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1 H E A L T H W E A L T H C A R E E R S H R M G R E E N V I L L E, S C August 23, 2017 C O M P E N S A T I O N Leslie Csonka Senior Principal Consultant Atlanta
2 C O N T E N T S Compensation Program Management 2 Compensation Strategy 6 Base Pay Program Design and Management 13 Short-term Incentives 18 Pay Differentiation 23 Career Frameworks, Job Evaluation and Compensation Benchmarking 26 Compensation Compliance 32 Appendix 37 MERCER
3 C O M P E N S AT I O N P R O G R A M M A N A G E M E N T MERCER MERCER
4 C O M P E N S A T I O N P R O G R A M M A N A G E M E N T T Y P I C A L C O R P O R A T E C O M P E N S A T I O N F U N C T I O N A C T I V I T I E S Mercer views compensation function activities in four key categories: strategic, analytical, transactional and foundational Strategic Analytical Compensation philosophy Base pay program and policy design Incentive plan design Communication Budgeting (salary increases / incentive payouts) Structure adjustments Management reporting Best practice research Transactional Annual merit / bonus administration Job evaluation Market pricing Survey management Foundational Job Catalog Career leveling Job descriptions / job profiles Market competitive assessment MERCER
5 C O M P E N S A T I O N P R O G R A M M A N A G E M E N T O V E R V I E W O F C O M P E N S A T I O N E L E M E N T S Element Description Strategic Role Risk Profile Total Rewards Total Remuneration Total Direct Compensation Total Cash Compensation Base Pay Short-Term Incentives (STI) Long-Term Incentives (LTI) Fixed based on level, tenure, and experience Variable based on achievement of objectives annually or more frequently Variable based on longterm performance objectives for employee and company Rewards for on-going job responsibilities with some variation based on individual performance Signals career progression Predictable cash flow for employee and employer Aligns individual with team/business objectives Fluctuates with business and/or individual performance Focus on short term (i.e. < 1 year) Motivates long-term focus (i.e years) Aligns with shareholder objectives Low Moderate Moderate to High Benefits Satisfy employee health, welfare, and retirement needs Provides security Tax effective pay delivery Low Perquisites Additional privileges Privileges increasing time efficiency/ convenience Conveys status Low Opportunities & Careers Skill growth and promotion opportunities Builds institutional knowledge Develops future leaders Variable MERCER
6 C O M P E N S A T I O N P R O G R A M M A N A G E M E N T S A M P L E C O M P E N S A T I O N C A L E N D A R Q1 Q2 Q3 Q4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Bonus / Merit Administration Period Performance Reviews / Ratings Plan Communication Plan Design Review/Updates Survey Participation Competitiveness and Structure Adjustment Review Budget Planning On-Going Job Evaluation / Market Pricing/Compliance Reviews Special Projects MERCER For companies on calendar fiscal year
7 COMPENSATION STRATEGY MERCER MERCER
8 C O M P E N S A T I O N S T R A T E G Y W H A T I S A C O M P S T R A T E G Y O R P H I L O S O P H Y? Compensation Strategy How much to pay? What to pay for? How to pay? When to pay? Competitive pay context Peer group Pay positioning Performance measures Goal-setting Linkage Differentiation for performance Vehicles Risk/reward Measurement timeframe Payout timeframe MERCER
9 C O M P E N S A T I O N S T R A T E G Y A S H I F T I N W H A T E M P L O Y E E S V A L U E WHAT WOULD MAKE A POSITIVE IMPACT ON YOUR WORK SITUATION? Competitive, fair compensation Opportunity to get promoted Leaders who set clear direction Transparency on pay calculations Career path information More flexible work options KEY OPPORTUNITIES TO BETTER ALIGN SALES COMPENSATION: MERCER Source: Mercer 2017 Global Talent Trends Study
10 C O M P E N S A T I O N S T R A T E G Y C O M P E T I T I V E P O S I T I O N I N G C O N S I D E R A T I O N S Talent Sourcing Strategy & Supply Abundant Adequate Limited Scarce Expected Performance Low Average Stretch Exceptionally High Productivity Level Low Average Above Average Very High Employee Mobility Low Modest Some Hiring Away by Competitors Frequent Hiring Away by Competitors Strategic Importance of the Job Low Moderate Meaningful Imperative Current Staffing Level Excessive Adequate Light Extremely Lean Company Employer Brand Market Leading High Average Lagging Below Market (25 th percentile) At Market (50 th percentile) Slightly Above Market (60-75 th percentile) Leading Market (> 75 th percentile) MERCER
