Compensation & Benefit (C&B) management is the key instrument that ensures that an organisation’s employees are efficiently and effectively remunerated. This is crucial in gaining and maintaining a competitive advantage in the business environment by making sure that the organisation can attract, motivate, and retain the talent it requires.
An effective C&B management system must encompass elements of transparency, equity, and market competitiveness. A successful C&B system must also have the right match of salary elements and benefits to match the demography of its workforce.
This workshop aims to provide participants with critical insights relating to C&B management including the principles and processes and the latest trends and market practices in building a total compensation package.
After this 1-day workshop, participants should be able to:
- Define C&B management and explain its functions.
- Link C&B management to an organisation’s mission, vision core values and business goals.
- Align C&B policies and procedures to overall organisation remuneration strategy.
- Explain the process and principle of creating a C&B strategy to attract, motivate and retain talent.
- Develop an appropriate C&B pay mix relevant, competitive, and equitable.
- Develop a coherent salary structure
- Identify current legal and regulatory requirements that impact C&B management.
- Operate within the constraints of budget and financial resources.
- Understand the principles and concepts of wage reform and progressive wage model in Singapore
The workshop content is as follows:
1. C & B Management
- Linkage to overall remuneration strategy
- Objectives of Compensation
2. Components of Compensation
- Extrinsic vs intrinsic rewards
- Pay mix: strategies & alternatives
- ‘SMART’ design for remuneration package
3. Pay Practices & Policies
- Job analysis & job evaluation
- Market survey & benchmarking
- Interpreting and using market data
- Salary structuring
4. Legislative environment
- Legislation relating to C & B management
- Tripartite guidelines on fair employment practices
5. Variable pay plans
- Competitive based wage system
Who Should Attend
HR Executives, HR Managers, Administrators, Finance or Accounting Staff and those who handle the Compensation & Benefits / Payroll function in their organisations.
To reinforce learning, the following methodologies will be used:
- Interactive delivery of learning materials
- Case studies
- Sharing of experiences
- Practical exercises
Profile of Trainer
Noel Khng has more than 20 years’ experience in the Human Resources field.
For 18 of the 20 years he worked for the Shell Group of Companies where he had taken on roles as a generalist as HR Manager for its Chemicals plant, as well as specialist roles in Recruitment, Staff Administration, Employee and Industrial Relations, HR Information Systems and Learning and Development.
Currently, Noel is an associate lecturer and consultant with a number of reputable institutions specialising in HR related programmes.
He has also successfully developed numerous Workforce Skills Qualification (WSQ) HR related courses for the Singapore Workforce Development Agency (WDA).
Note: SkillsFuture + UTAP Fundings available
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Course fees are subject to the prevailing GST charge. All information is correct at the time of publication. SHRICORP reserves the right to amend any of the above information if necessary.