Survey: Employees say profit-sharing would improve productivity
9th August 2010, Source: The Sunday Business Post.ie
Almost two-thirds of Irish workers surveyed believe they would be more productive if they were able to share in profits or have an ownership stake in their employer’s business, according to a new survey.
The findings are part of the Kelly Global Workforce Index™, which obtained the views of approximately 134,000 people across countries in North America, Europe and Asia Pacific including Ireland.
The survey also found 36% of workers are currently in an arrangement where some of their pay is tied to performance targets.
Employees aged 30-47 are more likely to be on some form of performance-based pay than those in the Baby Boomer generation (aged 48-65) and those aged 18-29.
However, of those not receiving performance pay, more than a third (42%) say they would be more productive if they had their earnings linked to performance outcomes.
Karen Power, Kelly Services’ Operations Manager in Ireland said: “Many employees are actually quite comfortable about some element of their compensation being tied to their individual or group performance.
“This indicates that many are confident in their ability to perform their jobs well and believe they can share in the rewards of improved workplace productivity.”
The survey also found extensive support for employers doing more to address the health and well-being of the workforce, even to the extent of providing incentives or rewards to those who are able to quit smoking, lose weight or adopt a healthy lifestyle.
Other key generational findings of the survey about employee benefits and perks reveal that:
- Aside from salary, the highest rated benefit for all generations is training, but it is much more important to Gen Y and Gen X.
- Approximately half of all generations rate employer-provided health benefits as “very important.”
- Roughly 80 percent of all generations think that employers should take some responsibility for employee health and well-being.
- Well over half of all generations believe that employers should provide an incentive or reward to employees for adopting a healthier lifestyle, changes which may include quitting smoking, losing weight or taking up exercise.
- The employer-provided health benefit that is most attractive to all generations is health insurance, while gym access or discounts are relatively popular with
Gen Y.
“Across the workforce, there is an expectation that employers need to move beyond traditional areas of compensation in looking after the well-being of their key people. With many staff spending a considerable amount of time working, employee health and welfare become vital,” Corona says. “So it is not surprising that health and training have emerged as two key priorities for many individuals. These are also the benefits that help to strengthen commitment for the long term and are recognized as a good investment in human capital by employers,” he concludes.
Full survey report from Kelly Global Workforce Index™
here
Irish ranking drops in competitiveness survey
Thursday, 20 May 2010
Ireland has dropped two places in a competitiveness ranking, which has also seen the US pushed from the top spot for the first time in decades by Singapore and Hong Kong.
The World Competitiveness Yearbook 2010, published by Swiss business school Institute for Management Development, gives Ireland a ranking of 21, down from last year’s placing of 19.
Economists at the IMD say that it will take more than ten years for Ireland’s public debt to become manageable. They say that Ireland endured its property and financial crisis earlier than other countries and has already implemented a recovery plan. They also point out that Ireland traditionally enjoys a strong export performance.
‘However, its reasonable debt level at 64% will quickly deteriorate with a 14.3% budget deficit,’ the IMD cautions.
The IMD says that the US has weathered the risk of the financial and economic crisis thanks to the sheer size of its economy, a strong leadership in business and and unmatched supremacy in technology.
It adds that Singapore and Hong Kong have displayed ‘great resilience’ during the current crisis and are now taking full advantage of strong expansion in the surrounding Asian area.
Germany (16) leads the larger ‘traditional’ economies such as the UK (22), France (23), Japan (27) and Italy (40).
As expected, China (18) leads the BRIC nations, followed by India (31), Brazil (38) and Russia (51). It notes that while China and India did not see a recession, Brazil and Russia suffered from a drop in commodity prices.
