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文檔簡介
“QuantifyingTotalCompensation”WhyisTotalCompensationImportant?Lackofunderstandingoftotalcompensationcosts
(amongemployersandemployees)Needtocommunicateandeducateemployeesonallthecompensationthattheyreceive
(notjustsalary)1PolicyQuestions
Isyourtotalcompensationstructure:Competitivewiththemarket?Alignedwithyourstrategicplan?Alignedwithyouremployees’values?2
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizonaDiscussionOutlineDefiningTotalCompensation4
IMPORTANT
QUESTIONS1) Whatisthetruecostofyourtotalcompensation?2) Whatimpactdoeseachelementhaveonsatisfaction,retention,andrecruitment?3) Whatarethestrengthsandweaknessesofyourtotalcompensationstructure?EmployeeValue
PropositionCompensationAffiliationWork
ContentCareerBenefitsOrganizationcommitmentOrganizationsupportWorkenvironmentOrganizationcitizenshipTitleBasesalaryIncentivesCashrecognitionPremiumpayPayprocessBenefitsNon-cashrecognitionPerquisitesAdvancementPersonalgrowthTrainingEmploymentsecurityVarietyChallengeAutonomyMeaningfulnessFeedbackFinancialElementsofTotalCompensationBasepayOvertimecostsPaydifferentialsPaidtimeoff5HealthandRxbenefitsDentalandvisionbenefitsLifeanddisabilityinsuranceRetirementbenefits
(includingSocialSecurity
andretireehealth)OtherbenefitcostsTotalcompensationcalculationsassessallthefinancialcosts
ofprovidingcompensationandbenefitstotheworkforce.DirectFinancialIndirectFinancialFinancialElementsofTotalCompensation6BasepayOvertimePaydifferentialsPaidtimeoffHealthandRxinsuranceDentalandVisioncoverageLifeandDisabilityinsuranceRetirementbenefitsOtherbenefitsDirect
FinancialIndirect
Financial
DefiningTotalCompensation
Employees’Perceptions
andValues
QuantifyingTotalCompensation
CaseStudy—StateofArizonaDiscussionOutlineEmployees’PerceptionsandValuesDoesyourtotalcompensationstructuresupport…?EmployeeSatisfactionLoyaltyandCommitmentSuccessfulRecruitmentWhichelementsoftotalcompensationaremostimportanttoyouremployees?PrioritiesmaychangewithageandfamilystatusEveryemployerhasauniqueworkforce8Themarketmaynotreflectwhat
youremployeesneedandcareabout.Employees’PerceptionsandValuesEmployeeswithaworkingspousemayviewhealthinsuranceaslessvaluablethanpayincreasesorotherbenefitsEmployeeswithoutchildrenmayseelittlevalueinchild-relatedbenefits(dependentcoverage,529plans,orthodontiaplan)Employeesinsingle-incomehouseholdsmayviewjobsecurityasmoreimportantthanpayorbenefitsEmployeesage45andaboveareusuallymorefocusedonretirementbenefitscomparedtoyoungeremployees9Employees’PerceptionsandValuesForexample,oneemployeesurveyconductedinaCountyGovernmentinColoradorevealedthat…42%ofemployeeshaveaccesstohealthinsurancethrough
theirspouse50%havechildrenlivingathome(14%withkidsunderage6)49%areinsingle-incomehouseholds(22%aresingleparents)49%areage45orolder10Employeesatdifferentlifestageswillvalueeachcomponentoftotalcompensationdifferently.TheMarketMayNotReflectWhatYourEmployeesValue11YourcurrenttotalcompensationstructureThe“marketaverage”totalcompensationstructureWhatYourEmployeesValue
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizonaDiscussionOutlineInformationNeeded—DirectFinancialBasepayratesforrepresentativebenchmarkjobsEstimatedovertimecosts(mandatoryanddiscretionary)Additionstopay(differentials,bonuses,awards,etc.)Numberofpaiddaysoff(holidays,sickleave,vacation)13Direct
