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Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Click to edit Master title style,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”,Why is Total Compensation Important?,Lack of understanding of total compensation costs,(among employers and employees),Need to communicate and educate employees on all the compensation that they receive,(not just salary),1,Policy Questions,Is your total compensation structure:,Competitive with the market?,Aligned with your strategic plan?,Aligned with your employees values?,2,Defining Total Compensation,Employees Perceptions and Values,Quantifying Total Compensation,Case StudyState of Arizona,Discussion Outline,3,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?,Employee,ValueProposition,Compensation,Affiliation,WorkContent,Career,Benefits,Organization commitment,Organization 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,4,Financial Elements of 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 costs of providing compensation and benefits to the workforce.,Direct Financial,Indirect Financial,5,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 benefits,Direct Financial,Indirect Financial,6,Defining Total Compensation,Employees Perceptions and Values,Quantifying Total Compensation,Case StudyState of Arizona,Discussion Outline,7,Employees Perceptions and Values,Does your total compensation structure support?,Employee Satisfaction,Loyalty and Commitment,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.,8,Employees Perceptions and Values,Employees 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 more important than pay or benefits,Employees age 45 and above are usually more focused on,retirement,benefits compared to younger employees,9,Employees Perceptions and Values,For example, one employee survey conducted in a County Government in Colorado revealed that,42% of employees have access to health 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.,10,The Market May Not Reflect What Your Employees Value,Your current total compensation structure,The “market average” total compensation structure,What Your Employees Value,11,Defining Total Compensation,Employees Perceptions and Values,Quantifying Total Compensation,Case StudyState of Arizona,Discussion Outline,12,Information 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,13,Information NeededDirect Financial,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,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,14,Information NeededDirect Financial,continued,For example:,15,Information NeededIndirect 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,Other benefits paid by employer,IndirectFinancial,16,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,Customized 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,Private sector data hard to obtain,17,Defining Total Compensation,Employees Perceptions and Values,Quantifying Total Compensation,Case StudyState of Arizona,Discussion Outline,18,Case Study: State of Arizona Government,Legislative requirement to conduct market study based on total compensation, including:,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,19,Case Study: State of Arizona Government,Data Sources Used:,20,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 and dental benefits,(based on enrollment),Life & disability insurance cost,(based on premium rate and salary),Retirement contribution rates and social security costs,21,Case Study: State of Arizona Government,COST MODEL,22,Case Study: State of Arizona Government,STEP 1SALARIES,23,Case Study: State of Arizona Government,STEP 2PAID TIME OFF,1,Assumes an employee with 7 years of service.,2,Based on average salary (see,Step 1,).,24,Case Study: State of Arizona Government,COST MODEL WITH DIRECT COMPENSATION COSTS,25,Case Study: State of Arizona Government,STEP 3MEDICAL AND DENTAL COSTS,1,Blended cost based on State of AZ enrollment distribution among medical and dental plans.,Cost for Life and Disability Insurance were calculated similarly.,26,Case Study: State of Arizona Government,COST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS,27,Case Study: State of Arizona Government,Defined benefit plans,Deferred compensation/defined contribution,Social Security and Medicare,Retiree health and other post-employment benefits,STEP 4RETIREMENT COSTS,28,Case Study: State of Arizona Government,COST MODEL WITH DIRECT COMPENSATION AND INSURANCE COSTS,29,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.,30,Concluding Remarks,Total compensation calculations are a “snapshot” in time,There are non-quantifiable aspects of compensation that employees 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,31,Quantifying Total Compensation,For further information, contact:,Elliot Susseles,202/833-6436,esusseles,Questions?,Doc#618040,32,