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foreign
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[Music]
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we're going to start our review about
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the theory behind people's compensation
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first of all
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let's think about quite often when
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considering a job we offer the first
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offer the first thing to look at it this
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is the salary isn't that right
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independently how is listed if it's uh
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by hour by a week monthly or on hourly
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rate candidates see that's the top part
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but for many employees especially those
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senior ones compensation is far more
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than just a regular paycheck
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together with salary benefits are
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important they mean an indirect pay and
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could be differential between offers
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remember it could be rich our third of a
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hiring costs
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benefits or perks sometimes called can
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be health insurance implants mode of
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work stock options or any material
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things offered to employees all of these
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things are critical in any job offer
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long-term programs or overtime pay stock
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options
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401K Majors pension plans days off and
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even free lunches make up an essential
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part of the compensation and benefits
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package
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benefits it can also
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be variable by region in the U.S the
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emphasis in the insurance price offer is
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a Insurance product offered in Europe
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employees are more oriented towards
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social benefits in Latin America
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companies tend to be more paternalistic
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in the way of vacations and their offs
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giving terms like aguinaldo for instance
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so we have to be considered all that our
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compensation package is not simply the
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salary and in this way we are starting
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to motivate people to get and join our
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company we have previously mentioned
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that keeping the appropriate loyalty and
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engagement our Workforce is a key issue
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and talent management is that right a
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high positive employee will deliver
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better
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average and expected performance
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moreover becoming a driver for growth in
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the company on the negative side giving
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High employee turnover and churn rates
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the cost of replacing a single
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individual could take even up to 21 of
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the annual plan pay that's really heavy
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and that's why it's important to know
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the factors to the right turn over among
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them first allowing to workers to a
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stagnate in their position
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it has to be made really to roll to make
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it challenging
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the role for more than 10 year months
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and a year raises the possibility that
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an employee will move for one by one
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percent
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another reason is that the promotion
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will help but it will not be enough
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it has to be made in a password
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meaningful contribution when you
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recognize and given accompanied by a
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related pay increase that we should be
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careful as that price increase along
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will none sure to stay let's understand
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that it is estimated a 10 increase
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in salary will mean a 1.5 percent like a
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whole Tuesday
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the work culture also seems to matter
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for employee retention there are
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statistically significant links between
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two detailing measures of workplace
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culture
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the wind of higher carry higher career
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opportunities and the one to have higher
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cultural values a studies made by
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agencies like Glazer and Harvard found
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that two facts doesn't seem to marry to
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stay the quality and of senior
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leadership and world life balance
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contributes to job satisfaction but does
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not necessarily compensate for the tune
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over in conclusion workers offer choose
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to leave an employer when there is
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prospects for advancement are better
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elsewhere they are also looking for
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growth recognition and contribution
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so this is important and that comes the
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point when we have to develop an
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employee value proposition very similar
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when we do something in marketing about
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our branding value proposition
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is that we have to develop a single
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statement that is really attached to the
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company goals
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and in the worst for instance of Richard
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Branson she says success in business is
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about people train them well enough so
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they can live treat them well enough so
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they will don't want to leave it
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employees have many options outside and
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they are highly thinking when you choose
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a job so it's important to differentiate
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our company from the rest through a
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meaningful communication process that
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includes a proposition built upon a
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continuous and consistent platform that
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will enhance the value of our company
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new potential candidates and awarding
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employees
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an employability proposition then is a
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unique set of benefits that an employee
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receives in return form skills
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capabilities and experience that they
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bring to the company
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an EBP is about defining the essence of
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the company very similar to the brand
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isn't it how it is unique and what what
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it stands for being a real and dynamic
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ecosystem of support recognition and
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values that aims to reach a high
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potential level a meaningful relevant
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and Salient employer's brand in the left
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the right story we have a diagram we
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have three points to consider to deliver
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a shareholder value attracting motivated
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and retaining supplies inspiring
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Customer Loyalty these three factors
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build a purpose and that's where the
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employee value proposition is in the
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center a powerful employee brand is
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critical for organization to attract top
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talent done it right it will provide an
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edge against competition answered in a
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compelling and appealing way to why
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should a highly talented person choose
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to work for us
