Programme 2015
2015 2015 Programme
Welcome to PARC 2015 – An Agenda for Business Success Our PARC 2015 Programme sets out details of our events in what is sure to be another absorbing and challenging year for organisations and their people – politically, economically and commercially. Politically, the ramifications of the 2014 European Elections will continue with the UK’s relationship with the EU remaining central to the debate. Scotland has voted NO in the Independence Referendum leading to a host of constitutional questions which will undoubtedly dominate the 2015 General Election campaign together with the economy, immigration, equality and the NHS. Economically, most UK indicators continue to move in the right direction as the recovery gains traction and confidence and the elusive feel-good factor finally begins to percolate across all groups. Yet productivity improvements continue to lag. Internationally, the Eurozone remains in some difficulty, the US is in the final year of a second term Presidency and the BRIC economies have lost their allure for a variety of reasons. There are still concerns over the fragility of the global economy and the overall levels of debt and signs of stock market downward movements. Commercially, businesses of all sizes, markets and sectors continue with the task of planning in a period of great uncertainty and have to ensure that those factors which they can control – product development and quality, sharp operational management, innovation and the contributions from their people – are all optimised. Organisational performance and individual reward continue to be topical and divisive and in many ways are at the heart of the economic debates on equality and fairness. Executive reward has to be assessed with precision, rigour and judgement in equal measure as more organisations than ever find their policies under political and media scrutiny or are rejected by shareholders. “PARC is quite simply the best network of senior reward professionals in the UK today. It manages to maintain this pre-eminent position by including interesting and relevant thought pieces, presented by experienced practitioners and credible academics, in an environment that facilitates lively and informed debates.” Richard Stokes VP, Performance & Reward, Colt
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2015 schedule at a glance Setting the Economic and Political Context – an update for the year ahead Andrew Sentance
What is Driving Executive Compensation? – an Asia Pacific perspective Declan Bermingham, Mark Williams
The New BIS Regulations for Directors’ Remuneration Reporting – better communication or just more data? Anthony Hilton, Peter Montagnon, Robert Potter
The Evolving Structure and Role of Remuneration Committees – their purpose and effectiveness Dr. Wendy Hirsh
Summer Lecture & Reception Alastair Campbell
“PARC consistently identifies important emerging topics in the performance and reward space. It provides insightful research and engages company experts in useful discussions – a unique approach that really adds value.” Don Schneider Group HR Director, Old Mutual
Key People – attracting, retaining, motivating and rewarding Carsten von der Linden
The Meaning of Work – Vienna Conference Veronica Hope Hailey, Rebecca Homkes, Iain McGilchrist, Gianpiero Petriglieri, Gernot Schulz
Performance Management Systems – do they optimise performance? Alastair Dryburgh
2016 Programme Launch and Keynote Address Fraser Nelson
Thursday 29th January Breakfast Briefing London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS Thursday 5th March Breakfast Briefing HSBC, 8 Canada Square, Canary Wharf, London, E14 5HQ Thursday 28th May Discussion Meeting Eversheds, 1 Wood Street, London, EC2V 7WS
Thursday 25th June Research Report Eversheds, 1 Wood Street, London, EC2V 7WS
Thursday 2nd July Evening Meeting Haberdasher’s Hall, 18 West Smithfield, London, EC1A 9HQ Thursday 10th September Discussion Meeting Eversheds, 1 Wood Street, London, EC2V 7WS Monday 5th October – Wednesday 7th October International Conference Hilton Hotel, Am Stadtpark 1, A - 1030, Vienna, Austria
Thursday 5th November Discussion Meeting Eversheds, 1 Wood Street, London, EC2V 7WS Thursday 3rd December Members’ Dinner 34 Restaurant, 34 Grosvenor Square, Mayfair, London, W1K 2HD
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PARC’s philosophy is based on the belief that successful organisations need: • to be outward looking and contextually aware in political, economic and social terms • to implement a compelling and clear business strategy successfully communicated, understood and owned throughout the organisation • an engaged, capable and motivated workforce • an environment which encourages high performance, innovation and the responsible incubation and development of new thinking • business information systems which provide timely, unambiguous and valid data at all levels of the organisation • an HR operation which is respected and trusted as an integral and proactive contributor to all aspects of strategic and operational activities.
