1 Compensation Benefits Summary 2 Content in Context
1 + Compensation & Benefits Summary
+ 2 Content in Context What can we use to attract, deploy, and retain staff to the schools and subjects that need them most? Compensation & Benefits
+ 3 What are Compensation & Benefits? n Compensation & Benefits are any items of monetary or nonmonetary value that an employee receives from an employer in exchange for their services n Common forms of compensation include: n Base salary n Differentials for additional work n Health benefits n Incentives to teach in high-needs schools or subjects n Performance bonuses or pay n Pension or Deferred compensation Time – e. g. , additional prep classes n n Perks – e. g. , gym memberships, discounts, preferred parking
+ Components of Total Compensation Bonus dit t. C on ud ge l. B ca Lo ng ini rga Ba High Needs Incentives ve cti lle Differentiated Roles Co ion s Pay Benefits, Deferred Comp, Perks Base Salary State Laws & Regulations Adapted from ERS, “Strategic Design of Teacher Compensation. ” 2012. 4
+ 5 Recommendations to Consider Compensate What You Value & Want to Incentivize Bonus Pay Differentiated Roles § Limit bonuses § Consider behavior you’re incentivizing § Ensure selection of only high eff. teachers § Use financial & nonfinancial comp High Needs Incentives § Use them, but fix working conditions too § Ensure teachers maintain eff. and role § Tailor benefits – not one-size-fits-all Benefits, Deferred Comp, Perks § Make pensions portable and accrue uniformly Base Salary § Keep competitive – but not too high § Speed progression thru scale based on effectiveness using multiple measures § Phase out increases for items that don’t add value for students Adapted from ERS, “Strategic Design of Teacher Compensation. ” 2012.
+ 6 Why is This Important? Compensation & Benefits n Compensation and benefits impact an organization’s ability to get, deploy, and retain great staff n Strong compensation and benefits provide organization’s with a competitive edge over other employers
+ 7 Keep in Mind Things to Remember 1. Individuals value various components of compensation and benefits differently based on their needs and stage of life 2. Compensation strategies will differ based on district priorities and challenges, funding, State law, and teacher demographics/ experience 3. New compensation practices require complementary structures – especially a fair and reliable performance management system 4. Not all compensation strategies require extra money or contractual changes – be creative 5. Working conditions matter too 6. Feedback from key stakeholders on your compensation system is critical § Use an exit survey to understand which compensation issues impact your teachers
+ 8 Making Connections Related Content n ERS Teacher Compensation Self-Assessment n n An ERS Tool that allows HR teams to assess the components of their compensation strategy. Research & Resources on Compensation n This tool provides links to key articles and research on teacher compensation. Teams can use this document when considering ways to improve on their current compensation system.
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