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the five components of the employee
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value proposition or ebpr financial
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rewards employee benefits Career
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Development work environment and Company
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culture but how do we increase
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that attachment that loyalty that
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Employee Engagement
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so do we do it by
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basically creating and sustaining high
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levels of Engagement
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by building a symbiotic relationship
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with employers and employees
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engaging employees are more likely to
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act in ways that they are beneficial for
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the organization
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and there are different ways to rise
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engagement
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actions like leadership development
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programs creating opportunities for
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staff to provide feedback training
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meaningful evaluation annual evaluation
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processes interestingly they have to be
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clear that the payment could also add
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the role of the payment is important yes
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but all those factors call are also
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built in a powerful engagement
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proposition
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pay scale a compensation softwares
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company survey 71
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000 employees to study the relationship
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between employee pay and employee
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engagement
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in their words the study results
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revealed that one of the top 10
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predictors of employee sentiment
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including satisfaction and intend to
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live was a company ability to
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communicate clearly about compensation
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they discovered that salary has direct
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correlation to engagement levels that I
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mentioned that impacts is pay awareness
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helping employees understand that their
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pay is fair or not and this chart we
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take a look of the how the level of
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payments perceived by employees
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is different
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okay
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people who are actually play pay above
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Market believe they are paid what
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building of the market 35 at Market 45
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percent and above the market 21 as you
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go
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in the way that you pay the people
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against the market
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being paid at the market or below the
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market the perception of being or the
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fairness decreases so that's what is
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important to be performing at least at
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the market levels or Superior so that
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our employees will know and we
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aware that they are really
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being treated freely inappropriate way
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the remuneration and compensation is
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defined as something of value that is
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given in exchange for paid for other
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things compensation can occur in two
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instances
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first the monetary payment paid to
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someone to work by the person and the
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monetary payment to you and the person
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who has suffered a loss of injury
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remuneration is any type of compensation
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of pay for providing services
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this term includes pay in the form of a
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salary wage of commission but also in
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court incorporate non-monetary
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incentives as allowances like company
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car medical plans accommodation or meals
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the wage can be defined as a rate pair
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of paper fix it to the amount of hours
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that the worker
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goes generally in a period of time such
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as per hour or per day salary is a fixed
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regular payment usually month or
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annually agreed upon an employee
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contract however it's not a fixed by the
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number of hours performed so it's
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important to differentiate that between
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salary and wage
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wages are granted in Gross and in terms
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because they are taxable we have to
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report taxes the amount of remuneration
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and components the panel manufacturers
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including them the employee value to the
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company employees with the high in
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demand skills are likely to get more
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perks
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software Engineers creative copywriters
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the kind of job type
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there are some straight hourly or
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salaried positions where others offer
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base play
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plus commissions bonuses or tips like
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Salesforce the company business model
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some companies Pride themselves in their
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generous employee remuneration and also
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include bonuses employee stock options
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the general state of the economy when
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jobs are plentiful and talented scars in
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those times companies pull out only
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stops to attract the best candidates
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that means better remuneration
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I must emphasize the importance on this
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don't be confident that you salary in
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which is the best you will find always
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ways to improve it and to make people
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aware of how they are being thrilled and
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there are also a part of the ones that I
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have mentioned some special types of
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remuneration
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there are commissions over time also
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retirement benefits these other benefits
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can include health insurance retirement
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plan matching sick pay personal days and
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then reimbursement for work related
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travel over expenses there are some
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other payments called Golden treatments
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accompany these sanctions for instance
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to attract a person whether you need a
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skill set or outstanding reputation may
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offer yet another type of remuneration a
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golden hello
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this is society bonus how about when I
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employee that is taken from a famous
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university or with a specific skills is
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convinced to join the company by adding
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a bird like a
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very modern car
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okay so that's an important thing that
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is go a part of the of the payment
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there is also the very non-godly
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parachute with guarantees an executive a
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generous payout in case of termination
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you may refer the case of Bob chapek
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when he left Disney how many billions of
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dollars he was paid to left the CEO
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charge in the company
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this is another form of remuneration
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that is written into contract before the