The top ten IMD rankings are:
1. Singapore (3)
2. Hong Kong (2)
3. USA (1)
4. Switzerland (4)
5. Australia (7)
6. Sweden (6)
7. Canada (8)
8. Twaiwan (23)
9. Norway (11)
10. Malaysia (18)
Also
21. Ireland (19
Source: RTE.ie
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Deloitte Best Managed Companies Awards Programme
The winners of this year’s Deloitte Best Managed Companies Awards Programme, twenty companies who demonstrated superior business performance were recognised at an awards Gala Dinner in the Burlington Hotel in Dublin, which was attended by the Taoiseach, Mr Brian Cowen T.D., on 5th March 2010.
Tour America, the holiday specialists on North America and worldwide cruises, was singled out from among the winners to receive a special accolade for exceptional performance in business strategy.Given the importance that a company’s strategy has in overcoming the challenges that the current economy brings, this was an area that was of particular focus for the judging panel. A place on the IMI’s Masters of Business programme was presented by Dr Tom McCarthy,IMI Chief Executiveto Mary McKenna, Managing Director of Tour America.
The winning companies are located throughout the island of Ireland and come from a variety of different industries including the tourism, hospitality, technology, food and beverage, medical, automotive, wholesale, distribution and logistics sectors, among others.
The independent judging panel, chaired by Denis Brosnan, reviewed a broad range of criteria including strategy, capability, commitment, financials and growth potential across all key functions of the business. Given the turbulent economic environment, the judging panel recognised that business and management success can no longer simply be measured by increased sales, profit or turnover.
For that reason, a holistic view of the companies, their performance in relation to their peers, and the industries that they are operating in was considered in order to determine management success.
Speaking at the awards, the Taoiseach, Mr Brian Cowen T.D., commented:
“In today’s challenging business environment, Irish companies and their management teams need to be more entrepreneurial, ambitious, creative and skilled than ever before. Indeed, for our companies competing in global markets, world-class management teams are absolutely critical to achieving success. Awards programmes like this help bring out the best in Irish companies and are hugely beneficial to all participants.”
This year’s process found that there were a number of common traits across the winning companies. These included an increased focus on international markets for growth and the recognition that retaining key members of management despite the pressure to reduce headcount was extremely important – it will be these people who will see the company through the period of turbulence. Many of the winning companies are also dedicating much of their time to forecasting and budgeting – recognising that they are working in a fast moving environment and planning needs to be revised on an ongoing basis to ensure a complete understanding of financing needs and key cost drivers in addition to what variables most influence the business and how to control these.
Commenting on the winners of the Deloitte Best Managed Companies Awards Programme, Pat Cullen, Managing Partner, Deloitte said:
“To be recognised as a Best Managed Company is a tremendous achievement, given the challenges that companies in all industries are currently experiencing. Our judging panel takes an in-depth look at each company – therefore to be chosen as a winner is testament to the sound management practices that are being implemented across the entire business. It is this thorough approach that will help these companies to take advantage of the upturn when it arrives.”
The twenty winning companies are:
• Abbey Tours Limited (Dublin)
• Barry Group (Cork)
• CastleCool (Monaghan)
• Designer Group Engineering Contractors (Dublin)
• FreeFlow (Kerry)
• Hodson Bay Group (Galway)
• Jacob Fruitfield Food Group (Dublin)
• Java Republic Roasting Company (Dublin)
• Killarney Telecom Ltd (KTL) (Kildare)
• MW Fuels Co. Ltd (Limerick)
• National Plastic Packaging Group Limited (Dublin)
• Omega Mechanical Services Limited (Derry)
• Qumas Limited (Cork)
• Singularity (Derry)
• Strongline Autoparts Ltd (Dublin)
• Taxback.com (Dublin)
• Tazbell group (Dublin)
• TG Eakin Limited (Down)
• Tour America (Dublin)
• Wilsons Auctions Limited (Antrim)
The Deloitte Best Managed Companies Awards Programme is open to companies from all 32 counties on the island of Ireland. It is the only awards programme that considers a business’ performance from every perspective.
Details of entry for the 2010/2011 Awards will be issued in the coming weeks on www.deloittebestmanaged.ie
Article courtesy www.IMI.ie
