Benefits
Rewards
The remuneration policy of Philips is based on a number of principles: it is competitive, transparent, stimulating and designed around you. It is competitive with that of other global industry leaders and will reflect your individual performance. It offers the opportunity for increased rewards as your career progresses and the business reaches higher levels of performance.
To ensure that your opportunities at Philips are at least on a par with those of other leading global companies, we constantly benchmark our remuneration against others in the marketplace. We also evaluate our competitiveness in terms of performance. When business and individual performance are "solid", our rewards are similar to those other companies. When business and individual performance are at higher levels, our rewards are above "the market rate".
Our reward follows a "One Philips" approach that not only ensures we basically use the same structures to reward employees across the company but also that someone in a similar position elsewhere in the world receives a comparable reward package. Hence, job transfers from one Philips unit to another will not be hampered by differences in reward. The remuneration policy of Philips includes base salary, variable pay, benefits & perks and recognition.
Competitive Base Salary
A competitive base salary is offered to recognize the individual contribution and to motivate staff. Employees who consistently exceed or excel expectations will rapidly start earning a higher salary and accelerate their career. Variable Pay: Pay for Performance Because we believe that variable pay reinforces the focus on performance and recognizes employees for the achievement of specific results, almost everybody within Philips has a performance-related element to their pay. There are two types of programs: short-term or annual incentives ("bonus") and long-term incentives ("Stock Options & Shares"). The higher the position in the company, the more important the variable elements in the total remuneration package becomes.
Philips benefits for eligible employees may include:
- Medical Insurance
- Dental Insurance
- Vision Care Plan
- Healthcare FSA
- Dependent Day Care FSA
- Tuition Reimbursement of up to $10,000/yr
- Life Insurance
- Employee Assistance Program
- Short and Long-Term Disability
- 401(k) Plan
- Stock Purchase Plan
- On-line Employee Store
- Vacation Time
- Paid Holidays
- Paid Sick Time
©2004-2009 Koninklijke Philips Electronics N.V. All rights reserved.