Reward Strategy Implementation
Client profile
The Dubai Financial Services Authority (DFSA) is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC).
The DFSA’s regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.
Objective
PRPi Consulting was asked to work with CEO David Knott to formulate a Reward Strategy and present this in detail to the DFSA Board within one month.
Client's situation
Our client hired external resource (PRPi) to rapidly co-ordinate previous historical reward initiatives and the CEO’s own ideas to present a coherent and robust strategy to assist in the future dynamic development of DFSA. It was particularly important that any reward strategy enabled DFSA to recruit and retain high calibre individuals from international financial markets.
Solution
Our strategic input included:
- Formulating a new DFSA reward strategy
- Advising on salaries, benefits and bonus levels
- Benchmarking all roles to up-to-date regional and international market data
- Advising on a migration strategy including the buy-out of historical benefits
This involved:
- Designing a corporate title structure linked to broad banded pay levels
- Defining new salary levels and a rationalized, simplified benefits structure
- Producing a migration plan to the new broad banded salary and benefits structure
- Developing corporate promotion criteria
- Documenting supporting processes and procedures for the communication of new strategy
- Providing observations on broader HR issues and production of a "Road Map" for future development
- Presentation of the Reward Strategy and migration plan to the DFSA Board
Benefits
Our client introduced a new system of compensation which was very well received by all employees and incorporated world class standards in terms of philosophy, performance, diversity and equity.
Our client's feedback
"This project was a huge success. We were delighted with PRPi's professionalism, integrity, commercial input and of course, the positive embracing of the new arrangements by all our staff."
David KnottChief Executive OfficerTo view a PDF copy of this case study, please click here:
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