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“Quantifying
Total
Compensation”Elliot
R.
Susseles,
SeniorVicePresidentTheSegalCompanySeptember17,2004Copyright?2004byTheSegalGroup,Inc.,theparentofTheSegalCompany.Allrightsreserved.Why
is
Total
Compensation
Important??Lackof
understandingoftotalcompensationcosts(amongemployersandemployees)?Needtocommunicateandeducateemployeesonallthecompensationthattheyreceive(notjustsalary)1Policy
QuestionsIsyourtotalcompensationstructure:?Competitivewiththemarket??Alignedwithyourstrategicplan??Alignedwithyouremployees’values?2DiscussionOutline
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizona3Defining
Total
Compensation·
Organizationcommitment·
Organizationsupport·
Workenvironment·
Organizationcitizenship·
Title·
Basesalary·
Incentives·
Cashrecognition·
PremiumpayAffiliationEmployeeIMPORTANTQUESTIONS·
Payprocess·
Variety·
Challenge·
Autonomy·
Meaningfulness·
Feedback1)
Whatisthetruecostofyourtotalcompensation?WorkContentCompensationValueProposition2)
Whatimpactdoeseachelementhaveonsatisfaction,retention,andrecruitment?BenefitsCareer3)
Whatarethestrengthsandweaknessesofyourtotalcompensationstructure?·
Advancement·
Personalgrowth·
Training·
Benefits·
Non-cashrecognition·
Perquisites·
Employmentsecurity4Financial
Elements
of
Total
CompensationDirect
FinancialIndirect
Financial·
Basepay·
HealthandRxbenefits·
Overtimecosts·
Paydifferentials·
Paidtimeoff·
Dentalandvisionbenefits·
Lifeanddisabilityinsurance·
Retirementbenefits(includingSocialSecurityandretireehealth)·
OtherbenefitcostsTotal
compensation
calculations
assess
all
the
financial
costsof
providing
compensation
and
benefits
to
the
workforce.5Financial
Elements
of
Total
Compensation?
Health
and
Rx
insurance?
Dental
and
Vision
coverage?
Life
and
Disability
insurance?
Retirement
benefits?
Other
benefitsIndirectFinancial?
Base
pay?
Overtime?
Pay
differentials?
Paid
time
off6DiscussionOutline
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizona7Employees’
Perceptions
and
Values?Does
your
total
compensation
structure
support…?·
EmployeeSatisfaction·
LoyaltyandCommitment·
SuccessfulRecruitment?Which
elements
of
total
compensation
are
most
importantto
your
employees?·
Prioritiesmaychangewithageandfamilystatus·
EveryemployerhasauniqueworkforceThe
market
may
not
reflect
whatyour
employees
need
and
care
about.8Employees’
Perceptions
and
Values?Employeeswithaworkingspousemayviewhealth
insurance
aslessvaluablethanpayincreasesorotherbenefits?Employeeswithoutchildrenmayseelittlevalueinchild-related
benefits(dependentcoverage,529plans,orthodontiaplan)?Employeesinsingle-incomehouseholdsmayviewjob
securityasmoreimportantthanpayorbenefits?Employeesage45andaboveareusuallymorefocusedon
retirementbenefitscomparedtoyoungeremployees9Employees’
Perceptions
and
Values?Forexample,oneemployeesurveyconductedinaCountyGovernmentinColoradorevealedthat…·
42%ofemployeeshaveaccesstohealthinsurancethroughtheirspouse·
50%havechildrenlivingathome(14%withkidsunderage6)·
49%areinsingle-incomehouseholds(22%aresingleparents)·
49%areage45orolderEmployees
at
different
life
stages
will
value
eachcomponent
of
total
compensation
differently.10The
Market
May
Not
Reflect
What
Your
EmployeesValueYourcurrenttotalcompensationstructureThe“marketaverage”totalcompensationstructureWhat
Your
Employees
Value11DiscussionOutline
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizona12Information
Needed—Direct
Financial?Base
pay
