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© 2019 by The British Chamber of Commerce in Mexico.

Innovation in Compensation

April 5, 2017

Chamber Director Teresa de Lay welcomed everybody to this conference. Then Thibaud Cadieu, from NES Global Talent and current member of the Human Resources Business Sector Group, gave a brief introduction mentioning this event was organised based on the results of a poll taken in the last breakfast-conference 3 Generations-1Way.

 

 

 

Germán Pineda, Head of the Human Resources Business Sector Group then took to the stage to welcome attendees and introduce the panellists.

The first to speak was Ignacio Cano, Senior Client Partner, Korn Ferry Hay Group.


Mr. Cano stated that some important questions to ask yourself are: Are we being effective? What programmes are most important to people? Which are most important to create a strategy? What are the most important positions and people to the organisation?

 

 

 

 

He also mentioned that is vital to not just copy what your competition is offering, but find what works for your company. Furthermore, Mr. Cano pointed out that while increasing salary in the lower ranges will result in a great increase in commitment, this effect diminishes after a certain salary level. Thus, at one point, a further increase in commitment needs a different motivation to salary. Mr Cano then gave multiple suggestions for a compliment to salary:

A lot of costly assessments are being done, but the results are not always used and they really should be implemented. Furthermore, a bonus plan needs to be challenging but also achievable enough to motivate people. Moreover, people should be able to locate themselves on the company value chain. Mr Cano remarked that different age groups have different motivations. Ignacio Cano also spoke of the current and future demographic profile of Mexico and its impact on pensions, and how this will change in the future. Since there is a falling birth rate now, and an ageing population, there are less people to pay more pensions.

 

This was later also mentioned by Sandra Saldaña, Senior Talent Acquisition Specialist, Bank of America Merrill Lynch: You cannot offer the same to a millennial as a baby boomer, each one of them are in different life stages and a differentiation is a very important point to take on board. Mrs. Saldaña asserted that companies need to think too about personal interests, which change with each generation. You have to find out ‘where it hurts’, what really drives and moves them, and how to motivate them optimally.  

Ruben Solano, Latam Comp & Benefits Manager, RCI, also spoke about the difference between millennials and baby-boomers, along with differentiating between people with children and people without.  He stated that you can’t simply differentiate by gender, because some people have decided not to have children, and you therefore need to offer them choices. Also, Mr Solano mentioned that though each country is different, you must show each employee the company is thinking about them.

 

 

 

After this, Carlos Delgado, President and Advisor at Compensa Capital Humano, spoke of the 2008 crisis that took employees out of their comfort zone. He stated that it was undeniable that salaries should rise in Mexico. However, he also stressed the importance of having tailor-made packages for each employee. He mentioned ‘emotional salary’, and pointed out that companies with the best paid workers do not always have the best results. You need to win each person over individually.

 

Juan Corral, Sr. HR Business Partner, Coca-Cola Company remarked that often the most important may be the simplest thing, regarding compensation. Juan stressed that if the HR department does not understand the business, they cannot provide any useful motivation, or appropriate compensation. Ignacio Cano, then stated that the objective is not to make people happy but to generate income for the company.

 

Ruben spoke of other motivations such as flexible time table and not having a dress code. Also, if some people want to go to yoga at 5:30, allowing them to do so, can make a difference. Carlos remarked that it is motivational to see evidence that you can climb the chain within the company, to learn that an associate may have started in a lower position, or that a former intern now has a good, stable position.  

 

 

 

As usual, attendees enjoyed a delightful breakfast and the opportunity to network. The British Chamber of Commerce in Mexico would like to thank Ignacio Cano, Sandra Saldaña, Juan Corral and Carlos Delgado for allowing us the opportunity to listen, learn, and engage in dialogue regarding compensation and motivation.

 

 

 

After the panel finished, Thibaud Cadieu encouraged attendees to answer a dynamic-live survey to determine the topic for the next breakfast-conference.

We hope you enjoyed the event and wish to see you at future ones!

 

Click here for the gallery.

 

 

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