11 C O M P E N S A T I O N S T R A T E G Y T A L E N T S U P P L Y F O R E C A S T Sufficient / Oversupply Administration Finance Legal Undersupply With greater emphasis on improving profitability, EBITDA & EPS, sales skills, performance and employee engagement will continue to be a top priority IT Technology Core Operations / Service Delivery Leadership Marketing Sales MERCER Source: Mercer 2017 Global Talent Trends Study
12 C O M P E N S A T I O N S T R A T E G Y D E T A I L E D D E S I G N P R I N C I P L E S Segmentation Role of each element Comparator group(s) Degree of differentiation needed in the compensation and benefit strategy to support unique requirements for different workforce segments ( stratification ) Purpose of each compensation and benefits vehicle (e.g., base salary, shortterm and long-term incentives, retirement, medical, etc.) Competitive business/labor market Competitive positioning Performance orientation Internal equity Affordability Governance Communication Administration Target positioning, mix Differentiation, time horizon, point of measurement, metrics Importance of the internal relative value of work Degree of cost control required to ensure affordability and sustainability Decision-making structure, management responsibility Approach and vehicles for information sharing Approach and point of management including regulatory compliance MERCER
13 C O M P E N S A T I O N S T R A T E G Y I N T E R N A L A N D E X T E R N A L F A C T O R S T H A T I N F L U E N C E A C O M P E N S A T I O N S T R A T E G Y Internal Considerations External Considerations Business strategy Current pay programs Incumbent expectations Ownership structure Financial constraints Organization structure Company culture Competitive pay practices Market performance expectations Industry trends DOL federal regulations Local wage and hour regulations Tax treatment Accounting rules SEC regulations MERCER
14 BASE PAY PROGRAM DESIGN AND MANAGEMENT MERCER MERCER
15 B A S E P A Y P R O G R A M D E S I G N S A L A R Y S T R U C T U R E A L T E R N A T I V E S Market Reference / Spot Rates Traditional Structures Banded Structures Job Family Bands Market Reference $ Jobs $ x x x x x x x x x Jobs x x x x x x Discrete ranges created for each job based on market value May have a defined range around the market value (e.g., +/- 20%), but each range is independent and there s no progression Typically a series of progressive ranges Ranges are typically 40% to 60% wide Progression is typically 10% to 20% Typically have midpoints based on market rates Typically a series of 6 12 progressive ranges Ranges are typically 100% to 200% wide Bands often represent a career structure (e.g., manager, professional, etc.) Typically utilized in conjunction with market anchors, zones or reference points Typically a series of 4 8 ranges per job family Ranges are typically 30% to 60% wide Ranges within each family may represent career levels (e.g., professional level 1, 2, 3, etc.) MERCER
16 B A S E P A Y P R O G R A M D E S I G N P O S I T I O N I N G E M P L O Y E E S W I T H I N T H E M A R K E T P A Y Z O N E B A S E D O N E X P E R I E N C E A N D P E R F O R M A N C E The employee s position within the market zone is typically determined based on their experience level and sustained performance and experience with the organization, as described below: Position within Market Pay Zone Low end of Zone Middle of the Zone High end of the Zone Target pay for employees who are new or developing in the job and who are not yet performing the full breadth of duties/responsibilities expected of the job Target pay for employees who are fully seasoned in the job with the combination of experience and competencies needed to perform all duties and responsibilities expected of the job Target pay for employees who consistently exceed all expectations with a combination of experience and competencies that justifies premium pay MERCER
