Sep 11, 2024 Sep 18, 2024

Resources

• Worksheet 1

• Worksheet 2

• Sample Compensation Strategy:

• Slide Deck:

• Email Templates:

• Cheatsheet:

• View Recording: https://learning.bamboohr.com/catalog/courses/4058034

• Other Learning Labs:

  • Prepare your account

  • Beginners Guide

What is Total Compensation?

• A statement to communicate total package of compensation

• Regular salary/wages, bonuses, commission, equity, benefits, time off, holidays, etc

• lists everything of value

• helps everyone understand full scope of compensation package

Why is it important?

• wage may not reflect actual value of compensation package

• when employees believe they are rewarded appropriately, they are more loyal

• may lead to lower employee turnover rates and higher employee retention

• important to align rewards strategy with business goals to drive success
  
  

How to Set Up Total Rewards Statement?

1. Go to Settings - Total Rewards

• You will have a checklist of areas that need to be verified before Total Rewards is complete

  • View Setup Guide on top right of screen - Guide and Checklist can be accessed

Which Sections are included in the statement?

Total Overview

• a pie chart that gives a visual on the total rewards

  • a list of each section and a monetary value

Pay

• displays current salary along with a pay history

• verify by running a report with information

  • Look at Salary History standard report for a full list of salary changes

  • Create custom report with Compensation table and no history

• 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 https://help.bamboohr.com/s/article/711330

Bonus

• Add standard custom fields/table (Potential Bonus - Annual Percentage, Annual Amount, Bonus)

• Verify by running a custom report with the bonus fields

• Update information if it is incorrect from the employee profile

  • Employee Profile - select an employee to make an individual change

  • Power Edit - make bulk changes directly from a custom report

  • Import Tool - large amounts of data can be imported at once https://help.bamboohr.com/s/article/711330

Commission

• Add standard custom table (Commission)

• Verify by running a custom report with the commission table fields

• Update information if it is incorrect from the employee profile

  • Employee Profile - select an employee to make an individual change

  • Power Edit - make bulk changes directly from a custom report

  • Import Tool - large amounts of data can be imported at once https://help.bamboohr.com/s/article/711330

Equity

• [missed this section]

Benefits

• details benefits and companies annual contribution

• Verify by running a Standard Benefits Summary Report

• May also verify from Settings - Benefits and select each plan to look at which employees are enrolled

• Update errors

  • easiest way to update is through Benefits Settings

  • click the plan and view employees enrolled, waived, and eligible

  • Individually can be updated from the employee profile

Company Calendar

• lists types of time off and total holidays throughout the year

• Time Off from Settings - Time Off

  • verify categories and policies

    • policies dictate the rules

    • categories are the type of time off

  • verify employee time off balances

    • Standard Time Off Balances report by selecting time frame & category

    • Update using the time off tab on employee profile

• Holidays from Settings - Holidays

  • can automatically add standard holidays for Canada or US

  • manually change the date the holiday is observed

  • can add holidays for years ahead as well

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

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.

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

1. Create your plan

2. Present to executive team for approval so everyone is on the same page

   • be specific

   • outline your strategy

3. Present to managers - because managers play a huge role in communicating to employees

4. 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.

Questions & Answers - Sep 11, 2024

Questions & Answers - Sep 18 2024

Mar 11, 2025

What are you listing under Equity in the chart for total comp?

• There are different options of grant types that you can list under Equity. This help guide will walk you through setting up Equity. https://help.bamboohr.com/s/article/1717791

How many hours are you using to estimate total hourly pay?

• We use 2080 hours (40hours per week) in our total comp reports.

• It’s good to note that there is also an hourly calculator in total rewards so employees can see what they would make with different hours worked. You can learn more about that here https://help.bamboohr.com/s/article/1717243#salary-vs-hourly-compensation

How can I include non-recurring items like: gas cards, career certifications, one -off CPE or recognition "points" redeemed for gift cards?

• These are considered "Perks". As long as the amount of the perk is in their profile as a benefit, they will show up in the Total Rewards statement, even if they only occur once.

does that mean I need to add a benefit plan for each of these perks?

can comp be adjusted for those who work less than 40 hours per week

• Yes, hourly employees will have a hour calculator as part of their total rewards statement where they can adjust the number of hours they work and the pay will be reflected. You can learn more about this works here: https://help.bamboohr.com/s/article/1717243#salary-vs-hourly-compensation

If a company has added customized field in the compensation tab,can these elements be included in the total rewards statement?

