Pay & Benefits
Our strategy is to provide pay and rewards equal to, or better than, those offered by comparable companies. Compensation recognises differences in job complexity, in responsibility and in individual performance. Each compensation package comprises base salary and an annual bonus.
Base salary is the amount stated in the employee’s offer letter or any subsequent communications, and is paid monthly. Base salaries are reviewed at the beginning of the year based on market movements and projections. The salary review becomes effective from 1 January each year. No reviews or base salary increases happen during the year.
The annual bonus is a variable amount paid as a reward for high performance against objectives and is totally discretionary. The bonus is based on an individual’s performance throughout the year and the Group’s overall financial results.
All compensation information is confidential and discussed only between the individual and their immediate supervisor.
Long Term Incentive Plans (LTIPs)
As with all major financial services companies today, we use a selection of deferral compensation schemes. There are three levels of compensation:
| Renaissance Cash Deferral | Renaissance Equity Tracker | Renaissance Equity |
| Primary Long Term Incentive Plan (LTIP) for those below Vice President and Senior Manager level with a bonus greater than USD$100,000
| Primary LTIP for Directors, Vice Presidents, Executive Directors and Senior Managers with a bonus greater than USD$100,000 where personal performance warrants inclusion in the Tracker Plan. | Primary LTIP for Managing Directors and a small number of other business builders. |
The Compensation Committee has the discretion to select the appropriate LTIP and, where appropriate, how any deferral awards may be mixed between the LTIPs.
Our Group compensation structure is based on three core principles:
1: To consolidate the Group’s equity and concentrate it in the hands of the company’s highest achievers and most successful business builders. This will strengthen the incentives for outstanding performance as well as recognise that Renaissance Group equity is an incredibly valuable and unique reward opportunity.
2: Through Equity Tracker to enable a broader group of key employees to benefit from the Group’s superior equity performance.
3: To provide compensation deferral mechanisms that more closely mirror those used by our global peers in investment banking and the other business sectors in which we operate.
How does the calculation work?
Deferral percentages are automatically applied to all bonus awards greater than US$100,000. The deferral bands are as follows:
US$100k to US$750k = 25%
Above US$750k = 30%
So the first US$100,000 will be paid cash with no deferral.
Corporate Title Structure
Corporate titles are defined by job scope and complexity, level of responsibility and seniority within the company. Promotions and re-classifications of roles are determined by company management in the course of the annual review. However, promotions only happen once a year, in line with base salary increases, to ensure equity, fairness and consistency across the Group.
Currently we operate the following employee levels (with some regional variation):
Front Office
- Managing Director
- Director
- Vice President
- Senior Associate
- Associate
- Junior Associate/Analyst
Business Support – Infrastructure
- Managing Director
- Executive Director
- Director
- Senior Manager
- Manager
- Senior Specialist
- Specialist
- Junior Specialist
Benefits
Medical Insurance
Renaissance Capital provides medical insurance for its employees, their spouses, and children up to the age of 21. This cover for spouses and children constitutes a taxable benefit. Dental insurance is also included for employees. Full medical details are available in the location-specific employee handbook.
Life Insurance
In the case of an employee’s death due to any cause (natural or accidental), the insurance payment will be four times their annual base salary.
Vacation
Renaissance Group employees enjoy between 25 and 30 vacation days each year.
Maternity Benefit
Expectant mothers are entitled to paid maternity cover which is specific to their home country. Full details are available in the handbook.
Affinity Benefits
Additional softer benefits such as discounted gym membership and preferential banking rates are also available dependent upon working location. We’re keen to develop this area of our benefits scheme.
Language Training
Language training is available to all staff where it would benefit their role, with priority given to those where it’s essential to do their job. Resources are concentrated at beginner and intermediate level.