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HR Strategy -DIMONT
- 2. Data Source Salary Range Position Banding Salary Adjustments CompData • Online resource used by compensation professionals • Updated semi-annually • Industry specific data • Comprehensive compensation and benefits data • Ability to run custom reports as needed • 2 year subscription Market Rate • Comped by closest geographicarea (Dallas/Ft. Worth, San Diego, State, or Region) • Comped by Insurance industry for relevant positions • Minimums, Midpoints, Maximums defined by combination of market rates and range spread (40% exempt, 30% non exempt) • 10% differential for team leads and “seniors”: • 4% COL San Diego Comparable Positions • First by market salary range • Second by perceived internal organizational value • For positions with single incumbent, banded with closest peer group with salary range internal to band • Moves within a band identified as lateral moves with no salary increase • Moves to higher level bands carry salary increase based on current rate, tenure, and level of promotion Bring to Minimum • 19 employees below the minimum of salary range for position, some significantly • Tenure and performance also considered to bring above minimum where warranted Parity Adjustments • Identify “CompaRatio” for every employee* • 70 employees below 1.0 CompaRatio, some signficantly • Adjustments identified by person to bring into tenure & performance parity Salary Study Methodology CompaRation: Current Rate/MidPoint to determine ratio; tenured employees should be close to or at 1.0
- 3. • From 11 year Harvard Business School Study • Revenues – 4.1 X higher • Stock Price – 12.2 X higher • Net income – 756% improvement versus 1% • ROI – 15 X higher • From Stanford University Study • 61% stronger indoctrination of new hires • 72% better culture fit or buy in • 72% stronger adherence to corporate values • 75% higher employee satisfaction and loyalty • 78% greater alignment between culture and strategies need to succeed in marketplace A compelling mission, vision, and values, along with an engaging process for aligning team behaviors, drives business results Strategy for Culture Change Design and shift to fully integrated culture
- 4. Best Place to Work Dimensions Engagement Model Employee Engagement • Leadership Effectiveness • Engagement Culture Customer Engagement • Products • Processes • Personal Connection Results • Market Share • Repeat Business • More Referrals • Profitability Integrated Culture A Jackson Organization study shows that companies that effectively appreciate employee value enjoy a return on equity & assets more than triple that experienced by firms that don’t. Fortune’s “100 Best Companies to Work For” stock prices rose an average of 14% per year from 1998-2005, compared to 6% for the market overall.
- 5. Improvement Factors: Engaged Employees • Productivity – 12% higher • Absenteeism – 37% lower • Turnover – 43% lower • Speed of Onboarding – 90 days to begin adding value to the organization Our Projected Savings if Engagement Improves • Productivity – $ 475,530 • Absenteeism – $ 198,138 • Turnover – $1,168,777 • Speed of Onboarding – $ 315,633 • TOTAL: $2,158,070 Calculating an ROI Employee Engagement ROI Calculator, www.officevibe.com/employee-engagement-roi#
- 6. Integrated Culture Equip Leaders Measure Results Align Systems Engage Employees Four Phase Solution
- 7. Overarching HR StrategyPre-Boarding • Materials • ADP Recruiting Module rollout • Ads • Cost control v quality • Bi-level Interviewing • Assessments? • Background Checks • Streamlined and Professional Communications • Metric: # of Hires • Cost per hire • Hire Sources • Time to Hire Onboarding • Streamlined paperwork • ADP On Boarding • Warm Welcome • Work space ready day 1 • Company overview • Values • “What you need to know” • Information Security Training and Test • Sexual Harassment Avoidance • Handbook • Buddy system • Manager welcome and involvement • Week 1 follow up • Metrics: Turnover within first month • New Hire Survey within first 90 days Training • 18 Modules of technical/customer service training based on position • DiSC communication styles training • Teamwork training • Management Culture Shift: Building engagement through Communication, Work of Leaders, Managing Sideways • Management 101: Legal compliance, ADP Time & Attendance management, interviewing skills, communication skills, performance management (Train- Coach-Discipline), meeting skills • Management 201: Rewards and Recognition, conflict resolution, handling difficult people, critical thinking • Metric: Productivity Compensation and Benefits • Competitive Wages • Salary ranges by position • Position bands • Management Bonus Structure linked to revenue and organizational goals • Hourly Incentive Payouts linked to culture shift (teams) and revenue by client team • Competitive Cost and benefits package medical, dental, vision, voluntary benefits • Paid Vacation • Holidays • FML and Company Leaves of Absence • Sick Pay • Metrics: Salary review and adjustments by compa:ratio, annual review of benefits costs and competitiveness Employee Relations • Spirit Committee • Celebrations • Annual Event • Holiday Event • Ongoing spot awards • Fun in the office • Breakfast served by Executives • Investigations of formal complaints • Open Door Policy for ongoing feedback • Suggestion box with follow up • Bi-weekly Company Newsletter • Metric: Employee Turnover by department (Linked to manager bonus), number of formal/informal complaints, employee satisfaction survey scores Performance Management • Ongoing individual scorecard reviews • Quarterly 1 on 1 Review with supervisor • Development plans • Voluntary training • Ongoing cross training • In House program to develop adjusters • Performance Counseling • Metrics: Individual and Team Metrics,, # of employees in ongoing training, completion of 1 on 1 reviews Off Boarding • Final Check • Checklist Signoff • Exit Interview with follow up on any issues identified • Metric: Overall turnover measures and associated cost Compliance People Philosophy (Culture Change & Values, BPTW) Business Strategy