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TOTAL REWARDS PLANS



  Adapting, Adopting or Re-
           design



         Module 7: Adapting, Adopting or Re-Design the total Reward Plan
                                                               1
AGENDA
   Purpose of the Presentation

   Alternative compensation Approaches

   Total Rewards Philosophy Review

   Compensation- Current State/Future State

   Building a Compensation Structure

   Future Trends and Future Plans


                         Module 7: Adapting, Adopting or Re-Design the total2Reward Plan
ALTERNATIVE APPROACHES
 Developed a Total Rewards Philosophy

 Re-examined current situation
    Reviewed recent market studies
    Hired compensation consultant
    Reviewed internal processes
        Job evaluation methodology


 Defined our desired future state

 Determined what to focus on first


                        Module 7: Adapting, Adopting or Re-Design the total3Reward Plan
PHILOSOPHY GOALS
   Reinforce the WSSC’s Mission, Vision, Core Strategies, and
    Core Values

   Increase accountability by offering more rewards to top
    performers

   Attract, hire and keep employees

   Better manage dollars to reward employees




                       Module 7: Adapting, Adopting or Re-Design the total4Reward Plan
TOTAL REWARDS
PHILOSOPHY
   Total Rewards include:
      Pay or compensation
     Benefits
     Employee recognition
     Career opportunities
     Opportunity to work for an organization with an important
       mission


                      Module 7: Adapting, Adopting or Re-Design the total5Reward Plan
TOTAL REWARDS PHILOSOPHY
Compensation piece of the Total Rewards Philosophy
states :

     Performance based pay system

     Compare salaries internally and externally

     Target compensation positioning in the market




                      Module 7: Adapting, Adopting or Re-Design the total6Reward Plan
WHY DO WE NEED TO DO THIS?
   To be competitive with the local area especially with jobs that
    are in high demand and low supply i.e. Engineers

   Allows us to hire and retain employees who will be replacing
    our retirees
         •   Replacing approx. half of our workforce in the next 5-10 years


   New generation in the workforce concerned more with the
    salary than healthcare benefits & retirement plans

   World Class organizations use a market based system


                             Module 7: Adapting, Adopting or Re-Design the total7Reward Plan
CURRENT STATE                                       FUTURE STATE
   Structure is built from point factor           Structure is built from market data

   Hiring many new employees close                Retains and attracts employees
    to the max of the range                             Allows flexibility in hiring “high
        Does not allow flexibility in hiring            demand/low supply” jobs
         “high demand/low supply” jobs             Strengthen our competitive position
   Promotional increases move                     Provides flexibility in rewarding
    employees closer to the maximum                 performance
    of the pay grade

   Perception employees leave for
    higher pay                                     HR will track exit data
        No documentation to support



          No pay cuts                           COLA will not go away

                                 Module 7: Adapting, Adopting or Re-Design the total8Reward Plan
GAP ANALYSIS: Between current
reward practices / strategy and
industry best practices
   Structure alternatives
        Built from market data
        Our market includes:
             Industry average
             Market Leader
             Market Follower


   Focus groups
        Conducted 15 focus groups- 150 employees
           10% of the organization’s population



                             Module 7: Adapting, Adopting or Re-Design the total9Reward Plan
CLOSING THE GAP: Re-design,
Adapt or Adopt
   Review and update all of the job descriptions with the
    departments

   Market price all of the benchmark jobs

   Build structure from the benchmark jobs market data

   Slot the non-benchmark jobs into the structure

   Internal audit of job slotting

   Assess employees’ salaries against the new structure

   Propose new structure and implementation plan

                                                                            10
                          Module 7: Adapting, Adopting or Re-Design the total Reward Plan
LEGAL and COST considerations
   Alignment with Talent Acquisition, Retention, Performance
    Management and Succession Management

   Updated job descriptions

   Financial impacts
    •   Some employees will no longer be maxed out
    •   Some employees may be red-circled
    •   Market adjustments




                                                                          11
                        Module 7: Adapting, Adopting or Re-Design the total Reward Plan
FUTURE TRENDS & FUTURE
PLANS
   Move forward with next steps
       Review job descriptions
       Salary Survey
       Best Practices
       Variable compensation