Benefits of Membership / About PARC PARC covers a range of reward issues, setting them in the wider political and economic contexts. We continue to promote challenging research, identify expert business and academic input which, combined with our senior level membership, provides a stimulating and participative environment for those seeking improved corporate performance. We recognise that executive reward is not a one size fits all approach but needs to contend with tighter legislation and public scrutiny, more forthright and organised shareholder involvement and the need to attract and reward outstanding ability in a global marketplace.
Membership Includes An annual programme of member meetings each addressing relevant and topical issues with expert contributors from business, academia, politics and the media. Independent research – PARC research projects draw on a wide range of resources and seek inputs from experts in both the theory and practice of our topics. Conversation and networking – PARC constitutes an unrivalled cross-section of senior practitioners affording members the opportunity of exchanging insights and experiences into reward practices in a relaxed and confidential forum. Member queries – the PARC team are always ready to respond to requests for information and to facilitate member discussion on any issues relevant to the wider reward field. Brief email member surveys are possible where the subject matter is likely to be of broader interest. Meeting reports – our post meeting notes capture the essence of content and discussion at our members meetings and are circulated to all members. This ensures a regular updating and sharing of information and the opportunity for the transfer of ideas and information to members and their teams. Member lunches – remain a popular PARC feature where networking is facilitated through the sharing and discussion of current issues.
Who should Join Annual membership is open to all organisations. Participants are at senior level and typically responsible for developing and leading reward strategy, policy and practice. They include heads of performance and reward functions, Group HR directors and other top level HR professionals. To ensure that effective peer discussion is facilitated, the ‘rules of the game’ only allow for substitution where this is agreed with a PARC director. Annual membership reflects the premium value of events, related services and our pre-and postevent literature. Membership comprises a broad range of around 50 organisations, most of which are blue-chip FTSE companies. Members include: BP, BT, GlaxoSmithKline, HSBC, Reckitt Benckiser, Rolls-Royce, Standard Life and Vodafone. We also encourage members who are based outside the UK but who value the perspectives that membership can bring. For more details on how your organisation can benefit from membership and the associated fees please contact Richard Hargreaves, Commercial Director at +44 (0)20 7470 7287 or via e-mail at richard@parcentre.co.uk.
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Who we are PARC Directors Mairi Bannon leads on PARC membership issues and manages the PARC team. She has a keen interest in the economic and political environments in which business operates, trends in corporate governance, and HR issues generally. She is a founding partner of Strategic Dimensions, an executive search business for high-level professionals, and of the Corporate Research Forum. Her early career was spent in HR in the UK and Germany.
Mike Haffenden helps us link reward to organisational development and the agenda of our sister organisation, the Corporate Research Forum. He is especially interested in the drivers of high performance and creativity. Mike founded the Corporate Research Forum and is also a founding partner of Strategic Dimensions. He previously held a number of senior HR positions.
Our research and associate team Richard Hargreaves leads on growing and broadening the membership and is also responsible for securing and developing partnerships. Richard has a similar role at our sister network Corporate Research Forum. Previously Richard led a commercial team at The Economist Group. Phil Wills advises and assists PARC in the development of key events. He has a strong interest in the design of reward plans to support business strategy, including executive incentive plans. An independent consultant, currently advising UK and mainland European companies, his previous roles include global head of compensation and benefits for Reed Elsevier, ICI and Diageo. Stuart Hetherington is responsible for writing PARC’s annual programme and event materials. Stuart was previously Head of Corporate HR at National Power and has extensive experience in managing major change programmes and employee relations. Eva John-Lewis organises and facilitates PARC’s events and is also Executive Assistant to Mairi and Mike.
Clockwise from top left: Richard Hargreaves; Phil Wills; Stuart Hetherington; Eva John-Lewis
Our partners Corporate Research Forum (CRF), the sister membership network to PARC, is for organisations looking to develop their people strategy and organisational effectiveness. As a focus for research, discussion and the practical application of contemporary topics arising from people leadership, learning & organisational development, CRF remains at the forefront of the HR industry. For further information please visit www.crforum.co.uk or call 020 7470 7104.
