7d supp
ITEM NO: 7d supp_____ DATE OF MEETING: June 28, 2011_ Total Rewards Philosophy What is total rewards Advantages of a total rewards philosophy Total rewards model Elements of the total rewards model Developing the total rewards philosophy Next Steps What is Total Rewards Historically, total comp was pay + benefits (health care, pension, time off) Currently, total rewards has expanded to include a broader array of programs Total rewards programs vary by organization, and so do total rewards definitions Total Rewards Philosophy - Advantages Broad definition applies to all employee groups, facilitates consistency Flexible guides decisions through all business phases and economic times Strategic method for attracting, retaining, and motivating employees to engage in achieving Port goals Consistent framework for holistically managing the array of total rewards Advantages - continued Connected to other topics Salary and Benefits Resolution Collective bargaining agreements Payroll related budget discussions Beneficial in multiple areas Strategic Planning Audits Managing pay and benefit programs Labor contract negotiations Internal and external communications Modeling Total Rewards Total rewards packages vary by employer Important to model the organizations package Models visually represent the package Models facilitate communication to employees, and prospective employees Based on the organization's Mission Values and culture People and business strategies Total Rewards Model Attraction / Retention and Motivation Pay Benefits & Development Learning Recognition Other Intangibles Business Strategy People Strategy Culture and Values Organizational Mission Elements of Total Rewards Pay Base pay Base pay increases Benefits Port funded, fully or partially Employee funded Mandated Learning and Development Learning calendar Leadership development programs Seminars, conferences, external training opportunities Elements - continued Recognition Service awards Retirement recognition Other recognition Other Intangibles Opportunity for public service Opportunity for community involvement Work location Interesting work Employee networks Developing a Total Rewards Philosophy Model the current total rewards package Information about future work Information about what total rewards will attract, motivate and retain now and in the future Information about how total rewards will attract, motivate and retain now and in the future Together this will inform a total rewards philosophy Next Steps Gap analysis how does current total rewards model compare to the philosophy Strategies and plan for aligning total rewards programs with the philosophy Depending on the number and size of the gaps this could be a 3 to 5 year process Future Commission briefings as work progresses Questions?
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