Advanced Certificate in Future Ready Rewards Strategies Module 6: Salary Benchmarking and Future Rewards
- Human Resource
2 Days
Who Should Attend
Business Owners, Managers, Team Leads, HR professionals and Business Executives
Pre-requisites:
Minimally a Diploma
Overview
The best salary surveys in the market still assume people are in jobs, tied to a certain location and have benefits and bonuses. Yet this is not true for most gig/project workers, fully remote workers, those on fixed-term contracts, or whose fees are tied not to time, but to deliverables.
This module explores the limitations of prevalent benchmark data sources and presents principles and methods to help guide pay policy for non-traditional work arrangements. This module will also address health, retirement, and time off benefits (traditional) considering the need for flexibility and choice among a more diverse workforce and diverse work models.
Learning Objectives
At the end of the 2-day module, participants will be able to:
- Understand current salary benchmarking / survey methodologies and address how these can and cannot guide future of work approaches
- Review existing common benefits programs and address how these need to adapt to the new work environment
- Rethink mobility practices as expatriate requirement is likely to diminish
- Evaluate possible ways in which organizations will reimagine employee rewards and the value of work
Topic/Structure
Salary Survey Methodologies
In this section, we will review how salary surveys are designed currently, focusing on the job, under the notion that all jobs are full-time and follow a prescribed managerial upward progression track. We will contrast this notion with the need to pay gig and part-time employees according to their skill sets, and how even full-time employees may be less interested in managerial roles and more on personal growth and development. To this end, salary surveys will need to evolve to encompass skills as the main foundation of pay.
Benefits Programs
Employee benefits are also rooted in the idea that all employees are full-time employees, and that part-time employees should not receive benefits. However, the new work reality has shown that a large portion of attracting and retaining gig and part-time workers’ is around employee benefits. In this section we will discuss how traditional employee benefits can be extended to future-of work schemes.
Mobility Practices
The objective of this section is to have an understanding about why the prevalence of expatriate employees is bound to decrease, and how organizations will need to adapt to this new environment while, at the same time, providing employees with the opportunity to develop cross-national and cross-cultural experiences that will better prepare them for regional and global roles.
Reimagining Employee Rewards and the Value of Work
In this section we will explore potential future scenarios for which HR professionals need to be prepared. Topics covered include:
- Latest Trends: We will talk about Pay for Retention, Pay for Development, Pay for Location, Pay for Productivity, Crypto Pay, and the increased focus on wage gap discrimination.
- Salary Surveys: We will discuss the role of LinkedIn and other recruiting sites in giving employees and potential employees access to pay data, the potential role the Blockchain could play, and how making job offers will change once employers are no longer allowed to ask for previous pay information from candidates.
- Gig/Project Worker Pay: Here we will expand on the possibilities of specialist career tracks and benefits for performance.
- Analytics and the Future of Compensation: We will expand on the notions of using analytics to enhance benefits selection, flexible pay, SMA*RT objectives and identifying which incentives systems work best.
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
-
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 6: Salary Benchmarking and Future Rewards | 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.