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1、Elliot R. Susseles, Senior Vice PresidentThe Segal CompanySeptember 17, 2019Copyright 2019 by The Segal Group, Inc., the parent of The Segal Company. All rights reserved.“Quantifying Total Compensation”segalcoWhy is Total Compensation Important? Lack of understanding of total compensation costs (amo
2、ng employers and employees)Need to communicate and educate employees on all the compensation that they receive (not just salary)1Policy Questions Is your total compensation structure:Competitive with the market?Aligned with your strategic plan?Aligned with your employees values?2 Defining Total Comp
3、ensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of ArizonaDiscussion Outline36000集集营销管理管理视频免免费给你培你培训或或xdgd一个营销管理视频网站，里面的视频资料全都可以免费观看和下载的，列举一部分：完善培训体系提高企业核心竞争力企业新晋员工职业化训练教程飞人乔丹教你如何利用团队精神成为NO.1调整员工心态改善工作态度名家论坛：战略管理企业选人方法与心理测量技术零缺陷现代质量经营新思维 业务员教程训练更多免费营销管理视频在： 或
4、xdgd4Defining Total CompensationIMPORTANT QUESTIONS1)What is the true cost of your total compensation?2) What impact does each element have on satisfaction, retention, and recruitment?3) What are the strengths and weaknesses of your total compensation structure?EmployeeValuePropositionCompensationAf
5、filiationWorkContentCareerBenefitsOrganization commitmentOrganization supportWork environmentOrganization citizenshipTitleBase salaryIncentivesCash recognitionPremium payPay processBenefitsNon-cash recognitionPerquisitesAdvancementPersonal growthTrainingEmployment securityVarietyChallengeAutonomyMea
6、ningfulnessFeedback5Financial Elements of Total CompensationBase payOvertime costsPay differentialsPaid time offHealth and Rx benefitsDental and vision benefitsLife and disability insuranceRetirement benefits (including Social Security and retiree health)Other benefit costsTotal compensation calcula
7、tions assess all the financial costs of providing compensation and benefits to the workforce.Direct FinancialIndirect Financial6Financial Elements of Total CompensationBase pay Overtime Pay differentials Paid time offHealth and Rx insurance Dental and Vision coverageLife and Disability insuranceReti
8、rement benefitsOther benefitsDirect FinancialIndirect Financial7 Defining Total Compensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of ArizonaDiscussion Outline8Employees Perceptions and ValuesDoes your total compensation structure support? Employee Satisfact
9、ionLoyalty and CommitmentSuccessful RecruitmentWhich elements of total compensation are most important to your employees? Priorities may change with age and family status Every employer has a unique workforceThe market may not reflect what your employees need and care about.9Employees Perceptions an
10、d ValuesEmployees with a working spouse may view health insurance as less valuable than pay increases or other benefitsEmployees without children may see little value in child-related benefits (dependent coverage, 529 plans, orthodontia plan)Employees in single-income households may view job securit
11、y as more important than pay or benefitsEmployees age 45 and above are usually more focused on retirement benefits compared to younger employees10Employees Perceptions and ValuesFor example, one employee survey conducted in a County Government in Colorado revealed that42% of employees have access to
12、 health insurance through their spouse50% have children living at home (14% with kids under age 6)49% are in single-income households (22% are single parents)49% are age 45 or olderEmployees at different life stages will value each component of total compensation differently.11The Market May Not Ref
13、lect What Your Employees ValueYour current total compensation structureThe “market average” total compensation structureWhat Your Employees Value12 Defining Total Compensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of ArizonaDiscussion Outline13Information Ne
14、ededDirect FinancialBase pay rates for representative benchmark jobs Estimated overtime costs (mandatory and discretionary)Additions to pay (differentials, bonuses, awards, etc.)Number of paid days off (holidays, sick leave, vacation)DirectFinancial14Information NeededDirect Financial continuedSelec
15、t benchmark jobs that represent the entire workforceDepartmentsOccupational groupsHierarchy/grade levels Determine a consistent basis for comparing payPay range minimum, midpoint, or maximumCurrent actual average salaries Common definition of the workweekEstimate annual overtime payments (mandatory
16、and discretionary)Calculate annual payments for other direct compensation Allowances/differentials Certification pay or education incentives Performance awards and bonusesTemporary market adjustments15Information NeededDirect Financial continuedFor example: 16Information NeededIndirect FinancialEmpl
17、oyer contribution rates to health, Rx, dental, etc.Enrollment data by plan and coverage (HMO/PPO, single/ family)Rates for employer-paid life and disability insuranceRetirement plan and retiree health contribution ratesSocial security and other mandated contributionsOther benefits paid by employerIn
18、directFinancial17Methods of Collecting Market DataPublished Data SourcesAdvantagesCan be less costlyCan be less time consumingDisadvantagesMay be out-of-dateJob matches are less certainMay not contain data for desired employers, markets, jobs, locationsCustomized SurveysAdvantagesCan obtain desired
19、data specific to certain employers, jobs, etc. Data is currentCan obtain data on pay policies, structures, and other information beyond job pay ratesDisadvantagesCan be costly and time consumingNo guarantee that employers will respond to surveyPrivate sector data hard to obtain18 Defining Total Comp
20、ensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of ArizonaDiscussion Outline19Case Study: State of Arizona GovernmentLegislative requirement to conduct market study based on total compensation, including: SalariesPaid time offHealth benefit costsDental benefi
21、t costsLife & Disability insuranceRetirement benefitsComparative markets defined as:Other state governments in the regionLocal governments within the State (cities and counties)Large private sector organizations within the State20Case Study: State of Arizona GovernmentData Sources Used:21Case Study:
22、 State of Arizona GovernmentDirect compensation measurementsActual average base salaries 51 benchmark job titlesValue of paid time off (accrued days x the daily pay rate)Indirect compensation measurementsBlended rate for health and dental benefits (based on enrollment)Life & disability insurance cos
23、t (based on premium rate and salary)Retirement contribution rates and social security costs22Case Study: State of Arizona GovernmentCOST MODEL23Case Study: State of Arizona GovernmentSTEP 1SALARIES24Case Study: State of Arizona GovernmentSTEP 2PAID TIME OFF1Assumes an employee with 7 years of servic
24、e.2Based on average salary (see Step 1).25Case Study: State of Arizona GovernmentCOST MODEL WITH DIRECT COMPENSATION COSTS26Case Study: State of Arizona GovernmentSTEP 3MEDICAL AND DENTAL COSTS1Blended cost based on State of AZ enrollment distribution among medical and dental plans.Cost for Life and
25、 Disability Insurance were calculated similarly.27Case Study: State of Arizona GovernmentCOST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS28Case Study: State of Arizona GovernmentDefined benefit plansDeferred compensation/defined contributionSocial Security and MedicareRetiree health and other
26、 post-employment benefitsSTEP 4RETIREMENT COSTS29Case Study: State of Arizona GovernmentCOST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS30Case Study: State of Arizona Government$53,959$54,988$54,116$44,065SUMMARY OF TOTAL COMPENSATION COSTSThe State would need to increase its total compensati
27、on by at least 22% to equal the market.31Concluding RemarksTotal compensation calculations are a “snapshot” in time There are non-quantifiable aspects of compensation that employees value highlyTraining and developmentCareer opportunities and job securityCulture and environmentManagement and organiz
28、ation reputationThe mix of pay and benefits may not reflect what employees value (regardless of costs)Employees at different life stages may value each element of total compensation differently32Quantifying Total Compensation For further information, contact:Elliot Susseles202/833-6436esusselessegalcoQuestions?Doc#61804033
