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Using total rewards to engage healthcare’s multigenerational workforce

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Turnover not only directly impacts the bottom line, but it makes it difficult for healthcare organizations to attract, motivate and retain their top talent – particularly in today’s complex multigenerational workforce. In this exclusive HRCI training, join Mary Mosqueda, Compensation Practice Leader at Lockton Companies, LLC to learn a proven approach for utilizing a Total Rewards Strategy to engage your multigenerational healthcare workforce. We will look at the definition of Total Rewards (with specifics around compensation) and how the concept can successfully realign cash and non-cash strategies for achieving broader financial and performance objectives with today’s diverse and changing workforce. In this session, we will share practical tips and ideas

Veröffentlicht in: Gesundheitswesen
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Using total rewards to engage healthcare’s multigenerational workforce

  1. 1. Total Rewards for a Multigenerational Workforce How Can Healthcare Maintain a Competitive Edge Guest Presenter: Mary Mosqueda Practice Leader | Lockton Companies Webinar & Podcast Series
  2. 2. AGENDAThe Series HealthcareSoftwareHub webinar & podcast series Healthcare Software Series
  3. 3. AGENDAWebinar Info  We are informal (and fun)  Ask Questions!  Q&A Session at end  HRCI Credit  Slides will be available after Healthcare Software Series
  4. 4. AGENDAAGENDA Talent Management for Healthcare  Recruiting  Compensation & Total Rewards  HR Service Delivery The Sponsor Thank You to our Webinar Sponsor! Healthcare Software Series HealthStream.com
  5. 5. AGENDAAbout the Presenter Mary Mosqueda Healthcare Software Series Mary Mosqueda is the Practice Leader for Lockton Companies Compensation Global Consulting Practice and is an in-demand national speaker on total rewards and compensation. With over two decades of experience in compensation, human resources, and work/life programs, she has been a key contributor in the strategic development of public and private sector executive compensation and total rewards programs that attract and retain top talent. She assists clients with strategy, design, funding, administration, and communication of total rewards programs and incentive compensation plans—including annual and sales programs, executive and board compensation negotiation, total remuneration for international and expatriate compensation, pay-for- performance systems, and work/life programs.
  6. 6. L O C K T O N C O M P A N I E S Total Rewards for a Multigenerational Workforce How Can Healthcare Maintain a Competitive Edge
  7. 7. 6 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Why Total Rewards  Shortage of skilled workers (Nurses, LPN, CNA’s) to fill projected needs  Unable to attract the “right” talent  Current employees are not fully engaged (long hours, difficult work environment in healthcare)  Cost-shifting in company-sponsored health benefit plans  Reductions in company-funded retirement plans  Flat or shrinking salary adjustment pools  Generational workforce diversity—different perceptions and needs
  8. 8. 7 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx What is the Purpose of a Total Rewards Strategy?  Reinforce the core mission and vision of the organization  Define what the core elements will create appropriate competitive advantage  Provide clarity regarding talent management decisions to key stakeholders  Provide guidelines necessary to design a rewards program consistent with the mission and vision
  9. 9. 8 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx What it Takes to Attract and Retain LEAVE Lack of recognition No motivation Lack of opportunity STAY Challenging work Encourage development Positive interaction
  10. 10. 9 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Top 5 Reasons Employees are Engaged Connectivity to manager 1 Growth and development 2 Work experience3 Personal time4 Challenging work 5
  11. 11. 10 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Poll Question #1 Do you have a formalized Total Rewards Strategy?
