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Compensation Management (inclusive NWC and PWM) - Coggle Diagram
Compensation Management (inclusive NWC and PWM)
Importance of compensation management
Retain skilled employee
Increase employee satisfaction
Reduce employee turnover rate
Helps the company save resources
Different types of compensation management
Direct compensation
Hourly
Salary
Commissions
Bonuses
Indirect compensation
Equity
Benefits
Non-financial
Key factors to conduct good compensation management
Clear compensation strategy
Legal compliance
Conduct market analysis
Implement a robust job evaluation system
Ensure fairness and equity
Leverage performance management
Comprehensive benefits
Importance of job evaluation
Increase employee satisfaction
Ensures compliance with legal laws
Motivate employees to be more efficient
Benefits of Job Evaluation
Promotes transparency
Attraction of top talent
Benchmark market salaries
Clarity on current jobs
Fair roadmap for promotion
Challenges of Job Evaluation
Time-consuming
Expensive
Neglects emotional aspects of job roles
Requires expertise to conduct
Biasness
Different methods to conduct job evaluation
Job ranking
Job Classification
Point-factor
Factor comparison
Market pricing
National Wage Council (NWC)
Formulate guidelines on wage policy
Recommend wage adjustments
Set mandatory wage requirements
Advise on incentive schemes based on Singapore’s economic performance
Progressive Wage Model (PWM)
Uplift the wages of lower-wage workers while encouraging skills development and career advancement
Salary, Wage Adjustment, Increments
cleaning sector
security sector
landscape sector
lift and escalator sector
Basic wage, allowance, commissions
food services sector
waste management sector
administrators sector
driver sector
retail sector