We reward our employees based on their performance and in line with local market conditions in each country where we operate. Our compensation system links compensation to both individual performance and the financial success of our company. The compensation package we offer includes:
- Fixed compensation – base salary
- Variable compensation – short-term incentive plans and, for selected leaders, long-term incentive plans
Employees are subject to a formal annual performance management process. Annual performance ratings influence both the annual base salary and variable compensation elements of our overall compensation structure. Our performance management system also emphasizes the need for coaching and development alongside appraisal.
Variable compensation, in the form of short- and long-term incentive programs, is determined by the level and scope of the individual’s job, as well as the external market value of the respective job, the location, business performance and individual performance. The short-term incentive is paid in cash. The equity-based long-term incentives are granted in the form of restricted shares, restricted stock units and/or stock options.
Benefits for our employees include pensions, insurance and healthcare plans that are designed to provide a reasonable level of security for our employees and their dependents in respect to retirement, health, disability and death in service. The level of benefits is subject to country-specific laws, regulations and market practice.
Read more about our compensation system in our Corporate Compensation Report