To begin with, let’s start with an overview of our compensation plans strategy and goals. At Disney we believe compensation is a sign of our member’s worth and an improver of self-confidence, performance and the shared vision. A comprehensive rewarding compensation plan is a key factor in the ability to retain our talent. In this project we have also to develop equity and consider the laws, tax structure, sociology, values and political environment of the Caribbean. We have evaluated differences in compensation systems between our Disney culture and the host country culture in order for our members to develop an understanding of the rewards, benefits and remunerations they will receive in creating the Happiest Resort in Port Royal. Also, we will discuss how our performance, goals and objectives to create a business partnership with the Caribbean community will enhance and motivate their performance and the compensation they will receive.
Disney’s compensation strategy focuses on:
* Acquisition, development and retention of our talent.
* Facilitating assignments.
* Establishing equity between assignment, attitude and performance.
* Establishing understanding of the equity relationship with the culture of similar businesses in the Caribbean.
* Considering the social system and the economic structure of the host country in creating compensation packages that drive our new venture and are integrated properly within the framework of our capital investment in the Caribbean tourism industry.
* Provide generous bonuses and allowances for maintaining the happiness, health and quality of life of our members that will lead to a successful start to Disney Port Royal Resorts and Cruise Line destination.
* Create trust, openness and transparency with our members and our new business partners, guests and customers in the Caribbean.
Now let’s look at the key components of our total rewards plan and outline our packages remunerations that will create member satisfaction, Disney success and new relationships with our host country leaders.
WAGES: We have opted in this short term project for a lump sum base salary framework that is individualized and based on input, attitude and performance. Because of the short term nature of our project we have elected to not tie the management team’s salary in with the price of our Disney stock, but to offer members a discounted offer to buy in the Disney property itself
from their commission earnings for meeting project milestones. We believe this will strengthen our member’s interest in the project by offering them a part in the long term incentives of the local Port Royal tourism business. We believe this reinforce in our members our commitment to Port Royal and develop pride and inspiration in member performance.
BENEFITS: A formalization of our voluntary benefits will include a comprehensive health care package for the members and their families, education and child care for member’s children, learning and development seminars for members online with the Disney Institute. We believe in a healthy work / life for our members and their families and we want to be the best in our business sector at making our expatriates happy, motivated & healthy. External equity with similar tropical resort destinations is fundamental and we wish to offer above what benchmark standards state as equitable.
ALLOWANCES: Disney has included personal/family allowances for food, clothes, entertainment, living expenses and assignment related purchase allowances (new PC’s, personal i phones, software, apps, books, corporate expense accounts for business meetings and functions etc.) at an approximate rate of 20% of the base salary. Again these are flexible rates and individualized. The Caribbean business environment itself maintains a high level of structure in their rewards programs and believes in self -reliance and a low individualism strategy, we also believe in tight central control of our allowances yet rewarding members for skilled performance and professionalism.
RETENTION: While the Caribbean environment is one of high power distance and high uncertainty avoidance combined with high masculinity, we at Disney believe that in order to retain members we have to have a balance in these areas. Group based plans need to be flexible enough to include individual distinction. Members need incentives such as retaining their level in the organization and retaining their performance based incentives as part of their life at Disney. We agree with the Caribbean environment in matters such as retaining base pay and lifelong retention of our talent involves a strong emphasis on the social benefits associated with retaining and developing economic growth in Port Royal. Social sharing of the economic policies and practices, trade growth and tourism are all part of a Disney members rewards for participating in a global assignment.
INCENTIVES: Incentives are valued in this project at 15% of pay and include resource allocation savings, relationship building functions, professionalism, common identity and culture building with the Port Royal community as well
as for completing parts of the plan on time and successfully and for achieving milestones. Many of our incentives are of a low heterogeneity nature in that they are based on the Dream, Believe, Dare and Do model of Disney, where we reward those who create and believe in the dream and also have the technical experience, the lessons learned proactive ability to dare to do the assignments and maintain Disney’s values and ethics in the project.
PERKS: Perks include use of Disney transportation to and from assignments, transportation for family members to the places and things they may need to do. Two weeks’ vacation /vacation pay. Corporate travel and expense accounts, membership in local health clubs, entertainment and dining offers on Disney. Disney is about creating memorable experiences and happiness for our new friends, guests and customers at Port Royal and the Caribbean, what better way to get the ball rolling than to make our members experience a happy memorable one as well as a successful one for Disney.