liberty power -final_ppt

By: Diana Real

Pay- For- Performance: The

Evidence Based-paid strategy Pay is aligned to a competitive basis The objective: develop a more comprehensive

compensation plan

Liberty Power Strategic Objectives

The Company set goals that employees have to achieve = Incentives

Develop skills according to Liberty Power Strategic plan- Talent- Best employees- Liberty Power Team

Reduce Turnover: Pay employees competitively, keep good employees, and give them the opportunity to grow

By: Teresa Casey

Performance Evaluations and Merit Increases Support overall business strategy Performance Evaluations Merit Pay

Incentives

Increase productivity Annual bonuses Sales incentives Spot plan Social events

Stephanie Repaci

Liberty Power and Performance Appraisals

Conducted bi-annually Performed by immediate supervisor

Training required (for manager and employee)

In the future: 360 degree feedback Metrics used:

Individual/company goalsProfessional skillsCompany-assigned attributesHigh-performing employees

The 90-Day Review

“The first 90 days are more critical than an employee’s first two years. If you can get a new hire to learn the most during that time period, then he/she will be most successful.”

30-60-90 approach Are you in the right role? Do you belong?

○ Hungry, humble and smart

Michelle Mckoy Brown

1. What are your benefits and how important are they to the organization?

Liberty Power - Benefit Plan Descriptions

Benefit Plans Descriptions

MedicalUnited Healthcare - PPO options are based on deductibles of 500, 1,500 or 3,000. Liberty pays 100% of premiums for all levels of 1500 plan. Liberty supplements 500 and 3,000 plans.

Dental United Healthcare - PPO dental plan is included in the medical benefit plan at no additional cost

Vision Vision Service Plan - Vision plan is included in medical benefit plan at no additional cost

Life & Personal Accident Insurance Cigna Life and Personal Accident insurance 1 X salary up to $50,000 is included with medical plan at no additional cost.

401k PlanAmerican Funds - Liberty pays $ for $ up to 4% of employee's contributions. Employees are 100% vested upon hire.

Training & DevelopmentOnline and in-house training courses available to all employees. Online training is available 24/7 via a web-based training portal.

Holidays 10 paid holidays per year

Vacation Days 2 weeks accrued vacation per year

Personal Days 2 days accrued personal time per year

Sick Days 5 days accrued sick time per year

Employee Assistance Program Confidential counseling and support program for employees and their families.

Voluntary Life & Personal Accident Insurance Employee paid Voluntary Life & Personal Accident Insurance for employee and dependents.

Voluntary Basic STD & LTD Employee paid STD and LTD benefits through Cigna.

*Note - All benefits available upon date of hire

2. How do you communicate the true value of your benefits package to new employees?

3. What is the average additional cost of an employee compensation package?

4. How does LP keep up with benefit laws across the various states? A PEO serves as an HR department, providing:

Employment Administration Relief Quality Employee Benefits Employer Liability Management Services Productivity Improvement Resources The Co-Employment Relationship

Your company enters into an agreement with the PEO to establish a three-way relationship between you, your employees and the PEO. You and the PEO become co-employers, instead of the traditional employer company/employee relationship.

5. How does LP keep up with benefit laws across the various states?

Michelle Mckoy Brown

List benefit options

What benefits options are available to part time employees?

What is the most farfetched benefit you would love to offer, but the company won’t allow?

As a fast growing company, how often do you review the LP benefits?

Yula Rhone

Compensation for Special Groups

Who are Special Groups and what makes them so special?

Justification for unique compensation of Special Groups

levels of pay at Liberty Power Executive Pay-for Performance

Compensation for Special Groups

Linking sales compensation to customer satisfaction metrics

Financial Reform Legislationshareholder influence on executive paygovernment influence on executive pay

Stephanie Repaci

Liberty Power on Labor Unions Reasons why there is no need for a

union at the company:Small organization; no big pockets of

employee subsetsExisting laws and regulations regarding

compensation of employees and employee rights

Time and place for unionization has passed

Alternatives to Unionization Negotiating compensation:

Hiring process and salary rangePromotionsFederal guidelines for salary administration

Job security:Grievance proceduresOpen door policy of HROutside representation

Diana Real

International Pay International Pay SystemsSystems

By: Teresa Casey

Government Regulations that Impact Liberty Power Immigration laws FLSA Discrimination laws

Yula Rhone

Making Compensation Work at Liberty Power

Important factors in managing labor costs How Liberty Power manages cost of labor Importance of compensation function Using compensation as a competitive

advantage

Making Compensation Work at Liberty Power

The role of pay in organizational restructuring Compensation: Expense or Investment? Most effective controls to manage

compensation process