By: Juan P. Garcia Organizational Research Services Director EMPLOYER OF CHOICE Total Rewards,...
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By: Juan P. Garcia Organizational Research Services Director EMPLOYER OF CHOICE Total Rewards, Trends and Plan Design Take a Chomp Out of Your Comp!
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Transcript of By: Juan P. Garcia Organizational Research Services Director EMPLOYER OF CHOICE Total Rewards,...
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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About this Presentation
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Total Rewards, Trends and Plan Design
Outline
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
Overall Trends
Rebuilding / Overhauling existing plans
Relying on soft employment levels & low turnover
Evaluating other employee costs, pension, leaves, etc.
Spending more on performance management tools
Integrating Employee Programs
Recalibrating payouts; Executive Compensation
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Total Rewards, Trends and Plan Design Plan Design & Compensation: Top Trends
Overall Trends - continued
Revaluating mission plan
Providing internal Equity and Alignment
Utilizing Job Descriptions
Understanding that Federal Contractors, Employment
Practices may lead to Compensating Disparities
Including 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%, O.T. 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:
Retain and train existing talent, spend on existing skill, address current needs, wait-and-see regarding adding to payroll ranks
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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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EmployeeSatisfacton
50%
Turnover6%
Pay6%
Benefits8%
Perks & Incentives6%
Diversity3%
Training and Opportunities for
Advancement6%
CommunityInvolvement
3%
Employee Voice and Workplace
Culture6%
Work-Life Balance6%
Employers Group: Employers of Choice Model
Employee Satisfaction
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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
How to rebuild or build a basic program. Checklist::
Where is your plan? Has it being maintained?
Internal alignment: Is it defendable?
Does your plan runs on pure market pricing? (60% of companies
have no salary ranges)
Updated JDs: Are they a clear snapshot of a job?
Performance Management: Do they include clear performance
measurements
Sample: Total Plan Design:
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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 EG Compensation Tools:
Enrollment into EG’s New Compensation Online Portal:
egsurveys.netNew
your email password: ****
Enrolled your email your password
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
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)
This PowerPoint Presentation
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Total Rewards, Trends and Plan Design
Thank you!!!
Juan P. Garcia
213.765.3969
Site tour, egsurveys.net
