These plans also need to be attractive enough to maintain the talent within the company and keep valuable employees from seeking jobs elsewhere. Pay program objectives are as follows: a Internal equity, b External equity, c Individual equity, d Process equity, e Performance or productivity incentives, f Maximum use of financial resources, g Compliance with laws and regulations, and h Administrative efficiency. The current conversation involves a desire to re-engage Aon Hewitt in 18 months to 3 years to reevaluate and update the market. Stock options are --------------------------------------------------------------------------------- b a Short term benefits, b Long term benefits, c Both, d None9. Presented below are questions and answers about Western Michigan University's ongoing staff compensation system project. I then worked as a junior computer tech in my last 2 summers of high school.
This approach, unique to Core, lets non-technical users build and manage even the most complex rules without the need for custom programming. How do individual departments handle increased personnel costs? Pay guidelines When do the new compensation rates take effect? That said, there are certain questions you can expect to be asked in almost any interview for any position. During the transition, you will be credited at the end of the monthly November pay period based on the hours worked November 1 through November 19, and credited again in December for the hours worked November 20 through December 17 the end of the first biweekly accrual period. Yes, many titles will change since job evaluations revealed new sets of skills and responsibilities involved with many roles. This allows us to compare the pay for a given job. The concept of a f unctional manager was used when a position oversaw professional staff who did not report directly in to them, yet had significant accountability, influence, and impact over professionals within subordinate organizations, in the same specific functional area.
A number of attendant parts of the project are now underway, and other projects have been triggered by information gathered or observations made during the Staff Compensation Project. Aon Hewitt developed the new compensation structure based upon the market and made initial placements into the new structure based upon information gathered from the job content tools. It may be, however, that the job evaluation places a position in a category for which the person in that position currently is paid at a level that exceeds the maximum pay guideline. But bonuses are pretty easy to calculate. How do we handle that during the transition? What was the proportion of all jobs that we received benchmark data for? The presentation slides are located in the resources section at.
We strongly want to discourage users from memorizing our answer examples. As hr compensation and benefits manager, what training courses or extra education that you think will improve your work performance? The employee in the 1st quartile should be receiving larger increases if they are performing satisfactorily or better to bring them closer to market. Next steps How will the University manage the roll-out costs? In the end, you want to ensure that you are leaving your interviewer with the impression that you are motivated, self sufficient, and manage your time effectively. What are appropriate talent markets? How do, you make sure that you know what is happening problems, changes, etc. This will require some flexibility in certain areas of the program. This one is all about job commitment.
In addition, many supervisors who themselves are part of the staff compensation system, are likely to receive questions from those they supervise, so the meeting was set up to give everyone involved at every level an opportunity to pose questions about the process, the results and the internal and external factors that influenced decisions made about pay grade, pay and job titles. Base pay plan simply refers to an individual's salary or rate of pay, as opposed to any type of commission, bonus or award used in rare instances. Departments will be notified regarding the update process once the eligibility validation has been completed. Some people make job hopping a career in of itself, and your answer here can be telling. It is often referred to as salary grade in compensation management circles. How is that reality factored into the new pay scale and market benchmarks? The salary grades were mathematically determined based upon a blended salary structure model with the midpoints set at market median. Flexible Benefits allows employees to select benefits and services that match theirindividual needs15.
Compensation and benefits manager interview questions answers
Very few positions on campus meet the M4 criteria. A team needs to be able to develop and grow as individuals and a whole, not be held back by low expectations or ego. Which of the below is not a part of direct compensation c. What services were used to benchmark jobs for market value? A lateral transfer salary increase may be given upon movement to a position that was openly recruited. The position profile titles are used as a system title to identify placement in the job category framework and salary structure.
In contrast, a Manager M1 level position is the primary manager of a unit or department and does not manage subordinate managers. Maybe he just made the jump and somebody reporting to you has probably been around for a long time. The system allows for differences based upon discipline, e. Some localities have adopted higher minimum wages. Any experienced employer understands that sometimes things happen. In contrast, a M2 position has responsibility for managing a department though subordinate managers, supervisors and professionals, serves as a consultant to senior management, has significant responsibility to achieve broadly stated goals for the department, identifies objectives, directs programs, and develops overall departmental strategies and policies. However, once the new compensation system is fully implemented, a new job reevaluation process will be launched that will provide a formal mechanism through which job content will be analyzed to determine proper titles and placements in the structure.
Confidence here can go a long way. I hope to continue to gain experience in the compensation analyst field, both in my day-to-day work and by traveling to meetings and conferences. This has taught me a great deal about community, teamwork, and taking initiative. Biweekly employees accrue 13 times in a calendar year, compared to 12 times for monthly employees. Fill in the Blanks for the following:1.
Control Units will receive an allocation for Achievement and Spot Awards at the beginning of each fiscal year. In the past, I have also been responsible for monthly departmental newsletters and weekly email updates, so I do consider writing to be a strong part of my skill set. If the compensation policy of the organisation proves to be best then the organisation can get well motivated, loyal, efficient workforce. The campus will seek feedback from supervisors, staff, and administrators to ensure the program is achieving outcomes that benefit the campus, departmental operations and individual employees. No, not at this time. By doing this work, we have simplified processes and provided a framework for our jobs and our pay structure.
Placement for existing but vacant positions has been part of the work completed in recent weeks. It would be more difficult and you would almost have to have a separate matrix for each one. We believe that the responsibilities of a role should drive its title. Get it done fast in 5 easy steps. The Compensation Unit is available to provide guidance to managers and supervisors who are making decisions about salaries, for external market salary comparisons and internal equity considerations based upon availability of information. How does the pay structure impact the performance review process? All employees in the Staff Compensation System will receive letters sent to their home address in May that will outline job title, pay grade and salary effective July 1, 2015.
