Your Employability Skills Program Total Compensation Your Employability Skills Program

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 Gain Sharing Bonuses Profit Cost Quality Production efficiency Bonuses

Understanding your benefits as you begin or change employment… 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 Participation Requirements 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 Career/Personal Development Training 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

“Cost-Choice” Benefits Simplifying The Issue “No Cost-No Choice” Benefits VS. “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