Total Rewards Philosophy
At Nycomed, we support a Total Rewards philosophy that rewards and recognizes strong performance. Our highly successful model consists of a mix of performance, base pay, variable pay programs, a competitive benefits and perquisites program, work-life balance initiatives, rewards and recognition programs, and learning and development opportunities.
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Performance Management Process
Performance management is a process that is designed to help the organization and employees succeed by linking the achievement of business strategy and operational plans to individual performance and company reward programs.
The Performance Management Process is an opportunity for employees to create value for the organization and development opportunities for themselves. It is also an opportunity for the organization to recognize the achievements and contributions that employees make to the success of the organization by rewarding employees financially through compensation programs.
At Nycomed, we feel very strongly that the Performance Management Process is a collaborative one, in which managers and employees share a joint responsibility for setting goals, accountabilities and performance expectations and for reviewing performance results together.
Compensation Programs
Incentive Programs
In support of the Company's compensation philosophy, company wide Incentive Programs have been developed at all levels of the organization to motivate and reward those employees who contribute to and enhance the financial success of the organization as a whole.
The Incentive Programs encourage delivery of corporate, team and individual objectives demonstrated through teamwork and collaboration effort with our key stakeholders and business partners.
Merit Pay Program
In support of Nycomed’s performance based pay philosophy, merit increases are granted annually to employees who demonstrate strong performance.
Employee Benefit and Perquisite Programs
Nycomed is dedicated to providing excellent employee benefit programs and perquisites to its employees to assist them in meeting the financial burdens that can result from illness or disability, and to help them plan for retirement, deal with job related or personal problems, and enhance their overall job satisfaction.
They include the following:
- Comprehensive Dental and Medical Insurance Coverage
- Employee and Family Assistance Program (EFAP)
- Competitive Pension Plan
- Registered Retirement Savings Plan (RRSP)
- Sick Leave Benefits
- Maternity Leave Top-Up Benefit
- Competitive Vacation Benefits, (Including Carry Over Option)
- December Christmas Holiday Office Closure
- Company Paid Holiday Celebrations
- Flexible Work Hours
- Compressed Work Week (Earned half-day off on Friday afternoons)
- Business Casual Dress Code
- Fitness Subsidy Program
- Tuition Reimbursement Program
- Employee Referral Bonus Program
Work-Life Balance Initiatives
At Nycomed work-life balance isn't just a buzzword, it's a reality. While workload naturally ebbs and flows, there is a commitment to ensuring that people have the opportunity to take care of themselves and their families. For example, Nycomed offers flexible hours, a compressed work week, December Christmas Holiday office closure and a fitness subsidy. The compressed work week means that employees are able to earn a half-day off on Friday afternoons throughout the year.
Rewards and Recognition Programs
Nycomed recognizes the accomplishments and successes of all of its employees in many ways. We currently offer programs consisting of direct feedback and localized reward initiatives to more formal award banquets and corporate celebrations.
Learning and Development (L&D)
Nycomed is committed to supporting the ongoing learning and development of its employees. The Company provides a variety of internal learning programs for managers, employees and sales representatives to develop the knowledge and skills they require to meet the company's business priorities. Human Resources also coordinates an educational assistance program to allow employees to enhance their performance in their current role or to prepare for a future role in the company.
International Assignments
As a global company, international assignments are becoming widely accepted as a best practice at Nycomed. Opportunities to work in the Americas, Europe and Asia are available to qualified individuals wishing to grow their careers and experience different cultures all within the Nycomed family of companies.