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Breakfast Briefing Date Thursday 29th January 08.00 – 10.00 Venue London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS Speaker Andrew Sentance
Setting the Economic and Political Context – an update for the year ahead With the world remaining a chaotic and in many areas dangerous place and with global economic uncertainties still widespread, the UK enters 2015 against this backdrop in a year which domestically will define its future until the end of the decade and beyond. We know already the early ramifications of the outcome of the 2014 European Election and the Scottish Referendum NO vote and May brings a General Election increasingly too close to call. Security, constitutional matters, the economy, Europe, immigration, public services and particularly the NHS and the nation’s wellbeing and increasing longevity are likely to dominate at a time when public trust, a regard for the political classes and an inclination to take part in elections are at an all time low. How might the business landscape differ with the various possible election outcomes and what are the really big economic issues which organisations will have to deal with? Andrew Sentance will give us his views on these and other topics of interest to anyone involved in determining the strategic direction and operational effectiveness of organisations and lead a discussion on members’ views and concerns. • Is economic recovery sustainable in the UK and globally? • What are the prospects for Europe and the Euro? • Where do the growth opportunities for business lie? • Danger signs business should be looking for. • Can strong growth in China and other emerging markets continue? • Where and how quickly will interest rates rise?
Biography Andrew Sentance is Senior Economic Adviser to Pricewaterhouse Coopers (PwC). He joined PwC after serving as an external member of the Monetary Policy Committee (MPC) of the Bank of England. His period of office on the MPC was dominated by the global financial crisis and its aftermath. Before joining the Bank of England, Andrew worked as a business economist for twenty years. From 1998 to 2006, he was Chief Economist at British Airways and was one of the five senior managers appointed in 2001 by Chief Executive Rod Eddington to prepare the company's "Future Size and Shape" turnaround plan. He started his career as a business economist in 1986 at the Confederation of British Industry (CBI) where he was Head of Economic Policy and Director of Economic Affairs.
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Breakfast Briefing Date Thursday 5th March 08.00 – 10.00 Venue HSBC, 8 Canada Square, Canary Wharf, London, E14 5HQ. Speakers Mark Williams Declan Bermingham
What is Driving Executive Compensation – an Asia Pacific Perspective In 2014 we asked the question – ‘What is Driving Executive Compensation – a US Perspective’ and this year we are examining the same issue from an Asia Pacific standpoint, though looking more broadly at compensation in general. We are all aware of the growth and impact of this region’s economies, led by China and India with other smaller but significant players in the area. In Mark Williams and Declan Bermingham we are delighted to welcome two specialists in the region. Mark will give context to our discussion by describing the contemporary background and the way he sees the various economies developing with any particular emphasis for multinationals and global business. He will address: • the political and social drivers for the countries of the region and the consequences for their economies • the continuing role of Singapore and Hong Kong as international business centres and bridges to the west • the major threats and opportunities for the region, particularly as the population continues to grow and there is an increased demand for inclusion in economic success • how western companies need to react to remain welcome business partners in the region. Turning to the specifics of pay and performance, Declan will compare the environment and expectations in Asia Pacific with those in the west and consider how things may develop with the growing maturity of the developing countries and their systems. Taking account of the general economic landscape described by Mark, he will address: • how Asian growth will reshape the global economy over the coming decade • the structural shifts transforming the region’s largest economies • how these changes will affect the business landscape • the major risks to the outlook and the warning signs that businesses should be on the lookout for. Our discussion will be informed by the views of members with real experience in the region.
