Better compensation and rewards system attracts and retain better talent in any industry. BrightSpyre.com did a salary and compensation survey by involving university students (Business discipline) of Muhammad Ali Jinnah University and Arid Agriculture University (in BrightSpyre’s summer intern-ship program).
The fast moving consumer goods (FMCG) industry in Pakistan primarily deals with the production, distribution and marketing of consumer packaged goods, i.e. those categories of products that are consumed at regular intervals. The companies in this sector include food & beverage, personal care, pharmaceuticals, plastic goods, paper & stationery and household products etc.
The survey was focused on finding out compensations, medical and insurance benefits, vacations and leave policies, training and development benefits, rewards and benefits in FMCG sector in general and specifically in the sales and marketing functions.
The multinational companies provide better compensation and benefit structure than national and local companies along with better compensation at all levels.
Most of employees including managers and executives of national and multinational companies are entitled for medical insurance coverage immediately and mostly middle and lower level employees are qualified for medical insurance after probationary period. Multinational and national companies also provide short term disability insurance.
Bonus payments are also a normal practice in FMCG industry where 83% of the companies give annual and incentive based bonuses to employees.
The local companies in the FMCG industry need to introduce better insurance schemes. In more than 90% of the industry employees are entitled for fifteen to eighteen days paid holidays.
In the next phase, the survey will be extended to include more organizations and conduct more detailed survey.
The survey findings are based on the sample of data collected during the period of June 2010 to July 2010 from the local, national and multinational companies’ staff. The detailed report is also available to the organizations. For more information please contact us at sales at Brightspyre.com or + 92 51 843 8173.