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By: Juan P. Garcia Organizational Research Services Director EMPLOYER OF CHOICE Total Rewards, Trends and Plan Design Take a Chomp Out of Your Comp!
By: Juan P. GarciaOrganizational Research Services Director
EMPLOYER OF CHOICE
Total Rewards, Trends and Plan Design
Take a Chomp Out of Your Comp!
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Total Rewards, Trends and Plan Design
ABOUT THIS PRESENTATION
Plan Design & Compensation: Top-line trends Top 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
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Total Rewards, Trends and Plan Design
Plan Design & Compensation: Top Trends
Tops Trends
Soft salary increases seem to be the trend for the next two years
Soft employment levels & low turnover
Rebuilding / Overhauling existing plans
Cos. more likely to evaluate other costs, pension, leaves, etc.
Evaluating / building their performance management program
Recalibrating payouts; Executive Compensation
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Total Rewards, Trends and Plan Design Plan Design & Compensation: Top Trends
Top Trends - continued
Internal Equity and aligment
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
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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%; Increase in OT, “OT 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 to meet market levels and business goals
Hospitality: Concerns with new minimum wage, wage compression concerns; dealing with part-time employees, adding more $$ to train entry level EEs
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 Cos. very receptive to retain and train Investing to develop existing skills, job families Address current needs, spot market adjustments
On New Talent: Wait-and-see before adding to payroll ranks Wage compression caused by new EEs demanding
higher salaries
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Total Rewards, Trends and Plan DesignBuilding Blocks, Compensation & Benefits: Key
Foundation of a Total Rewards Strategy
Best Places to Work & Employers of Choice:
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CommunityInvolvement
6%
Perks & Incentives12%
Benefits15%
Turnover12%
Pay12%
Employee Voice and Workplace
Culture12%
Work-Life Balance13%
Diversity6%
Training and Opportunities for
Advancement12%
Employers Group: Employers of Choice Model
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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
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Total Rewards, Trends and Plan Design Building Blocks, Compensation & Benefits: Key
Foundation of a Total Rewards Strategy
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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:
1. Where is your plan vs. key measures? Costs and market 60% of companies have no salary ranges, they run on pure
market pricing
2. Has the plan been maintained?
3. Internal alignment: Is it defendable?
4. Acknowledge jobs with multiple areas of responsibility
5. Define your market: Consider recruiting practices
6. Performance Management program: Include clear performance measures
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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- ) Access to all Survey Data, Comp & Benefits Online comp market analysis
Quarterly Updates based on market movement
How to enroll? Build your Library by uploading 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 DesignAttendees have been enrolled: egsurveys.net
2014 Budgets and Economic Trends, (Reg. $295) Employer Healthcare Benefits Survey, (Reg. $395) This PowerPoint Presentation
Access your account:Existing Users:
your email address your current password
New Users: your email address passwords: blueoc (My EG Compensation Page): blueoc
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
egsurveys.netExisting Users• 7 For All Mankind• Alumafold Pacific Inc• American Dental Partners of California Inc• APRIA Healthcare• Barney & Barney LLC• BI Nutraceuticals• Bicycle Casino• California Foundation for Independent Living Centers• Deschner Corporation• Endologix• Festival of Arts of Laguna Beach• Flatirons Solutions• Galardi Group• Griswold Controls• Griswold Industries• Horiba International Corporation• Keystone Pacific Property Management
• Lake Mission Viejo Association Inc• Living Spaces• Mattco Forge Inc• Mirion Technologies (GDS) Inc• Multiquip Inc• Nobel Biocare• Parker Hannifin Corporation• Sigue Corporation• SkyOne Federal Credit Union• Sohnen Enterprises• Spatz Laboratories Inc• Statek Corporation• Unified Grocers• Vans Inc - Santa Fe Springs• Village Nurseries• Weber Metals, Inc. • Workman Molina LLC
Existing Users• APTwater• Arena Pharmaceuticals• Citizens of Humanity• Deluxe Media Services• El Centro Regional Medical Center• Elevation Consulting Group• Ergobaby
• Hospice Care of California• Kelly Pipe Co LLC• Realty One Group• Skyworks Solutions Inc• Smith Micro Software• VIP Rubber
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Total Rewards, Trends and Plan Design
EG Compensation Tools:
Site Tour
Personalize Library
Online Market Analysis
