Core - Total Rewards (Part 1)
This webinar goes through the process of setting up and using the Total Rewards statement in BambooHR.
- 1 Resources
- 2 What is Total Compensation?
- 3 Make a Plan
- 4 Verify Your Information
- 4.1 Header
- 4.2 Overview
- 4.3 Pay
- 4.4 Bonus
- 4.5 Commission
- 4.6 Equity
- 4.7 Benefits
- 4.8 Calendar
- 4.8.1 Time Off
- 4.8.2 Holiday Summary
- 5 Updating Employee Information
- 5.1 Job Information
- 5.2 Benefits
- 5.3 Time Off
- 5.4 Holidays
- 6 Review Your Settings
- 7 Part 2 - Sep 18
Resources
Name | Type | Resource Link |
|---|---|---|
Webinar Recordings | URL | |
Worksheet (docx) | docx | |
Help Guides | url | |
Learning Labs | url | |
Resources | pptx |
What is Total Compensation?
A statement to communicate complete package of rewards and benefits the employee receives which includes
The purpose is to help everyone understand full scope of compensation package
The statement includes everything of value that an employee receives in exchange for their work
Regular salary/wages
bonuses
benefits & perks
commission
equity
time off
holidays, etc
Why is it important?
Critical for attracting and retaining your top talent
Helps organize and communicate the information efficiently
May significantly enhance employee satisfaction and loyalty
If not communicated, employees may feel that the pay isn’t comparable to other companies because wage does not reflect actual value of compensation package
Rewarding employees appropriately may lead to:
increased job performance,
increased loyalty
lower employee turnover rates
higher employee retention
important to align rewards strategy with business goals to drive success
54% of employees stay with their current employer for the benefits package.
Employees who felt fairly compensated were more likely to be motivated, productive, and committed to their organization.
Source: 2024 Study by Willis Towers Watson
Companies with well structured total rewards program have lower turnover rates and higher employee retention which helps companies save costs, create a stable & engaged workforce.
Source: Society for Human Resource Management
Make a Plan
Worksheet |
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|---|---|
Communication | How does your organization currently share total compensation information? If you don’t share this information yet? What are your goals?
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Relevant Information | Which sections of the Total Rewards Statement are applicable to my organization? You should decide if you need to set up all of the sections or only a few. |
Benefits | What benefits does my organization offer? Benefits tracking is available in all packages at no additional cost to make it accessible and visible to your employees. Benefits Administration Add-on is not required to use Total Rewards. |
Time Off and Holidays | What Time Off Types and policies does my organization have? What holidays does my organization observe?
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Feature is only available in Core and Pro packages. All in the upcoming Elite.
Verify Your Information
Only sections that have been set up and have information for the employee will be included. You MUST ensure the data in your system is accurate and up to date.
Component | Description |
|---|---|
HeaderThe name and title are found on the left. The option to download a simplified version is found on the right. |  If your managers need access, you can download the simplified version and share it with the manager if they will be having the compensation conversation with the employee. |
OverviewIncludes pie chart with visual breakdown of compensation details on the right with a monetary value. | All compensation must be in a single currency. If multi-currencies are used in compensation, the total rewards cannot be calculated and will not display a monetary number. A message will be displayed at the top of the screen. |
PayIncludes the employees hourly or annual pay, along with their pay history. The Current Pay is most recent line of data, and Pay History is every line in the employee’s Compensation Table on the Job tab. | Pulled from the Compensation table on the job tab of the employee profile. Pay and Compensation are used interchangeably Verify the information quickly by running the Salary History Report which includes everyone’s salary along with every historical entry from the table. |
BonusProvides a summary of the individual’s bonuses for the calendar year including history. | Pulled from the optional standard custom Bonus table and Potential Bonus fields on the job tab of the employee profile Verify the information quickly by running a custom report with the bonus fields and table. (Reports > New Report) |
CommissionIf they have commission information entered in their job tab, they will see a section which outlines the commission summary for the year along with commission history. | Pulled from the optional standard custom Commission table on the job tab of the employee profile. Verify the information quickly by running a custom report with the bonus fields and table. (Reports > New Report) |
EquityIf the employee has an equity plan, you can set up the Equity section for them which allows them to view
| Pulled from the optional standard custom Equity table on the job tab of the employee profile. Verify the information quickly by running a custom report with the bonus fields and table. (Reports > New Report) This section must also be set up in settings before it can be displayed. You will need to select either Growth Calculation or Exact Amount along with company information and custom conditions and disclaimers. |
BenefitsIf Benefits are tracked in BambooHR (or BambooHR Benefits Admin), it details the employee’s benefits and the company’s annual contribution toward these benefits. You add your plans and assign employees through Settings. This is an important component and is often forgotten by the employee. | Pulled from Benefits tab on employee profile. You can add/remove/update Benefits from Settings >Benefits. Clicking on a benefit will give more details about the benefit plan if a link to the provider was added in Settings. Benefits should include any reimbursements you offer to your employees so it can be part of their Total Rewards Statement. Verify the information by running the standard Benefits Summary Report for each benefit which includes everyone’s status and effective date. Clicking on a benefit from the Total Rewards statement gives a granular view of the specific benefit If you haven’t started using Benefits Tracking, view the Learning Lab to help you get started. |
Calendar |
|
Time OffThe Time Off Summary informs employees about the types of paid time off available and their annual allocation. Time Off Categories are the types, such as vacation, sick leave, or bereavement. Time Off Policies are the rules and procedures that govern how the time off is accrued and carries over. | Pulled from Time Off tab on employee profile. You can add/remove/update Time Off policies and categories from Settings >Time Off. Verify the information by running the standard Time Off Balances Report for each category which includes everyone’s beginning balance, time accrued, and ending balance. |
Holiday SummaryThe Holiday Summary lists all company-wide holidays as configured in your account for that employee. | Pulled from Company Holidays in Settings. Verify the information by reviewing your settings. |
Updating Employee Information
Job Information
Update information using 1 of the following methods
Employee Profile - select an employee to make an individual change
Power Edit - make bulk changes directly from a report
Import Tool - large amounts of data can be imported at once. It. is recommended to first run a create custom report with Compensation table and no history. https://help.bamboohr.com/s/article/711330
Any changes in the power edit will add a new line item. If you only want to update an existing record, you have to do it individually on employee profile, or use the import tool and ensure the date matches what is currently in the system.
Ensure a single currency is used for each entry
Benefits
Update Benefits from settings or individually from the employee profile.
Employee Profile - you can update enrolment on each plan from the gear icon
Benefits Settings - click the plan and view employees enrolled, waived, and eligible
Time Off
Update Time Off individually from the employee profile
Employee Profile - you can update time off balances by the
icon for each policy.
Time Off Settings - select the policy and Edit Policy details.
Holidays
You can add or remove company holidays as needed. You can also update the day it is observed and the employees who observe this holiday.
You might have different holidays for different employees if your employees work in different states or countries.
You can specify different pay rates for different employee statuses.
Review Your Settings
Managers do not have access to total rewards statements because often the information that’s shared in the statement is outside the scope of information managers generally have access to, including bonuses, equity, and benefits.
Steps |
|
|---|---|
Navigate to Total Rewards | Click the gear icon at the top of your screen to access Settings, then scroll down the left menu to Total Rewards. |
Complete Checklist | Before you begin, you will have a checklist of areas that need to be verified before Total Rewards is complete. You can View Setup Guide at any time to access that checklist.
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Add Employees DO NOT add employees to Total Rewards until You have verified the information. Once you add employees, it will trigger an email notification informing the employee about their total rewards statement so verify the information first.
| Click +Add Employees and add select the employees to create Total Rewards statements for. You can select employees individually or use standard filters to add all employees from a filter. Click the
|
View Employee Statements | Once saved, you can access the statement in Settings by clicking the The statement is also available from the left banner on the employee profile. |
Part 2 - Sep 18
In this webinar, the focus is to learn how to add employees, create a compensation plan, and implement that plan.
Settings - Total Rewards
Total Rewards Checklist will appear before you set it up.
Once you add employees, they will appear instead
If employees are Unsupported, make sure their compensations, benefits, and time off iss et up
You can enable for any employees
Once you select your employees, you can preview and save
An email will be sent to the employees to let them know it is available
Enrolling Option: You can enable yourself to start so you can see what i
How Employee views Statement
preview as user to see employee’s perspective
Can view the link right from the home page
Can also access from left bar
Employee can also click on the link in the email to access Total Rewards statement
How to Remove Employees
Navigate to settings - Total rewards
CLick thw checkbox next to the employee you want to remove
Click the trash can up top.
