New Professional Conversion Programme for management accountant roles
Singapore’s Ministry of Manpower (MOM) and the Singapore National Employers Federation (SNEF) jointly released a Job Sharing Implementation Guide last week. The guide details the benefits of job sharing, how to implement it, a sample policy for HR and employers to use, and more.
Human Resources highlights the key points to note, below:
What is job sharing and its benefits?
Job sharing takes place as a flexible work arrangement (FWA), which allows to or more employees to share responsibilities of one full-time job, either divided by function, geography, time or workload.
It requires employees involved in the arrangement to prepare properly detailed handovers for ease of handling the tasks. Further, it differs from part-time jobs, which are “self-contained jobs with less than 35 hours of work per week.”
As showcased in the guide, job sharing can take the following forms:
One employee shares part of the workload with a new hire;
Two employees each split part of their workload with the new hire; or
A few employees share a part of their workload with existing employees.
Why is job sharing useful? According to sources cited in the guide, it reduces voluntary turnover by 20%, improves talent attraction, staff morale and succession management, and reduces absenteeism. Further, it increases employee productivity by up to 30%, while saving costs from hiring by up to 20%.
How do HR and employers prepare for job sharing?
1. First and foremost, the guide states that HR and employers should identify a list of jobs in the organisation which can be shared by function, geography, time or task.
2. The job categories that are possibly suitable for job sharing include: HR, legal, information technology, finance, research and development, sales and marketing, and communication.
3. It is important to understand the aims, responsibilities and outcomes of the job by engaging with the relevant stakeholders before making a decision. Here, the job arrangements, benefits, workload and the FWA policy should be communicated to them, and an addendum about the job sharing issued to employees as well for clarity.
4. Next, the necessary changes to current work arrangements should be made in order to integrate the job sharing process as needed.
5. Lastly, HR and employers should either arrange for existing, suitable employees who can take on the additional workload, or recruit new hires to do so.
Once it’s implemented, how do you sustain it?
HR and employers can start by arranging regular check-in timeslots between the employees involved in the job sharing process and their supervisors. Additionally, set up direct communications whereby HR is able to ensure proper support is provided to employees involved.
It is also important to study issues that may arise, so proper preparations can be made when urgent needs pop up. More importantly, do make it a point to regularly review the current job sharing arrangement in order to learn new ways to make future job sharing more effective.
To help assess your readiness to implement job sharing, here’s a handy checklist provided in the guide:
Hong Kong Work Visa Types and Tips for preparing successful applications
Tips for Successful Applications
1.Bachelor degree & relevant experience
2.Good financial strength of the (sponsor) company
3.Proof of business operation of the (sponsor) company
4.Salary & benefits in line with the Hong Kong market
5.Reasons for not hiring locals & proof of unsuccessful hiring locals
6.Local jobs created or to be created
7.Introduction of new technology or skills
Dos and don’ts to keep you performing at your best
When work and life are both fast-paced and hectic, don’t forget to take time out to reflect, relax and recover, reminds Jerene Ang.
Having recently attended the Performance Course by Johnson & Johnson Human Performance Institute (HPI), I picked up some terrific ideas. Here are some dos and don’ts I’ve learned to help us perform at our best.
Do: Connect to your purpose
Aligning what you do under the company’s mission is just one part of the equation. The other, and perhaps more important part, is to ensure your actions are aligned with your personal purpose and values – remember that life isn’t all about work. If you have already defined your purpose in life, take the time to reflect if you are living it. If you have not defined it, then it’s time to look inwards and discover where you want to go and what matters most to you.
Jim Loehr, Ed.D, and Co-Founder of Johnson & Johnson HPI, said: “Discovering and living your personal brilliant purpose brings energy, fulfillment and wellbeing to your life.”
For me, my purpose is to live life to the fullest. I want to excel in my career while not losing touch with my family and friends, being able to travel, and without forgetting about self-care.
To me, connecting to this purpose means choosing to fully engage while at work and giving my best there. It also means to fully disconnect from work while with friends and family, or while on holiday, to fully enjoy the little moments of joy.
I used to pride myself on my ability to multitask, but I now realise that multitasking actually diminishes performance as you’re only partially engaged in each of your multiple tasks.
I’ve discovered the key to stop multitasking is to eliminate distractions and to intentionally focus on one thing at a time. Of course, that urgent email still needs to be attended to, and you still have to discuss next week’s event with your colleague.
But instead of trying to do everything at the same time, set aside chunks of time for such tasks. Also, instead of discussing something with your colleague or boss in the middle of a task, schedule a meeting time for discussion.
“If you have already defined your purpose in life, take the time to reflect if you are living it.”
While stress is seen as a stimulus for growth (since you can never grow your capacity without stepping out of your comfort zone), too much stress is detrimental to productivity as demonstrated by Aon’s APAC Benefits Strategy Study 2017, where 72% of employers in Singapore considered stress and mental health an issue affecting productivity.
