Singapore Pay Data Collection Changes Frequently Asked Questions

W.E.F. 1st April 2015

 

General Information


Hay Group Market Updates


Paynet Database Update


Singapore Pay Data Collection Changes FAQ

Singapore Pay Data Collection Changes FAQ

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General Information

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Why is Hay Group introducing the changes?

The changes are introduced based on informal feedback and discussions with many of you. Through those discussions, we gathered that you would like to see:

a) More insightful data

b) How we could innovate to be an easier partner to work with

 

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What changes will we be introducing and when will it take effect?

With effect from 1st April 2015, Hay Group will be:

a) Introducing Hay Group Market Updates in replacement of the May update that will be phased out. This concise online questionnaire is designed to provide updated insights of market movements.

b) Streamlining the Paynet Database Updates from two updates (published in May and November) to once yearly in November. This means that our Paynet database will only be updated in November yearly.

c) Requesting for more manpower and remuneration information from you to create additional market reports in the future.


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Why are we asking for additional information?

Hearing that you would like us to deliver more insightful data and analysis, we will gather more information from you. This means that our online questionnaire and data pack will be expanded to gather additional information.


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Can Paynet clients choose not to participate in the Hay Group Market Updates and Paynet Database Update?

We have signed a contractual agreement with you to provide us with your updated remuneration and benefits information yearly when the Paynet subscription was taken up. While there are Paynet clients that chose not to submit their salary information, they have agreed to pay a non-participant fee amounting to three times our Paynet subscription fees.


Hay Group Market Updates

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Why are we introducing Hay Group Market Updates?

As we are moving away from two Paynet database updates to only once yearly, we understand that some of our Paynet clients will be looking for market critical information to stay in touch with market remuneration trends. The Hay Group Market Updates is an online questionnaire designed to capture those critical information that most of our Paynet clients will be looking at. The results from the survey will be published in the Hay Group Market Updates Report.


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What is the Hay Group Market Updates Report?

The Hay Group Market Updates Report is a concise report that will be published by 29th of May. The report will provide updated market movements to help organizations stay in touch with the market remuneration trends. It will cover the following insights:

  • Previous year average salary increment vs Forecast for current year
  • Previous year salary increment for employees and newly promoted employees in 2014 vs Forecast for current year
  • Previous year fresh graduates pay trends pertaining to the hiring of fresh graduates, the entry level pay package, and the actual base salary for the different education levels vs Forecast for current year
  • Previous year short term incentive (bonus) and average performance variable bonus payout vs Forecast for current and next year
  • Business outlook for previous year
  • Trends around HR challenges that revolves around selection, training and development and employee turnover
  • Current market challenges / trends faced by the labour market
  • Other forms of performance / variable bonuses


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How would Paynet clients benefit from participating in the Hay Group Market Updates?

If you have submitted a complete Hay Group Market Updates online questionnaire, your Account Manager will contact you when the Hay Group Market Updates Report is published. Additionally, in appreciation of your organization participation, one individual from your organization will be entitled to a complimentary Talent Q Dimensions (Traits and Narratives) Report*.

*This offer is valid till 31st July 2015.


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What is a Talent Q Dimensions (Traits and Narratives) Report?

Developed by Roger Holdsworth, a pioneer in the field of psychometric testing, the Talent Q Dimensions is a unique, online, work-focused psychometric assessment for assessing large talent pools key work-related personality attributes. The data can be used at different points throughout the talent lifecycle and the report will inform a range of talent decisions: screening and selection, matching people to jobs, coaching and development, identifying high potentials, leadership development and team building.


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How do Paynet clients participate in the Hay Group Market Updates?

You will receive an email on the 13th of April with a link to complete our online questionnaire by the 24th of April.

 

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What are the key milestones Paynet clients should take note of?

Hay Group Market Updates key milestones will be published in May. This is the timeline that you have to take note of:
  • 31st March: You will receive an email notification informing you of the changes
  • 13th April: You will receive an email notification inviting you to complete our online questionnaire for the Hay Group Market Updates Report
  • 24th April: Today is the last day for you to submit our requested online questionnaire
  • May: Processing and analysis of information to produce Hay Group Market Updates Report
  • by 15th May: If you have submitted our requested information, you will be contacted for one complimentary Talent Q report
  • by 29th May: If you have submitted our requested information, you will receive the published Hay Group Market Updates Report


Paynet Database Update

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What is Paynet Database Update?

This is Hay Group’s regular Paynet database updates that usually takes place twice a year in May and November. However, with effective 1st April 2015, we will be streamlining our Paynet database update from two updates to once yearly in November. This means that our Paynet database will only be updated in November yearly.

 

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Why are we streamlining the Paynet Database Update cycle?

Our observations over the years revealed that there are no distinct difference in market movements across our two database update cycles. To ensure that resources are focused to deliver insightful and higher quality data, we have decided to streamline our database updates to once yearly only.


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How would Paynet clients benefit from participating in the Paynet Database Update?

All Paynet clients will be able to gain access to critical updated market remuneration and benefits information. Results from the update will be published as follow:
  • On Paynet by 20th November
  • Market Remuneration Report by 10th December
  • Benefits Report by 10th December

 

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How do Paynet clients participate in the Paynet Database Update?

From 15th of May to 31st of August, your Account Manager will be reaching out to you to complete our data collection pack and an online questionnaire. Information and questions requested on the data collection pack and online questionnaire will then be processed and analysed.

 

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Why do Paynet clients need to complete two online questionnaires?

The questions covered in the Hay Group Market Updates questionnaire are not the same as the Paynet Database Update questionnaire. You would need to complete both online questionnaire so that we can gather the right information to produce different analysis and reports.

 

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What are the key milestones Paynet clients should take note of?

Paynet database update key milestones will be published in November. This is the timeline that you have to take note of:
  • 15th May to 31st August: You will receive an email notification to complete our data pack and online questionnaire for the Paynet database update
  • October to September: Processing and analysis of information for Paynet database update
  • By 20th November: You will be able to access updated information on Paynet database
  • By 10th December: You will be able to download the Hay Group Market Remuneration Report and Benefits Report from Paynet