By: Juan P. Garcia Organizational Research Services Director EMPLOYER OF CHOICE Total Rewards, Trends and Plan Design Take a Chomp Out of Your Comp!
By: Juan P. Garcia Organizational Research Services Director EMPLOYER OF CHOICE Total Rewards, Trends and Plan Design Take a Chomp Out of Your Comp!
Apr 01, 2015
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By: Juan P. GarciaOrganizational Research Services Director
EMPLOYER OF CHOICE
Total Rewards, Trends and Plan Design
Take a Chomp Out of Your Comp!
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Total Rewards, Trends and Plan Design
ABOUT THIS PRESENTATION
Plan Design & Compensation: Top-line trends Overall Trends Market Movement Industries
Building Blocks, Compensation & Benefits: Key Foundation of a Total Rewards Strategy General Framework EG’s Employers of Choice Model Check-off Inventory Sample Case
EG’s New Online Compensation program
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Total Rewards, Trends and Plan Design
Plan Design & Compensation: Top Trends
Tops Trends
Soft salary increases
Relying on soft employment levels & low turnover
Rebuilding / Overhauling existing plans
Evaluating other employee costs, pension, leaves, etc.
Spending more on performance management tools
Recalibrating payouts; Executive Compensation
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Total Rewards, Trends and Plan Design Plan Design & Compensation: Top Trends
Top Trends - continued
Internal Equity and Alignment
Upgrading Job Descriptions
Concerns for Federal Contractors re employment Practices that lead
to Compensating Disparities
Concern on new minimum wage:
1% of employees earn less than new min; 5% earn between $9 and
$10
non-profits, 3% are below new minimum, 7% earn between $9 and
$10
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Total Rewards, Trends and Plan Design
Market Movement, Increases & Employment
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Total Rewards, Trends and Plan Design
Plan Design & Compensation: Top Trends
Industry Trends: Manufacturing:
Soft increases, 3%, OT on the rise, “is better than adding staff” Finance, non-banking sector:
Above average increases, 3.7%+, aggressive bonus plans, 70% percentile Non-profits:
Transparency, especially with executive pay, very receptive to internal pay equity, managing hours of part-time employees
Services: Recalibrating performance management and compensation plans
Hospitality: New minimum wage, wage compression concerns, part-time employees, training costs
Sales: Recalibrating commission plans; as economy improves, payout and thresholds are being examined
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Total Rewards, Trends and Plan Design
Plan Design & Compensation: Top Trends
OVERALL:On existing Talent:
Moderate Increases likely to continue into 2016 Retain and train Invest to develop existing skills Address current needs
On New Talent: Wait-and-see regarding adding to payroll ranks Higher salaries are causing wage compression
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Total Rewards, Trends and Plan DesignBuilding Blocks, Compensation & Benefits: Key
Foundation of a Total Rewards Strategy
Best Places to Work & Employers of Choice:
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CommunityInvolvement
6%
Perks & Incentives12%
Benefits15%
Turnover12%
Pay12%
Employee Voice and Workplace
Culture12%
Work-Life Balance13%
Diversity6%
Training and Opportunities for
Advancement12%
Employers Group: Employers of Choice Model
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Total Rewards, Trends and Plan Design Building Blocks, Compensation & Benefits: Key
Foundation of a Total Rewards Strategy
From WorldatWork, Total Rewards Model
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Total Rewards, Trends and Plan Design Building Blocks, Compensation & Benefits: Key
Foundation of a Total Rewards Strategy
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Total Rewards, Trends and Plan Design
Building Blocks, Compensation & Benefits: Key Foundation of a Total Rewards Strategy
How to rebuild or build a basic program - Checklist:
1. Where is your plan vs. key measures, market? 60% of companies have no salary ranges, they run on pure
market pricing
2. Has the plan been maintained?
3. Internal alignment: Is it defendable?
4. Acknowledge jobs with multiple areas of responsibility
5. Performance Management program: Include clear performance measurements
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Total Rewards, Trends and Plan Design
EG’s Survey Program
Effective 2013, program has been converted to an online model
Features: Personalized Survey Libraries (2009- ) Complete Access to all Survey Data, Comp & Benefits Online comp market analysis
Quarterly Updates based on market movement
How to enroll? Upload your data: (a) Match jobs to EG (b) EG will do match for you
System Enhancements Allow users to enter non-EG market data – Q2, 2014 Benefit Cost Assessment Analysis – Q3, 2014 Job Evaluation System of all EG Jobs – Q4, 2014 Consulting Program: Comp Administrative Modules
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Total Rewards, Trends and Plan Design
Enrollment into EG’s New Compensation Online Portal:
egsurveys.netEnrolled
your email your current password
New your email passwords: blueie (My EG Compensation Page): blueie
If you did not select this as your PM Breakout, please see me after the presentation.
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Total Rewards, Trends and Plan Design
egsurveys.net
Enrolled, Cos. New Cos.BH Inc Pinnacle DesignsDecra Roofing Systems IncEvangelical Christian Credit UnionFFF Enterprises IncFilm LA IncInter Valley Health PlanKinemetrics IncKTM NORTH AMERICALifeStreamPentel of America LtdSecond Image IncThe Webb SchoolsVicenti Lloyd & Stutzman LLP
Armstrong Garden Centers / Pike Nursery
Living Free Animal SanctuaryLos Angeles Homeless Services
AuthorityMCA Inc/MaruhachiMirion Technologies (GDS) IncNew Age InvestmentsReasons To BelieveRedspinSorenson EngineeringU.S. Battery ManufacturingWescom Credit UnionWilden Pump & Engineering
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Total Rewards, Trends and Plan Design
EG Compensation Tools:
2014 Budgets and Economic Trends, http://www.egsurveys.net/hr-budgets/ (Reg. $295)
Employer Healthcare Benefits Survey, http://www.egsurveys.net/health-benefits/ (Reg. $395)
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