2012 will see a major shift from Performance Evaluation, towards Performance development. The focus ultimately has moved to the development needs of staff because 70 percent of our staff is below 30 years of age.
This new generation seeks more than just salary, bonus and other traditional aspects of compensation and benefits. Better knowledge management platforms and recognition for work done well are going to be important aspects. There will be a relevant change in the compensation and benefits strategy. At KPMG, the Encore program recognizes employees for their good work.
It is not sufficient to reward employees; transparency and clear communication are critical aspects of employee engagement. Kascade is an initiative at KPMG, which allows quarterly dissemination of information by the directors to all employees across levels. In addition to this, informal coffee chats with Partners are important elements of enhancing engagement for the new youth joining the workforce.