FinancialInformationNeeded—DirectFinancialcontinuedSelectbenchmarkjobsthatrepresenttheentireworkforceDepartmentsOccupationalgroupsHierarchy/gradelevels
DetermineaconsistentbasisforcomparingpayPayrangeminimum,midpoint,ormaximumCurrentactualaveragesalaries
CommondefinitionoftheworkweekEstimateannualovertimepayments(mandatoryanddiscretionary)Calculateannualpaymentsforotherdirectcompensation
Allowances/differentialsCertificationpayoreducationincentivesPerformanceawardsandbonusesTemporarymarketadjustments14InformationNeeded—DirectFinancialcontinuedForexample:15InformationNeeded—IndirectFinancialEmployercontributionratestohealth,Rx,dental,etc.Enrollmentdatabyplanandcoverage(HMO/PPO,single/family)Ratesforemployer-paidlifeanddisabilityinsuranceRetirementplanandretireehealthcontributionratesSocialsecurityandothermandatedcontributionsOtherbenefitspaidbyemployer16Indirect
FinancialMethodsofCollectingMarketData
PublishedDataSourcesAdvantagesCanbelesscostlyCanbelesstimeconsumingDisadvantagesMaybeout-of-dateJobmatchesarelesscertainMaynotcontaindatafordesiredemployers,markets,jobs,locations17CustomizedSurveysAdvantagesCanobtaindesireddataspecifictocertainemployers,jobs,etc.DataiscurrentCanobtaindataonpaypolicies,structures,andotherinformationbeyondjobpayratesDisadvantagesCanbecostlyandtimeconsumingNoguaranteethatemployerswillrespondtosurveyPrivatesectordatahardtoobtain
DefiningTotalCompensation
Employees’PerceptionsandValues
QuantifyingTotalCompensation
CaseStudy—StateofArizonaDiscussionOutlineCaseStudy:StateofArizonaGovernmentLegislativerequirementtoconductmarketstudybasedontotalcompensation,including:SalariesPaidtimeoffHealthbenefitcostsDentalbenefitcostsLife&DisabilityinsuranceRetirementbenefitsComparativemarketsdefinedas:OtherstategovernmentsintheregionLocalgovernmentswithintheState(citiesandcounties)LargeprivatesectororganizationswithintheState19CaseStudy:StateofArizonaGovernmentDataSourcesUsed:20CaseStudy:StateofArizonaGovernmentDirectcompensationmeasurementsActualaveragebasesalaries51benchmarkjobtitlesValueofpaidtimeoff(accrueddaysxthedailypayrate)IndirectcompensationmeasurementsBlendedrateforhealthanddentalbenefits(basedonenrollment)Life&disabilityinsurancecost(basedonpremiumrateandsalary)Retirementcontributionratesandsocialsecuritycosts21CaseStudy:StateofArizonaGovernment22COSTMODELCaseStudy:StateofArizonaGovernment23STEP1—SALARIESCaseStudy:StateofArizonaGovernment24STEP2—PAIDTIMEOFF1 Assumesanemployeewith7yearsofservice.2 Basedonaveragesalary(seeStep1).CaseStudy:StateofArizonaGovernment25COSTMODELWITHDIRECTCOMPENSATIONCOSTSCaseStudy:StateofArizonaGovernment26STEP3—MEDICALANDDENTALCOSTS1 BlendedcostbasedonStateofAZenrollmentdistributionamongmedicalanddentalplans.CostforLifeandDisabilityInsurancewerecalculatedsimilarly.CaseStudy:StateofArizonaGovernment27COSTMODELWITHDIRECTCOMPENSATION
ANDINSURANCECOSTSCaseStudy:StateofArizonaGovernmentDefinedbenefitplansDeferredcompensation/definedcontributionSocialSecurityandMedicareRetireehealthandotherpost-employmentbenefits28STEP4—RETIREMENT
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