   Periodic updates




                                                                           12
                         Module 7: Adapting, Adopting or Re-Design the total Reward Plan

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Slicing Work on Business Agility Meetup Berlin
 

Mod 7 designing a total reward plans

  • 1. TOTAL REWARDS PLANS Adapting, Adopting or Re- design Module 7: Adapting, Adopting or Re-Design the total Reward Plan 1
  • 2. AGENDA  Purpose of the Presentation  Alternative compensation Approaches  Total Rewards Philosophy Review  Compensation- Current State/Future State  Building a Compensation Structure  Future Trends and Future Plans Module 7: Adapting, Adopting or Re-Design the total2Reward Plan
  • 3. ALTERNATIVE APPROACHES  Developed a Total Rewards Philosophy  Re-examined current situation  Reviewed recent market studies  Hired compensation consultant  Reviewed internal processes  Job evaluation methodology  Defined our desired future state  Determined what to focus on first Module 7: Adapting, Adopting or Re-Design the total3Reward Plan
  • 4. PHILOSOPHY GOALS  Reinforce the WSSC’s Mission, Vision, Core Strategies, and Core Values  Increase accountability by offering more rewards to top performers  Attract, hire and keep employees  Better manage dollars to reward employees Module 7: Adapting, Adopting or Re-Design the total4Reward Plan
  • 5. TOTAL REWARDS PHILOSOPHY  Total Rewards include:  Pay or compensation  Benefits  Employee recognition  Career opportunities  Opportunity to work for an organization with an important mission Module 7: Adapting, Adopting or Re-Design the total5Reward Plan
  • 6. TOTAL REWARDS PHILOSOPHY Compensation piece of the Total Rewards Philosophy states :  Performance based pay system  Compare salaries internally and externally  Target compensation positioning in the market Module 7: Adapting, Adopting or Re-Design the total6Reward Plan
  • 7. WHY DO WE NEED TO DO THIS?  To be competitive with the local area especially with jobs that are in high demand and low supply i.e. Engineers  Allows us to hire and retain employees who will be replacing our retirees • Replacing approx. half of our workforce in the next 5-10 years  New generation in the workforce concerned more with the salary than healthcare benefits & retirement plans  World Class organizations use a market based system Module 7: Adapting, Adopting or Re-Design the total7Reward Plan
  • 8. CURRENT STATE FUTURE STATE  Structure is built from point factor  Structure is built from market data  Hiring many new employees close  Retains and attracts employees to the max of the range  Allows flexibility in hiring “high  Does not allow flexibility in hiring demand/low supply” jobs “high demand/low supply” jobs  Strengthen our competitive position  Promotional increases move  Provides flexibility in rewarding employees closer to the maximum performance of the pay grade  Perception employees leave for higher pay  HR will track exit data  No documentation to support No pay cuts COLA will not go away Module 7: Adapting, Adopting or Re-Design the total8Reward Plan
  • 9. GAP ANALYSIS: Between current reward practices / strategy and industry best practices  Structure alternatives  Built from market data  Our market includes:  Industry average  Market Leader  Market Follower  Focus groups  Conducted 15 focus groups- 150 employees  10% of the organization’s population Module 7: Adapting, Adopting or Re-Design the total9Reward Plan
  • 10. CLOSING THE GAP: Re-design, Adapt or Adopt  Review and update all of the job descriptions with the departments  Market price all of the benchmark jobs  Build structure from the benchmark jobs market data  Slot the non-benchmark jobs into the structure  Internal audit of job slotting  Assess employees’ salaries against the new structure  Propose new structure and implementation plan 10 Module 7: Adapting, Adopting or Re-Design the total Reward Plan
  • 11. LEGAL and COST considerations  Alignment with Talent Acquisition, Retention, Performance Management and Succession Management  Updated job descriptions  Financial impacts • Some employees will no longer be maxed out • Some employees may be red-circled • Market adjustments 11 Module 7: Adapting, Adopting or Re-Design the total Reward Plan
  • 12. FUTURE TRENDS & FUTURE PLANS  Move forward with next steps  Review job descriptions  Salary Survey  Best Practices  Variable compensation  Periodic updates 12 Module 7: Adapting, Adopting or Re-Design the total Reward Plan

Hinweis der Redaktion

  1. Will indicate whether or not employees are leaving due to pay