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Patient preferences to assess value in gene therapies: Protocol development for the paving study in HemophiliaIntroduction: Gene therapies are innovative therapies that are increasingly being developed. However, health technology assessment (HTA) and payer decision making on these therapies is impeded by uncertainties, especially regarding long-term outcomes. Through measuring patient preferences regarding gene therapies, the importance of unique elements that go beyond health gain can be quantified and inform value assessments. We designed a study, namely the Patient preferences to Assess Value IN Gene therapies (PAVING) study, that can inform HTA and payers by investigating trade-offs that adult Belgian hemophilia A and B patients are willing to make when asked to choose between a standard of care and gene therapy. Methods and Analysis: An eight-step approach was taken to establish the protocol for this study: (1) stated preference method selection, (2) initial attributes identification, (3) stakeholder (HTA and payer) needs identification, (4) patient relevant attributes and information needs identification, (5) level identification and choice task construction, (6) educational tool design, (7) survey integration, and (8) piloting and pretesting. In the end, a threshold technique survey was designed using the attributes "Annual bleeding rate," "Chance to stop prophylaxis," "Time that side effects have been studied," and "Quality of Life." Ethics and Dissemination: The Medical Ethics Committee of UZ KU Leuven/Research approved the study. Results from the study will be presented to stakeholders and patients at conferences and in peer-reviewed journals. We hope that results from the PAVING study can inform decision makers on the acceptability of uncertainties and the value of gene therapies to patients.
Total reward statements: How to maximise the potential? Insights into the added value of total reward statements in reward communicationThe whitepaper ‘Total Reward Statements: how to maximise the potential?’ is based on a quantitative and qualitative research project by the Centre for Excellence in Strategic Rewards. It offers an overview of the different aspects of the Total Reward Statement (TRS), based on the quantitative and qualitative results of a large-scale survey (N=193). Looking at the situation as is, 30% of our respondents offer a TRS to the entire workforce or to a part of the workforce. 82% of that group is (very) satisfied with the firm’s TRS. The main reasons for them to offer a TRS are to create employee awareness about the reward offering, to enhance appreciation of the reward package, and to shift the focus away from purely financial reward components to non-financial components as well. As an additional advantage, the TRS has a positive impact on attracting new recruits, retaining talents and engaging employees. Today, the majority of the TRSs are self-developed, are offered once a year, and are integrated in an online platform. The most popular reward components in a TRS seem to be base pay, bonus, company car, contribution to the pension plan, cost allowances, car allowance, home-work travel allowance, premium paid for hospitalisation insurance, disability insurance, guaranteed income insurance, long-term incentives and subscription to public transport. Possible drawbacks to implementing a TRS could be the time and monetary investment in the tool, the difficulties in data management, the fact that the TRS is a snapshot with a focus on the past, and the question concerning how far you can go with transparency. As for communicating about the TRS, it remains crucial to communicate regularly and creatively. As for the future, companies that are looking into implementing a TRS indicate that collaborating with a specialist provider is the preferred way to go. They would still opt for a periodical offering of the TRS and keep an online focus. Almost all of the respondents indicate that communication is unmistakeably one of the most important aspects in the TRS process. Based on examples from practice, there are 7 characteristics of a great TRS: • making the reward overview as visual as possible • keeping it short and impactful • adding tailored tips and information • showing a multi-year evolution • complementing it with a glossary • including the fairness aspect • providing the possibility to click through to receive additional information
Business meetings in a post-pandemic world: When and how to meet virtually?The COVID-19 pandemic that erupted in 2020 forced businesses across the world to adopt virtual meetings. With many people working from home, software platforms like Zoom and Teams became ubiquitous. However, their widespread use also revealed many weaknesses and limitations. While technologies for virtual meetings have existed for decades, these technologies have advanced significantly in recent years, and today range from audio-conference facilities to telepresence rooms with high-resolution video and sophisticated virtual presence features. The available alternatives differ significantly in costs, complexity and capabilities, and choosing the most effective technology for each meeting setting is not always easy. This is important, since after the pandemic, virtual meetings will move from being a necessity to being a widely accepted alternative to traditional face-to-face meetings. Consequently, the questions of when and how to meet virtually will become even more significant. In this paper, we describe a decision-making framework for choosing when and how to meet virtually, based on the importance of communication capabilities for categories of meeting objectives and taking into account meeting size and duration. The framework is based on extensive empirical research conducted in partnership with a number of major US and European companies.
What to reward executives for? A taxonomy of performance metrics in executive incentives supplemented by an overview of business practiceExecutive target setting and linking it to incentive systems, proves to be a complex process. Moreover, boards are under increasing pressure to use a balanced set of (strategic) performance metrics, and to look beyond financial indicators. Key performance indicators (KPIs) are defined as critical indicators demonstrating a company’s progress towards its key business objectives. The challenge many boards and companies are facing, is two-folded. On the one hand, there is an increased focus on the use of non-financial performance metrics to be included as a driver in executive incentive systems. On the other hand, companies are also having difficulties to find the right set of financial KPIs and often tend to use “easy-to-measure” data while the real challenge is about finding the more critical KPIs, taking into account shareholder structures, business cycles, level in organisational hierarchy, but also being aware of the drawbacks caused by at least some financial KPIs. Vlerick Business School’s Executive Remuneration Research Centre has developed this paper in order to inspire practitioners looking for the ‘right’ financial and non-financial KPIs, both underlying short-term incentives and long-term incentives. It does so by providing a taxonomy of different indicators that can be used. On top of this, the reader will be inspired by the inclusion of a large set of real-life examples (more than 100!) found in remuneration reports of Stoxx Europe 600 companies as a key source of inspiration, grouped by type of KPI. The objective of the paper is not to be prescribing by providing the ultimate set of KPIs, which would be a mission impossible as this is highly dependent on each firm’s specific situation. Rather, the objective is to take a broad and non-prescribing perspective by providing an encompassing overview and inventarisation of performance metrics used in executive remuneration. As such, it offers a guide to improve the choice of key performance indicators by summarizing examples and inspiring practices. Needless to stress that KPIs need to be deduced from the firm’s strategy and the objectives the firm wants to achieve.
Spillover effects of distribution grid tariffs in the internal electricity market: An argument for harmonization?In many countries, distribution grid tariffs are being reformed to adapt to the new realities of an electricity system with distributed energy resources. In Europe, legislative proposals have been made to harmonize these reforms across country borders. Many stakeholders have argued that distribution tariffs are a local affair, while the European institutions argued that there can be spillovers to other countries, which could justify a more harmonized approach. In this paper, we quantify these spillovers in a simplified numerical example to give insight and an order of magnitude. We look at different scenarios, and find that the spillovers can be both negative and positive. To be able to quantify these effects, we developed a long-run market equilibrium model that captures the wholesale market effects of distribution grid tariffs. The problem is formulated as a non-cooperative game involving consumers, generating companies and distribution system operators in a stylized electricity market.