  12. 12. 11 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Meet the Generations • This job is my reward! • Very loyal Traditionalists • This is so exciting! • Optimistic Baby Boomers (1946–1964) • Is there an app for that? • Very independent Generation X (1965–1980) • And why are we doing this? • Need meaningful work and life Generation Y (1981–2000) • Not enough information to determine this group Generation 2020 (Born after 2000)
  13. 13. 12 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Multigenerational Workforce Differences BORN Baby Boomers Generation X Generation Y (Millennials) Elements 1946–1964 1965–1980 1981–2000 Values Participation equity Balance between life and work Diversity/morals Authority Non-authoritarian Dislikes close supervision Respectful of early generations Characteristics Optimistic Highly motivated Can-do attitude Work Priorities To be a star Fun and flexible Money/career development Training Skill practice Visional stimulation Mentor programs Technology Willing to learn Technologically savvy Technologically superior Career Goal Build a stellar career Build a portable career Build parallel careers Work/Life Need Assistance Balance Meaningful balance Compensation Fixed Salary/LTI/Stock Fixed salary/STI STI/commission Benefits Security Portability Education Retirement and Wealth Need Retirement planning Build wealth Education/portability
  14. 14. 13 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx The Building Blocks of Total Rewards Compensation Benefits  Healthcare  Medical  Prescription  Dental  Vision  Death and disability  Retirement  Paid time off  Long-term care  Wellness  Voluntary Benefits Workplace Experience  Growth and development  Talent management  Succession planning  Communication  Connectivity to supervisor and leadership  Work/life benefits  Corporate leadership  Recognition  Base salary  Variable pay  Annual incentives  Gain sharing  Profit sharing  Long-term incentives  Pay for performance  Sales compensation
  15. 15. 14 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Total Rewards Program Performance Management Fixed Pay Variable Pay Work—Life Learning and Development Time Off Savings/ Retirement Health and Welfare Sample Total Rewards Strategy Business Needs Employee Needs Total Rewards Programs Employee Needs
  16. 16. 15 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Sample Workforce Engagement Strategy
  17. 17. 16 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Total Rewards Design Process Employee Needs Total Rewards Programs Business goals Customer needs Program costs Employee expectations Survey the market Survey employees Review current plan design Identify business implications Conduct gap analysis Recalibrate HR strategy Design Total Rewards program to support strategy Assess financial implications Present HR strategy Show link of Total Rewards programs to strategy Present financial impact Communicate RecommendStrategizeAssessUnderstand PROCESS TO DESIGN TOTAL REWARDS PROGRAMS
  18. 18. 17 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Design Process: Internal/External  Conduct Employee Climate Survey and Use Demographic Data  Many of our healthcare clients have turnover and want to know from employees why and what can make a difference  Conduct External Total Rewards Market Analysis  Labor market—lose to/draw from  Specific healthcare organizations (retirement/long-term care, multispecialty clinics, hospitals)  Scope and demographics  Custom Survey of Total Rewards (Peer Group)  Specific comp, benefit, retirement, work-life questions to a specific peer group  Maintain desired positioning vs. market  Internal vs. external pay competitiveness  Compensation, benefits, and retirement competitiveness against peers
  19. 19. 18 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Sample Total Rewards Questions  What is the organization’s value proposition/vision/mission?  Do you think your reward programs support your short and long term business strategies?  Which of your reward programs are most and least effective in support the mission and culture of the organization?  Which programs do you believe are most important to the organization?  Do you think your employees are engaged and if so do you think it is because of certain rewards they are offered?
  20. 20. 19 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Total Rewards Questions  How do you attract and retain top talent?  Who would you consider your peer group and would you like to anchor your philosophy to match their current strategies?  Where do you think you should anchor your pay and benefits—50th percentile, below or above?  How does variable compensation play a role in total compensation package and what should the mix of pay be?  Do you consider you organization a “pay for performance” culture?  What rewards do you feel are “missing” from the package?
  21. 21. 20 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Poll Question #2 Do you use retention bonuses or any other type of variable compensation to retain your top nurses or other talent?
  22. 22. 21 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Total Rewards Questions  Do you have a particular philosophy you would like to see the organization take when developing a total rewards strategy?  Do the leaders of the organization have a particular philosophy which needs to be considered when making decisions regarding total rewards?  Are you in high growth mode or stability mode?  Are you facing market pressures?  Are you focused on a specific market segment?  Do you have trouble attracting or retaining talent? What are your critical positions?  Why do you think your employees come to work for you?
  23. 23. 22 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Identify Strengths/Weaknesses of Existing Reward Plans SWOT Analysis Strengths • Which reward programs are effective today? • What should we keep and/or emulate? Opportunities • How can we best meet the demands of key stakeholders? • How competitive are our programs? • What are the employees' perception of total rewards? Threats • What conditions threaten business success? • How do existing plans fail to respond to external conditions? • How do existing plans fail to respond to internal conditions within the organization? Weaknesses • Which plans do not work today? • What and how much needs to change? • What are the market conditions and are we competitive?