Suggestion: create an onboarding task to set up Total Rewards
Full Admin users can view statements anytime by clicking the icon on the right of the employee.
When viewing the statement, you can go into each statement and click the pdf version, which is simplified for printing purposes. It will not be as detailed as web version
Employee will only show information if it isd available. EG if no equity, they will not see that section
Rolling Out
Be sure compensation strategy is planned out
Shows more than just monetary compensation
Direct compensation: Cash pay employees receive (salary or wages, bonuses, commission)
Indirect compensation: Non monetary (equity, stock options, paid vacation, sick days, health insurance, workers compensation, other non-monetary benefits
Time Line:
Present to managers
1 week later, managers present to employees
1 month later add all employees
ongoing… check in with managers and employees
performance reviews - share total rewards statements with employees
Sample Strategy
Compensation Strategy may include the following:
Base Salary
could include a compensation philosophy that outlines all compensation
Bonus & Incentives
Bonuses based on performance
Stock Options
Benefits
Health Insurance
Retirement Savings 401(k)
Employee Assistance Program (EAP)
Training Reimbursemnet
Commuter Benefits
Time Off
Vacation Time
Sick Leave
Parental Leave (Maternity and Paternity Leave)
Paid Paid Vacation (Prioritize work life balance $2,000 after 6 months with company)
must include receipts and photos of vacation, encouraged to share memories
Perks
Flexible work hours: 9am - 10pm so families can work around family schedule
on-site childcare
On-site meals
Wellness Programs
Commuter benefits
Office gym: encourage employees to stay active throughout the day
Total Rewards Rollout
Create your plan
Present to executive team for approval so everyone is on the same page
be specific
outline your strategy
Present to managers - because managers play a huge role in communicating to employees
Present to employees - engage with employees and introduce
host info sessions or lunch and learns before enabling the statements
discuss why you are sharing this information
Analyze your company’s compensation
Compensation Strategy: What is your company’s comensation strategy? Salary, bonuses, benefits, tome off, other perks, etc
Awareness: What do employees already know about their total compensation? Was the information shared with a job offer? Does updated information get shared?
Rollout Plan: How will. you introduce Total Rewards to your employees?
Implementation Strategy: How do you want to use Total Rewards moving forward? Performance reviews, annual merit increases, etc.
Enable it for yourself while you play around with it.
Questions & Answers - Sep 11, 2024
Are the statements able to be created 'as of' a date in the past to show comparison or just as of the date they are run?
Total Rewards statements will always display information from the current calendar year.
Every time they get a bonus, does that have to be manually entered in?
Yes, bonuses and potential bonuses will need to be added to the bonus table in order for them to show up on the Total Rewards statement.
Could we sync up the 403B retirement account under Equity, since we don't have stock options?
BambooHR’s Equity section in Total Rewards is designed specifically for equity awards such as stock options, RSUs, and other similar grants rather than for retirement accounts like a 403(b). In other words, 403(b) retirement information isn’t meant to be synced to or displayed under Equity. Instead, if you’d like your 403(b) information to appear as part of your employees’ overall compensation in Total Rewards, you might consider manually entering or tracking it via benefits data (for example, using Benefits Tracking) so that it contributes to the comprehensive view of compensation in Total Rewards.
For more details on how benefits are included in Total Rewards, please see the Benefits and Reimbursements in Total Rewards article. https://help.bamboohr.com/s/article/1717245
We don't have equity but employer contribute 401K match and profit sharing directly distributed to employees 401K account outside BambooHR. we want to track the numbers only. How to add the numbers to the total reward?
If you want to include numbers such as your employer’s 401(k) match and profit sharing in the Total Rewards statement even though these funds are distributed externally, you can manually enter those figures using BambooHR’s Benefits Tracking features. This allows you to track and display the contribution amounts as part of the overall compensation summary. You could, for example, add them as additional benefit amounts so they appear in the Benefits and Reimbursements section of Total Rewards.
To do this, you can either update the bonus/benefit fields on each employee’s profile using tools like Power Edit or use the data import feature to update the relevant compensation or benefits fields in bulk. This will then be incorporated into the Total Rewards statement even if you aren’t using the Equity functionality.
For more details on incorporating various benefit numbers into Total Rewards, please see the Benefits and Reimbursements in Total Rewards article. https://help.bamboohr.com/s/article/1717245
Is there a way to easily upload a mass allocation of the cost and selection of the various benefits?