HR Committee: Compensation and Benefits Workshop
On November 22nd at the Westin Grande Sukhumvit, leaders from the HR industry shared trends and best practices in compensation and benefits to retain best talent in Thailand in this rapidly evolving digital world, where no one compensation package fits all.
One of the key elements in any organization is human capital. Agile organizations need to move from traditional Employee Value Proposition to Talent Experience Proposition to maximize talent retention. Juckchai Boonyawat, CEO of Mercer (Thailand) unveiled the most recent data and insights from the workforce revolution, compensation mix and growth across different industry sectors and countries. Juckchai shared the 2020 forecasts in salary increase, trends in variable bonus payouts as well as strategies for creating smart packages to incentivize the smart millennials. He highlighted that millennials today value flexible benefits that allows them adaptable work hours, better healthcare, work-life balance, access to education and career and personal development. With the augment of AI, reskilling employees and reshaping organization structures is also key to retain talent.
Sudip Indani, Head, Health & Benefits, Willis Towers Watson spoke about rethinking rewards and recognition and emphasized tailoring a wider range of rewards to a more diverse workforce. With a background in finance and employee well-being, he drew comparisons between the company cost for traditional benefits versus flexible benefits and highlighted the importance of a holistic view of employee wellness and company goals while designing benefits packages.
Followed by a Q& A session, the event concluded with insightful takeaways and new learnings. It had a turnout of 66 people was organized by AMCHAM Thailand’s HR Committee leaders Richard Jackson, RLC Recruitment Co., Ltd., Shaun Wong, Baker Tilly Thailand Ltd. (BTT) and moderated by Sukkamon Sopachote, Ford Motor Company.
More photos from the event can be seen on Facebook.