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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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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


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Total Rewards, Trends and Plan Design

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

  • Best Places to Work & Employers of Choice:



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 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


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Total Rewards, Trends and Plan Design

Thank you!!!

Juan P. Garcia

213.765.3969

[email protected]


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