'Job stability, security largely depend on the parents'

Sanjeevi JAYASURIYA

The labour law regime has not recognized changes in the business world to effectively implement the necessary amendments for progressive changes.

Ronnie Peiris

"It is important to accommodate changes in the business environment as the legal framework has not recognized changes and effected necessary amendments. As the younger generation no longer focus on job stability and security and largely depend on the parents' support, the laws should facilitate this requirement," John Keells Holdings PLC CFO and Director Ronnie Peiris said.

"The key factors of a successful employee performance to drive organizational goals would be by balancing all stakeholder interests. Uncompromisable trust, integrity, care and empathy will ensure better employee performance," he said addressing the 10th LBR LBO CFO Forum on "Pay for Performance; Does it Work Always?" held on Tuesday in Colombo.

Emphasizing that pay for performance will always work, he said that ultimately pay for performance is the bottom line. "You set rewards for what you do. The rewarding should be differentiated and innovation should play a key role. Internal equality and performance comparison is necessary while job evaluation is essential in motivating employees," he said. "Focusing closely on strategic expenses that will ensure that the ultimate objective given as a whole is not loss on the way. It is necessary to capture job goals into smart objectives to ensure that remunerations is structured in such a way that it has fixed and variable elements," Peiris said.

The fields of finance and human resources should work very closely. Performance, ability and motivation should be the key driving forces to ensure productivity. Connecting corporate objectives to reward and opportunity to influence thinking patterns and behaviour will lead to achieve corporate objectives, Commercial Bank PLC DGM HR Management Isuru Tillakawardana said.