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Compensation / Total Rewards (COMPENSATION (Factors influencing…
Compensation / Total Rewards
COMPENSATION
Total compensation
- everything that company provides to employee in exchange for work done
Elements
Financial indirect
Financial direct
Non-financial
Objectives
attract
motivate
retain
Factors influencing compensation in Singapore
Company compensation policies
Company's ability to pay
NWC recommendations
Union influence
Legislations e.g. EA, CPF
Employee needs
Equity
external equity
internal equity
individual equity
TOTAL REWARDS
Objectives
attract
retain
motivate
engage
components/elements
compensation
benefits
performance and recognition
talent development
work life effectiveness
Concept
A holistic view of rewards that looks at the entire reward system to determine how its elements can be integrated
An approach that emphasise the need to consider all aspects of work experience of value to employee
Provides a framework for designing, implementing and assessing rewards packages
Thorough understanding of orgnisational culture, business strategies and HR strategies ensures alignment in development of total rewards strategy