MOL Group is an independent oil and gas company based in Hungary. It operates in more than 40 countries and employs about 27,500 people worldwide. Since 2010, the firm’s MOL Pakistan unit’s expansion created a need to address structural issues that produced rabid turnover at the company, primarily related to compensation.
As a result, the company created a new job structure that included newly competitive pay scales. The new rewards structure included a competitive benefit scheme that took into account all aspects off employee well-being — such as medical allowance, salary advances, higher education contributions as well as contributions toward spiritual well-being.
The changes reduced turnover to 4.5 percent from 17 percent, with average recruitment time split in half as well.
For its efforts to change its compensation model to reduce turnover, MOL Group is the silver 2015 Optimas winner for Global Outlook.
The post MOL Group: Optimas Silver Winner for Global Outlook appeared first on Workforce Magazine.