  24. 24. 23 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx  Build awareness which all generations bring opportunities and strengths as well as challenges  Diversity is good  Not everyone fits into one mold  Each group communicates differently  Communicate to motivate  Effective communication will motive people  Misunderstood comments can have a lasting repercussion  Develop different communication channels (decentralized organization like healthcare can be a challenge…do you have a strategy?)  Train managers on multigenerational communication Communication
  25. 25. 24 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Communication in the Workplace Generation Preferred Method Suggested Ways Traditionalist Memos Letters Personal notes Individual interaction Words and tone of voice should be respectful, language should be more formal and professional and the message should relate to long-term goals Boomers Face to face Phone calls Personal interaction Informal conversations over coffee or lunch, ask about mutual interests, make the conversation participative, link message to the team or individual results Gen X Voicemail Email Casual Direct/immediate Don’t waste time, be direct and get to the point, avoid corporate speak, send email or voicemail clearly stating what you want Gen Y Digital (instant) Text message Blogs Collaborative interaction Be positive, send a text message to get their immediate response, instant messaging, don’t be condescending, communicate about personal and professional development opportunities
  26. 26. 25 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Communication Channels  Total rewards/compensation statements  Town Hall meetings  FAQ’s or summary statement on the intranet  Placards  Manager meetings  Webex presentations  Develop a salary management “APP”
  27. 27. 26 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx  Conduct employee survey to determine employee perceptions  Conduct a total rewards strategy session (Senior Leadership)  Use the total rewards questions  From the strategy session develop the total rewards strategy  Philosophy/vision/mission  Elements of rewards  Design platform or dashboard  Communicate to the multigenerational workforce appropriately  Use different forms of communication  Engage managers to understand the programs and how to work with a multigenerational workforce Final Thoughts
  28. 28. Appendix Sample Analysis Results
  29. 29. 28 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Quantifying the Results: Total Rewards Value Analysis $54,343 $50,482 $69,607 $65,298 $58,208 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 $55,000 $60,000 $65,000 $70,000 $75,000 ABC Company Division A Division B Division C Market Average Total Rewards Value, Per Employee Base Pay 70.0% Paid Time Off 6.0% Benefits 18.0% Short- Term Incentives 6.0% Distribution of Total Rewards, Sample Company Base Pay 66.6% Paid Time Off 6.7% Benefits 22.2% Short- Term Incentives 4.5% Distribution of Total Rewards, Market
  30. 30. 29 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx  Lockton conducted a total rewards analysis of  Medical, dental vision, LTD, STD, Life, AD&D  Base salary, total cash, target incentive  401(k) and PTO Executive Summary  Results indicate the following  Health and welfare  Cost is within market norm  Value is above market norm  Paying at the market for base salary  Paying above the market on total cash (including profit sharing)  Paying at the market for target incentive  Above market for 401(k)  Above the market on PTO
  31. 31. 30 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Total Rewards Summary Total Summary Employee Category # of Employees in Study Total Market Value Total ABC CO Value Variance % - ABC to Market Executive 9 $2,744,677 $3,057,754 112.2% Director 14 $2,523,690 $2,850,709 113.5% Manager 15 $1,802,538 $2,027,438 112.0% Supervisor 8 $635,760 $647,262 101.3% Prof/IC 45 $3,994,768 $4,292,336 106.9% Admin/Tech 147 $6,978,594 $6,672,894 95.2% Grand Total 238 $18,680,026 $19,548,393 100.4% Total Rewards Value
  32. 32. 31 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Total Rewards Summary Compensation, Benefits, 401(k), and PTO Compensation Benefits Employee Category Sum of Market - Total Cash 50th Sum of ABC - Total Cash Comp Variance % - ABC to Market Sum of Market - Total Benefits Sum of ABC - Total Benefits Variance % - AiBC Co to Market Executive $2,463,485 $2,938,527 119.3% $98,573 $127,785 129.6% Director $2,227,781 $2,641,973 118.6% $153,335 $198,177 129.2% Manager $1,488,744 $1,878,488 126.2% $164,288 $170,779 104.0% Supervisor $499,599 $567,108 113.5% $87,620 $91,136 104.0% Prof/IC $3,220,460 $3,881,974 120.5% $492,864 $441,034 89.5% Admin/Tech $4,993,460 $5,395,842 108.1% $1,610,022 $1,275,582 79.2% Grand Total $14,893,530 $17,303,911 116.2% $2,606,702 $2,304,493 88.4% Employee Category Sum of Market - 401k Employer Contribution Sum of ABC - 401K Employer Contribution Variance % - ABC to Market Sum of Market - PTO Value Sum of ABC - PTO Value Variance % - ABC to Market Executive $59,037 $68,877 116.7% $123,582 $181,399 146.8% Director $39,089 $45,827 117.2% $103,484 $157,296 152.0% Manager $40,604 $47,497 117.0% $108,902 $127,255 116.9% Supervisor $11,538 $13,887 120.4% $37,003 $37,349 100.9% Prof/IC $79,371 $93,302 117.6% $202,072 $233,286 115.4% Admin/Tech $113,144 $134,204 118.6% $261,967 $281,870 107.6% Grand Total $342,784 $403,595 117.7% $837,011 $1,018,455 121.7% 401(k) PTO
  33. 33. AGENDAQ & A Live Q&A Healthcare Software Series
  34. 34. AGENDAAGENDA Resources & Support  Resource Library  Vendor & Product Info  Upcoming Events Healthcare Software Series
  35. 35. 34 S:COMPowerPoint PresentationsHealthcare Total Rewards 7994.pptx Our Mission To be the worldwide value and service leader in insurance brokerage, risk management, employee benefits, and retirement services Our Goal To be the best place to do business and to work RISK MANAGEMENT | EMPLOYEE BENEFITS | RETIREMENT SERVICES lockton.com © 2017 Lockton, Inc. All rights reserved.

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