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Webinar replay: 2020 Financial Services Compensation Survey - Philippines

Beyond Data

August 18, 2020

This webinar covers the 2019 highlights on pay, HR policies and practices and the coverage of the 2020 compensation survey for the Financial Services industry.
Webinar replay: Financial Services Industry Total Compensation Survey Launch

This webinar replay covers the following key topics:

  • 2019 Financial Services Industry highlights on pay, HR policies and practices in the Philippines
  • Impact of COVID-19 – managing the crisis and restoring stability in the new normal
  • Coverage of the 2020 Total Compensation Survey for the Financial Services Industry

In times of turmoil, managing through crisis, adapting to change and preparing for recovery are top of mind for organizations. And in these volatile times, we believe data is more relevant than ever in order to make rational compensation decisions. Whether it’s implementing cost containment measures such as pay freezes and adjusting annual and long-term incentive awards or realigning talent to reflect new operating models, organizations need data to make rational rather than reactive decisions.

Our latest market outreach1 indicates that organizations are taking a measured response:

  • Despite the pandemic, 67% of participating organizations will continue their regular salary review in 2020 while 90% are forecasting a regular salary review in 2021.
  • The most prevalent actions considered and/or taken in response to COVID-19 were changes in working hours (75%) and changes in workforce hiring or restructuring (63%).
  • 56% of participating organizations provide specific rewards to employees who are required to work on-site in the form of enhanced cash allowances, non-cash transportation benefits, and non-cash meal benefits.

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1 Source: WTW 2020 Q3 Salary Budget Planning Survey Report – Philippines (preliminary results)

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