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Published byRosalyn Harper Modified over 9 years ago
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Total Compensation Your Employability Skills Program
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Components of Total Compensation Direct Compensation (Pay) Indirect Compensation (Benefits)
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Types of Direct Compensation Base Pay Variable Pay
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Behind the scenes of base pay Job Analysis Job Descriptions Job Evaluations Market Pricing Base Pay Systems
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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
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Job Descriptions Summary Essential Functions Nonessential Functions Knowledge, Skills, Abilities, and other qualifications Supervisory Responsibilities Working Conditions Success Factors
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Job Evaluation Determining the value of a job in comparison to other jobs “Methods of job evaluation” Ranking Classification Factor Comparison Point Factor
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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.
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Base Pay Systems Flat-rate Time-based Performance-based Productivity-based Competency- or skill based
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Variable Pay Profit Sharing Profit Gain Sharing Cost Quality Production efficiency Bonuses
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Employment Benefits Understanding your benefits as you begin or change employment…
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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
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Monthly Premium Contribution (Per Employee) (Single Coverage/ Family Coverage) Northeast Region Indemnity…………. $46/$138 HMO………………. $27/$89 PPO……………….. $31/$108 POS……………….. $31/$103 (KPMG)
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Monthly Premium Employer Cost PPO POS HMO IND Individual $242 $196 $189 $283 Family$587 $475 $458 $668
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Time Off Attendance Standards Call Responsibilities Waiting Period – Flexibility PTO vs. Traditional Holidays Leave Absence
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Time Off (cont’d) Other considerations Bereavement Leave Time Off without Pay Benevolent Sharing of Time
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Retirement Type of Programs Available Defined Benefit Defined Contribution Participation Requirements Vesting Schedule Recent or Anticipated Changes
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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
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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
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Education Tuition Reimbursement Eligibility Qualifications Limitations Career/Personal Development Training
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Income Protection Short Term Disability Workers’ Compensation Long Term Disability Extended Care/Long Term Care Insurance Life Insurance (Supplemental & Dependent) Reduction in Force Policy
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Simplifying The Issue “No Cost-No Choice” Benefits VS. “Cost-Choice” Benefits What is Negotiable? Potential “Deal-breakers”
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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
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Cost- Choice Benefits Medical Coverage Prescription Drug Coverage Dental Coverage Vision Coverage Spending Accounts Supplemental Life Dependent Life Short Term Disability
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What If ’s Change Hours Leave Employment Become Disabled Go on Paid or Unpaid LOA Die
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Additional Information Summary Plan Descriptions Enrollment Policies Changes to Enrollment Non – Payment Consequences
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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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