COMPENSATION AND BENEFITS PAY-FOR-PERFORMANCE

Singapore– Setting high achieving goals and clear responsibilities for employees is key when developing a successful pay-for-performance scheme in companies, said speakers at the Human Resources Insights event yesterday.

Samir Bedi, performance consulting solutions for Hewitt Associates, added that high achieving goals should then be followed-up with clear accountability and "rewards that motivate".

"Once you set those expectations very clearly, be able to track those expectations on a regular basis. I am not a believer that performance conversations happen only once or twice a year, in fact it happens every day."

Bedi added that rewards that send the right message is also crucial. And after HR identifies between the low performers and the high performers, "you have the rewards programme that caters to a high-performance culture that you are trying to create".

AIA's head of human resources, Ragi Singh, adds that ensuring the high-performing employee is in front of the CEO when he receives his bonus can pay off for the company. "And [for the CEO] to tell [the high-performing employee], 'Look I'm paying you for performance, you matter a lot to this organisation.'"

Singh adds, "In my experience, if you can get the CEO or president and make that conversation happen for them, that would really send the right signal.”

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