In line with that, it is crucial we take time out to recover. Some ways to do so include practising mindfulness, meditation, celebrating successes, exercising, pampering yourself at the spa or socialising with friends. In fact, a recent study from the Singapore Management University (SMU)found that mindfulness training can help middle managers cope with the stress and emotional exhaustion associated with their jobs.
Don’t: Neglect your health
You often hear people saying “mind over matter” when they burn the midnight oil to get a project done – I’ve done so many times myself. While that simply gets the job done, chances are, it may not be your best work. To ensure you are performing at your best, you need to ensure your physical, emotional, mental and spiritual energy are all in check.
The physical aspect is the foundation to having good mental, emotional and spiritual energy. In fact, according to Chris Jordan, Director of Exercise Physiology at Johnson & Johnson HPI, the keys to maintaining all four aspects are simply moving more, sleeping better, exercising smarter and eating light and often.
My tried-and-tested tips? Move more: get up and walk for one to two minutes every hour. Develop a bedtime routine by winding down one to two hours before you would like to fall asleep (I find reading and meditation useful).
Mid-level expatriate pay packages in Hong Kong have continued to climb in 2018, with the average package costing companies US$276,417. This came after a modest drop in 2017.
Globally, Hong Kong dropped one place to sixth with the UK overtaking Japan as the most expensive jurisdiction for companies to send expats.
Regionally, Japan retained top spot with Hong Kong coming in fourth – somewhat surprisingly behind China and India and marginally ahead of South Korea.
“Salaries rose slightly by an average of just over $1500, while benefits, including extras on top of the basic salary such as school fees or transportation costs, increased by over $6000,” said Lee Quane, Regional Director (Asia) at ECA International, which conducted the MyExpatriate Market Pay Survey.
“The benefits offered as part of an expat’s pay package have always been high in Hong Kong as it continues to be attractive to companies and expats alike. This high demand results in expat-level accommodation, international schooling and other costs being significantly more expensive than most other locations.”
In other parts of Asia, salaries increased for expats in Singapore by an average of $4874 – the total pay package increased by more than $13000 to a total of $236,258. Singapore occupies 19th place in the 40-country list due to its low personal tax rates.
“Expat pay packages in Singapore increased across the board in 2018, with salaries increasing by nearly $5000 and benefits going up $6400 on average. However, personal tax only increased minimally, and tax-related costs still remain extremely low compared to most other locations,” Quane said.
“This is good news for companies with workers currently living in Singapore, though, with cash salary and benefits remaining relatively high, and taxes staying low – resulting in less expense for employers when relocating staff to the country.”
Expat packages in China jumped significantly last year, after dropping in 2017, with the average package now $310,204 – an increase of more than $33,000.
“The Chinese yuan experienced a better year in 2018 though and due to a stronger economy and currency, the pay package for overseas workers in Chinese locations has improved considerably,” Quane said.
When considering the cost of an expat package, companies need to factor in three main components: cash salary, benefits – such as accommodation, international schools and cars – and tax.
New Professional Conversion Programme for management accountant roles
Singapore’s Minister for Manpower and Second Minister for Home Affairs, Josephine Teo, officially launched the Professional Conversion Programme (PCP) for Management Accountants at CIMA Centenary Gala Dinner 2019 on Wednesday.
According to a joint release by Workforce Singapore (WSG) and the Singapore Accountancy Commission (SAC), the PCP for Management Accountants (PCP MA) allows local mid-career individuals with an accounting background to embark on careers such as management accounts.
This will be done by deepening their data analytical capabilities and equipping them with new accounting technological tools.
Besides becoming a management accountant, individuals on board the PCP can also take on roles as business analysts, and financial planning & analysis analysts.
Tan Choon Shian, WSG’s Chief Executive, said: “As companies undergo transformation to keep pace with the ongoing economic transformation, there is an increase in demand to use financial data to forecast and guide business decisions. The launch of the PCP for Management Accountant will allow our local accounting professionals to respond more nimbly and swiftly to these shifts in the workplace and stay relevant to meet the demands of the business.”
The PCP MA was developed by WSG, SAC, and the Chartered Institute of Management Accountants (CIMA) to provide a pathway for accounting professionals to take on new roles in the digital economy as Management Accountants. It is also part of the industry’s efforts to develop a sustainable pipeline of accounting talents by equipping them with management skills to support strategic business decisions, and is aligned with the Accountancy Roadmap under the Industry Transformation Map for Professional Services.
Evan Law, SAC’s Chief Executive, said: “Today’s business landscape is developing fast. To meet the increasingly sophisticated business needs, accounting professionals need to provide higher value accounting services.
“It had a clause about not having visible tattoos,” she said.
“This Professional Conversion Programme for Management Accountants is timely in helping mid-career PMETs to reskill and take on new job roles in this high growth area. Keeping the workforce relevant and with the ability to add value are critical to capture new growth opportunities in Singapore and the region, as we develop Singapore into a leading global accountancy hub.”