Q: What is Succession
Planning?
A: Succession
Planning is the process of identifying and developing suitable employees through coaching, mentoring, off-job training or job
rotation, to replace key players within an organization when their terms
expire. From the risk management aspect,
succession planning is important because researches foresee there will be
critical shortage in companies of middle and top leaders for the next five
years and it often takes years to develop effective management staff.
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HMI Performance Enhancement Seminar
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Seminar on Appraisal Best Practices in Hong Kong, 18 July 2013
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Modern Human Resource Management
focuses not only on operational and administrative issues, but also on the
strategic alignment of employee performance and development with corporate
directives. And as the current business environment in Hong
Kong becomes more competitive, performance appraisal is gaining
importance as a management tool to enhance individual and company performance. How
does an effective performance appraisal system look like? How should it be
developed to suit a Hong Kong company, or specifically,
your company?
Seminar Objectives:
• To clarify the
concepts and importance of performance appraisal
• To illustrate the
best practices of performance appraisal for Hong Kong companies
• To provide practical
tips in developing your own performance appraisal system
Agenda:
14:00 – 14:30 Registration
14:30 – 15:15 “Performance Appraisal Best Practices for
Hong Kong Companies”
Mr. Wilson Chu, Principal Consultant, HMI
Consulting Limited
15:15 – 15:45 Tea Break
15:45 – 16:30 “Empowering Performance Appraisal via
Technology”
Mr. Victor Tsang, Partner, HMI Consulting
Limited
Target Audience:
• Senior Executives
• HR Directors and
Managers
• Professionals in HRIS
Upcoming Workshops
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Workshop on KPI Setting for Various Industries and Positions
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To remain competitive in nowadays fast-moving business environment, organizations require not only right strategies but also good execution. An effective performance management tool can help organizations communicate corporate policies, clarify responsibilities of departments and transform strategic directives into Key Performance Indicators (KPIs) in different perspectives. Through the deployment process, business strategies can be transformed into actionable tasks which enable systematic assessment on corporate and departmental performance and the alignment with corporate directives.
Workshop Outline:
Module 1: Introduction to Performance Management
• Financial vs. Non-financial Measures
• The Four Performance Perspectives of Measurement and Their Causal Relationship
• Format and Components of Performance Management Setting
• Correlations among Annual Objectives, KPIs, Quantifiable Targets and Action Plan
• Integration of Performance Management System with Other Management Tools
Module 2: KPI Setting Step-by-Step
• Good vs. Bad KPIs
• Result-oriented vs. Activity-based KPIs
• Balancing Your KPI Settings
• KPI Examples for Corporate in Different Industries
• Adopting KPI Setting as a Strategic Management Tool
• The Vertical and Horizontal Alignment of Corporate and Departmental KPIs
• Rules of Setting Quantifiable Targets
• Common Errors in Objective & KPI Setting
• The Reporting Format of Corporate & Divisional Performance
• Case Sharing of Performance Management System Implementation
Module 3: Simulation Exercises
Simulation Exercises on KPI Development (Participants will have a chance to simulate the process of developing departmental objectives & KPIs under trainer’s facilitation)
Date: 20 Jun 2013 (9:30am to 5:00pm)
Venue: 4/F Opulent Building, 402-6 Hennessy Road, Wanchai, Hong Kong
Medium: Cantonese with English materials
Fee: HK$ 1,300
To register for this workshop, please click HERE.
To learn more on how HMI Consulting can help your company's management team to enhance corporate and departmental performance, please call (852) 3627 3673 or email to marketing@hmi.hk.
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Training Workshop on Strategic
Compensation System Design
To remain competitive in
nowadays business environment requires not only good planning, execution and
control but also committed people working in alignment with company’s goals. A meaningful system that helps manage performance and
motivate staff to go “extra mile” is essential for organization success. This workshop will equip participants with knowledge
and field-proven techniques through a step-by-step approach for designing a
compensation system that helps align staff performance with the corporate
business strategies and also advocate the “pay-for-extra” culture.
Workshop Outline:
• Definition
of Compensation
• Different
Compensation Package in the Market
• How
Economic Trend Influences Compensation
Strategy & Practices
• Aligning
Compensation Strategy with Business Directives
& Corporate Values
• Influencing
Forces to Compensation Strategy
• Developing Your
Compensation Strategy
• Introduction to
Strategic Compensation Management
• Writing Effective Job
Descriptions for Various Positions
• Conducting Job
Evaluation Step-by-step
• Developing Grade & Salary Structure
• Analyzing Market Pay
Trend Data
• Designing Long-term & Short-term Incentive
Schemes
• Linking
the Incentive Scheme with Performance Measurement
Results
Date: 25 Jul 2013 (9:30am to 5:00pm)
Venue: 4/F Opulent Building, 402-6 Hennessy Road, Wanchai, Hong Kong
Medium: Cantonese with English materials
Fee: HK$ 1,300
To register for this workshop, please click HERE.
To learn more on how HMI Consulting can help your company's management team to enhance corporate and departmental performance, please call (852) 3627 3673 or email to marketing@hmi.hk.
Training and Development Advisory
It's time to plan for Training and Development now!
