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Benefits and Compensation

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margeaux bernhard

on 5 April 2011

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Transcript of Benefits and Compensation

Benefits and Compensation Tasks Design and evaluate programs of compensation and benefits
Analyze compensation policies
Distribute information to inform employees of benefits and compensation
Identify and implement benefits to increase the quality of life for employees, by researching benefits issues
Ensure company compliance with federal and state laws and regulations
Prepare job descriptions and salary scales
Prepare budgets for personnel operations
Resolve salary complaints Reaching the end of a job interview, the human resources person asked a young applicant fresh out of Temple University, "And what starting salary are you looking for?" The applicant said, "In the neighborhood of $125,000 a year, depending on the benefits package." The interviewer said, "Well, what would you say to a package of five weeks' vacation, 14 paid holidays, full medical and dental, company matching retirement fund and a red Corvette?"
The applicant sat up straight and said, "Wow! Are you kidding?"
And the interviewer replied, "Yeah, but you started it." Knowledge Understanding principles and procedures of:
Compensation and benefits
Recruiting and Training
Awareness of laws, government regulations, and agency rules
Understanding business and management principles including:
Resource allocation
Coordination of people and resources Get a degree! (most people have a Bachelor's degree or higher) Wages (in Pennsylvania) Hourly Yearly 10% 25% Median 75% 90% $27.35 $33.71 $42.80 $55.08 $76.55 $56,900 $70,100 $89,000 $114,600 $159,200 Work Values and Ethics Cooperation
Attention to detail (analytic knowledge)
Interest in building and maintaining professional relationships
Integrity
Typically a Bachelor’s Degree or higher required, or several years of work-related experience, on-the-job training, or vocational training Vocational certifications that may apply:
Human Resources Management/ General Personal Administration
Labor Industrial Relations
About 22% of the people in these occupations do not have a degree
May have been employed in HR prior to creation of certification programs
Management 10% 25% Median 75% 90% National Pennsylvania Philadelphia Specialist Wages (Yearly) $34,960 $43,340 $55,620 $70,130 $86,540 $34,700 $42,500 $53,100 $66,700 $82,900 $38,100 $45,600 $55,900 $68,700 $85,300 Occupation Employment Trends 2008: 121,900 people

2018: 150,600 people

23.6% Increase *estimations Management Employment Trends *estimations United States
2008: 40,500
2018: 43,900
Pennsylvania
2008: 2,350
2018: 2,350
Common Types of Benefits and Compensation Wages
Salary
Royalties
Disability Insurance
Domestic Partner Benefits
Employee Assistance Program (EAP)
Employee Home Ownership Program
Flexible Spending Accounts
FMLA/Leave of Absence
Health Plans
Life Insurance
Retirement
Tuition Remission
Voluntary Benefits
Workplace Wellness
Workers Compensation
Workplace Wellness Focuses on preventative wellness measures
Helps employees maintain a healthy lifestyle
Temple's Wellness Tip
April 2011 “Walking is the best possible exercise. Habituate yourself to walk very fast.”
-Thomas Jefferson Workers' Compensation Workers' Compensation Act “A law defining the liability of an employer to pay damages for injuries and/or illnesses received by an employee in the course and scope of employment.” Benefits and Compensation Specialists would need to understand laws related to the workplace in order to:

•Correctly report any medical incidents, and
•Inform employees about their entitlements
Employment Opportunity Benefits Administrator Experienced, non-managerial position
Industry: Financial Services Federated Investors, Inc., Pittsburgh, PA Founded in 1955
"One of the nation's largest investment managers
with assets under management of more than $336 billion” Domestic and international equity
Fixed income and money market funds
Benefits Administrator
Job Description and Requirements Full Time; 8:30 a.m.- 5:00 p.m.
Salary: TBD
Prepare annual benefit plan proposal
Maintain and administer all benefit plan policies and procedures
Coordinate the Open Enrollment process
Develop annual wellness initiatives
Assist with 401 (k)
Assist with annual 5500 completion
Plan audits
Bachelor's Degree required (unspecific)
3-5 years of experience in benefit administration
Proficiency with Microsoft Office
Excellent analytical and problem solving skills
Customer service skills
Decision making skills
Attention to detail and organization is important
Employment Opportunity Compensation Analyst The Advisory Board Company, Washington, D.C. Entry level position
Industry: Healthcare Services
Small
One of best 200 small companys, according to Forbes "Provides leadership development, implementation and technology solutions to over 2,800 hospitals and pharmaceutical companies and insurers" Compensation Analyst
Job Description and Qualifications Create, process, and analyze incentive payments
Communicate incentive payments to staff
Database Management
Keep records of incentive payments
Bachelor's Degree (unspecific)
Excellent Academic Record
Excel
Attention to Detail
The Advisory Board Company
Employee Benefits Competitive benefits package
401K plan
Comprehensive health plan
Leave policy for community service Penjerdel Employee Benefits Compensation Association (PEBA) Walnut Street, Philadelphia, peba@peba.org “PEBA is dedicated to the professional growth and development of those who design, finance, manage, and administer employee benefits and compensation programs as well as related human resources professionals.” Over 1,000 members
Provides educational programs, professional development, and network opportunities Founded in 1979 Continuing Education with PEBA 14 morning education programs a year (PEBA’s annual Forum)
-Equivalent to 2.5 general HRCI credits

Boot Camp Sessions
-Equivalent to 5 general HRCI credits
$130 for members,
$175 for Non-Members,
$75 for full-time students PEBA
2011 Compensation & Benefits Certification Courses Benefits Outsourcing

Selecting, Contracting and Managing Service Partners

Regulatory Environments for Compensation Programs

Base Pay Administration and Pay for Performance

Regulatory Environments for Benefits Programs

Strategic Communication in Total Rewards Quantitative Methods

Health and Welfare Plans-Plan Types and Administration

Market Pricing-Conducting a Competitive Pay Analysis

Total Rewards Management

Accounting and Finance for the Human Resources Professional

Variable Pay-Improving Performance Sound familiar? Course location: Towers Watson, 1500 Market St, Centre Square East, Philadelphia, PA 19102
PEBA Member Cost: 1,025 References http://www.temple.edu/hr
http://www.temple.edu/hr/departments/benefits/wellness.htm
http://www.bls.gov/oes/current/oes131072.htm
http://www.peba.org/
http://www.bls.gov/oes/current/oes131072.htm
http://www.onetonline.org/link/summary/11-3041.00
http://bit.ly/dVTzAl Anyone can join Provides job listings Success Story "Mr. R moved into the field (human resources) after completing his degree in sociology at university. He started work in the human resources department of an aircraft manufacturer, over the next year, he earned his Human Resources Certificate. Following the completion of his human resources program, he moved into a more senior position with a new employer."
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