2014 Alexander Group Webinar - Is your sales comp plan working?
Webinar-Comp Foundations: Total Comp Report
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Comp Foundations: How to demonstrate the value of your benefits to your employees
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Transcript of Webinar-Comp Foundations: Total Comp Report
CompFoundations:Howtodemonstratethevalue
ofyourbenefitstoyouremployees
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Introduction Mykkah Herner,MA,CCPModernCompEvangelist
LauraReigelCustomerMarketingManager
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54MillionSalaryProfiles10Orgtypes350Industries15,000JobTitles
2,300skills,4,200certifications
TheWorld’sLargestSalaryDatabase
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TheBasics
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ofemployeesareokwithlowpayiftherationaleisexplained
82%
ofcompaniesareconfidentinmanagers’abilitytohavetoughpayconversations
80% ofemployeespaidabovemarketbelievethey’repaidatorbelow
17%
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TOP-PERFORMING
ofTop-PerformingcompaniesprovideTotalCompensationStatements
47%
Vs39%ofallcompanies
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MillennialsIfoundthisreportonline…
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Baby Boomers 1946 – 1964 Size: 74MCommunication About Comp:
Private
Average Tenure:
15 Years
Career Mindset:
LoyalSelf-driven
High Work Ethic Retirement
Generation X 1965 – 1979 Size: 66MCommunication About Comp:
Semi-private
Average Tenure:
5 Years
Career Mindset:
PessimisticSelf-reliant
Work/Life BalanceManagement
Millennials 1980 – 1995 Size: 74MCommunication About Comp:
Public
Average Tenure:
18-24 Months
Career Mindset:
Idealistic Fairness, Flexibility Values
Work/Life BalanceAdvancement
Generation Z 1996 – Present Size: TBD, 69M+Communication About Comp:
Semi-private
Average Tenure:
TBD
Career Mindset:
RealisticMulticultural FluencyTechnology Native
Learning with a Purpose
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TheScience
MixofPay
Culture,Philosophy,Strategy,Benefits
Benefits makeupanaverageof30%ofemployeecompensation USBLS
BasePay
VariablePay
Thevariablepayumbrella
S IncentiveS ProjectBonusS RetentionBonusS SigningBonusS Perks
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Whattypeofbonus?
15.8% 18.1%
61.8%
25.7%
40.0%
14.4%
Retentionbonuses
Hiringbonuses
Individualincentivebonuses
Teamincentivebonuses
Spotbonusesorother
discretionarybonus
programs
Other(pleasespecify)
Rewards&Recognition
GetCreativeü Passestosportingeventsü CateredlunchesforwinningteamsüDaysoffafterbigdeadlinesü ChoiceofworkassignmentüDevelopmentopportunitiesü LunchwiththeCEOü Remotework
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TheArt
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Considerbudget
orgcultureworkforce
jobleveland/orfunctioncompanylifecycle
…
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Preferencesbygeneration
Low Med High
Med Low High
High High Med
High Med Low
Overallpaystructuremaydifferbasedonpaygoals
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Mixofpaybylifecycle
HighRewards&Recognition
HighRewards&Recognition
ModerateRewards&Recognition
ModerateRewards&Recognition
ModerateVariable HighVariable Moderate
Variable LowVariable
LowBase LowBase HighBase ModerateBase
HighEquity ModerateEquity
ModerateEquity LowEquity
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Remembertocommunicatethe*whole*offer
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TheExecution
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Gatheranduploaddata
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EmployerPaidExpenses• Medical,Dental,Vision• Life,AD&DInsurance• DisabilityInsurance(STD<D)• Retirement• PaidLeave(payfortimenotworked)• Overtime• Transportationsubsidies• Perks
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PullReports
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Talktoemployees
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EmployeeReport:TotalCompStatement
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Q&A(we’llemailthisout)
