Jobs benefits survey confidential, says PwC
(CNS Business): On Friday officials from PricewaterhouseCoopers Human Capital Consulting Ltd (PwC) stressed that the value and need for a compensation and benefits survey is more crucial than ever for the Cayman Islands’ workforce. Alistair McNeish, Managing Director of PwC, stated at a the official launch of the PwC and CISHRP Compensation Benefits Survey conference that such a survey is a critical tool to attract, motivate and retain staff in an increasingly competitive environment.
“Statistics from a whole number of elements are showing that the retention of key staff and high performing staff is the issue that companies usually struggle and worry about. By not having access to current compensation data, you’re really lining yourself up for a fall,†McNeish explained.
PwC, along with Cayman Islands Society of Human Resource Professionals, feel there is a need to have an industry specific report in Cayman that would help the financial services sector address their compensation policies.
However, the main concern for business professionals and company leaders is how the company plans to keep this data confidential and from getting in the wrong hands. McNeish said confidentiality is critical and the company will do everything they can to guaranty their clients that the company data collected will not be public.
“We’ve been running the survey in Bermuda for 10 to 12 years now with no breaches of confidentiality. The data in the relationship is between PwC and the contracting company. The data is not shown or given to individual employees at all; it’s ringed-fenced as much as possible,†he said.
A release of similar information by the immigration department happened last month, when officials released details about work permits that were said to reveal personal information about their staff. Companies such as Maples Finance, Ernst & Young, KPMG and Butterfield secured a Grand Court injunction to prevent further circulation and publication of a catalogue documents. They claimed such information should have never been released under the freedom of information law.
The Cayman Islands’ Chamber of Commerce, with KRyS Global, will complete their fifth salary and benefits survey this month. Their free survey will also show the work and benefit trends that are currently in existence across major industry sectors. However, McNeish explained that their survey takes a more details approach and is industry specific.
“It’s going to be focused on the core, the engine room really, of the Cayman economy — the financial services, banks and law firms,†he said.
Friday’s conference was mainly to introduce this survey, which is the first of six steps in implementing it within the financial sector.
Janyccee Parchment, with DMS said, she feels the future data will play a key role in every company and will make life easier. Parchment said she is not concerned about PwC breaching the agreement and sharing the information with other companies.
“The reason I participated in this meeting is because I think the data that’s going to be provided to us in the coming months is very important, because we currently don’t have any analysis around for benchmarking our staff,†she explained.
As for price, McNeish said the fee of CI$1,500 is significantly lower than what they charge in their Bermuda market. Company officials also stressed that the more data they collect, the more insightful and effective this data will be.
McNeish said he will send out a formal invitation via email on Monday asking companies to take part.
PwC envisions a 3 to 4 month process of gathering participation, analyzing the data and then producing their results in July. Officials said the deadline for data submissions is 30 April.
Category: Employment, Featured, Local Business
