Collective Ambition the key to driving business growth: Aon Hewitt’s People Fuel Growth study
Salaries increase by 5.2%: Aon Hewitt Malaysia 2016 Total Compensation MeasurementTM (TCM) Survey
Aon Hewitt Consulting Announces Leadership Change in Greater China
100 percent of surveyed organisations said collective ambition was key to their growth trajectory.
Organisations with leaders who are united under a singular vision, purpose, and aspiration develop more effective succession pipelines.
Singapore’s Education Minister also cites a working culture of Collective Ambition in the government.
SINGAPORE, 25 JANUARY 2017 – A study of CHROs from more than 15 industries representing 1.1 million employees demonstrated that organisations who drive stellar growth have “collective ambition”, according to the People Fuel Growth study by Aon Hewitt, the global talent, retirement, and health solutions business of Aon plc (NYSE: AON).
Collective ambition is fuelled by competitive, yet collaborative leadership. The leadership team has a strong desire to be successful, but is highly aware that that this only occurs when leaders are able to work jointly.
Collective ambition ensures achievement of common goals
In order to achieve collective ambition, the Aon Hewitt People Fuel Growth study reinforces the belief that ambition in absence of a group is meaningless and the leadership team must have an understanding of growth and how to achieve it. The study found it essential that:
Leaders review the organisation’s mission and growth plan regularly.
- Hold meetings to discuss their growth plans at least once a year.
- Have regular cadence for their senior leadership meetings; most organisations surveyed meet on a monthly basis to ensure leaders work in unison to accomplish organisational goals.
- Goals are tied to concrete measures. In high-growth organisations, these are usually crafted so that all employees understand how they contribute to and share in the organisational success.
Na Boon Chong, Senior Client Partner, Aon Hewitt Singapore, said: “Collective ambition means that leaders are united under a singular vision, purpose, and aspiration. By uniting leadership around a common goal, supported by intentional alignment from a “people” standpoint and customer centricity that ensures relevance, it helps organisations to best leverage their talent and drive growth from the top down, be it at a firm or at a national level.”
It’s interesting to see the same traits of leadership in Singapore’s government. Mr. Ong Ye Kung, the Education Minister, was recently quoted as saying: “Disagreements are not treated as an ego contest. New ministers entering this kind of working culture know that while discussions are very robust, we are all in the same team. If there’s any ambition, it is a collective ambition for Singapore.”
- Average salary increases decline from 2015, but Malaysian employers continue to pay a premium for technologically-savvy fresh graduates.
- Fresh graduates in Engineering, R&D and Project Management started out at more than RM3,500 per month.
- High-tech industries paid fresh graduates 27% more than property and construction.
KUALA LUMPUR, MALAYSIA, 24 JANUARY 2017 – Salary increases declined by 0.4 percent to 5.2 percent in 2016, according to the 2016 Total Compensation MeasurementTM (TCM) Survey study by Aon Hewitt, the global talent, retirement, and health solutions business of Aon plc (NYSE: AON).
With GDP growth steady at 4.2 percent but CPI at 1.8 percent higher in November 2016 than the same month in 2015, the decline in salary increases translates to real wages diminishing for the Malaysian workforce. As a result, employers are pressured to rework their compensation packages to engage their talent more effectively. Performance-driven reward systems will also become the norm, and place a premium on an organisation’s most effective performers.
Technologically-savvy fresh graduates more valued by Malaysian employers
Salary trends remain optimistic for fresh graduates as Malaysian employers are expected to continue paying a premium for jobs in high-tech and engineering-related fields. The gulf in pay for specialised talent will also shape the way employee demographics are structured in the future of work.
Roles in Engineering, R&D and Project Management offered the highest starting salaries to fresh graduates—more than RM3,500 per month—while fresh graduates in high-tech industries are paid 27% more than those in property and construction.
Throughout the nation, more than half of the fresh graduates entering employment earned less than RM2,500 per month.
Prashant Chadha, Managing Director, Aon Hewitt Malaysia, said: “Fresh graduates, while inexperienced, are digital natives that possess relevant skills in today’s market, and will be key to success in the future of work. Furthermore, these economically challenging times have placed great pressure on Malaysian businesses to redefine their talent needs. The workforce demographic is being reshaped year on year, and employers don’t hesitate to pay for critical talent.”
Employees in analytical and strategic roles earned top dollar
Other findings from the Aon Hewitt Malaysia 2016 Total Compensation MeasurementTM
(TCM) Survey include:
- Strategic planners in managerial positions earned RM2,500 more than all other managers across functions in Malaysia—demonstrating the commitment of Malaysian employers to innovative problem-solving and entrepreneurial acumen.
- Finance managers in the high-tech industry were paid 16 percent more than the market midpoint, while HR managers received 21 percent more. This is further evidence that this industry as a whole more readily invests in their people as an invaluable asset to the organisation.
Rahul Chawla, Practice Lead – Talent, Rewards & Performance, Aon Hewitt Malaysia, said: “The Aon Hewitt Malaysia 2016 Total Compensation MeasurementTM (TCM) Survey has lifted the lid on emerging trends in pay, Total Rewards and their connection to employee performance and engagement. The Malaysian economy and its businesses are at an inflexion point as they face challenges posed by the fourth industrial revolution. Amidst these disruptive times, the HR function needs to step up to develop new capabilities, reward high performance sustainably, and build a workforce for the future.”
SHANGHAI, CHINA, 1 January 2017 – Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), has announced the appointment of Peter Zhang as the new Chief Executive Officer for its consulting business in Greater China, effective immediately. He will succeed Klaus Liu, who will take on the role of Chairman.
Peter has been with Aon Hewitt for 8 years and is a recognised thought leader of human resources (HR) in Asia. Prior to this role, Peter was the compensation practice leader for Aon Hewitt Greater China, and specialised in broad based rewards consulting as well as the China healthcare industry.
Commenting on his appointment, Peter said: “I am excited to take on this critical role at Aon in this era of the new normal. We have strong capabilities in China and I look forward to helping our clients deliver business performance through their people.”
Stewart Fotheringham, Chief Executive Officer Asia Pacific, Middle East and Africa, Aon Hewitt said: “Over the last 12 years, Klaus has established strong and trusted advisor relationships with our clients and developed a team with a winning mind set. I’m confident that Peter will build upon this platform and accelerate results for our clients, colleagues, and communities.”