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1、Elliot R. Susseles, Senior Vice PresidentThe Segal CompanySeptember 17, 2019Copyright 2019 by The Segal Group, Inc., the parent of The Segal Company. All rights reserved.“Quantifying Total Compensation”segalcoWhy is Total Compensation Important? Lack of understanding of total compensation costs (amo

2、ng employers and employees)Need to communicate and educate employees on all the compensation that they receive (not just salary)1Policy Questions Is your total compensation structure:Competitive with the market?Aligned with your strategic plan?Aligned with your employees values?2Defining Total Compe

3、nsation Employees Perceptions and ValuesQuantifying Total CompensationCase StudyState of ArizonaDiscussion Outline36000集營銷管理視頻免費(fèi)給你培訓(xùn)或xdgd一個(gè)營銷管理視頻網(wǎng)站，里面的視頻資料全都可以免費(fèi)觀看和下載的，列舉一部分：完善培訓(xùn)體系提高企業(yè)核心競爭力企業(yè)新晉員工職業(yè)化訓(xùn)練教程飛人喬丹教你如何利用團(tuán)隊(duì)精神成為NO.1調(diào)整員工心態(tài)改善工作態(tài)度名家論壇：戰(zhàn)略管理企業(yè)選人方法與心理測量技術(shù)零缺陷現(xiàn)代質(zhì)量經(jīng)營新思維 業(yè)務(wù)員教程訓(xùn)練更多免費(fèi)營銷管理視頻在： 或xdgd4Defin

4、ing Total CompensationIMPORTANT QUESTIONS1)What is the true cost of your total compensation?2)What impact does each element have on satisfaction, retention, and recruitment?3)What are the strengths and weaknesses of your total compensation structure?EmployeeValuePropositionCompensationAffiliationWor

5、kContentCareerBenefitsOrganization commitmentOrganization supportWork environmentOrganization citizenshipTitleBase salaryIncentivesCash recognitionPremium payPay processBenefitsNon-cash recognitionPerquisitesAdvancementPersonal growthTrainingEmployment securityVarietyChallengeAutonomyMeaningfulnessF

6、eedback5Financial Elements of Total CompensationBase payOvertime costsPay differentialsPaid time offHealth and Rx benefitsDental and vision benefitsLife and disability insuranceRetirement benefits (including Social Security and retiree health)Other benefit costsTotal compensation calculations assess

7、 all the financial costs of providing compensation and benefits to the workforce.Direct FinancialIndirect Financial6Financial Elements of Total CompensationBase pay Overtime Pay differentials Paid time offHealth and Rx insurance Dental and Vision coverageLife and Disability insuranceRetirement benef

8、itsOther benefitsDirect FinancialIndirect Financial7Defining Total Compensation Employees Perceptions and ValuesQuantifying Total CompensationCase StudyState of ArizonaDiscussion Outline8Employees Perceptions and ValuesDoes your total compensation structure support? Employee SatisfactionLoyalty and

9、CommitmentSuccessful RecruitmentWhich elements of total compensation are most important to your employees? Priorities may change with age and family status Every employer has a unique workforceThe market may not reflect what your employees need and care about.9Employees Perceptions and ValuesEmploye

10、es with a working spouse may view health insurance as less valuable than pay increases or other benefitsEmployees without children may see little value in child-related benefits (dependent coverage, 529 plans, orthodontia plan)Employees in single-income households may view job security as more impor

11、tant than pay or benefitsEmployees age 45 and above are usually more focused on retirement benefits compared to younger employees10Employees Perceptions and ValuesFor example, one employee survey conducted in a County Government in Colorado revealed that42% of employees have access to health insuran

12、ce through their spouse50% have children living at home (14% with kids under age 6)49% are in single-income households (22% are single parents)49% are age 45 or olderEmployees at different life stages will value each component of total compensation differently.11The Market May Not Reflect What Your

13、Employees ValueYour current total compensation structureThe “market average” total compensation structureWhat Your Employees Value12Defining Total Compensation Employees Perceptions and ValuesQuantifying Total CompensationCase StudyState of ArizonaDiscussion Outline13Information NeededDirect Financi

14、alBase pay rates for representative benchmark jobs Estimated overtime costs (mandatory and discretionary)Additions to pay (differentials, bonuses, awards, etc.)Number of paid days off (holidays, sick leave, vacation)DirectFinancial14Information NeededDirect Financial continuedSelect benchmark jobs t

15、hat represent the entire workforceDepartmentsOccupational groupsHierarchy/grade levels Determine a consistent basis for comparing payPay range minimum, midpoint, or maximumCurrent actual average salaries Common definition of the workweekEstimate annual overtime payments (mandatory and discretionary)

16、Calculate annual payments for other direct compensation Allowances/differentials Certification pay or education incentives Performance awards and bonusesTemporary market adjustments15Information NeededDirect Financial continuedFor example: 16Information NeededIndirect FinancialEmployer contribution

17、rates to health, Rx, dental, etc.Enrollment data by plan and coverage (HMO/PPO, single/ family)Rates for employer-paid life and disability insuranceRetirement plan and retiree health contribution ratesSocial security and other mandated contributionsOther benefits paid by employerIndirectFinancial17M

18、ethods of Collecting Market DataPublished Data SourcesAdvantagesCan be less costlyCan be less time consumingDisadvantagesMay be out-of-dateJob matches are less certainMay not contain data for desired employers, markets, jobs, locationsCustomized SurveysAdvantagesCan obtain desired data specific to c

19、ertain employers, jobs, etc. Data is currentCan obtain data on pay policies, structures, and other information beyond job pay ratesDisadvantagesCan be costly and time consumingNo guarantee that employers will respond to surveyPrivate sector data hard to obtain18Defining Total Compensation Employees

20、Perceptions and ValuesQuantifying Total CompensationCase StudyState of ArizonaDiscussion Outline19Case Study: State of Arizona GovernmentLegislative requirement to conduct market study based on total compensation, including: SalariesPaid time offHealth benefit costsDental benefit costsLife & Disabil

21、ity insuranceRetirement benefitsComparative markets defined as:Other state governments in the regionLocal governments within the State (cities and counties)Large private sector organizations within the State20Case Study: State of Arizona GovernmentData Sources Used:21Case Study: State of Arizona Gov

22、ernmentDirect compensation measurementsActual average base salaries 51 benchmark job titlesValue of paid time off (accrued days x the daily pay rate)Indirect compensation measurementsBlended rate for health and dental benefits (based on enrollment)Life & disability insurance cost (based on premium r

23、ate and salary)Retirement contribution rates and social security costs22Case Study: State of Arizona GovernmentCOST MODEL23Case Study: State of Arizona GovernmentSTEP 1SALARIES24Case Study: State of Arizona GovernmentSTEP 2PAID TIME OFF1Assumes an employee with 7 years of service.2Based on average s

24、alary (see Step 1).25Case Study: State of Arizona GovernmentCOST MODEL WITH DIRECT COMPENSATION COSTS26Case Study: State of Arizona GovernmentSTEP 3MEDICAL AND DENTAL COSTS1Blended cost based on State of AZ enrollment distribution among medical and dental plans.Cost for Life and Disability Insurance

25、 were calculated similarly.27Case Study: State of Arizona GovernmentCOST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS28Case Study: State of Arizona GovernmentDefined benefit plansDeferred compensation/defined contributionSocial Security and MedicareRetiree health and other post-employment benefitsSTEP 4RETIREMENT COSTS29Case Study: State of Arizona Govern