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job even begins
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indirect removing relation is a
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different compensation which sets aside
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an employee earnings to be ready at a
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later date a common example of this is a
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returning plan that includes employer
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matching a certain amount about
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contributed by an employee a 401k plan
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in the U.S implante pensiones afore in
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Mexico
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minimum wages are the lowest
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remuneration an employer can legally pay
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almost employees
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there is the assumption that there are
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no benefits to the job in the U.S the
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federal minimum wage is has been
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7.25 dollars per hour since 2009. in
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Mexico the minimum wage is 207
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pesos and 44 cents per world day as of
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2023 and there are also we have to
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consider the incentives that we provide
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to the employees
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they encourage the people to act
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it's any those are programs or rewards
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that are introduced in the workplace to
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encourage employee performance and
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stimulate productivity they may be
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physical or intangible
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an example is occurs when we use a bonus
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in a chance of growing something and
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Beyond normal theories it is used as a
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way to incentive people to continue to
00:13:41
do excellent work
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in a reference and study conducted by
00:13:47
Genesis in 2018 was founded the size of
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the incentive doesn't count as much as
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the motivation that brings
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they are important as a relating age how
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about to think about to give the
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employee and special award in the
00:14:00
headquarters and the hardcore artist
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being New York Paris or London how about
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to give them a trip special trip a part
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of all the salaries and wages and perks
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because you are recognizing them their
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contribution to the company
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the three main types of incentives could
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be economic
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social
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and moral
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and we have to identify them really well
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do they impact performance do you think
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that yes
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they impact performance motivating
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and really
00:14:37
sometimes we have to make them enjoy
00:14:41
day by day jobs and tasks that are very
00:14:44
rarely average so they also they have to
00:14:49
motivate it to improve their performance
00:14:51
when they are performing poorly on the
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other hand
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in the world context okay external
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rewards like bonuses knowledge or
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promotion have become an integral part
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of almost every job so intrinsic
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motivation leads to better performance
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this is proven the academic world when
00:15:09
we have Studies by Sarah's holy weekly
00:15:11
number four that they show that the
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stressing incentive change the positive
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relation between motivation and outcome
00:15:17
this is only when the incentive is
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indirectly Salient there has less
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dependence in one on day day by day
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performance like by salary it does end
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up harming the relation between
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intrinsic motivation and productivity
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those rewards are extremely linked to
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productivity are negatively and maybe
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they can impact the link different
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researchers have also examined the
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Loyalty of employees
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some of them have found that loyalty was
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associated with intangible suspects this
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anti aspect can be the work environment
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organization as environment linked with
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the prayers supervisor as well as
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customers
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everything in a context of
00:15:58
transformational
00:16:00
context leadership very similar to the
00:16:04
entertainment industry our crews enjoyed
00:16:08
to work in teams enjoy to be creative
00:16:11
and produce him something and yes
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we are and we Face a lot of coherence
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and contribution to the team be aware of
00:16:22
that
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and there are also an interview some
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corporate incentives two examples of
00:16:27
corporate incentives are those provided
00:16:29
by Disney at Live Nation in the left
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side we have the incentives made by
00:16:34
Disney parks and resorts those special
00:16:37
incentives are typically experiences
00:16:40
that participants could never they have
00:16:42
in their own how about to help them to
00:16:45
participate in private events in Disney
00:16:47
theme parks they are also individual
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incentives in a incentive reward program
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by providing them certificates that they
00:16:55
can attach to their complete vacation
00:16:58
experiences there are also incentives
00:17:01
popular like full-scale Hollywood movie
00:17:03
premieres in the MGM Disney studies how
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about the private Sunset Safari in
00:17:08
Animal Kingdom
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Disney offers these extensive benefits
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to the employees and include perks like
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discounts to parts and access to Disney
00:17:16
movies
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okay before they Premiere to General
00:17:19
Public in addition employees have access
00:17:22
to typical benefits like affordable
00:17:24
health insurance options like Medical
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Dental audition coverage other benefits
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that employees at Disney include are
00:17:30
weekly play by cast members retirement
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plans that are available for both
00:17:35
full-time and part-time positions with
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company contributions vacation and sick
00:17:40
leave are available for full-time
00:17:41
positions vacation and personal holidays
00:17:43
are accrued based on length of service
00:17:45
position and hours working there is also
00:17:48
an assumption of have 100 traditional
00:17:50
acceptance paid from the Disney aspiring
00:17:53
Network schools in other words it is
00:17:55
very inclusive getting all the people
00:17:58
participate on this
00:17:59
and the motor here is Dream create and
00:18:02
Inspire how about motivate and Inspire
00:18:04
your employees
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in the right side we have Live Nation
00:18:07
special benefits they treat the
00:18:10
employees with unlimited vacation time
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policies that a lot of people managers
00:18:14
to take time off when they need it
00:18:16
they have the mindful Nation program
00:18:18
in-house mindfulness experience that
00:18:20
provides employees with techniques to
00:18:21
relieve stress boost creativity and
00:18:24
improve problem solving
00:18:25
ticket perks where they have concert
00:18:28
service to help them with free and unfit
00:18:30
tickets to concerts and festivals almost
00:18:33
all of Live Nation office around the
00:18:35
world welcome to your friends no need to
00:18:37
worry about finding a sitter
00:18:39
so in this part of our Activity one of
00:18:42
our activity in this topic let's compare
00:18:45
about these two cases do you consider
00:18:47
them enough to motivate and engage
00:18:49
employees into companies
00:18:51
hope for your answers and we're pleased
00:18:54
to discuss them if you require in the
00:18:57
right space
00:18:58
areas it's another example about the
00:19:01
working Advantage this is another
00:19:03
program that helps you to recruit retain
00:19:06
and renew reaction by providing access
00:19:08
approach services and Spirits not only
00:19:10
in your company but a package of
00:19:12
companies it helps company employees
00:19:14
life to the fullest by connecting them
00:19:16
what matters most experiences which and
00:19:19
entertainment
00:19:20
are the key
00:19:22
as customer cell platform the company
00:19:24
that offers expandable unitary benefits
00:19:27
how about this proposal the choice is
00:19:29
yours unlike the best life that has to
00:19:31
offer with our exclusive savings on
00:19:32
theme parks attraction shows hotels
00:19:34
flights and rental cars Sports running
00:19:36
Live Events movie tickets electrons are
00:19:39
much more working Advantage is an agency
00:19:41
and they provide these services to
00:19:43
different entertainment companies the
00:19:45
idea is to motivate an incentive their
00:19:48
employees in the following slides and
00:19:52
you will find also in bright space
00:19:54
you'll find exercise in cases that will
00:19:56
add the explanation about to how to
00:20:00
explore the possibilities and how we
00:20:03
should do an employee retention program
00:20:04
with incentives compensations and very
00:20:08
well applied
00:20:09
thank you I hope you enjoy
00:20:11
[Music]