Biographies Declan Bermingham is Head of Performance & Reward Asia-Pacific for the HSBC Group. A graduate of Loughborough University in the UK, he has 25 years’ experience in customer facing and HR roles. As a Performance Management & Reward specialist, he has supported a number of different parts of the HSBC Group, including Global Banking & Markets, Asset Management and the UK Retail Bank. Prior to commencing his current role in Asia Pacific, he was responsible for Executive Compensation for the Group. Declan has spent the last 6 years based in Hong Kong leading on Performance & Reward for the Asia Pacific region covering 18 countries. Mark Williams is Chief Asia Economist at Capital Economics, a leading macroeconomic research consultancy with institutional and corporate clients across the globe. Mark leads a team of macroeconomists covering the whole region from India to Japan. He pays particularly close attention to developments in China’s economy and financial markets, and their implications for the rest of the world. Mark also has a lead role in shaping Capital Economics’ emerging markets research. Mark has been with Capital Economics since 2007. He was previously Asia economist at HM Treasury, responsible for analysis of the risks and prospects in non-Japan Asia and prior to that lived and worked for several years in Taiwan. He speaks and reads Chinese and has degrees in Chinese and Economics from the universities of Edinburgh and Oxford. 7
2015 Discussion Meeting Date Thursday 28th May 16.00 – 19.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speakers Anthony Hilton Peter Montagnon Robert Potter
The New BIS Regulations for Directors’ Remuneration Reporting – better communication or just more data? We have now seen two rounds of reporting under the 2013 Department of Business, Innovation and Skills regulations and our meeting will review their effectiveness and impact and consider whether they have achieved the core aim of providing investors with better quality information with which to reach informed decisions on support for remuneration policies or just generate more data. Pressure groups, the press and indeed Vince Cable, the minister responsible, have all been critical of the way some companies have responded, either in formal compliance or indeed in respect of the spirit of the legislation. Under the chairmanship of Anthony Hilton, Robert Potter and Peter Montagnon will offer their views and invite observations from around the table on issues including: • What has been best practice in implementation? • Have there been unintended consequences such as a focus on compliance rather than explanation? • How have investors responded and are they better informed and making rational decisions? • Does more regulation encourage worse behaviour? • Is there evidence of greater moderation in reward? • How satisfied is BIS with the implementation and achievement of its core aims? We shall be asking a couple of companies for their views but as ever at a PARC event, the views of attendees will be of real interest and allow us all to draw conclusions on the effectiveness of these relatively new and somewhat controversial regulations.
Biographies Anthony Hilton is a highly-respected business author, broadcaster and journalist. He is currently City Editor of the Evening Standard and was previously Managing Director of the newspaper and City Editor of The Times. He has worked for the Observer, the Daily Mail and the Sunday Express and has also served in New York where, for three years, he was Business Correspondent for the Sunday Times.
Peter Montagnon is Associate Director at the Institute of Business Ethics, having previously worked in senior positions at the Financial Reporting Council and Association of British Insurers. Mr Montagnon was a journalist on the Financial Times for two decades, including spells as Head of the Lex Column and in charge of coverage of the international capital markets.
Robert Potter has over 20 years' experience working in Human Resources. Prior to joining Hays plc., where he is Group Head of Human Resources, Robert worked for Jardine Lloyd Thompson as Group HR Director and for Societe Generale Corporate Investment Bank as Global Head of HR.
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Robert has a combined Sociology and Psychology degree and an MBA from Durham University. He divides his time between Paris, where he lives with his family, and working in London. Until recently Robert was Chairman of the City H R Association and Chairman of the HR Advisory Committee to the Lord Mayor's City Values Forum.
2015 Research Report Thursday 25th June 16.00 – 19.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speaker Dr. Wendy Hirsh
The Evolving Structure and Role of Remuneration Committees – their purpose and effectiveness Twenty years on from the Cadbury and Greenbury reports on Corporate Governance the role, structure and effectiveness of remuneration committees continue to attract comment and discussion in the ever changing corporate regulatory environment and wider economic arena. Established to ensure that remuneration arrangements support the strategic aims of a business and enable the recruitment, motivation and retention of senior executives while also complying with the requirements of regulation, it is timely to re-visit these objectives and research the evolving, structure, role and effectiveness of Remcos and consider the political impetus behind the concept compared with practical operational realities. Carried out by Dr. Wendy Hirsh, the research will draw on the experiences and views of a range of organisations and their key actors and stakehoders, addressing such issues as: • How are the purposes and roles of Remcos evolving given the wider interest in governance, corporate culture, organisation performance and executive reward? • Do Remcos work within agreed reward principles and how do these reflect their businesses and the wider contexts? • Do Remcos have effective capability, information and processes to fulfil their role and how do they make and communicate decisions? • Are Remcos appropriately positioned relative to the Chairman, CEO and Board? • How have Remcos changed and are there practices developing which should be adopted more widely? • What are the future challenges and how are Remcos likely to respond? Intended not only for reward professionals, this meeting will be of interest to anyone involved in corporate governance, looking as it does at the realities of Remuneration Committees in an era of intense political and social scrutiny, commercial competitiveness and ever more demanding global competition for top executives.
