Syensqo Rewards is a set of principles and practices we apply to ensure the Group is able to attract, develop, retain and motivate its talents. Syensqo Rewards is aligned with the Group's structure, organizational needs, priorities and market in different countries and it's based on the common practices in the industry.
These are the key principles and elements that we refer to as "rewards":
The mix of these 3 elements will change and evolve over time following both career advancements and market developments. We are committed to keep it up to date and relevant to you and your needs!
As a general principle, the higher a job level, the more complex and results driven the rewards package will become, with more emphasis on variable pay and long-term commitments.
GUIDING PRINCIPLES OF SYENSQO REWARDS
The Syensqo Rewards framework is built to support the Group’s long term business strategy and is based on and supported by 8 guiding principles:
The guiding principles of Syensqo Rewards are a set of key considerations applied when any compensation and benefits related decision is taken by managers and leaders as well at all times when any existing or new program or process is being created, reviewed or improved.
The consistent application of these principles enables Syensqo to reward you as a Syensqo employee for your contribution to the achievement of the Group's mission, goals and objectives in a way that is compatible with the company culture, thus helping to build your engagement.
The employee's personal rewards package
Each employee's personal rewards package is built considering the level of accountability, complexity, know-how and scope of your role in the organization.
A) Rewards for locally graded positions
When the role of an employee is mainly focused on the achievement of local results, either on a site or at the team level, the role is locally graded and is rewarded considering local practices, bargaining agreements and other legal requirements.
B) Rewards for globally graded positions
When the scope of the role expands to multiple sites or has a more direct impact on the GBU or Function, then the job is graded according to theSyensqo global grading structureand the rewards package is aligned to the performance of the GBU/Function or the entire Group. Global reward programs then become a dominant part of the rewards package, while remaining competitive on the local market and compliant with legal requirements of the country.
For more information on Variable Compensation - click here.
For more information of Syensqo's Benefits Plans & Programs - clickhere.
FIXED COMPENSATION
Base Salary
The base salary depends on many factors including but not limited to the size, scope and impact of your position (organizational design elements), the market value of the role (local market pay practices), and your individual performance and contribution while in that role.
To make sure that the salary remains attractive and competitive it is compared to the latest market studies results and reviewed regularly (at least once a year as part of the performance evaluation process).
Compa-Ratio
In order to ensure the competitiveness of the rewards package on the market, the compa-ratio value is used.
Compa-ratio is a ratio between the salary of the Employee and the midpoint of salary pay range of the specific grade expressed as a percent.
While our overall rewards positioning to market is set to be at market median, the compa-ratio for each employee can vary within compa-ratio zones.
As a reflection of the diversity of our talents, their background, and contribution, we expect pay of our employees to be evenly distributed across the entire pay range and in exceptional instances (like unique skills, talent scarcity or regional pay differences) it can even be above or below the pay structure minimum or maximum.
Allowances
Allowances are defined as any regular cash income in addition to the base salary for a specific matter related to the employment that is not linked to individual or company performance.
Allowances may be required or encouraged by labor or tax laws, bargaining agreements or local market customs such as, for example: meal vouchers, night shift allowance, overtime pay, commuter allowance, housing allowance, holidays allowance, educational allowance and similar.
To learn more about local specific allowances, please contact your local HR representative.
Perquisites
Perquisites are non-cash benefits and privileges, which you as an employee receives from the employer during the course of employment.
Perquisites are always country/site specific and, similar to allowances, they can be required or encouraged by local laws or market practices. They can vary greatly from country to country and from one role/job/location to another.
Some examples of perquisites are: mobile phones, home office equipment or installation, gifts due to jubilee, flexible work-time arrangements, company paid cafeteria or drinks (e.g. free coffee/tea), personal or shared/pool vehicles (cars, bicycles, electric scooters, etc), club or interest group memberships or on-site fitness facilities and similar.
To learn more about country specific rules and programs, please contact your local HR representative.
WHAT IS AN ANNUAL SALARY REVIEW?
Annual salary review is part of Compensation campaign (usually in March/April of each year) when considering the performance of the Group and Employee salaries are being reviewed by the Line managers for alignment with pay for performance, internal pay fairness and external market competitiveness principles as explained above.
DEFINITIONS
Merit increase
To reward the most productive and the highest-performing employees at full manager's discretion (can also be given to employees with rating Solid when justified), reflection of pay for performance and meritocracy principles. Issued as part of the Annual salary review process.
Performance based merit increase should be the main driver intended to move employees' pay upwards in the pay range.
Promotional increase
To recognize and reward the increase in scope, complexity, ability and confidence in delivery of set priorities and objectives.
General increase Discretionary increase taking into account market movements and aiming at maintaining proper position in the pay range.
Indexation
Mandatory adjustment of the salaries considering increase in inflation for all entitled roles within the country as defined by local legislation or as negotiated with employee representatives. Usually fixed percent for all.
In countries where Indexation applies general increase should not be considered.
Timing and amount determined as part of the legal framework of the country.
Adjustment or "Off-cycle" increase
To sustain equitable and fair pay among peers and/or the external market for the similar job and level of contribution. Most commonly issued in the situations with very low compa-ratio. Can be granted as part of Annual salary review process or at any other time.
WHAT IS THE PROCESS?
The process for carrying out the annual salary review includes using the EasyComp tool.
EasyComp is part of the SuccessFactors system that is available to all People Managers.
All People Managers, Business & Site HR's will have the "Compensation" icon on their desktops in My HR Services:
