Total Compensation is but a portion of Total Rewards. When an individual receives a base salary, over-time pay, education subsidy, certification rate pay, 401K, other retirement plans, and other cash, the overall quantifiable amount is a total compensation.
The WorldatWork organization defines Total Rewards as "All of the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship". The notion of Total Rewards include not only cash compensation but also the culture, the policies, and practices that define how individuals must be paid.
Our clients' Total Rewards practices serve as the guiding principles that help in delivering successful projects. Our action plans are rooted in quality standards and resonate with the business objectives of our clients. These objectives typically involve the ability to compete for and retain crucial talents.
By determining and understanding the elements that define total compensation, we are able to benchmark not just the jobs but also the clients' organizations in terms of attractiveness to potential employees.
Lastly, determining the elements of total compensation is important for comparing data in apples to apples fashion. An exampel is comparing total compensation with total compensation.
Comparing jobs of equal value is important for reliable and valid analyses. We do not compare jobs that are not fit to be at the same level of complexity and pretend that they are paid the same. There are elements of the jobs that make them worthy of the pay under which scientific quantification can be done. We quantify these elements using the following factors that add to the quality and reliabilty of our market studies. Our treshold for qualifying a job as equal is based on our 80% rule.
Just as comparing jobs and ensuring they are of similar complexity is important to market study, quantifying elements between comparable organizations is of critical importance as well. We want to make sure that our clients are compared with the appropriate labor market in which information and data can make sense. UMGHR performs peer qualifications by determining the following:
Ulibarri-Mason Global HR is founded in 1994 by a Cognitive Psychologist from the University of California Berkeley. The firm was renamed in 2004 to expand the service offerings. The expansion included a focus on compensation and job classification.