17 B A S E P A Y M A N A G E M E N T M E R I T I N C R E A S E D E T E R M I N A T I O N In order to migrate employee pay over time to the desired zone, a merit matrix is a common approach This approach drives employee pay to the middle of the zone, and slows down increases once they are high in the zone Actual percentages in the matrix are developed based on the annual budget and distribution of employee population Performance Rating: Annual Increase Position in Market Pay Zone Low Middle High Top Performer X++ X+ X Solid Performer X+ X X- Needs Development Range Position Over Time Low Middle High Target pay for employees who are new or developing in the job and who are not yet performing the full breadth of duties/responsibilities expected of the job Target pay for employees who are fully seasoned in the job with the combination of experience and competencies needed to perform all duties and responsibilities expected of the job Target pay for employees who consistently exceed all expectations with a combination of experience and competencies that justifies premium pay MERCER
18 B A S E P A Y M A N A G E M E N T S A L A R Y I N C R E A S E T R E N D S Annually, Mercer publishes the Compensation Planning Survey Report to provide clients with expected market movements in compensation based on a survey of more than 1,500 organizations Over the last five years, base salary increases have been conservative at between 2.5% and 3% CPI and other economic factors contribute to increase decisions, but supply and demand of talent, competitive increases and affordability typically drive budgeting decisions MERCER Source: Mercer 2016 US Comp Planning Survey
19 SHORT TERM INCENTIVES MERCER MERCER
20 S H O R T - T E R M I N C E N T I V E S D E S I G N E L E M E N T S Element Eligibility Funding Performance Metrics Performance Scope Performance Goals Payout Formula Cycle Time Form of Payout Testing Key Questions What workforce segments are eligible? What criteria must be met to participate in the plan? How will the overall incentive plan pool be established budgeted, self-funded, discretionary, blended? What criteria drive value for the business and should be used to measure performance? What levels of measures are used? (e.g., individual, team/group, corporate, etc.) What is the goal setting process? What is the target opportunity? Leverage? How is an award calculated? How frequently should results be measured and rewards paid? How should payments be made? What testing (e.g., modeling, piloting) will be done before implementation? MERCER
21 S H O R T - T E R M I N C E N T I V E S E L I G I B I L I T Y F O R P A R T I C I P A T I O N I N T H E P L A N The majority of organizations decrease incentive eligibility significantly below the professional level Eligibility is typically defined by grade or band level MERCER Source: Mercer 2016 US Comp Planning Survey for employers with over 10,000 employees
22 S H O R T - T E R M I N C E N T I V E S T O T A L C A S H P A Y M I X ( B A S E V S S T I ) Dimension Scale STRATEGY PROCESS ROLE & STRUCTURE D I M E N S I O N Business Strategy Growth Maintain Account Marketing Strategy Acquire Strengthen Entry Barriers Low High Product Life Cycle Introduce Mature Key Accounts Performance Measures Volume Product Mix Selling Cycle Short Long Vertical Sales Project Sales Sales Mgmt Non-Sales Complexity of Sale Low High Management Control Loose Channel Sales Tight Sales Force Prominence High Low Primary Job Focus Sales Service PAID WEEKLY PAID MONTHLY / QUARTERLY PAID ANNUALLY MERCER
23 # OF PEOPLE S H O R T - T E R M I N C E N T I V E S S A L E S I N C E N T I V E D E S I G N Calibrating the payout curve to the expected performance distribution is critical in achieving desired results and motivating the middle CURVE/ DISTRIBUTION POINT PAY FOR PERFORMANCE BEST PRACTICE Threshold Target Excellence 85% - 90% meet or exceed 65% meet or exceed 10% - 15% meet or exceed 100% Payout Threshold Target (100%) Excellence ATTAINMENT VS QUOTA PEER GROUP CALIBRATION Pay mix Size of Quota Business Unit Dynamics MERCER
24 PAY DIFFERENTIATION MERCER MERCER
25 P A Y D I F F E R E N T I A T I O N M E R I T A N D S H O R T T E R M I N C E N T I V E S Most companies are top heavy in performance ratings (i.e. more than a third of the population are above middle performers) Merit: In order to provide merit differentiation with a limited budget, the middle group on average receives below budget (90%) STI: In order to provide middle performers their anticipated target payout, companies must differentiate less to not overspend the bonus pool (99%) MERCER Source: Mercer 2016 US Comp Planning Survey for companies with 5 performance categories
