Advanced Certificate in Future Ready Rewards Strategies Module 5: The New Pay for Performance (P4P)
- Human Resource
2 Days
Who Should Attend
Business Owners, Managers, Team Leads, HR professionals and Business Executives
Pre-requisites:
Minimally a Diploma
Overview
Paying for performance (P4P) has been the main principle that organisations use to determine how employees should be paid and rewarded for what they can achieve through the performance management program. However, research has shown that there is a huge dissatisfaction among employees on the effectiveness of such program, with many lamenting they feel demotivated instead.
In this module, we will take a fundamental look at motivation and what motivates us as individuals and how this can be applied to re-designing the pay for performance, to bring the best out of our employees in a sustainable and participative way.
Learning Objectives
At the end of the 2-day module, participants will be able to:
- gain a deeper understanding of motivation and what drives employee engagement and performance
- diagnose and evaluate the effectiveness and gaps of the conventional performance management program in organisations
- use OKR (Objectives and Key Results) as the framework to design an agile pay-for-performance program that promotes ownership among employees and their managers
- synthesise metrics that would provide an ongoing review of the effectiveness of the program
Topic/Structure
Applied psychology in motivation (needs and goals)
We will gain insights into the practical application of the two types of motivational theories (needs and goals) to better understand the key factors that drive individual at work
Conventional performance management and what have gone wrong
Using the previous insights, we take a critical examination of the conventional performance management strategy and process and discuss what is the intent and why the impact is less than desirable
OKR Methodology: measuring what matters
OKR, or Objectives Key Results, has its roots in the work done by Peter Drucker and his work on Management By Objectives (MBO). It was widely regarded as the performance framework used by Intel co-founder Andrew Grove to turn the company into what it is today and was further attributed to have done the same for Google. Today, many companies, tech and non-tech, are using it in place of the conventional performance appraisal. We will be looking at just how OKR is doing so and how it can address many of the problems we have with the conventional performance management.
What is Agility and how can we use it in business to design an agile pay-for-performance program
Agility is critical for any business looking to thrive in the 21st century. It empowers individuals to innovate swiftly adapt to changes in an ever-dynamic business environment while staying on course to be successful. Our pay-for-performance program has to be likewise to support the business to become and stay agile. Here we will discuss what is agility in business and how it can be used to design an agile pay-for-performance program.
Evaluative metrics to sustain the impact
To continue to stay agile and relevant to the changing business needs, any pay-for-performance program has to be constantly evaluated with metrics which would be discussed in this topic including how data can be collected for evaluative purposes.
Putting it all together to make pay-for-performance works
We will take the opportunity to apply what we have discussed and learned in a case presentation to demonstrate how we can make pay for performance works.
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
-
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 5: The New Pay for Performance (P4P) | 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 the Professionals Management Toolkit (PMT) Series. Participants who successfully complete 6 programmes offered by SMUA-HCML within 5 years will receive the Certified Professional Business Manager (CPBM). For example:
Please click here for CPBM details and list of programmes.