Alliance 2017 - Succession Planning, Compensation and Benefits: Making it Easy for Your HR Team
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Presented by Ken Deyo and Kim Payne on January 26th, 2017. Our presenters will enlighten you on how succession planning can improve workplace engagement, learning and development programs, and much, much more.
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Alliance 2017 - Succession Planning, Compensation and Benefits: Making it Easy for Your HR Team
- 1. 1 Succession Planning, Compensation and Benefits: Making it Easy for your HR Team # A L L I A N C E 2 0 1 7
- 2. 2 YOUR PRESENTERS Ken Deyo Senior HRP Solution Architect Kim Payne Application Consultant
- 3. 3 AGENDA S T A R T S u c c e s s i o n P l a n n i n g B e n e f i t s C o m p e n s a t i o nI n t r o d u c t i o n s Q u e s t i o n s ?
- 4. 4 S u c c e s s i o n P l a n n i n g : W h a t i s i t ? W h o d o e s i t ? H o w c a n w e h e l p ?
- 5. 5 Succession Planning – What is it? Risk-mitigation process Identifies and secures pipeline of talent Often focused on top Management roles
- 6. 6 Succession Planning – Poll the Audience • Does your organization use succession plans? If not, have you ever thought about it? • What level of employees have (or should have) a succession plan in place? • Who should be responsible for succession plans? Executive team? Human Resources? Managers?
- 7. 7 Succession Planning – How Can We Help? Create • Choose Target Roles • Determine Success Criteria Identify • Annual Appraisals • Qualifications • Readiness Factor Motivate • Compensation, Benefits, Environment Retain • Communication • Flexible Work Arrangements
- 8. 8 B e n e f i t s : C u r r e n t Tr e n d s & T h i n g s Yo u C a n D o
- 9. 9 “Absence Management: the cost of absence is so much more than # of days” ~Janet “Lunch and Learns on non-work related topics to increase engagement and employee well being.” ~Louise “Mental health… with a focus on psychology, nutrition and work/life balance” ~Tina “Employee mental health, change management and absence management.” ~Laurie “Employee wellness… Employees’ mental, social and financial health is just as important as their physical health.” ~Julie Current Trends
- 10. 10 Where do Benefits fit in? 10 http://www.morneaushepell.com/ca-en/insights/survey-compensation-and-trends-human-resources
- 11. 11 And for our American friends… 11 http://finance.yahoo.com/news/5-employee-benefits-trends-watch-140000543.html • Help to navigate the health care system • ‘Ancillary Benefits’ such as Critical Illness, Accident Coverage, Group Legal plans…pet insurance? • Wellness programs • Financial Wellness • Telecommuting
- 12. 12 Benefits – what else is there? 12 • Allowing employees to access their benefits as of their hire date • Being able to accumulate sick days to bridge to disability coverage • Being able to use some sick days as “personal health days” to allow employees to have a break without using all their holidays or pretending to be sick • Receiving your birthday off with pay • Allowing for some increased flexibility in personalizing benefit options; i.e. health spending accounts, vision care versus dental, and more paramedical coverage • Other ideas include job sharing, compressed work week, flex time, telecommuting and progressive retirement options. http://hrcouncil.ca/hr-toolkit/compensation-employee.cfm
- 13. 13 C o m p e n s a t i o n M a n a g e m e n t : W h a t i s i n v o l v e d ?
- 14. 14 Internal Ability to Pay -Most significant factor influencing Compensation Collective Agreements Negotiation results, Contract Language Employees - Performance, Experience - Seniority, Potential Job Specific Requirements Physical/Mental, Responsibility, Hazards Job/Position Evaluation Relationships between all Jobs Organizational Strategy Rapid Growth/Status Quo Factors Influencing Compensation External Laws and Regulations - Work hours - Compulsory Time off - Overtime Labor Market - Local -National Inflation Increased Prices vs. Value of Money Technological Changes - Changes requiring a more skilled workforce Qualifications Reputable Academic Institutions http://www.whatishumanresource.com/factors-influencing-employee-compensation
- 15. 15 How does SPARKROCK Dynamics NAV help? 15 • Full date-sensitive Employee Appraisal creation and tracking in the solution • Employee Training Event Management (Internal, External, other) • Employee Qualification Tracking and On-line Analysis tools in the application • Built-in simple HR Job Evaluation process (potentially HR Position?) • HR Position Default hours of Work vs. Employee Work hours Analysis • **NEW** Attendance Plan functionality for Entitlement and Absence tracking • Potential solution to manage compensation costs through more effective forecasting of Compensation related costs during the fiscal(Budget) year.
