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1、Elliot R. Susseles, Senior Vice President The Segal Company September 17, 2004,Copyright 2004 by The Segal Group, Inc., the parent of The Segal Company. All rights reserved.,“Quantifying Total Compensation”,1,Why 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),2,Policy Questions,Is your total compensation structure: Competitive with the market? Aligned with your strategic plan? Aligned with your employees values?,Defining Total
3、 Compensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of Arizona,Discussion Outline,4,6000集营销管理视频免费给你培训或,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
4、理视频在： 或,5,Defining Total Compensation,IMPORTANT QUESTIONS 1)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?,Organization commitment Organi
5、zation support Work environment Organization citizenship Title,Base salary Incentives Cash recognition Premium pay Pay process,Benefits Non-cash recognition Perquisites,Advancement Personal growth Training Employment security,Variety Challenge Autonomy Meaningfulness Feedback,6,Financial Elements of
6、 Total Compensation,Base pay Overtime costs Pay differentials Paid time off,Health and Rx benefits Dental and vision benefits Life and disability insurance Retirement benefits (including Social Security and retiree health) Other benefit costs,Total compensation calculations assess all the financial
7、costs of providing compensation and benefits to the workforce.,Direct Financial,Indirect Financial,7,Financial Elements of Total Compensation,Base pay Overtime Pay differentials Paid time off,Health and Rx insurance Dental and Vision coverage Life and Disability insurance Retirement benefits Other b
8、enefits,Direct Financial,Indirect Financial,Defining Total Compensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of Arizona,Discussion Outline,9,Employees Perceptions and Values,Does your total compensation structure support? Employee Satisfaction Loyalty and C
9、ommitment Successful Recruitment Which elements of total compensation are most important to your employees? Priorities may change with age and family status Every employer has a unique workforce,The market may not reflect what your employees need and care about.,10,Employees Perceptions and Values,E
10、mployees with a working spouse may view health insurance as less valuable than pay increases or other benefits Employees without children may see little value in child-related benefits (dependent coverage, 529 plans, orthodontia plan) Employees in single-income households may view job security as mo
11、re important than pay or benefits Employees age 45 and above are usually more focused on retirement benefits compared to younger employees,11,Employees Perceptions and Values,For example, one employee survey conducted in a County Government in Colorado revealed that 42% of employees have access to h
12、ealth insurance through their spouse 50% 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 older,Employees at different life stages will value each component of total compensation differently.,12,The Market May Not
13、 Reflect What Your Employees Value,Your current total compensation structure,The “market average” total compensation structure,What Your Employees Value,Defining Total Compensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of Arizona,Discussion Outline,14,Inform
14、ation NeededDirect Financial,Base 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),DirectFinancial,15,Information NeededDirect Financial
15、continued,Select benchmark jobs that represent the entire workforce Departments Occupational groups Hierarchy/grade levels Determine a consistent basis for comparing pay Pay range minimum, midpoint, or maximum Current actual average salaries Common definition of the workweek Estimate annual overtime
16、 payments (mandatory and discretionary) Calculate annual payments for other direct compensation Allowances/differentials Certification pay or education incentives Performance awards and bonuses Temporary market adjustments,16,Information NeededDirect Financial continued,For example:,17,Information N
17、eededIndirect Financial,Employer contribution rates to health, Rx, dental, etc. Enrollment data by plan and coverage (HMO/PPO, single/ family) Rates for employer-paid life and disability insurance Retirement plan and retiree health contribution rates Social security and other mandated contributions
18、Other benefits paid by employer,IndirectFinancial,18,Methods of Collecting Market Data,Published Data Sources Advantages Can be less costly Can be less time consuming Disadvantages May be out-of-date Job matches are less certain May not contain data for desired employers, markets, jobs, locations,Cu
19、stomized Surveys Advantages Can obtain desired data specific to certain employers, jobs, etc. Data is current Can obtain data on pay policies, structures, and other information beyond job pay rates Disadvantages Can be costly and time consuming No guarantee that employers will respond to survey Priv
20、ate sector data hard to obtain,Defining Total Compensation Employees Perceptions and Values Quantifying Total Compensation Case StudyState of Arizona,Discussion Outline,20,Case Study: State of Arizona Government,Legislative requirement to conduct market study based on total compensation, including:
21、Salaries Paid time off Health benefit costs Dental benefit costs Life & Disability insurance Retirement benefits Comparative markets defined as: Other state governments in the region Local governments within the State (cities and counties) Large private sector organizations within the State,21,Case
22、Study: State of Arizona Government,Data Sources Used:,22,Case Study: State of Arizona Government,Direct compensation measurements Actual average base salaries 51 benchmark job titles Value of paid time off (accrued days x the daily pay rate) Indirect compensation measurements Blended rate for health
23、 and dental benefits (based on enrollment) Life & disability insurance cost (based on premium rate and salary) Retirement contribution rates and social security costs,23,Case Study: State of Arizona Government,COST MODEL,24,Case Study: State of Arizona Government,STEP 1SALARIES,25,Case Study: State
24、of Arizona Government,STEP 2PAID TIME OFF,1Assumes an employee with 7 years of service. 2Based on average salary (see Step 1).,26,Case Study: State of Arizona Government,COST MODEL WITH DIRECT COMPENSATION COSTS,27,Case Study: State of Arizona Government,STEP 3MEDICAL AND DENTAL COSTS,1Blended cost
25、based on State of AZ enrollment distribution among medical and dental plans.,Cost for Life and Disability Insurance were calculated similarly.,28,Case Study: State of Arizona Government,COST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS,29,Case Study: State of Arizona Government,Defined benefit
26、 plans Deferred compensation/defined contribution Social Security and Medicare Retiree health and other post-employment benefits,STEP 4RETIREMENT COSTS,30,Case Study: State of Arizona Government,COST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS,31,Case Study: State of Arizona Government,$53,95
27、9,$54,988,$54,116,$44,065,SUMMARY OF TOTAL COMPENSATION COSTS,The State would need to increase its total compensation by at least 22% to equal the market.,32,Concluding Remarks,Total compensation calculations are a “snapshot” in time There are non-quantifiable aspects of compensation that employees
28、value highly Training and development Career opportunities and job security Culture and environment Management and organization reputation The 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 differently,33,Quantifying Total Compensation,For further information, contact: Elliot Susseles 202/833-6436,Questions?,Doc#618040,