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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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slide1

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
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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

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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:
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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

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.

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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
    • 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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