Biographies Michael Portillo worked for the Conservative Party and for government ministers between 1976 and 1983, before entering the House of Commons in 1984. He was a minister for 11 years and had three positions in the Cabinet. He returned to the Commons between 2000 and 2005 where he was Shadow Chancellor and contested the leadership of the party in 2001. Since leaving politics, he has devoted himself to writing and broadcasting. Dr. Wendy Hirsh is an independent researcher and consultant in employment issues, especially in how organisations develop people to meet their future business needs. She has a long-standing interest in succession planning and its links with strategic workforce planning, leadership development and individual career planning. Much of her work concerns how employees, line managers and HR/L&D professionals work together.
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Evening Meeting Date Thursday 2nd July 18.00 – 21.00
Summer Lecture & Reception with Alastair Campbell – Post Election Thoughts Who is it for?
Venue Haberdasher’s Hall, 18 West Smithfield, London, EC1A 9HQ
Members and guests of PARC and CRF are once again invited to attend our Summer Lecture and Reception held in London’s Haberdasher’s Hall. A relaxed evening of informality will be preceded by a presentation by Alastair Campbell who will share with us his thoughts on the outcome of the General Election and his view of the Government’s term of office, which is sure to be of interest to anyone with an eye on current affairs.
Speaker Alastair Campbell
Overview With the General Election behind us the political infrastructure is now in place for the next five years. What this will mean following the European elections and the Scottish Referendum of 2014 will be fascinating with several possible outcomes able to combine in a way which will determine the future of the United Kingdom and its relationship with Europe. Who will be leading the Country and what sort of mandate will they have for reform and change or will we have a hung Parliament with little room for manoeuvre and no possibility of one party exerting decisive influence on the way we live our lives? Similarly, what are the prospects for the economy and business and how will organisations need to re-visit their strategic objectives and operational practices in the light of the political and constitutional realities? The evening will help us answer some of these questions both through the undoubtedly plainly expressed views of our speaker but also through the opportunity of sharing views with a wide range of fellow members and guests.
Content We will have been bombarded with news coverage mixing fact with opinion, wishful optimism and pessimistic warnings so the views of a ‘political insider’ may well help us to read between the lines as to what is likely to happen in the coming years and beyond. Alastair Campbell is sure to tell us as he sees it drawing parallels with previous elections and pointing out what is new and different this time.
Biography Alastair Campbell is a writer, communicator and strategist best known for his role as former British Prime Minister Tony Blair’s spokesman, press secretary and director of communications and strategy. Still active in politics in Britain and overseas, he now splits his time between writing, speaking, charitable fundraising, consultancy and campaigns.
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Discussion Meeting Date Thursday 10th September 16.00 – 19.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speaker Carsten von der Linden
Key People – Attracting, Retaining, Motivating and Rewarding McKinsey set the ball rolling with their ‘War for Talent’ article and subsequent books. Since then organisations have reacted with a range of responses including new jobs and job titles, organisation solutions such as greater flexibility, career and development initiatives, and a more international approach to resourcing. On the reward side, companies have developed segmented value propositions (“EVPs”) to lock in critical talent, whilst constantly aware of the need to stimulate high performance rather than hold “prisoners”. However, discussions with members indicate that a number of significant pinch points have emerged: • Geographical – persuading people to move internationally, especially to unattractive locations. • Managerial – intense competition for top managers who can make a difference. • Technical – the range, speed of change and increasing demand for a smaller pool of specialists resulting in genuine shortages. • Supply - the dearth of bright emerging talent with an international mindset. • Inter-generational conflict – accentuated by the emergence of new skillsets and technologies (e.g. social media). Led by Carsten von der Linden, we will examine these problems in detail together with the solutions being implemented by organisations. Carsten will share the findings from some of the BCG research in this area including killer facts such as: • Germany and Brazil could see a five-fold increase in labour shortages by 2030 to 10 and 40 million respectively • Italy, Canada and China will see predicted labour surpluses in 2020 become deficits in 2030 significantly so in the case of China – 55 to 75 million surplus to 25 million deficit • South Africa’s surplus will hold steady at under 10 million whilst in the US the 2020 surplus of about 20 million will reduce to about 7 million. Following Carsten’s scene setting we will look at three member case studies considering: • the company sector, situation and strategy • the talent profile – what are the critical jobs • solutions with particular emphasis on attraction and retention plans. The meeting will be practical, discursive, open and sharing.
