Hey all,
I am doing some interviews in the Total Rewards and Compensation space but thought would be cool to have one with someone else in the tri space to mix up things like Comp and Ben with being an athlete. Maybe even touch on things like the value of working at an organization that allows work flexibility to train etc.
PM me if you are interested!
I spent a second or two and Googled these.
The problem I have with the Total Rewards calculation is that lots of employers are including straight up monetary things within the calculation: bonus awards, retirement benefits (give to your retirement contribution).
Then they talk out of two sides of their mouths on the actual/true “soft benefits” like work from home or comp time or flex time and never really deliver on any of that stuff.
I’m sure some places do, but our place has over 5 years transitioned to “we’re paying for butts in chairs” place despite trying to lie by touting “total rewards” that nobody really gets. They never deliver on work from home or comp time or flex time, then keep upping the % bonus starting point each year they’ve made life suck for people. And people aren’t buying it and are leaving. Largely because they would rather have less bonus cash, and more flexibility or at least just more dependable lives.
I would probably laugh out loud at a “faked” “total rewards statement” from my company. I’d have to be careful not to laugh in the wrong person’s face about it.
Ah, now I have a clue what they are talking about.
We use to see total compensation statements every year, straight to the trash, meaningless to me.
GM went to EVP (enhanced variable pay) salary plus bonus was to be viewed as comparable to other places salary. It went over like a lead balloon, and they changed it again, but I think in name only. We started getting bonus’s pretty much every year, at least at the 100% but often more. If you put the 100% with your salary it what was a competitive salary, the bonus when only 100% really wasn’t a bonus. I retired, If i were younger, I would be looking to see what competitive salaries where, and jump to some one who just says hey I am paying you this, and if we do well you will get a bonus.
I also compare healthcare plans and vacation plans, I don’t need some $ summary of all that into a single meaningless number (I cant get a loan on that)
Lumped single numbers just make less meaningful and easier to hide shit (AKA screw the employee)
Well that would be the topic I would hope to chat with someone that is also in the space and a triathlete. I have changed jobs to be at the type of org that allows be to do well at work and enjoy life. If management changes or they dont deliver what they promised in the interview process I pack my bags and go make someone else money 
But you definitely get the gist and why ability to chose personal rewards, comp plans, and how communicated (Total Reward Statements) can sound enticing but what is the reality out there when companies are truly doling out cash or giving people flexibility
Benefits professional here.
Total Compensation Statements are often generated as a reminder to employees their compensation package isn’t just a salary. It includes what benefits the company offers and what the employer contributes to that. For example, the healthcare plan premiums you pay and the premiums the employer pay add up to the full cost of the plan (also typically the COBRA rate), even on a self insured plan. If your employer has a pension or 401k employer match, it sums up the contributions for the year.
Often times people just look at their salary compared to the salary of another company and say “I’m underpaid”, but if you factor in what the company offers to you in things other than salary, you should look at the comparison side by side.
With all of that being said, yes there is room for a lot of ‘fluff’ and meaningless things or benefits no-one uses but they sound nice and often trendy. I can’t comment on your EVP plan a comp isn’t my bread & butter, but that does sound like something a big corp would do.
Benefits professional here.
Total Compensation Statements are often generated as a reminder to employees their compensation package isn’t just a salary. It includes what benefits the company offers and what the employer contributes to that. For example, the healthcare plan premiums you pay and the premiums the employer pay add up to the full cost of the plan (also typically the COBRA rate), even on a self insured plan. If your employer has a pension or 401k employer match, it sums up the contributions for the year.
Often times people just look at their salary compared to the salary of another company and say “I’m underpaid”, but if you factor in what the company offers to you in things other than salary, you should look at the comparison side by side.
With all of that being said, yes there is room for a lot of ‘fluff’ and meaningless things or benefits no-one uses but they sound nice and often trendy. I can’t comment on your EVP plan a comp isn’t my bread & butter, but that does sound like something a big corp would do.
I will be the anti DavHamm. A previous employer sent us a total compensation report at the end of each year. I completely understood that what I paid for my insurance was not the entire cost etc…. I felt it was a nice summary of everything in one spot each year. Now, they did not try and put dollars to soft things like flexible work etc… but it was salary, bonus, 401k match, insurance items all summarized each year. Small thing but it was nice to get.
Well that would be the topic I would hope to chat with someone that is also in the space and a triathlete. I have changed jobs to be at the type of org that allows be to do well at work and enjoy life. If management changes or they dont deliver what they promised in the interview process I pack my bags and go make someone else money
But you definitely get the gist and why ability to chose personal rewards, comp plans, and how communicated (Total Reward Statements) can sound enticing but what is the reality out there when companies are truly doling out cash or giving people flexibility
I read your original post and I thought it was geared towards professional athletes, not the average Joe in the average job. Then I see posters talking about Employee Benefits Summary Reports, which are a different thing altogether. Now your posting seems to be geared towards employee’s with flex hours, which a third category.
Before I comment further I’ll wait for you to clarify what you are asking.
Benefits professional here.
Total Compensation Statements are often generated as a reminder to employees their compensation package isn’t just a salary. It includes what benefits the company offers and what the employer contributes to that. For example, the healthcare plan premiums you pay and the premiums the employer pay add up to the full cost of the plan (also typically the COBRA rate), even on a self insured plan. If your employer has a pension or 401k employer match, it sums up the contributions for the year.
Often times people just look at their salary compared to the salary of another company and say “I’m underpaid”, but if you factor in what the company offers to you in things other than salary, you should look at the comparison side by side.
With all of that being said, yes there is room for a lot of ‘fluff’ and meaningless things or benefits no-one uses but they sound nice and often trendy. I can’t comment on your EVP plan a comp isn’t my bread & butter, but that does sound like something a big corp would do.
I will be the anti DavHamm. A previous employer sent us a total compensation report at the end of each year. I completely understood that what I paid for my insurance was not the entire cost etc…. I felt it was a nice summary of everything in one spot each year. Now, they did not try and put dollars to soft things like flexible work etc… but it was salary, bonus, 401k match, insurance items all summarized each year. Small thing but it was nice to get.
We still have a defined contribution pension. I had a young engineer who left for a 3.5% raise but lower bonus and he got 4.5% in pension each year. Kid should have looked at his total comp. Maybe he thought we’d match it but he was not great.