BM1986 Strategic Compensation Management

Objective

This ICA aims to test the learners ability in applying the concept of compensation and the various retention strategies taught in class on a chosen organization.

Introduction

Learners will conduct research the various market sound remuneration strategies and make recommendations to the chosen organisation to either improve or introduce its Total Remuneration Framework with the aim of attracting, retaining and motivating talent. The recommendations made should be supported and validated by compensation theories in line with the Singapore Employment Act.

Guideline on Assignment

Select any organisation that you are familiar with (it can be your current employer, or any registered business entity in Singapore).

About the Organization

• State the Organization’s vision, mission and values.
• Describe its core business and the talent landscape.

• Provide an overview of the Organization’s rewards system, including benefits, special bonus and stock option.  
• Evaluate the effectiveness (strengths and weaknesses) of the Remuneration Framework based on theories taught in this course.
• Identify the challenges that the Organization face with respect to its talent landscape.

Recommendations (Select A or B)

Recommend improvements to the organisation’s existing remuneration strategies to address the challenges identified in part 2 (c). Provide detailed explanations where possible.

or  

Recommend a new remuneration strategy to the organisation and explain how your recommendation can improve its attraction and retention for its human resources.   

Pay Structure

With the increasing importance of data security, privacy and protection of individual rights, organizations are required to have a comprehensive, secure and private plan which complies with legislative law. You are to assume and select a new key job family to be added to your chosen organisation. Present the job structure using Table A template below. Example of job families you may consider:

• Finance and Audit
• Network Security Engineers
• Data Security Warehouse
• Legal and Compliance
• Develop a job and pay structure for the chosen family.
• Explain your rationale in deriving the structures.
• Provide appropriate references to support the validity of your recommendations.