Report: Five keys to getting remuneration right

Australasian findings from Willis Towers Watson's 2018 Getting Compensation Right Survey finds there is growing concern over internal pay equity among New Zealand and Australian employers.

While the New Zealand gender pay gap is smaller than Australia, more employers need a formal process for eliminating bias.

Adam Hall, Head of Talent and Reward at Willis Towers Watson in Australia says 27% of companies do not have formal processes to avoid bias in base pay. "As the reward component includes more variable and discretionary elements, this proportion rises.  "Alarmingly, 58% of companies do not have a formal process for ensuring no bias in long-term incentive eligibility and receivership and 76% do not have processes for ad hoc monetary recognition."

Hall says the tightening labour market is exacerbated in New Zealand which has more acute skill shortages than many other Asia Pacific countries because of its population size and closeness to hubs. Market competitiveness is and will continue to be a critical factor in making pay decisions, cited by 84% of Australasian employers. Over the next three years, 60% indicate that this factor will become even more important.

Adam Hall is available for interview. If you would like to arrange something today, please contact me on the details below. From Monday onwards, please contact Claire King €“ [email protected]

The full release can be found here and a full copy of the Australasian report is attached.

https://www.willistowerswatson.com/en-NZ/press/2018/10/many-businesses-falling-short-on-fair-pay-willis-towers-watson-survey-finds