- 16. 16 Compensation Forecasting – How can I do this? Forecast Salary Costs to allow you to manage/control them Automatically load information about current employees Temporarily on-board employees to Forecast before their HR Requisition has been procssed
- 17. 17 Compensation Forecasting – Sample Header 17
- 18. 18 Compensation Forecasting – Sample Forecast Line 18
- 19. 19 Compensation Forecasting – Sample Forecast Line 19
- 20. 20 Compensation Forecasting – Sample Forecast Line 20
- 21. 21 Compensation Forecasting – Sample Report 21
- 22. 22 Yo u a s k e d . . . w e l i s t e n e d ! N E W F U N C T I O N A L I T Y A N N O U N C E M E N T
- 23. 23 We are pleased to announce that the feature you’ve all been asking for to automate your Pay Structure Grid Details is coming soon! Our Product Team have confirmed that they will be adding new functionality to allow you to apply % or Flat increases across the board to pay structures automatically when you are using the SPARKROCK Advanced Position Management Functionality! Watch for up-coming release feature announcements to see when you will be able to take advantage of this great new feature!! AWESOME!!!! Coming Soon to a Desktop near you!! https://altusaha.io/
- 24. 24 Q u e s t i o n s ?
- 25. 25 EVALUATIONS P L E A S E T A K E 5 M I N S T O C O M P L E T E A S E S S I O N E V A L U A T I O N . WIN ME! One lucky survey will take home a Ecobee Smart Wi-Fi Thermostat
- 26. 26 THANK YOU FOR LISTENING @ S P A R K R O C K I N C W W W . S P A R K R O C K . C O M
Editor's Notes
- Distance of Attendees Grand Prairie, AB – 3807km / 2366mi Stony Plain, AB – 3401km / 2113mi Edmonton, AB – 3358km / 2087mi Thunder Bay, ON – 1387km / 862mi Charlottesville, VA – 891km / 554mi Nipissing, ON – 326km / 203mi London, ON – 190km / 118mi Hanover, ON – 179km / 111mi Toronto, ON….
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- Create – Who do you need a plan for? Just the ED or Superintendent? All Management? All Employees? Just those close to retirement age? - Determine the success criteria: EG Exec Director Must have 5 yrs with the company Must have been in a management role for 3 yrs Must have a certain set of qualifications Must have scored a 4-5 on the last three performance appraisals Must have an MBA Identify – Who might be someone to backfill your Target Role? Using the success criteria, you can gather the required information by using annual appraisal info, qualifications, readiness factor (i.e. yrs of experience, or years in role – ready now, ready in 1-2 yrs, ready in 3-5 years). Motivate – You know who you want to keep, now you need to motivate them to stay and to continue to grow. Through creative application of compensation (to be discussed later), benefits (also) and environment or culture. Retain – They are motivated and they are continuing to grow their skills, how do you incent them to stay with your organization and not take what they have learned and go elsewhere? Effective communication through EWA, allowing flexible work arrangements and job sharing (our tool supports), other tools like engagement surveys or exit interviews. Any other ideas? Heather: (Consulting) - Bringing in Liquid Workforces. While this is an American stat, the trends are also happening here in Canada - by 2020, it is estimated that 40% of the US workforce will be contractors. While we are trying to figure out how to attract and retain the right talent, we also need to think about how we do our jobs differently - maybe not in roles/jobs, but in processes and tasks so we can attract those contractors who have the right skills we need, but don't want to be tied down to one company or a 9-5 job. It's a fascinating subject and one that isn't necessarily easy to implement with a large company!
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- I asked my colleagues in HR what current trends they are seeing and what things are currently coming across their desks Janet: (Corporate - Engineering) - Benefits- absence management. The cost of employee absence is so much more than #days absent x cost of the day. The cost of replacement labour, overtime and overwork of remaining team members, impact to client delivery etc. Working on managing the stakeholders in order optimize the process, ability to accommodate graduated RTW schedules or equipment requirements, engaging the HRBP and the manager in the process. - Succession planning - ready now, ready 1 to 2 years and ready 3-5 years. Once the names are put in place the development items are easy to determine, as there is a clear goal in mind. It also helps to identify the risks of not being able to promote your "ready now" group as they will move out of they do not see the potential to move up. It is also useful when re-structuring, as you want to retain the succession plan. - Comp - global comp. while global grading has been a great help the global comp is a huge initiative as there are components of comp that are not global ie. Long-term incentives are big in North America but cars are part of the comp package for most management level employees in Malaysia so working on the total value proposition. Laurie: (Charity – Conservation) - Employee Health (esp mental), Engagement/Productivity, Attracting and retaining the ‘right’ skills, Change management, Leadership development, Absence management. Louise: (Real Estate) - Engagement of top employees, Lunch n Learns on random (non-work-related topics – speed-reading, marathons, financial statements), Onboarding programs Tina: (Healthcare) - Mental health is the focus of benefits right now. Focus on Psychology, nutrition/dieticians rather than massage vision and dental; Work/life balance – flexibility to work form home and encouraging vacation time. Julie: (Research/Education) - https://blog.ifebp.org/index.php/top-5-employee-benefit-trends-to-watch-in-canada
- Morneau Shepell took a look at what the top 5 HR priorities were for employers in 2016. 4 out of the 5 priorities reflect the topics of employee health and benefits. And consistent with what we saw on the last slide, Mental Health features prominently. The benefits that you offer to your employees matter. Sound benefits not only attract new employees, help to retain existing employees, but also ensure that the employer has healthy, productive employees. With Nav, we can help you manage and communicate your benefits. Through the use of Benefit plans, and Web Apps, we can tailor the benefits offerings to the employee, and communicate it over their portal.
