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Quantifying Total Compensation
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- 大小:775 KB
- 语言:简体中文
- 类型:薪酬福利管理
- 下载次数:9870次
- 更新时间:10-15 13:37:19
- 名称: Quantifying Total Compensation
- 应用平台:|WinXP|Win7|WinAll|
- 资料介绍
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WhyisTotalCompensationImportant?
Lackofunderstandingoftotalcompensationcosts(amongemployersandemployees)
Needtocommunicateandeducateemployeesonallthecompensationthattheyreceive(notjustsalary)
PolicyQuestions
Isyourtotalcompensationstructure:
Competitivewiththemarket?
Alignedwithyourstrategicplan?
Alignedwithyouremployees’values?
DefiningTotalCompensation
FinancialElementsofTotalCompensation
Basepay
Overtimecosts
Paydifferentials
Paidtimeoff
FinancialElementsofTotalCompensation
Employees’PerceptionsandValues
Doesyourtotalcompensationstructuresupport…?
EmployeeSatisfaction
LoyaltyandCommitment
SuccessfulRecruitment
Whichelementsoftotalcompensationaremostimportanttoyouremployees?
Prioritiesmaychangewithageandfamilystatus
Everyemployerhasauniqueworkforce
Employees’PerceptionsandValues
Employeeswithaworkingspousemayviewhealthinsuranceaslessvaluablethanpayincreasesorotherbenefits
Employeeswithoutchildrenmayseelittlevalueinchild-relatedbenefits(dependentcoverage529plansorthodontiaplan)
Employeesinsingle-incomehouseholdsmayviewjobsecurityasmoreimportantthanpayorbenefits
Employeesage45andaboveareusuallymorefocusedonretirementbenefitscomparedtoyoungeremployees
Employees’PerceptionsandValues
ForexampleoneemployeesurveyconductedinaCountyGovernmentinColoradorevealedthat…
42%ofemployeeshaveaccesstohealthinsurancethroughtheirspouse
50%havechildrenlivingathome(14%withkidsunderage6)
49%areinsingle-incomehouseholds(22%aresingleparents)
49%areage45orolder
TheMarketMayNotReflectWhatYourEmployeesValue
InformationNeeded—DirectFinancial
Basepayratesforrepresentativebenchmarkjobs
Estimatedovertimecosts(mandatoryanddiscretionary)
Additionstopay(differentialsbonusesawardsetc.)
Numberofpaiddaysoff(holidayssickleavevacation)
InformationNeeded—DirectFinancialcontinued
Selectbenchmarkjobsthatrepresenttheentireworkforce
Departments
Occupationalgroups
Hierarchy/gradelevels
Determineaconsistentbasisforcomparingpay
Payrangeminimummidpointormaximum
Currentactualaveragesalaries
Commondefinitionoftheworkweek
Estimateannualovertimepayments(mandatoryanddiscretionary)
Calculateannualpaymentsforotherdirectcompensation
Allowances/differentials
Certificationpayoreducationincentives
Performanceawardsandbonuses
Temporarymarketadjustments
InformationNeeded—DirectFinancialcontinued
Forexample:
InformationNeeded—IndirectFinancial
EmployercontributionratestohealthRxdentaletc.
Enrollmentdatabyplanandcoverage(HMO/PPOsingle/family)
Ratesforemployer-paidlifeanddisabilityinsurance
Retirementplanandretireehealthcontributionrates
Socialsecurityandothermandatedcontributions
Otherbenefitspaidbyemployer
MethodsofCollectingMarketData
PublishedDataSources
Advantages
Canbelesscostly
Canbelesstimeconsuming
Disadvantages
Maybeout-of-date
Jobmatchesarelesscertain
Maynotcontaindatafordesiredemployersmarketsjobslocations
CaseStudy:StateofArizonaGovernment
Legislativerequirementtoconductmarketstudybasedontotalcompensationincluding:
Salaries
Paidtimeoff
Healthbenefitcosts
Dentalbenefitcosts
Life&Disabilityinsurance
Retirementbenefits
Comparativemarketsdefinedas:
Otherstategovernmentsintheregion
LocalgovernmentswithintheState(citiesandcounties)
LargeprivatesectororganizationswithintheState
CaseStudy:StateofArizonaGovernment
DataSourcesUsed:
CaseStudy:StateofArizonaGovernment
Directcompensationmeasurements
Actualaveragebasesalaries
51benchmarkjobtitles
Valueofpaidtimeoff(accrueddaysxthedailypayrate)
Indirectcompensationme
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