Please can you tell us a little about your career in Human Resource Management and Consulting?
It's been 20 years of variety. I've worked in consulting on organisational effectiveness and rewards for 13 of those years, and have been based in many places, including Hong Kong, New York, Seoul, Istanbul, Baku and Kosovo. I've had in-house generalist and reward roles in manufacturing and financial services, and done quite a bit of work on M&A in that time.
How do you describe your current role?
I look after reward (remuneration, benefits and our super fund) and HR systems and reporting for the Commonwealth Bank. I have a fabulous team who are working together very well in these challenging times.
How, if at all, do you think your role will evolve in the next 3 years?
I think the increased focus on executive remuneration means we will need to spend time ensuring our stakeholders really understand the issues so they can make informed decisions. Many people find executive remuneration too complex - and this complexity can cause suspicion.
We will need to really ensure our (internal) customers understand the compliance issues but avoid the trap of being so frightened of breaking any rules that we forget that what we spend on our staff is our greatest investment, and should have a key strategic focus.
Do you believe anything other than pure Free Market forces will ever drive executive Remuneration ?
I question the concept of "pure free" market forces because it implies that market participants have equal access to information. Pay negotiations and reward plan design will always have to take account of the regulatory and social environment - particularly in Australia where we have a relatively egalitarian society. But scarcity of talent will always drive pay up.
Balancing the needs of our executives, employees, shareholders, customers and the community at large is a perennial challenge. There is no clear consensus, for example, on how we define performance, let alone pay for performance. Performance pay may be warranted for executives who are working 16 hour days 7 days a week to reduce losses in hard times, but shareholders may believe the executive should experience the same pain as them. |