26 P A Y D I F F E R E N T I A T I O N S A L E S I N C E N T I V E S Illustrative Important to regularly review pay for performance alignment and review outliers for potential design adjustments MERCER
27 CAREER FRAMEWORKS, JOB EVALUATION AND COMPENSATION BENCHMARKING MERCER MERCER
28 C A R E E R F R A M E W O R K S P R O V I D E S A F O U N D A T I O N F O R A L L O T H E R P R O G R A M S The purpose of the career framework is to build workforce capabilities through proactive and deliberate career management strategies. Articulate a career philosophy that supports strategic goals Develop/align job families, competencies, and accountabilities across the organization Define critical experiences, knowledge, and skills necessary for career progression Identify flexible career paths not only within functions but across the organization Empower managers to support employees through effective conversations Empower employees to actively manage their career choices Use your Career Framework to anchor other HR processes MERCER
29 C A R E E R F R A M E W O R K S J O B L E V E L I N G R E F L E C T I N G M A R K E T P R A C T I C E A N D I N T E R N A L N E E D S I S C R I T I C A L WHAT is expected of me? HOW can I get there? A Job Description describes the expectations, requirements and competencies for a given job. CAREER STREAMS Career type within the organization, characterized by unique responsibilities. Do I have a choice between DUALTRACKS (technical/managerial) at some point? CAREER LEVELS The hierarchical position of a job within a career stream. Recognizes incremental changes in job scope and responsibilities. Consistent across disciplines. How many RUNGS are there in the career ladder here? JOB FAMILIES/JOB FUNCTIONS (DISCIPLINES / SPECIALTIES) Generally recognized major professional area, often requiring a unique set of skills. Most career development occurs within a job family. Where else can I go in this organization? What other JOB FAMILIES exist? JOB A specific point in a career journey, characterized by a combination of career level, career stream, and sub-family. Each job has a unique blend of competencies. What are the ROLE expectations? MERCER
30 J O B E V A L U A T I O N M E T H O D O L O G Y E X A M P L E M E R C E R S I N T E R N A T I O N A L P O S I T I O N E V A L U A T I O N ( I P E ) Evaluating jobs based on consistent criteria ensures internal equity in grade/band assignment 50% of companies plan to change their job evaluation method 3this year* 1DEFINE THE BUSINESS 2SIZE THE ORGANIZATION EVALUATE THE JOB 4GOVERN THE PROCESS PRODUCTS OR SERVICES OR FINANCIAL SERVICES HEADCOUNT 1 ECONOMIC VOLUME $ ECONOMIC VALUE CHAIN IMPACT COMMUNICATION INNOVATION KNOW LEDGE RISK Centralized vs. GOVERNANCE MODEL REQUIRED RESOURCES PROCESS Decentralized MERCER * Source: Mercer 2017 Global Talent Trends Study
31 C O M P E N S A T I O N B E N C H M A R K I N G T H R E E F A C T O R S M A Y I N F L U E N C E A V A L U E J O B S M A R K E T These factors are considered in determining the appropriate market survey scopes INDUSTRY For jobs that are specific to a particular industry, industry market data is the most appropriate benchmark data. For jobs that are common across industries (IT, Finance, etc.), the general industry market will influence the job s market value. ORGANIZATION SIZE Revenue/sales provides the greatest stability and reliability in capturing scope differences The influence of organization size increases for leadership roles and decreases as jobs descend in the organisation. GEOGRAPHY The local labor market has the greatest influence on lower level jobs where the potential recruiting pool is specific to a city or state. The influence of the local labor market decreases as the jobs ascend in the organization. MERCER
32 C O M P E N S A T I O N B E N C H M A R K I N G S A M P L E B E N C H M A R K I N G A N A L Y S I S Illustrative After receiving survey results and comparing to your company data, a plan can be developed to close any gaps to market and evaluate competitive pay mix MERCER
33 COMPENSATION COMPLIANCE MERCER MERCER
