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By: Diana Real
Pay- For- Performance: The
Evidence Based-paid strategy Pay is aligned to a competitive basis The objective: develop a more comprehensive
compensation plan
Liberty Power Strategic Objectives
The Company set goals that employees have to achieve = Incentives
Develop skills according to Liberty Power Strategic plan- Talent- Best employees- Liberty Power Team
Reduce Turnover: Pay employees competitively, keep good employees, and give them the opportunity to grow
By: Teresa Casey
Performance Evaluations and Merit Increases Support overall business strategy Performance Evaluations Merit Pay
Incentives
Increase productivity Annual bonuses Sales incentives Spot plan Social events
Stephanie Repaci
Liberty Power and Performance Appraisals
Conducted bi-annually Performed by immediate supervisor
Training required (for manager and employee)
In the future: 360 degree feedback Metrics used:
Individual/company goalsProfessional skillsCompany-assigned attributesHigh-performing employees
The 90-Day Review
“The first 90 days are more critical than an employee’s first two years. If you can get a new hire to learn the most during that time period, then he/she will be most successful.”
30-60-90 approach Are you in the right role? Do you belong?
○ Hungry, humble and smart
Michelle Mckoy Brown
1. What are your benefits and how important are they to the organization?
Liberty Power - Benefit Plan Descriptions
Benefit Plans Descriptions
MedicalUnited Healthcare - PPO options are based on deductibles of 500, 1,500 or 3,000. Liberty pays 100% of premiums for all levels of 1500 plan. Liberty supplements 500 and 3,000 plans.
Dental United Healthcare - PPO dental plan is included in the medical benefit plan at no additional cost
Vision Vision Service Plan - Vision plan is included in medical benefit plan at no additional cost
Life & Personal Accident Insurance Cigna Life and Personal Accident insurance 1 X salary up to $50,000 is included with medical plan at no additional cost.
401k PlanAmerican Funds - Liberty pays $ for $ up to 4% of employee's contributions. Employees are 100% vested upon hire.
Training & DevelopmentOnline and in-house training courses available to all employees. Online training is available 24/7 via a web-based training portal.
Holidays 10 paid holidays per year
Vacation Days 2 weeks accrued vacation per year
Personal Days 2 days accrued personal time per year
Sick Days 5 days accrued sick time per year
Employee Assistance Program Confidential counseling and support program for employees and their families.
Voluntary Life & Personal Accident Insurance Employee paid Voluntary Life & Personal Accident Insurance for employee and dependents.
Voluntary Basic STD & LTD Employee paid STD and LTD benefits through Cigna.
*Note - All benefits available upon date of hire
2. How do you communicate the true value of your benefits package to new employees?
3. What is the average additional cost of an employee compensation package?
4. How does LP keep up with benefit laws across the various states? A PEO serves as an HR department, providing:
Employment Administration Relief Quality Employee Benefits Employer Liability Management Services Productivity Improvement Resources The Co-Employment Relationship
Your company enters into an agreement with the PEO to establish a three-way relationship between you, your employees and the PEO. You and the PEO become co-employers, instead of the traditional employer company/employee relationship.
5. How does LP keep up with benefit laws across the various states?
Michelle Mckoy Brown
List benefit options
What benefits options are available to part time employees?
What is the most farfetched benefit you would love to offer, but the company won’t allow?
As a fast growing company, how often do you review the LP benefits?
Yula Rhone
Compensation for Special Groups
Who are Special Groups and what makes them so special?
Justification for unique compensation of Special Groups
levels of pay at Liberty Power Executive Pay-for Performance
Compensation for Special Groups
Linking sales compensation to customer satisfaction metrics
Financial Reform Legislationshareholder influence on executive paygovernment influence on executive pay
Stephanie Repaci
Liberty Power on Labor Unions Reasons why there is no need for a
union at the company:Small organization; no big pockets of
employee subsetsExisting laws and regulations regarding
compensation of employees and employee rights
Time and place for unionization has passed
Alternatives to Unionization Negotiating compensation:
Hiring process and salary rangePromotionsFederal guidelines for salary administration
Job security:Grievance proceduresOpen door policy of HROutside representation
Diana Real
International Pay International Pay SystemsSystems
By: Teresa Casey
Government Regulations that Impact Liberty Power Immigration laws FLSA Discrimination laws
Yula Rhone
Making Compensation Work at Liberty Power
Important factors in managing labor costs How Liberty Power manages cost of labor Importance of compensation function Using compensation as a competitive
advantage
Making Compensation Work at Liberty Power
The role of pay in organizational restructuring Compensation: Expense or Investment? Most effective controls to manage
compensation process