Pay for Performance is good, but not good enough. Instead of allocating pay budgets like gold stars for last year’s achievements, employers are paying more attention to workers’ expected contribution to future performance. Enter, pay for talent value.
In this course, Tom will go through the comparison of traditional pay performance, its application and introduce the concept of paying for talent value. He will present emerging alternatives to traditional merit pay, sharing a new salary increase matrix that directs larger increases to employees based on both performance and retention value.
Tom Farmer is a highly accomplished total rewards leader with a career spanning over 30 years, including 20 years in corporate roles and 10 years of consulting, most recently as owner and principal of Freelance Total Rewards Pte. Ltd. based in Singapore since 2013. Tom’s current and recent clients include CrimsonLogic, Toyota Tsusho Asia Pacific, NXP Semiconductors, The International Baccalaureate, Hempel, Armacell, Nexperia, InterContinental Hotels Group, Great Eastern Life Assurance, Jadestone Energy, Sanofi Aventis, Singapore Management University, QL Resources Sdn Bhd and Leighton Asia, India and Offshore. Before starting his own firm, Tom was with Mercer as Principal and Asia Pacific Leader for Global Mobility, where his clients included PTT Group (Thailand national energy conglomerate), Singapore Tourism Board, Ministry of Defense, AIA, MeadJohnson Nutrition, Kraft Foods, Chartis Insurance, Yum! International, Western Digital, MasterCard, Hilton Hotels and Toyota Tsusho Asia Pacific.
Tom has held corporate leadership roles at the global, regional (Americas and Asia Pacific) and country levels. In 2006, Tom joined InterContinental Hotels Group as Vice President, Compensation and Benefits, Americas. A year later, he was sent on long-term assignment to Singapore in the same role for the Asia Pacific region, where he hired a team of six, drove a global revision of IHG’s global mobility policy, upgraded compensation practices to global standards and introduced benefits changes that led to IHG’s recognition at Singapore’s HR Excellence Awards.
Prior to joining IHG, Tom was a senior consultant with Hewitt associates in Atlanta, Georgia, where he designed, led and completed several large compensation-related projects, including an eight-month assignment as interim Director of Compensation for Coca-Cola North America where he rebuilt Coca-Cola’s pay structures, cash recognition practices and fountain division sales incentives. Tom’s clients also included Auburn University, where he created a completely new compensation and classification system for administrative staff of 2,000 employees, and a new performance management system. Other clients included General Electric, Capital One, The Home Depot, Nextel, Verizon, Verizon Wireless, Fannie Mae, Freddie Mac, Sunrise Senior Living, Giant of Landover, Synovus, Panasonic Wireless and several others.
Tom has been quoted by the U.S. Senate, CNN, The Washington Post, The Wall Street Journal, Business Week, and many other leading national media on new federal overtime rules and related reward topics, and has spoken at numerous conferences in the U.S., Europe and Asia. His blog (www.freelancetotalrewards.com) covers rewards and talent mobility topics and has been read by over 8,000 people in more than 100 countries.
Tom has a Bachelors in Business Administration degree from Eastern Michigan University, where he was awarded Outstanding Management Student in 1986. He is a Certified Compensation Professional (CCP) through WorldatWork, and he serves WorldatWork as a certification faculty member (GRP/CCP) and an article reviewer. Tom is also certified as a Senior Professional in Human Resources (SPHR). In 2014, Tom completed an Advanced Certificate in Training and Assessment (ACTA), through Singapore’s Institute for Adult Learning.