Biography Carsten von der Linden is a Principal in the Munich office of The Boston Consulting Group and has been with the firm since 2007. He has advised numerous global clients on their people strategies and is a member of the overall "People & HR" topic team at BCG. Carsten is a long-time author of BCG people publications, e.g. the Creating People Advantage report series. He is a regular keynote speaker at international conferences.
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International Conference Date Monday 5th October – Wednesday 7th October Monday 5th Optional workshop:15.00 to 17.00 Welcome drinks reception:19.30 to 21.30 Tuesday 6th: 09:00 to 17:00 Wednesday 7th: 09:00 to 16:00 Accommodation Hilton Vienna Hotel, Am Stadtpark 1, A - 1030, Vienna, Austria There is a non-refundable accommodation cost of £215 + VAT per night for those who wish to stay at the conference venue. We recommend a two-night stay – Monday 5th October and Tuesday 6th October. Attendance for non-members is £1,500 + VAT (excluding flights and accommodation). Full details of the conference and registration are available on our website at www.parcentre.com.
International Conference, Vienna – The Meaning of Work Who is it for? Our conferences attract over 300 senior business people, HR Directors and specialists who are interested in: • the international business context • the fusion of business strategy, leadership and people management • top level networking, reflection, sharing and comparison.
Overview The meaning of work is a major issue in today’s organisation context, characterised by short-termism, relentless change, and constant financial pressures. Creating meaning is a function of many factors, including having clear purpose and direction, a conducive working environment, opportunities for collaboration and teamwork, and a chance to learn, make a contribution and grow. The discussion is far more than simply philosophical. It has important practical aspects, and yet in many organisations, meaning and purpose is not properly thought through. During the conference, we will look at meaning both at an individual and organisation level and try to determine solutions which can be applied in the work context.
Content We will use the internationally acclaimed conductor, Gernot Schulz and his orchestra to illustrate purpose and meaning and compare the workings of the orchestra with organisational life. Topics we will explore include: • how organisations create and sustain value – deciding where and what to ‘play’ • how to develop shared context and purpose, both for individuals and the organisation • creating meaningful work and meaningful workplaces • the role of teams, leaders, organisation structure, planning and results.
Biographies Dr. Iain McGilchrist is a former Fellow of All Souls College, Oxford, a Fellow of the Royal College of Psychiatrists, and former Consultant Psychiatrist and Clinical Director at the Bethlem Royal & Maudsley Hospital, London. Professor Gernot Schulz is an experienced musician and conductor, and regularly imparts executives with what can be learned from an orchestra and a conductor’s leadership. He has conducted the Berlin Philharmonic Orchestra and is a welcome guest at prestigious orchestras across Europe, South America and Asia. Dr. Rebecca Homkes is a faculty member at the London Business School and its executive education department. She also coordinates a programme for Young President’s Organisation companies on strategy and execution, and serves as a fellow at the Centre for Economic Performance at London School of Economics. Clockwise from top left: Iain McGilchrist, Gernot Schulz, Rebecca Homkes, Veronica Hope Hailey, Gianpiero Petriglieri
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Professor Veronica Hope Hailey is Dean, School of Management and Chair in Management Studies, University of Bath. Veronica’s research focuses on the link between Business Strategy, HR Strategy and Change Management. Professor Gianpiero Petriglieri is Associate Professor of Organisational Behaviour at INSEAD. He directs the Management Acceleration Programme, the school’s flagship executive programme for emerging leaders, and the INSEAD initiative for Learning Innovation and Teaching Excellence.