ratesforrepresentativebenchmarkjobs?Estimated
overtime
costs(mandatoryanddiscretionary)?Additions
topay(differentials,bonuses,awards,etc.)?Numberofpaid
days
off
(holidays,sickleave,vacation)13Information
Needed—Direct
Financial
continued?Selectbenchmark
jobs
thatrepresenttheentireworkforce·
Departments·
Occupationalgroups·
Hierarchy/gradelevels?Determineaconsistent
basis
forcomparingpay·
Payrangeminimum,midpoint,ormaximum·
Currentactualaveragesalaries·
Commondefinitionoftheworkweek?Estimateannualovertime
payments(mandatoryanddiscretionary)?Calculateannualpaymentsfor
other
direct
compensation·
Allowances/differentials·
Certificationpayoreducationincentives·
Performanceawardsandbonuses·
Temporarymarketadjustments14Information
Needed—Direct
Financial
continued?Forexample:15Information
Needed—Indirect
Financial?Employercontributionratestohealth,Rx,dental,etc.?Enrollmentdatabyplanandcoverage
(HMO/PPO,single/family)?Ratesforemployer-paidlifeanddisabilityinsurance?Retirementplanandretireehealthcontributionrates?Socialsecurityandothermandatedcontributions?OtherbenefitspaidbyemployerIndirectFinancial16Methods
of
Collecting
Market
DataPublished
Data
SourcesCustomized
Surveys?Advantages?Advantages·
Canbelesscostly·
Canobtaindesireddataspecifictocertainemployers,jobs,etc.·
Canbelesstimeconsuming·
Dataiscurrent?Disadvantages·
Canobtaindataonpaypolicies,structures,andotherinformationbeyondjobpayrates·
Maybeout-of-date·
Jobmatchesarelesscertain·
Maynotcontaindatafordesiredemployers,markets,jobs,locations?Disadvantages·
Canbecostlyandtimeconsuming·
Noguaranteethatemployerswillrespondtosurvey·
Privatesectordatahardtoobtain17DiscussionOutline
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizona18Case
Study:
State
of
Arizona
Government?Legislativerequirementtoconductmarketstudybasedontotalcompensation,including:·
Salaries·
Paidtimeoff·
Healthbenefitcosts·
Dentalbenefitcosts·
Life&Disabilityinsurance·
Retirementbenefits?Comparativemarketsdefinedas:·
Otherstategovernmentsintheregion·
LocalgovernmentswithintheState(citiesandcounties)·
LargeprivatesectororganizationswithintheState19Case
Study:
State
of
Arizona
Government?DataSourcesUsed:20Case
Study:
State
of
Arizona
Government?Direct
compensation
measurements·
Actualaveragebasesalaries·
51benchmarkjobtitles·
Valueofpaidtimeoff
(accrueddaysxthedailypayrate)?Indirect
compensation
measurements·
Blendedrateforhealthanddentalbenefits
(basedonenrollment)·
Life&disabilityinsurancecost
(basedonpremiumrateandsalary)·
Retirementcontributionratesandsocialsecuritycosts21Case
Study:
State
of
Arizona
GovernmentCOST
MODEL22Case
Study:
State
of
Arizona
GovernmentSTEP
1—SALARIES23Case
Study:
State
of
Arizona
GovernmentSTEP
2—PAID
TIME
OFF12Assumesanemployeewith7yearsofservice.Basedonaveragesalary(see
Step
1).24Case
Study:
State
of
Arizona
GovernmentCOST
MODEL
WITH
DIRECT
COMPENSATION
COSTS25Case
Study:
State
of
Arizona
GovernmentSTEP
3—MEDICAL
AND
DENTAL
COSTS1BlendedcostbasedonStateofAZenrollmentdistributionamongmedicalanddentalplans.Cost
for
Life
and
Disability
Insurance
were
calculated
similarly.26Case
Study:
State
of
Arizona
GovernmentCOST
MODEL
WITH
DIRECT
COMPENSATIONAND
INSURANCE
COSTS27Case
Study:
State
of
Arizona
GovernmentSTEP
4—RETIREMENT
COSTS?
Definedbenefitplans?
Deferredcompensation/definedcontribution?
SocialSecurityandMedicare?
Retireehealthandotherpost-employmentbenefits28Case
Study:
State
of
Arizona
Go
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