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BambooHR Kalie Whitaker Total Compensation Webinar Slide Deck—5_18_2022.pptx

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BambooHR Kalie Whitaker Total Compensation Webinar Slide Deck—5_18_2022.pptx

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The Great Resignation has a lot of businesses rethinking their retention strategies, but you don’t have to reinvent the wheel to convince your people you value them. You just have to show them you’re already investing in their success—not through unread paystubs, but with a personal explanation of everything your organization provides.

The Great Resignation has a lot of businesses rethinking their retention strategies, but you don’t have to reinvent the wheel to convince your people you value them. You just have to show them you’re already investing in their success—not through unread paystubs, but with a personal explanation of everything your organization provides.

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BambooHR Kalie Whitaker Total Compensation Webinar Slide Deck—5_18_2022.pptx

  1. 1. More than Pay Stubs: Improving Retention with Total Compensation Review
  2. 2. Kalie Whitaker Director of Human Resources Meadowridge School
  3. 3. Agenda During the presentation today you’ll learn… ● Trends behind the Great Resignation ● How well average employees understand their compensation ● How to use a total compensation framework to better align compensation expectations ● How to implement the provided total compensation template
  4. 4. of all jobs, concentrated in low- wage organizations, would not be viable if workers knew how much they were underpaid. 10%
  5. 5. Poll
  6. 6. 5
  7. 7. of workers use direct deposit. More than 93 percent
  8. 8. Why are benefits invisible? ● Benefits expertise isn’t a prerequisite for most jobs. ● “It could have been worse” benefits aren’t exciting ● Insufficiently promoted programs—no post-orientation reminders
  9. 9. ● Easy to read ● Easy to understand ● Memorable Translating Benefits into Value
  10. 10. Takeaways If you remember nothing else, remember that: ● Employees who don’t understand their total compensation risk feeling undervalued by their employers ● Translating benefits into value helps employees feel validated ● Benefits without an easy-to-measure dollar value are just as essential to a total compensation package
  11. 11. Questions?
  12. 12. Thanks /in/kaliewhitaker/ Kalie Whitaker Director of Human Resources MeadowRidge School

Notas del editor

  • Hi everyone, and welcome to our webinar today! We’re happy that you joined us to talk about Employee Retention and Total Compensation with Kalie Whitaker. Thanks for taking the time out of your day to join us for this webinar as I know that as HR professionals you are often the busiest people in the office.

    Feel free to share with us where you’re from in the chat, but make sure to change your “To” option to say “Everyone” so we can all see what you’re saying. Many of us are working remotely so we would love to hear where you are joining us from. I am just outside of Salt Lake City, Utah myself.

    We have some really great content for you today, but before we get to know our presenter a little better, we have a few housekeeping items to cover.

    First off, we’re happy you’re joining us today! Please feel free to submit questions throughout the webinar using the chat feature on the interface. We will have a Q&A session at the end of the webinar, time permitting, with our presenter and will address as many questions as we can.

    Also, after the webinar, we will be sending out a recording to all registrants via email. You can expect that email to arrive within two business days, so keep an eye on your inbox!
  • Kalie Whitaker Intro
  • Here’s a quick look at our agenda for today. After Kalie’s presentation, we’ll have a brief Q&A session, time permitting.
  • I would like to begin by acknowledging that I am speaking from the ancestral and unceded territory of the Kaytze, the Kwantlen and Stolo first nation.
    I value the opportunity to learn, live, play and share educational experiences on this traditional land.

    During these unprecedented times, employers are faced with the stark reality that they need to be better and do more to show their employees that they are truly valued. We are in a period called the Great Resignation. According to Forbes Magazine there is a lot of movement goin on out there, with no signs of slowing down any time soon.

    Nobody can afford to replace their workforce and most employers are already at their max payroll budget.

    Shortly before the Great Resignation really got underway, a team at MIT studied employee beliefs about their compensation.
    In brief, both well-paid and low-paid employees thought things couldn’t get better, if likely for different reasons
    The authors concluded:


  • …10% of all jobs, concentrated in low-wage organizations, would not be viable if workers had correct beliefs about appropriate compensation. And according to the numbers, there was an actual gap between what the market was offering and what employees were earning.
    But are employees leaving because the real numbers don’t add up, or because they aren’t seeing the full picture of their compensation?
    It’s time to get creative and showcase what you are already offering and already providing.
    Just like 1+3 = 4 and 2+2 =4, benefits and compensation both add up to the same thing but can be shown in different ways.
  • Take-home pay is just the tip of the iceberg—organizations spend thousands of additional dollars per employee on benefits every year.
    But without a more exciting way to see those benefits, employees remain at the surface level when it comes to compensation
    This can lead your employees to chase new jobs that look bigger from the surface up, but lack the depth of your organization’s support.