2015 2015 Programme
Discussion Meeting Date Thursday 5th November 16.00 – 19.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speaker Alastair Dryburgh
Performance Management Systems – do they optimise performance? Performance management (PM) includes activities which ensure that goals are consistently being met in an effective and efficient manner. Performance management can focus on the performance of an organisation, a department, employee, or even the processes to build a product or services. PM is also known as a process by which organisations align their resources, systems and employees to strategic objectives and priorities. A formal definition of performance management, according to Daniels is ‘a scientifically based, data oriented management system’. It consists of three main elements: measurement, feedback and positive reinforcement. Performance management often suffers from some or all of the following: • a lack of analysis to define the real organisation issues • PM should be an organisational tool – owned and driven by the CEO; (it is not owned by HR – and still less by a sub-function within HR) • the lack of apparent link between strategic initiatives to improve corporate performance – and the employee centric system of PM often ‘owned’ by the HR Dept • there should be an holistic approach to PM, that talks ONE language of “performance” linked to business strategy – and avoids “cluster of one” initiatives • too much reliance on tired HR solutions such as ‘performance appraisal’ and merit pay which are rarely the answer • inability of managers to implement the ‘solutions’ • too much work on individuals and not enough on teams and organisation culture • no evaluation of initiatives. The meeting will discuss members’ experiences in: • An organisation’s hierarchy for improving Performance. Where does HR’s activity feature in the list? • What are the opportunities for performance improvement? Where does Performance Management feature? • What appears to be working well and where do we need to make most improvement? • Experience of initiatives which have materially influenced individual or organisational performance. Research Paper A position paper will be produced by Alastair Dryburgh and circulated before the meeting. Alastair would be pleased to incorporate any views on the topic which may enhance the discussion.
Biography Alastair Dryburgh trained as a Chartered Accountant following a degree in mathematics at Cambridge. He was subsequently appointed Finance Director of six companies but slowly became sceptical about a system that did not operate as described or as well as it should. A definitive break with the world of finance coincided with the publication of his book Everything You Know about Business is Wrong. He now works as consultant, writer and speaker specialising in problems which cannot be solved by normal means.
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Members’ Dinner Date Thursday 3rd December 18.30 – 22.00 Venue 34 Restaurant, 34 Grosvenor Square, Mayfair, London, W1K 2HD Speaker Fraser Nelson
2016 Programme Launch and Keynote Address We close our programme for the year with our traditional members’ dinner, keynote address and launch of the 2016 Programme. Following the PARC tradition of entertaining and high profile observers, we are delighted this year to welcome Fraser Nelson. Fraser will share his views on a range of political and economic themes topical in 2015 and likely to be high on the agenda for the coming year. With the General Election behind us the tone will now be set for policy making during the next five years and we will all be interested in how this will affect businesses generally and the organisations in which we operate. We look forward to hearing Fraser’s thoughts on some major issues and indeed the views of members around the table. In addition to Fraser’s briefing, we will review the 2016 programme highlighting key events and our rationale for including them.
Biography Fraser Nelson is the Editor of the Spectator. He joined the business desk of The Times in 1994, and spent a year as the newspaper’s Scottish Political Correspondent in Edinburgh before joining the Scotsman’s Westminster bureau as Political Editor. He joined the Spectator in 2006 and became Editor in 2009 when he was also named Political Journalist of the Year in the Comment Awards. He is also a columnist with the Daily Telegraph, a member of the advisory board of the Centre for Social Justice and the Centre for Policy Studies. Fraser lives in Twickenham with his family.
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PARC Publications A range of PARC publications are available in the member-only section of our website. Topics include: Performance Management and High Performance Executive Reward and Incentives
“I am very selective about the communities I join – PARC is on this very short list. It’s a practitioner led, thoughtleadership community which provides maximum value for development and latest thinking.” John Beadle Global Head of Performance and Reward, Rio Tinto
Share Plans and Wealth Creation Corporate Governance Retirement / Pensions / Tax
Previous PARC Meetings Examples of previous PARC meetings include: Planning for Performance – Professor Costas Markides Reward in Retirement – Frank Field MP Assessing the Effectiveness of Organisations – Sir Andrew Likierman The Pensions Challenge: A Public Policy Perspective – Philip Hammond MP Corporate Governance: The Issue of Ownership – Professor Julian Franks Alignment of Reward and Talent Management – Stephen Dando and Hugh Mitchell
“At Standard Life, we very much value our PARC membership. We recognise the importance of bringing in an external perspective and PARC’s forums and events bring valuable insight. The sessions are always topical and the qualities of attendees at the meetings are exceptionally high.” Sandy Begbie Chief Operations Officer, Standard Life
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One Heddon Street, Mayfair, London W1B 4BD Tel: +44 (0)20 7432 4565 Fax: +44 (0)20 7470 7112 enquiries@parcentre.co.uk www.parcentre.com