Advanced Certificate in Future Ready Rewards Strategies Module 4: Future of Variable Pay
- Human Resource
2 Days
Who Should Attend
Business Owners, Managers, Team Leads, HR professionals and Business Executives
Pre-requisites:
Minimally a Diploma
Overview
Variable pay is a management tool that can seemingly do it all: attract, retain and motivate. Increasingly, variable pay is designed to correlate to financial performance, breaking entitlement mentality and “sending messages” about what’s important more strongly. From ESG accountability for top management to broad equity schemes at start-ups, variable pay is no longer the one-month bonus it used to be. Like base pay, traditional bonus approaches do not work well for flexible “agile” roles, gig/fixed-term workers, open-ended independent contractors, remote and mobile workers, as objectives in these cases are often task-based and distinct from the top-down cascaded KPIs.
This module aims to explore the limitations of prevalent variable pay practices and presents principles and methods to help guide design of variable pay for both traditional and non-traditional work arrangements as the definition of work, performance and value evolve.
Learning Objectives
At the end of the 2-day module, participants will be able to:
- Understand the assumptions underlying current variable pay practices, and identify when alternative or modified approaches are needed or is advantageous.
- Apply variable pay principles and logic to determining pay-for-performance or pay-for-completion arrangements for non-traditional or non-employment work engagements.
- Distinguish long-term incentive applications based on objectives, culture, philosophy and cash position, particularly focusing on emerging practices at start-ups, techs and incubators
- Examine the state of cryptocurrency as a form of compensation whose inherent value is variable
- Align and harmonise both employee and non-employee variable pay practices to drive common focus and collaboration despite contract type or engagement duration.
Topic/Structure
Variable Pay Purpose and Objectives
In this section, we focus on the “why” behind variable pay, from the view of HR, Finance and shareholders concerned with ESG priorities, as well as the employee and gig worker. Risk & reward, ownership, attraction, retention, cash preservation, wealth opportunity and fixed cost control are significant factors; it’s no longer just about performance, and performance is no longer mainly about your rating and KPIs.
Non-employee Incentives
Contractors, regardless of contract duration generally bill for time or task/project completion, but it is possible and advisable to consider incentives for this growing workforce segment, to ensure completion, retention and alignment. We address fees at risk—a common procurement tactic—in the context of the new work arrangements.
Non-cash Incentives
Cryptocurrency is gaining acceptance, and equity-based compensation is no longer for the C-suite and key talent. Larger groups of people are being compensated through non-cash mechanisms. We explore this from a planning and design perspective as well as a finance, founder and social viewpoint, with practical tips. We also look at culture as compensation (grab) and the use of employee ownership as an expression of, and catalyst of an ownership culture.
Going beyond Ratings and KPIs
Incentives are linked to important business and talent outcomes. With the demise of the use of performance ratings in many organizations, and with increased adoption of OKRs (Objectives and Key Results) that evolve year-round.
Assessment
There will be presentation or written assessments for each module.
Participants have to meet a minimum attendance rate of 75% and have to complete all assessment(s) required by the course. Only upon meeting the minimum attendance and passing the assessment will participants be issued a Certificate of Completion.
Participants who fail the assessment will be given a chance for re-assessment at a fee of SGD100.00 (excluding prevailing GST). Each participant is allowed 1 re-assessment. The re-assessment has to be taken within 7 calendar days from the end of the course date. It will be held on a weekday specified by SMU Academy and conducted during office hours. Please note that re-assessment fees are not supported by SSG Funding.
Participants who meet the minimum attendance rate but do not achieve a pass for the assessment will be issued a Certificate of Participation.
Participants are required to bring their laptop to access the course materials, class exercises and individual assessment(s).
In order to be awarded with the Advanced Certificate in Future Ready Rewards Strategies, participants are required to complete all 6 modules within 2 years.
Calculate Programme Fee
Fee Table
COMPANY-SPONSORED | |||
PARTICIPANT PROFILE |
SELF-SPONSORED |
SME |
NON-SME |
Singapore Citizen < 40 years old Permanent Resident LTVP+
|
$654 (After SSG Funding 70%) |
$254 (After SSG Funding 70% |
$654 (After SSG Funding 70%) |
Singapore Citizen ≥ 40 years old |
$254 (After SSG Funding 70% |
$254 (After SSG Funding 70% |
$254 (After SSG Funding 70% |
International Participant |
$2,180 (No Funding) |
$2,180 (No Funding) |
$2,180 (No Funding) |
All prices include 9% GST
Post Secondary Education Account (PSEA)
PSEA can be utilised for subsidised programmes eligible for SkillsFuture Credit support. Click here to find out more.
Self Sponsored
- SkillsFuture Credit
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Singapore Citizens aged 25 and above may use their SkillsFuture Credits to pay for the course fees. The credits may be used on top of existing course fee funding.
This is only applicable to self-sponsored participants. Application to utilise SkillsFuture Credits can be submitted when making payment for the course via the SMU Academy TMS Portal, and can only be made within 60 days of course start date.
Please click here for more information on the SkillsFuture Credit. For help in submitting an SFC claim, you may wish to refer to our step-by-step guide on claiming SkillsFuture Credits (Individual). - Workfare Skills Support Scheme
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From 1 July 2023, the Workfare Skills Support (WSS) scheme has been enhanced. Please click here for more details.
Company Sponsored
Enhanced Training Support for SMEs (ETSS)
- Organisation must be registered or incorporated in Singapore
- Employment size of not more than 200 or with annual sales turnover of not more than $100 million
- Trainees must be hired in accordance with the Employment Act and fully sponsored by their employers for the course
- Trainees must be Singapore Citizens or Singapore Permanent Residents
- Trainees must not be a full-time national serviceman
- Trainees will be able to enjoy ETSS funding only if the company's SME's status has been approved. To verify your SME's status, please click here.
Please click here for more information on ETSS.
Absentee Payroll
Companies who sponsor their employees for the course may apply for Absentee Payroll here. For more information, please refer to:
AP Guide (Non-SME Companies)
Declaration Guide (SME Companies)
Intake Information
INTAKE 1 (Face to Face at SMU) | |
Advanced Certificate in Future Ready Rewards Strategies Module 4: Future of Variable Pay | TBA (Day 1: 9am - 5pm; Day 2: 9am - 6pm) Open for Registration |
Additional Details
Programme Registration
Applications will be reviewed by our Programme Admissions Committee. The decision made by the committee is final and no request to review the decision or reveal the considerations leading to the decision would be entertained.
Certified Professional Business Manager (CPBM)
This programme is part of Certified Professional Business Manager. Participants who successfully complete 6 courses/modules with a minimum of 15 training days, from a list of qualifying programmes (terms and conditions apply) within 5 years will receive the Certified Professional Business Manager (CPBM). For example:
Please click here for CPBM details and list of qualifying programmes.