34 C O M P E N S A T I O N C O M P L I A N C E C U R R E N T S T A T E O F P A Y E Q U I T Y 35% Have a robust statistical approach to pay equity 34% Have a formalized remediation process to address identified pay equity risks W O M E N T H R I V E W H E N there are processes in place to actively address pay inequities 42% Have an explicitly stated pay equity policy 45% Have an assigned team responsible for conducting pay equity analysis Mercer research shows that having a process for analyzing pay equity is a significant driver of gender equity. For greatest impact, these processes should rely on statistical analysis, clearly identify process owners, and include formal remediation protocols MERCER Source: Mercer 2016 When Women Thrive Report
35 C O M P E N S A T I O N C O M P L I A N C E S A M P L E P A Y E Q U I T Y A N A L Y S I S M O D E L Data Preparation (sample items) Employee Characteristics Compensation Gender, Race/Ethnicity Prior experience (age) Tenure Performance history Education Job Factors Business unit Job function/family Grade/Level External Conditions Market pay Work location Multiple Regression Workforce Segmentation Statistical Modeling Identify drivers of compensation Pay Equity Assessment Systemic evaluation (e.g., by business unit, country) Identify at-risk groups (i.e., groups with statistically significant pay gaps) Identify employees in at-risk groups for review EEID Expected Pay Actual Pay 1 $ $ Pay smaller than expected? 2 $ $ 3 $ $ MERCER
36 C O M P E N S A T I O N C O M P L I A N C E F A I R L A B O R S T A N D A R D S A C T ( F L S A ) E N V I R O N M E N T New rule on hold; Next steps still to be determined Current predictions include some modifications (lowering threshold, delaying implementation and/or exempting small businesses) Popular support makes cancelling in entirety politically risky Regardless of new rule s fate, still need to focus on compliance with existing regulations State FLSA thresholds may no longer be superseded by higher federal threshold on hold Majority of companies surveyed moved forward with conversions to nonexempt based on job duty reviews to limit risk Aggressive state enforcement efforts continue Law firms and employees continue to be incentivized to file claims for noncompliance with existing rules Media attention on new rule has increased employee awareness and compliance risks MERCER
37 C O M P E N S A T I O N C O M P L I A N C E F L S A R I S K M A N A G E M E N T A P P R O A C H E S Core pay policies to support compliance Core job architecture with confirmed FLSA status Targeted reviews of jobs/positions or over the shoulder assistance in evaluations Human Capital Systems (Workday) supporting accurate time recording and overtime calculations Cost of labor strategy reflecting competitive positioning, local market rates and minimum wage requirements Salary structures and progression guidelines that are compliant and competitive Training and communication materials for managers and employees Wage & Hour insurance protection when operating in good faith MERCER
38 APPENDIX MERCER MERCER
39 M E R C E R T E A M B I O S L E S L I E C S O N K A, P R I N C I P A L C C P, G R P Present Responsibilities Leslie Csonka is a Principal with Mercer s Career business. Based in Atlanta, she works with clients on a variety of broad-based and sales compensation issues including International Position Evaluations (IPE), job architecture, strategic alignment of program design with business objectives, competitiveness evaluations, effectiveness assessments, communication effectiveness and change management. She also has expertise in mergers and acquisitions, divestitures, benefits design and administration, management of HRIS and compensation compliance such as pay equity and FLSA. Leslie Csonka Principal leslie.csonka@mercer.com Atlanta Experience With over 20 years experience, Leslie has expertise in a variety of industries including manufacturing, technology, pharmaceutical, financial, utilities and service companies with a focus on sales compensation effectiveness. Prior to joining Mercer, Leslie held Compensation leadership roles in leading companies including GE, Motorola, Comverge, Merial and Arizona Public Service as well as working as an independent consultant to Cisco, Invesco, Chicago Mercantile Exchange, Golden Living and PRGX. Education Leslie holds a Bachelor of Science in Finance from the University of Arizona and holds Certified Compensation Professional (CCP), Global Remuneration Professional (GRP) and Senior Professional in Human Resource (SPHR) certifications. MERCER
40 MERCER
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