Looking ahead to 2020, Elliot Dinkin discusses trends in total compensation, potential offerings organizations can offer and what those offerings would require of compliance pros.
As employers plan for the workforce of the future, it is essential to consider alternate approaches for creating and implementing total compensation packages; this typically includes compensation, benefits, retirement, perquisites and ancillary and time-off benefits. Now that multiple generations exist in the workforce, all with varied attributes and differences, a one-size-fits-all total compensation approach should no longer be considered. These new approaches must also be cost-effective, compliant and competitive.
Potential Solutions
Employers typically believe that as long as they offer a structure where each benefit offering is competitive, they are fine. Consider the following type of typical offering:
- Base compensation targeted at the 50th percentile
- Offering a variety of PPO benefits with required employee premiums and different co-pays and co-insurance levels, depending upon plan selected
- Standard level of life insurance, dental, vision, life and disability
- 401(k) match of 50 percent of the first 6 percent deferred
Any employer would be proud to offer these benefits to their employees. After all, this approach is often…
