Building a Sustainable
and Flexible Wage System
The economic downturn has presented many challenges for organisations. The National Wages Council (NWC) 2020/2021 Supplementary Guidelines encourage organisations to implement the Flexible Wage System (FWS) to sustain their businesses in the long term. The recommendations aim to help organisations sustain competitiveness, provide better job security as well as stability and predictability in wages for employees.
Join our webinar on Building a Sustainable and Flexible Wage System on 28 April 2021 to learn how your compensation system can be competitive and flexible and how you can restructure wages in response to changing business conditions and maintain manpower for eventual business recovery.
Date: Wednesday, 28 April 2021
Time: 3.30pm – 5.30pm
Platform: Zoom Webinar
Topic: Responsible Cost Saving Measures
in response to business downturns
By Speaker: Hao Shuo
To cope with the economic slowdown, the National Wages Council (NWC) convened for a second time in 2020 to issue supplementary guidelines to sustain businesses and save jobs under the challenging circumstances. The NWC also endorsed the updated Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment (TAMEM) in October 2020, which provides guidance on responsible cost-saving measures such as redeployment, direct adjustment to wages and shorter workweek, with retrenchment as the last resort. Given the adjustments that businesses have had to make during this period, employers and employees have been approaching MOM for advice on whether the measures implemented are reasonable.
MOM received some 1,200 inquiries and complaints over wage adjustments, highlighting the necessity for companies to have a process to make wage adjustments effectively and with transparency, even before a crisis sets in. Learn about:
- NWC and its key recommendations
- Overview of TAMEM
- FWS & its benefits
Speaker: Hao Shuo
Director of Operations Policy and Planning, Labour Relations and Workplaces Division
Ministry of Manpower (MOM)
Mr Hao Shuo is currently the Director of Operations Policy and Planning at the Labour Relations and Workplaces Division of the Ministry of Manpower (MOM). He oversees the planning, coordination and implementation of operations within the Division and supports the review of key employment legislations to enforce employment standards and resolve workplace disputes. Prior to joining MOM, he completed the MSx Program at the Stanford Graduate School of Business and had policymaking experience in areas like media and education.
Topic: Staying Agile with a Flexible Wage System
By Speaker: Lynn Gan
Lynn will be sharing on what is an effective compensation system and the considerations in developing it.
Hear her experiences of FWS implementation in the companies she has worked with from a HR perspective.
Speaker: Lynn Gan
Ms Lynn has a wide spectrum of Human Resource experience in the private and public sector. She was the CHRO of Alexandra Health and was Head of HR SP Group; both locally and regionally. Prior to SP Group, she was with Central Provident Fund Board, Changi International Airport Services, US multinational Pepsico Group International. She is currently a senior Lecturer in Republic Polytechnic.
She has implemented the FWS in several companies including spearheading the application of Monthly Variable Component (MVC) into the FWS.
Lynn is also a Chartered Accountant and a member of Institute of Singapore Chartered Accountants and a IHRP certified Senior Professional.
Topic: Incorporating Flexible Wage System for HR Practitioners
By Speaker: Alvin Goh
FWS may seem like a challenging task to implement, especially for SMEs. Learn how an SME overcame this challenge in developing a robust and transparent compensation model using FWS within their organisation and how it has helped them in the long run.
Speaker: Alvin Goh
Singapore Human Resources Institute
Mr Alvin Goh is an accomplished international senior business manager with over 15 years of experience in the financial and consulting industry where he played key roles in various business and human capital transformation projects that has translated to net bottom line growth of USD100 million.
He was part of a task force that had to implement a comprehensive BCP during the SARS pandemic when he was working in Shanghai, China. He saw first-hand how badly it affected the livelihood and mental state of his staff and students.
Alvin firmly believes that a well thought out BCP should go beyond the protection of an organisation’s operations, systems, infrastructure, reputation and business assets and must include the well-being of its people.
Flexible Wage System Implementation Journey
Engage with the esteemed panellists Hao Shuo, Lynn Gan and Wong Keng Fye in a fireside chat moderated by AIvin Goh to discuss on their FWS implementation journey.
Panellist: Wong Keng Fye
Head of Human Resource,
Mr Wong Keng Fye is Head, Human Capital, Singapore overseeing Maybank Singapore, Maybank Kim Eng and Etiqa Insurance. Keng Fye was also appointed as Business Human Capital Director for Group Wealth Management (GWM) in January 2019 under the new target operating model to build a successful regional wealth management franchise within Maybank Group. On 15 July 2020, Keng Fye was also appointed as Head, Human Capital MKE Singapore in addition to his role as Head, Human Capital Singapore and Business Human Capital Director for GWM.
Maybank has always been a strong advocate on work-life excellence and fair employment practices. Maybank was the inaugural winner of the TAFEP Exemplary Employer Award in 2010, and subsequently in 2014, 2016 and in 2018, Maybank was conferred the highest accolade of Pinnacle Award, in acknowledgement of the Bank’s holistic people strategy and practices above and beyond the scope of the TA Awards. Maybank is the ONLY bank that has achieved this recognition four times in a row for TA Awards. Maybank is also the ONLY bank that has been awarded the Work-life Excellence Award for four times in a row since 2006.
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