HMI helps clients to structure training needs analysis to identify gaps between business needs and employees’ current competency proficiency / performance levels, and advises client to adopt tailored training activities that are aligned with the organization's development direction. A thorough training needs analysis can give the
management a clear picture of what skills/competencies that are currently missing so that the management can plan for better employee performance and prepare the organization to respond to future changes.
HMI also offers unique yet practical management training workshops that enhance the management skills of managers, as well as broaden their views in modern corporate management.
For more information about the how HMI can assist your company in Training and Development, please call Mr. Victor Tsang at (852) 3627 3673 or email to victortsang@hmi.hk.
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June 2013 HR Highlights |
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Economic Highlights
An HR consultancy
interviewed 800 workers born since 1981, along with 634 employers to gauge
their different
views on work practices. Some findings are as follows:
- in a self-evaluation exercise, more often than not the Gen Y
described themselves as “creative”, “lazy”, “self- centred” and desiring
“freedom”
- most believed it was vital to have the opportunity to
“participate in decision making” and to get an “instant response” from
colleagues during discussions rather than have them get back later with
answers
- the type of mentors they enjoyed working with most were
“supportive” superiors who could offer help when they needed it but refrained
from giving direct orders
- when choosing a job or staying with a company, Gen Y who are
working find “cash return” the most important factor, contrary to employers’
idea of “interest”
Some suggestions are given on how to work with the young
generation:
- state clearly the job requirements, establish a friendly corporate
culture & offer a solid career
path
- use informal and simple ways of communication, and try to give
instant response
- adopt a supportive mentor style
- give compliment and freedom, and provide learning opportunities
[Source: SCMP (C2)/HKET (A36),
14 May 2013]
The government’s Pay Trend
Survey Committee released the 2013 Pay Trend Survey Report which covers 109
private companies with a total of 180,253 employees to reflect the pay trend
for the period 2 Apr 2012 to 1 Apr 2013. The findings are as follows:
- junior, middle-rank and senior employees in the private sector
received pay increases of 5.3%, 4.79% and 3.38% respectively
- deducting annual pay increments for civil servants, government
employees from the lower and middle salary bands might get increases of 3.92%,
and those in upper salary bands could get 2.55%
The HK Chinese Civil Servants’ Association said the rise could barely
maintain their purchasing power amid an inflation rate of about 4%. The
Disciplined Services Consultative Council said some members felt “very
disappointed” at the results as they had expected a pay rise of up to 7%. The
Model Scale One Staff Consultative Council said the findings fell short of its
expectations, which had been on a par with last year’s 5.8% rise.[Source: HKEJ (A14)/HKET (A3)/SCMP (A1)/China Daily
(p.1), 16 May 2013]
The Census and Statistics Department released unemployment and
underemployment statistics for Feb - Apr 2013 with major figures as follows:
- seasonally adjusted unemployment rate at 3.5%, same as that in
Jan – Mar
- underemployment rate remained unchanged at 1.6%
- highest unemployment rate is seen in
manufacturing (5.8%), retail (5.1%) and accommodation and food services sector
(5.1%)
- unemployment rate of those aged between 15 and
24 rose from 8.1% in Jan – Mar to 9.1% in Feb – Apr
- unemployment rate of managers and
administrators rose to 1.7% from 1.3% a year earlier
An HR consultant said hiring intentions in the retail sector are still
high as many international brands will open their outlets in HK. Salespersons
have an average 8% pay rise this year. The base pay of those with two years of
experience is around $11,000 to $15,000. University fresh graduates will have
$9,000 to $12,000 as the starting monthly salary. The engineering and
construction sectors may offer higher starting salary at $13,000 to $14,000.[Source: HKET (A4)/Ming Pao Daily (A8)/Shanghai Daily (online),
21 May 2013]
Below are some major findings of a salary trends and benefits
survey for Q2 2013 by a career website, which interviewed 1,300 employees and
155 employers:
- 40% surveyed employers plan to hire in Q2
- Nearly 60% surveyed employees plan to change
job within the next three months for promotion opportunities or a better
working environment.
- 65% employees who plan to change job want
better benefits. Their preferred benefits are overtime pay and five-day work
week. However, surveyed employers consider medical insurance and maternity
leave as effective talent retention measures.
- 28% surveyed employees said they had not received any bonus in 2013
while some 25% received bonuses equal to one month’s pay. Employees who
received bonuses equal to more than two months’ salary are mainly from the
hotel, banking and insurance sector.
[Source: HKET (A38),
22 May 2013]
Disclaimer: Should there be any different views in the interpretation, please always refer to the original media source as reference. HMI Consulting accepts no liability in respect of the accuracy and truthfulness of the materials included in this Economic Highlights.
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About HMI Consulting Limited |
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HMI Consulting is a leading HR consulting firm specializing in Performance Management, Compensation & Benefits Design, Talent Development & Business Process Improvement. With the primary focus in Hong Kong, PRC and Taiwan, our experienced consultants have worked across a wide range of industries covering Manufacturing & Industrial, Trading, Transportation & Logistics, Financial & Insurance.
Partners:
Contact:
HMI Consulting Limited
20/F, Central Tower, 28 Queen's Road, Central, Hong Kong
Tel: (852) 3627 3673
Fax: (852) 3629 1056
Email: info@hmi.hk
http://www.hmi.hk
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