How would the current high staff turnover and inflation in 2022 impact the reward programs for most companies in Singapore in 2023? In view of this disrupting development, propose an integrated annual rewards plan for 2023 for a Singapore company. You can choose any company in Singapore OR select Company A (below) and propose an integrated rewards plan addressing their company issues (as given below).
Company A (SingUp) Details & Issues:
• Typical SME “SingUp”, with about 100 employees dealing with marketing and sale of mobile communication services (reselling mobile services from Singtel but with unique features and pricing). The annual sale of more than 160M sgd was mostly done on-line via a well-designed web-site and mobile app but supported by a team of customer sales-service staff who boost sale significantly (20-30%) by assisting senior customers with sign up and plan details either at stores in HDB estates or on call. On-line sale is especially brisk with students and young customers who like SingUp’s high data plan at very competitive prices esp
ecially for the sign-up periods of 6 months and longer. However, the company is experiencing high turnover of customer sales-service and marketing staff (average of 30-40% p.a.). During exit interviews, common reasons cited were unattractive pay and stressful work conditions caused by incessant drive to meet sales target, value-add deals and new customers or existing customer renewals.
• Pay model by the company:
Simple base pay and a profit share program. Paying up to 1 month of base pay for the past 3 years on profit-share.
Benefits structure following MOM guidelines relative to vacation, healthcare, dental, etc.
• Employees feedback to management from annual employee surveys & issues raised at latest annual management meeting:
• Staff claim lack of flexi work schedule and benefits
• Staff report that Management is informal and approachable but in the annual employee feedback survey, interaction & communication with management is deemed inadequate.
• Staff appraisal is an open process but seen to be supervisor dominated. There is only a yearly discussion with a high focus on results achieved based on “MBO” mutually agreed with the supervisor.
• Employees are stressed and feel unappreciated with a demanding sales target (expressed by majority of customer service & marketing staff)
• Complaint of slow vacation/benefits application & approval via manual process by all staff. No internal IT department support as they are focused on business application via the Co web-site for sale and public interaction. Payroll is currently outsourced to a local third party.
At the recent meeting, management expressed satisfaction with the financial performance although there was no reserve accumulation as all profits were shared with staff. Therefore, business revenues should be better. They felt this might be due to high turnover of customer service and marketing staff. They also felt that interaction with staff is limited and were surprised that staff seldom make use of their open-door policy to give feedback on business or personal issues to management. There seem to be a lack of suggestions by employees to innovate relative to new business deals or work processes. With the high inflation and turnover seen for Singapore in 2022, they are concerned with matching market expectation for high pay to attract and retain talents. How can this cost of labour increase be made more affordable for this SME?
Current salary structure & with market ratio (SingUp)
ratio Bpa y
|Mkt Var Pay in Mths|
Grade 1 Customer service-sales entry level employees (50)
Grade 2 Experienced service-sales staff (16), marketing staff (4), HR Offr(2), Fin Offr (2)
Grade 3 Senior Service-sales staff (5), Senior Marketing staff (1), Senior Fin Offr(2), Sr HR Offr(1)
Grade 4 Customer service-sales Manager (3), Marketing manager (1), Sr IT Analyst programmer(3)
Grade 5 Customer Service-Sales Regional Mgr (2), IT Analyst-Mgr (2), Fin Mgr(1), HR Mgr(1)
Grade 6 Admin (HR-Fin) Director, Service-Sales & Marketing Director, IT Director
Grade 7 General Manager & Managing Director
Grade, Job position & number of employees ( )
In view of this disrupting development in 2022 (high inflation & staff turnover), propose an integrated annual rewards plan for 2023 for a Singapore company. You can choose any company in Singapore OR select Company A (SingUp) and propose an integrated rewards plan addressing their company issues. The proposal should cover the following areas:
|(i)||Research and provide a descriptive summary of your
selected company or use Company A details.
|(ii)||Examine the overall company strategy in managing the core issues of talent attraction and retention, performance management and engagement of employees in the company and analyse the impact of the disrupting effects of the Great Resignation and high inflation of 2022 on the company. Summarize the challenges it will
need to address to be successful.
|(iii)||Develop an integrated rewards proposal which should cover the following areas:
1. Propose a rewards strategy and link this to the business strategy and avowed employee value proposition (EVP)
2. Propose the needed annual % increase in base
payroll relative to inflation and being competitive in market pay rates
Answer to Above Questions on Reward Management
The Global developments across the world have resulted into a negative impact on the growth of the majority of the economies across the world. The Ukraine crisis has affected the prices of various commodities, and as a result, the inflation level has triggered a massive high across the majority of the economies in the world. Singapore is also affected as a result, and this has a direct impact on the salary level of employees working in different organisations. The reward programs across the majority of the organisation have adversely affected because of high staff turnover and inflation level in 2022. An analysis indicates that 77.4% of Singaporean workers said that they would cut expenses if they don’t receive a salary increase.
Get completed answers on above questions on rewards management in Singapore from the best Singaporean assignment writers available with Student Life Saviour.
Content Removal Request
If you believe that the content above belongs to you, and you don’t want it to be published anymore, then request for its removal by filling the details below. It will only be removed if you can provide sufficient evidence of its ownership.
Our Value Added Service
- Proactive Approach
- No False Promise
- 50% Prepay
- Multiple Contact Options
- Asia Pacific University of Technology and Innovation
- Boston City Campus
- Brickfields Asia College
- City University
- Durban University of Technology
- Free State
- IMM Graduate School
- International University of Malaysia – Wales
- Lincoln University College
- Milpark Education
- Monash University Malaysia
- Murdoch University Singapore
- Nelson Mandela University
- North West University
- Open Learning Group
- Open University Malaysia
- PMI Adcorp
- Red & Yellow Creative School of Business
- Regenesys Business School
- Regent Business School
- Republic Polytechnic
- RMIT University
- Singapore Management University
- Singapore University of Social Sciences (SUSS)
- Stadio Higher Education
- Stellenbosch University
- The Independent Institute of Education
- Tshwane University of Technology
- Tunku Abdul Rahman University of Management and Technology
- UCT Online High School
- UNITAR International University
- Universiti Teknologi Malaysia
- Universiti Tun Abdul Razak (UNITAR)
- University of Cape Town
- University of KwaZulu Natal
- University of Limpopo
- University of Pretoria
- University of South Africa (UNISA)
- University of the Free State
- University of Western Cape
- University of Witwatersrand
- Walter Sisulu University
- Wawasan Open University (WOU)