SIA Engineering Company - Assignment
Added on - 15 Oct 2020
Running head: SIA ENGINEERING COMPANY1Total Reward Design and Management in SIA Engineering CompanyStudent’s NameInstitutional Affiliation
SIA ENGINEERING COMPANY2Total Reward Design and Management in SIA Engineering CompanySIA Engineering Company Limited is a manufacturing company in Singapore,specializing in aircraft overhaul, repair, and maintenance services. The company was formedin 1992 and located in the Asia-pacific and wholly-owned Singapore Airlines Groupsubsidiary. SIA Engineering Company has a client base of approximately eighty internationalaerospace equipment and international carriers’ manufacturers. According toKhillari (2020),the company also provides exceptional line maintenance services at thirty-five airports ineight different nations. It also offers maintenance to more than fifty international carriers andairframe as well as overhaul components on some of the aircraft services that are widelyused. SIA Engineering Company has more than twenty-five subsidiaries and joint ventureswith original airlines and equipment manufacturers in Singapore, Japan, United States,Thailand, Philippines, Hong Kong, and Indonesia as its primary business partners. The topcompetitors of the company include the FL Technics Training, StandardAero, PemcoAviation Group Inc., Vector Aerospace Corporation, SR Technics, and the Delta TechOpsInc. According toBardaiet al. (2017), SIA has several international Airports with the annualrevenue of the company is S$1104.1 million. Similarly, it has anoperating and net income ofS$72.0 million andS$332.4 million, respectively. SIA Engineering Company has a total ofsix thousand three hundred and thirty employees who ensure that the services are adequatelydone.ITM plan and InitiativesThe government of Singapore outlines significant intends to create better careeropportunities and jobs to all employees in the engineering company as well as ensure theprovision of support for competitiveness and growth of the sector in the coming years. TheMinistry of Trade and Industry is also steadfast in creating opportunities for the enterprises aswell as good jobs for the people. According toChang, Lee & Wu (2019), the ITM aims of
SIA ENGINEERING COMPANY3Air Transport are to achieve exceptional and real value-added developments ofapproximately thirty percent for five years. As part of the government of Singapore's broaderstrategy, Air Transport ITM works to ensure growth and its competitiveness in all theindustries in the region with credible economic stability. According toIvashina & Lerner(2019), most of the companies within it have also been revamping with opportunitiesregardless of the major setbacks that they experience in their operations and managementprocesses.Overall Business StrategySIAEC aims at exploring various transformation maps supported by pillars such asproductivity, skills, and job, as well as innovation, to ascertain its credibility and success inthe competitive plan and sound progress.Current and Future human resources challenges in SIA Engineering CompanyLimitedCompensationAccording toWirtz & Heracleous (2016), human resource management for cost-effective services is faced with different challenges. InSIA Engineering Company, themanagement is committed to ensuring that the personal information of their clients,customers, and employees are protected from any form of misuse. The personal datacollected are disclosed or used only for job applications as well as the potential employeesthat are pertinent in the company.Wirtz & Heracleous further added that in Singapore hasrecently improved andbeing steadfast in cruel resource practices, SIA Engineering Companyhas experienced massive fines from its customers. The increased number of deaths that thecompany experienced in the recent past did not only paralyzed its operations but alsocomplicated its access to other esteemed customers that it has had in the past. The companywas fined a massive sum of money to the cutter for the employees lost as compensation.
SIA ENGINEERING COMPANY4Even though profit may be of great importance for a company, ITM initiative can create asystem of payment for eventualities builds confidence within companies.Current Human Resources ChallengesCompliance with Government Laws and Regulations:Keeping up with increasingchanges in employment laws is a significant struggle for the SIA Engineering Company. Thechoice to ignore the employment laws assuming that they little apply for the success of thecompany has exposed the company to massive setbacks in maintaining stable operations in itsnumerous countries.Role of ITM Plan InitiativeAccording toKolte et al. (2019), exploring the technological and social-economicsituation of a company through an ITM plan and initiative helps the company to comply withboth the local, state, and federal laws governing employees. The availability of regulation inthe ITM initiative to regulate everything in industries in Singapore will allow themanagement to comprehend all issues related to the success of the company.Future Human Resources ChallengesAdapting to Innovation:According to Milkovich, Newman, and Gerhart (2017),technology has changed continuously in SIA Engineering Company Limited. The need forquick adaption is also needed to reduce the risk of being overtaken by its competitors. Thechallenge for SIA Engineering Company is getting employees to learn new technology andembrace innovation.Role of ITM Plan InitiativeThrough ITM initiative and plans practiced in entire Singapore, communication hasbeen of great significance. Any change made in the company should be understood by teamsto know why, how, and when they can be implemented. Overall, provision and setting cleargoals in the company can help the company meet its needs and competitive strength.