Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
SHAPE YOUR TOTAL REWARDS STRATEGY
Mercer
China
Not Peer Reviewed
MERCER 1
MERCER
Amy Zhang
C&B Director
CONSULTING • OUTSOURCING • INVESTMENT
Small Change on Business Card
Mercer Consulting (China) Ltd.Room 4301, Hong Kong New World Tower300 Huaihai Zhong RoadShanghai 200021, PRCDirect +86 21 6103 5500Fax +86 21 6350 [email protected]
Amy Zhang
Total RewardsDirector
TALENT • HEALTH • RETIREMENT • INVESTMENT
Mercer Consulting (China) Ltd.Room 4301, K11 Building300 Huaihai Zhong RoadShanghai 200021, PRCDirect +86 21 6103 5500Fax +86 21 6350 [email protected]
MERCER
63%59%
44%40%
35%
Attracting key talents Retaining highperformers
Increasing competitiveadvantage
Improving employeeengagement
Enhancing financialperformance
Data source:Mercer China Total Rewards Survey
Drivers of Total Rewards Strategy
3
For employees, improved engagementFor employers, increased performance
MERCER 4
Top five most effective rewardsprograms in attracting talents
Top five most effective rewardsprograms in retaining talents
1
2
3
4
5
Base salary
Short – term incentive
Career development
Guaranteed allowance
Work environment
What Are Talents Looking for?
Data source:Mercer China Total Rewards Survey
Career development
Base salary
Short – term incentive
Training opportunities
Work environment
MERCER
2015 would tell us more
5
MERCER
Four Dimensions of Total Rewards
Total
RewardsBenefits Work & Life Balance
Career Development
Compensation ATTRACT
MOTIVATE
RETAIN
6Communication
MERCER7
Total Rewards FrameworkHolistic: Determining the right mix
EMPLOYEE
My value today My financial security andprotection
My future value My quality of life
EMPLOYER
Time off
Workplace flexibility
Commuter programs
Workplace facilities andperquisites
… …
Time off
Workplace flexibility
Commuter programs
Workplace facilities andperquisites
… …
Compensation Careers Work/LifePay BenefitsBase pay
Short-term incentives
Long-term incentives
Allowances
Deferred compensation
… …
Career opportunity andpath
Job rotation
Leadership program
Talent development
… …
Career opportunity andpath
Job rotation
Leadership program
Talent development
… …
Social securities
Health care program
Life & medical insurance
Housing
Retirement
… …
Benefits
8
COMPENSATION
MERCER
14%
10%
8%
7%
54%
52%
46%
40%
22%
26%
28%
26%
7%
10%
15%
19%
3%
2%
4%
9%
Blue Collar
Professional
Management
Executives
CompensationMarket positioning of total cash
< P50 = P50 P50 – P75 P75 >P75
9Data source:Mercer China Total Rewards Survey
MERCER 10
Retention Bonus
<
Eligibility
Plan Type
Budget
Retain Period
Vesting Schedule
RetentionBonus
MERCER 11
Other Cash-based Allowances
Haze Allowance CEO Award
Patent Award
12
BENEFITS
MERCER
11%
8%
10%
15%
80%
85%
83%
79%
8%
7%
7%
6%
Blue Collar
Professional
Management
Executives
Above Market In Line With Market Below Market
BenefitsMarket positioning of benefits
13Data source:Mercer China Total Rewards Survey
MERCER 14
“Innovation distinguishes
between a leader and a follower”
—— Steve Jobs
MERCER
ModularPlan
ModularPlan
2-3 packageswith similar
budget
2-3 packageswith similar
budget
Choose one ofthose packagesChoose one ofthose packages
Low flexibility;easy to
administrate
Low flexibility;easy to
administrate
Core PlusOption
Core PlusOption
One core planOne core plan
Up/downgradebased on the
core plan
Up/downgradebased on the
core plan
High flexibility;very popular
High flexibility;very popular
FreeChoice
FreeChoiceChoose any
benefits basedon needs
Choose anybenefits based
on needs
Choose benefitsitems freely
Choose benefitsitems freely
More randomand risky, hard to
administrate
More randomand risky, hard to
administrate
15
Flexible Benefits
MERCER 16
Wellness Programs
EAP Health CoachingFinanceSeminar
DiseaseManagement
HRA
MERCER
Qualitative Analysis
17
Quantitative Analysis
Detailed Breakdown Per BenefitTotal Benefits Annual LeaveTime Loss
0
2,000
4,000
6,000
8,000
10,000
A B You C D E0
500
1,000
1,500
2,000
2,500
A B You E C D0
500
1,000
1,500
A B You D C E
Upper Quartile Median Lower Quartile
Benefits Valuation
• Annual leave In line with market
• Risk insurance Above the market
• Retirement benefits Below the market 80%You are on top of
of other competitors
3rdYou ranks at
in the peer group
18
CAREER DEVELOPMENT
MERCER 19
1
2
3
4
Leadership development
Job rotation
Education assistance
Mentorship program
Typical Career Development Programs
5 Overseas relocation
6Partnership
20
WORK / LIFE BALANCE
MERCER
AnnualParty/Dinner
Outing SportsActivities
FlexibleWorkingTime
FamilyDay
93% 56% 44%
FridayEarly Home 47%
Work fromHome 46%
Data source: 2014 Mercer Benefit Survey – 1st tier cities
Work / Life BalanceMarket prevalence
21
MERCER 22
Other Innovative Work / Life Balance
23
COMMUNICATION
MERCER
38%35% 35%
18%15%
Emphasis oncompensation only
Intergrated totalrewards
communication
Communicaterewards programs
independently
Do very littlecommunication ofrewards program
Emphasis onBenefits only
Types of Communication Strategy
24Data source:Mercer China Total Rewards Survey
MERCER
Individualmeeting
Employeegroup meeting Email Document
Effective Communication Channels
25
Social Media Video
We used to use……
Now we use these more…….
Online PortalHandy Material
MERCER26
Total Rewards StatementEmpowering your employees
MERCER
27
INFORM
• Newsletters• Executive announcements• Bulletin boards/Memos• Video
LEAD
• Leaders exhibit desiredbehaviors
• Accountabilities clearly defined
LISTEN
• Employee surveys• Focus groups• Hotline/ suggestion box• Q&As
INVOLVE
• Access to feedback and discusswith manager
• Involvement in decision-making
Build
awareness
andunderstanding
Build
learningand
behaviorchange
Organisation influencing individual
Individual influencing organisation
Mercer Effective Communication ModelLILITM
LILITM
MERCER 28
Wrap Up
Gather marketinformation
Attract & retainkey talents Communication
1
2
3
1
2
3
1
2
3
Know the trends
Know the bestpractice
Know the competitorsUnderstandemployees’ needs
Effective channels
Various communicationmaterials
Communicate from top todown consistently
Define key talents
Delivercompetitivepackages
MERCER 29
Compensation Benefits
CareerDevelopment
Work/LifeBalance
MERCER 30
What’s new?Compensation Benefits
CareerDevelopment
Work/LifeBalance
MERCER 31
When to collect data? April
When to close the submission? June 30
When to deliver the report September 30
Survey Schedule
SCHEDULE
MERCER 32
整体报酬:酸甜苦辣的相逢酸 甜 苦 辣
薪酬
福利
职业发展
工作生
活平衡
美世咨询总监——李桦嵩 Michael Li