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Total Compensation
YourEmployability
SkillsProgram
Components of Total Compensation
• Direct Compensation (Pay)
• Indirect Compensation (Benefits)
Types of Direct Compensation
• Base Pay
• Variable Pay
Behind the scenes of base pay
• Job Analysis
• Job Descriptions
• Job Evaluations
• Market Pricing
• Base Pay Systems
Job Analysis
• Gathering, analyzing and synthesizing information about jobs
• Methods used for Job Analysis• Observation• Interview• Questionnaire• Work diaries or logs• Positional analysis questionnaires• Functional job analysis
Job Descriptions
• Summary• Essential Functions• Nonessential Functions• Knowledge, Skills, Abilities, and other
qualifications• Supervisory Responsibilities• Working Conditions• Success Factors
Job Evaluation
• Determining the value of a job in comparison to other jobs
• “Methods of job evaluation”• Ranking • Classification• Factor Comparison• Point Factor
Market Pricing
• A formal process for determining the external value of jobs
Many companies choose to do both job evaluation and market pricing to come up with the appropriate value of a job.
Base Pay Systems
• Flat-rate
• Time-based
• Performance-based
• Productivity-based
• Competency- or skill based
Variable Pay
• Profit Sharing• Profit
• Gain Sharing• Cost• Quality• Production efficiency
• Bonuses
Employment Benefits
Understanding your benefits as you begin or change
employment…
The Importance of Benefit Consideration
• Represents 30% or more of cost of employment
• Wise utilization of available benefits may prevent much greater personal expense.
• Benefits may determine the difference between prospective employers
Monthly Premium Contribution(Per Employee)
(Single Coverage/ Family Coverage)Northeast Region
Indemnity…………. $46/$138
HMO………………. $27/$89
PPO……………….. $31/$108
POS……………….. $31/$103(KPMG)
Monthly Premium Employer Cost
PPO POS HMO IND
Individual $242 $196 $189 $283
Family $587 $475 $458 $668
Time Off
• Attendance Standards
• Call Responsibilities
• Waiting Period – Flexibility
• PTO vs. Traditional
• Holidays
• Leave Absence
Time Off (cont’d)
• Other considerations• Bereavement Leave• Time Off without Pay• Benevolent Sharing of Time
Retirement
• Type of Programs Available• Defined Benefit• Defined Contribution
• Participation Requirements
• Vesting Schedule
• Recent or Anticipated Changes
Retirement Benefits
• Pension Plans (Defined Benefit)• Formula Based on Year of Service and/or
Average Monthly Salary• Requires Age Length of Service and Hours
Worked Minimums
• Saving Plans (Defined Contribution)• 401(K)• Loan Programs• Portability
Miscellaneous Benefits
• Education• Clothing/Uniforms• Child Care/Elder Care• Group Insurance/Income Protection• Individual Financial Counseling• College Planning Assistance• Home Purchase/Legal Assistance• Subsidized Cafeterias/take home meals• Product Purchase discounts
Education
• Tuition Reimbursement• Eligibility• Qualifications• Limitations
• Career/Personal Development
• Training
Income Protection
• Short Term Disability• Workers’ Compensation• Long Term Disability• Extended Care/Long Term Care
Insurance• Life Insurance (Supplemental &
Dependent)• Reduction in Force Policy
Simplifying The Issue
• “No Cost-No Choice” BenefitsVS.
“Cost-Choice” Benefits• What is Negotiable?• Potential “Deal-breakers”
No Cost- No Choice Benefits
• Basic Life Insurance• Basic Accidental Death & Dismemberment
Insurance• Business Travel Accident Insurance• Recreational Activities Accident Insurance• Long Term Disability• Employee Assistance• PTO
Cost- Choice Benefits
• Medical Coverage• Prescription Drug Coverage• Dental Coverage• Vision Coverage• Spending Accounts• Supplemental Life• Dependent Life• Short Term Disability
What If ’s
• Change Hours
• Leave Employment
• Become Disabled
• Go on Paid or Unpaid LOA
• Die
Additional Information
• Summary Plan Descriptions
• Enrollment Policies
• Changes to Enrollment
• Non – Payment Consequences
Obtaining & Using Information
• Obtain Information• Printed Plan Descriptions• Consult with HR or Benefits Representative
• Study & Compare Information• Construct comparison charts• Consult with independent source - research
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