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1、Elliot R.Susseles,Senior Vice PresidentThe Segal CompanySeptember 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(among employ
2、ers 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 Compensation
3、Employees Perceptions and ValuesQuantifying Total CompensationCase 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理视频在：或,5,Defining Total C
4、ompensation,IMPORTANT QUESTIONS1)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 commitmentOrganization supportWork environmentOr
5、ganization citizenshipTitle,Base salaryIncentivesCash recognitionPremium payPay process,BenefitsNon-cash recognitionPerquisites,AdvancementPersonal growthTrainingEmployment security,VarietyChallengeAutonomyMeaningfulnessFeedback,6,Financial Elements of Total Compensation,Base payOvertime costsPay di
6、fferentialsPaid time off,Health and Rx benefitsDental and vision benefitsLife and disability insuranceRetirement benefits(including Social Security and retiree health)Other benefit costs,Total compensation calculations assess all the financial costs of providing compensation and benefits to the work
7、force.,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 coverageLife and Disability insuranceRetirement benefitsOther benefits,Direct Financial,Indirect Financial,Defining Total
8、Compensation Employees Perceptions and ValuesQuantifying Total CompensationCase StudyState of Arizona,Discussion Outline,9,Employees Perceptions and Values,Does your total compensation structure support?Employee SatisfactionLoyalty and CommitmentSuccessful RecruitmentWhich elements of total compensa
9、tion 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,Employees with a working spouse may view health insurance as less v
10、aluable than pay increases or other benefitsEmployees 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 more important than pay or benefitsEmployees age 45 and above are usually
11、 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 that42%of employees have access to health insurance through their spouse50%have children living at home(14%with
12、 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 Reflect What Your Employees Value,Your current total compensation structure,The“mark
13、et average”total compensation structure,What Your Employees Value,Defining Total Compensation Employees Perceptions and ValuesQuantifying Total CompensationCase StudyState of Arizona,Discussion Outline,14,Information NeededDirect Financial,Base pay rates for representative benchmark jobs Estimated o
14、vertime 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 continued,Select benchmark jobs that represent the entire workforceDepartmentsOccupational groupsHi
15、erarchy/grade levels Determine a consistent basis for comparing payPay range minimum,midpoint,or maximumCurrent actual average salaries Common definition of the workweekEstimate annual overtime payments(mandatory and discretionary)Calculate annual payments for other direct compensation Allowances/di
16、fferentials Certification pay or education incentives Performance awards and bonusesTemporary market adjustments,16,Information NeededDirect Financial continued,For example:,17,Information NeededIndirect Financial,Employer contribution rates to health,Rx,dental,etc.Enrollment data by plan and covera
17、ge(HMO/PPO,single/family)Rates for employer-paid life and disability insuranceRetirement plan and retiree health contribution ratesSocial security and other mandated contributionsOther benefits paid by employer,IndirectFinancial,18,Methods of Collecting Market Data,Published Data SourcesAdvantagesCa
18、n be less costlyCan be less time consumingDisadvantagesMay be out-of-dateJob matches are less certainMay not contain data for desired employers,markets,jobs,locations,Customized SurveysAdvantagesCan obtain desired data specific to certain employers,jobs,etc.Data is currentCan obtain data on pay poli
19、cies,structures,and other information beyond job pay ratesDisadvantagesCan be costly and time consumingNo guarantee that employers will respond to surveyPrivate sector data hard to obtain,Defining Total Compensation Employees Perceptions and ValuesQuantifying Total CompensationCase StudyState of Ari
20、zona,Discussion Outline,20,Case Study:State of Arizona Government,Legislative requirement to conduct market study based on total compensation,including:SalariesPaid time offHealth benefit costsDental benefit costsLife&Disability insuranceRetirement benefitsComparative markets defined as:Other state
21、governments in the regionLocal governments within the State(cities and counties)Large private sector organizations within the State,21,Case Study:State of Arizona Government,Data Sources Used:,22,Case Study:State of Arizona Government,Direct compensation measurementsActual average base salaries 51 b
22、enchmark job titlesValue of paid time off(accrued days x the daily pay rate)Indirect compensation measurementsBlended rate for health and dental benefits(based on enrollment)Life&disability insurance cost(based on premium rate and salary)Retirement contribution rates and social security costs,23,Cas
23、e Study:State of Arizona Government,COST MODEL,24,Case Study:State of Arizona Government,STEP 1SALARIES,25,Case Study:State 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 MODE
24、L WITH DIRECT COMPENSATION COSTS,27,Case Study:State of Arizona Government,STEP 3MEDICAL AND DENTAL COSTS,1Blended cost 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 Govern
25、ment,COST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS,29,Case Study:State of Arizona Government,Defined benefit plansDeferred compensation/defined contributionSocial Security and MedicareRetiree health and other post-employment benefits,STEP 4RETIREMENT COSTS,30,Case Study:State of Arizona Go
26、vernment,COST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS,31,Case Study:State of Arizona Government,$53,959,$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 compe
27、nsation calculations are a“snapshot”in time There are non-quantifiable aspects of compensation that employees value highlyTraining and developmentCareer opportunities and job securityCulture and environmentManagement and organization reputationThe 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 Susseles202/833-6436,Questions?,Doc#618040,
