Quantifying Total Compensation

标签：薪酬管理制度,薪酬管理办法,
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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