    Signing Bonus
    Stock Options
    Flexible Work Schedules
    Hybrid Work offerings

    These benefits all have a cost to the organization but to the employee it’s just a perk. Especially if it is not brought to their attention.

  • Just so we can see who is still with us and paying attention, I thought we would do a quick poll.

    My organization consists of 125 employees. Through our payroll software, we can see how many people view their pay stubs each pay period. How many people do you think open these messages?
    0-5
    6-25
    25-75
    75-125
    Let’s give everyone a minute to respond.
  • Only five employees actually open their paystubs. That is only 4% of our total workforce.
    Who are these five people?
    Four of them comprise the finance office which processes payroll the other one is me.
    I knew the number was low when I was being inundated with ridiculous questions from employees but I didn’t ever think it was that low.


    At first we started putting messages on the paystubs, just to see if anyone would actually open them. Clearly it didn’t work as I still have a drawer full of unclaimed treats and prizes.

    Are you seeing similar open rates in your organizations?

    I do believe that this number was higher at one point in time when people got an actual paper stub attached to their paycheck.

    But now…
  • Everything is digital and electronic.
    According to an American Payroll Association survey, more than 93 percent of workers use direct deposit
    And Instead of a physical reminder of their benefits every pay period, employees just get a dollar amount in their bank account and a notification in their inbox.
    Out of sight, out of mind.

    People won’t go out of their way to review their information unless there’s a need, such as income verification requests for a mortgage or loan or questioning why their bank account didn’t receive as much money as they were expecting.
  • You can’t understand what you don’t know

    Why are benefits invisible to so many employees?

    You don’t hire benefits experts to champion the benefit program
    Many benefits are “It could have been worse” benefits;
    They are easy to see as a cost instead of a safeguard
    Insufficiently promoted programs:
    HR is a busy place and we don’t always have the time to follow up on what was shared or talked about at onboarding.

    You could have the most prestigious plan, like a Masserati or a Bentley offering but if it is not promoted, if it is not explicitly shared on a regular basis, then does it really exist?

    What can employers do to change the Great Resignation into the Great Reengagement?

    Now is the ideal time for you to cultivate an even stronger brand. Show your current and potential employees what you have to offer.

    Highlight compensation, benefits, perks and opportunities.

    The need for extra emphasis on benefits is clear. And what better way to do it than in the form of a total compensation statement.

    So what are the steps to a total compensation statement you ask?
  • Start with appropriate transparency into the thought process behind your organization’s compensation and benefits

    Lay the groundwork for showing your benefit package as competitive and progressive
    Ensure that your benefits are connected with your mission statement and values of the organization.

    If you are a non-profit organization that is focused on supporting others but don’t offer any time off for volunteering then you may want to reconsider some of your paid time off benefits.

    Being thankful is no longer good enough.

    You need to remind employees why they chose you as their employer.
  • It’s important to translate benefits into value. This will help the employee to see the big picture and understand that they are worth far more to the organization than the money that is deposited into their bank account each pay period.
    If you put too much information into the compensation statement it will be lost.
    Too much information leads to overload so it needs to be short, concise and simple.
    Follow the KISS principle - keep it simple silly!


  • Just because the benefit does not have a dollar value, does not mean it should not be considered.

    In fact, many of the benefits that your organization offers are likely more difficult to attach a cost to without using an actuarial accountant.
    Yet, they are just as important as the benefits listed on the compensation statement.

    They can also be used as a feature of recruitment especially if your organization has a niche offering.
    Our school offers a community garden which is especially attractive to people who live in condos or just don’t have the expertise to plant their own gardens but like the allure of fresh vegetables.

    There is nothing wrong with duplication of information, especially when it comes to benefits and reminding employees what is available to them.

    If you have a wellness program, then you may want to consider putting the details of the wellness program into the total compensation statement instead of just listing it as a wellness program.
  • A big thanks to our presenter today, Kalie Whitaker!
  • The cost of living has risen
    Take a look at salary surveys, industry in your area
    P50: what is the exact middle point without the outliers
    If they’re working for you, they deserve at least 50%
    What is their background, what added bonuses do they bring?
    How far out are we? What is the budget?
    Can’t take salary without killing culture
    Freeze the base salary.
    With teachers, they’re paid on a grid: years of experience and the type of degree

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