Take a Chomp Out of Your Comp!
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By: Juan P. Garcia Organizational Research Services Director PowerPoint PPT Presentation


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Take a Chomp Out of Your Comp!. EMPLOYER OF CHOICE Total Rewards, Trends and Plan Design. By: Juan P. Garcia Organizational Research Services Director. Total Rewards, Trends and Plan Design. ABOUT THIS PRESENTATION Plan Design & Compensation: Top-line trends Overall Trends

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By: Juan P. Garcia Organizational Research Services Director

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By juan p garcia organizational research services director

Take a Chomp Out of Your Comp!

EMPLOYER OF CHOICE

Total Rewards, Trends and

Plan Design

By: Juan P. Garcia

Organizational Research Services Director


Total rewards trends and plan design

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


Total rewards trends and plan design1

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


Total rewards trends and plan design2

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


Total rewards trends and plan design3

Total Rewards, Trends and Plan Design

  • Market Movement, Increases & Employment


Total rewards trends and plan design4

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


Total rewards trends and plan design5

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


Total rewards trends and plan design6

Total Rewards, Trends and Plan Design

Building Blocks, Compensation & Benefits: Key Foundation of a Total Rewards Strategy

  • Best Places to Work & Employers of Choice:


By juan p garcia organizational research services director

Employers Group: Employers of Choice Model


Total rewards trends and plan design7

Total Rewards, Trends and Plan Design

  • Building Blocks, Compensation & Benefits: Key Foundation of a Total Rewards Strategy

From WorldatWork, Total Rewards Model


Total rewards trends and plan design8

Total Rewards, Trends and Plan Design

  • Building Blocks, Compensation & Benefits: Key Foundation of a Total Rewards Strategy


Total rewards trends and plan design9

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 vs. key measures, market?

    • 60% of companies have no salary ranges, they run on pure market pricing

  • Has the plan been maintained?

  • Internal alignment: Is it defendable?

  • Acknowledge jobs with multiple areas of responsibility

  • 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.net

    Enrolled

    • 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.


Total rewards trends and plan design12

Total Rewards, Trends and Plan Design


Total rewards trends and plan design13

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

    • Site Tour


Total rewards trends and plan design14

Total Rewards, Trends and Plan Design

Thank you!!!

Juan P. Garcia

213.765.3969

[email protected]


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