If you’re a business owner without a clue as to how it’s done, have a look at this “Remuneration Committee Guide” published by the Singapore Institute of Directors (SID).
The guide was written to help companies navigate the “prickly issue” with their employees.
In the book are examples and explanations on the uses of best practices and case studies to explain key remuneration concepts and regulations in Singapore, as well as the responsibilities, issues and challenges faced by members of a remuneration committee.
“Across the world, there are increasing concerns and scrutiny on matters such as the level and basis of executive remuneration. This guide aids remuneration committees who have the unenviable task of balancing the myriad of stakeholder interests, complexities and requirements that relate to remuneration matters,” said SID Chairman Willie Cheng.
The book is the second in a series about corporate governance launched by the association. The first book, the Nominating Committee, was released in August last year.
Another organisation that should guide you on how to pay your staff can be found in the National Wages Council (NWC).
Each year the NWC publishes are report describing the state of the economy, forecasted national growth and wage trends. A high number of our unionised companies use this guideline to implement (or omit) wage increments. For this reason, the guide is highly authoritative.
You might also want to have a look at salary surveys conducted by various organisations, here are a few:
Hudsonds – Singapore Salary Guide 2015 | Hudson
Morgan McKinley – 2015 Salary Guide – Morgan McKinley Singapore
Robert Walters – Salary survey 2015 – Robert Walters Singapore
Graduate Employment Survey by the MOE – Graduate Employment Survey (GES) – Ministry of Education