- This is a little bit different Navigation of plans and system – third party health care consulting companies that will help explain benefits offerings and look at current claim status etc. Replaces the 1-800 number on the back of your card. Ancillary Benefits – similar to your Canadian counterparts – these are benefits that go beyond the normal Health/Dental offerings. Wellness programs – Focus on the overall wellness of the employee. Often offering informal programs such as Fitbit/Walking challenges = minimal financial outlay, but increasing the focus on wellness. Financial Wellness – some employers offering to manage debt repayment plans, other’s doing lunch and learns on retirement planning etc. Encouraging employees to invest more in their future. Telecommuting/Flex Work arrangements - Nav can help with this???
- Benefits go beyond your normal Health, Dental, Vision care. They can include Life Insurance, AD&D, Paramedical, LTD. But there is more you can do. Defining your benefits offering is one thing – changing how employees can access those benefits may also be part of the discussion. In an article from the HR Council of Canada, some suggestions were made on how you could improve access to benefits without severely impacting the bottom line. Nav can help with sequencing of leave types (point 2 & 3) Personalizing benefits can be facilitated through benefits plans (point 5) We can accommodate job sharing (more than one person in a position, 0.5 FTE each), compressed work week (time sheets or scheduling) Things you can do for very little cost.
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- INTERNAL FACTORS ABILITY TO PAY - Some Not for profit organizations have special and sometimes significant financial challenges depending on their funding sources that can have a great impact on their ability to pay. Therefore this is one of if not the primary drivers in the compensation structure. If the organization is well funded and financially sound, the tendency is to offer higher compensation to attract more skilled, highly qualified people to help them achieve their mission. Unions often adjust their demands during contract negotiations if they believe that the organization is able to pay. COLLECTIVE AGREEMENTS - For organizations that have collective agreements either negotiated internally by its Board Members who may not be familiar with best practices in this area and who don’t always seek the advice of their staff as to the “true” cost of the agreements, or those that have a province-wide contracts imposed upon them such as school boards etc., compensation can be a challenge to address while continuing to keep programs and services running successfully EMPLOYEES Performance – Salary increases can be used to reward employees for doing a good job and motivating them to continue to excel Experience –the valuable insights of experienced people from their past work history, their leadership skills (which influence the behavior and performance of their colleagues), lack of a need for training or support before they become productive justify experienced employees expectation of higher compensation Seniority – Employees with a high level of seniority are often compensated commensurate with that seniority because of the specific knowledge they have about the organization’s policies and procedures that promotes smooth operation and assists other employees in understanding and respecting them as well. Many organizations increase compensation to keep employees with a high level of seniority on the payroll Potential – Newer or more Junior employees that possess great potential affect compensation in that organizations want to improve the retention of such employees that can contribute significantly to the organization in the months and years to come. Job Specific Requirements Physical and mental requirements of the job if out of the ordinary, risky or hazardous or that are associated with a higher than average level of responsibility will typically demand a premium compensation plan Job/Position Evaluations If the organization engages in a formal job evaluation process where jobs and/or positions are compared by an industry standard evaluation company such as the Hay Group, MARS, Optimum Talent, the results of such an evaluation can mean required compensation changes either due to internal factors, or the comparison of similar jobs/positions in related sectors. Organizational Strategy Organizations that are aggressive in their interest to grow quickly often will set compensation plans at a higher level to secure the best possible employee candidates over other employers. Those that are interested in more steady growth over the long term will set their salary levels equal to or slightly lower than the average in the market. EXTERNAL FACTORS Laws and Regulations Work hours, Compulsory Paid time off, Minimum Wage Levels, Overtime Rules etc. will all affect the compensation costs for all organization Labor Market Standard of living in the area(s) in which the organization is located Consumption customary in the area(s) in which employees are required Average Wage Rates in the local and or National Labor market for similar work Inflation rates in the local economy can also affect compensation levels to attract and retain employees Technological changes Requires a workforce with a higher skill level However, often the size of the workforce stays the same rather than reduces when technology is introduced as the organization uses it to accomplish goals never before achievable Qualifications Access to reputable, accredited academic institutions close by often impacts salary levels given the higher level of talent available in the labor pool.
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