• Currently, the total rewards statement only pulls from the standard tables for compensation and not any custom fields or tables. So it’s important that you use the standard tables to record this information for total rewards.

What is Equity in regsrds to Total Rewards

• Equity is shares in the company.

Will the equity section work for non-US companies?

• Yes, it will. Equity is not a US only part of Total Rewards.

How do you put a value on unlimited PTO?

• When offering unlimited PTO you won't need to have a set "value". In the time off summary employees will be able to see this as a benefit that you offer, knowing that it is unlimited.

Can you populate benefits data if you are not using the Benefits Module in BambooHR to be on the Total Rewards statement?

• Yes, you can! You can input all of your benefits data in the Benefits Tracking feature in your account. Benefits Tracking is included as part of your plan and allows you to track not only the company and employee contributions per paycheck, but eligibility as well. This will send employees and administrators a notification when employees become eligible for benefits after a waiting period.

Is there a guide in help on how to use Benefits Tracking Or an online recorded course

Are we going to see the actual PDF?

• Katie will be showing many aspects of Total Rewards today, but if you’re curious on what the statement looks like from the employee view, you can check out this article here: https://help.bamboohr.com/s/article/1663789

Will there be a feature in the future where the commission listed on they paystub is automatically entered in the Job Commission tab so I don't have to do it manually each month?

• We are new to Bamboo and currently implementing the Payroll module. I am very curious as to the answer to this question!

Can you add other pay elements (for example company car, etc)?

How do we show personal days off that are in addition to vacation days. is this a seperate line?

• As long as "Personal Days" is a time off policy in BambooHR, you will be able to include as a separate line in Total Rewards.

Is there a way to show company contributions to 401k

• Yes! This will be reflected as part of employe benefits. If you have your 401k match recorded as an employee benefit in BambooHR, it’ll appear in the total rewards statement.

We only record on target bonuses in Bamboo - not the actual payments made - can we still have that in Rewards?

• The Total Rewards statement will only show what you have recorded in BambooHR (So in your case the target bonuses). However you can set up a custom disclaimer for the rewards statement if you’d like to bring that information about bonuses to your employee’s attention. https://help.bamboohr.com/s/article/1717242#total-rewards-custom-disclaimer

Can the additional Pay in Total Rewards not be shown?

if I have my payroll which is being done from another system. Can I transfer the data from one system to BambooHR?

• Great question Sylvain. We do have integrations with several Payroll providers and you can find out about those here: Payroll - BambooHR Marketplace | Your Favorite Integrated HR Apps

• You can also import data into BambooHR. You can learn more about that process here: https://help.bamboohr.com/s/article/711330

can you customize access - only leadership team has stock options not other employees can we just show it to a certain group?

• Yes! The stock options will be input on the employees' profiles who are included. When the Total Rewards statement is run, the Stock Option will only show on those employees' statements.

We have custom tables for base compensation and variable compensation - can these be pulled into Rewards?

• Currently only standard tables are able to be pulled into total rewards. Custom tables are not able to be included into the statement.

Do benefits include 401K contributions / matching?

• Yes! You can have these all setup in benefits.

We run on a 7/1-/6/30 fiscal year. Is it possible to change the reporting dates to match our needs?

I have created 3 benefits plans with end dates of 12/31/2025 and have enrolled employees in it, however, the data does not show on our Total Rewards statements. What am I doing wrong?

• If you haven't already, you will need to input the information in the benefit plan itself. For example, if a vision benefit has a total monthly cost of $50.00 and the company pays $40.00 and the employee pays $10.00, you would input that into the set up of the benefit itself. Also, you will want to state what the per paycheck deduction amount is. In this example, the employee would pay $5.00 per paycheck and the company would pay $20.00 per paycheck.

These are items that the company pays for directly rather than a reimbursement.

Vacation Time
Sick Leave
Floating Holidays

• You can set up any of those time off types to be included in total rewards. You can learn more about this here: https://help.bamboohr.com/s/article/1717246

Can we get a PDF example of the Total Rewards summary before impementing to be sure it's something our leadership team wants?

• You can always start by adding just yourself to the total rewards feature and then make sure that everything looks correct before enabling it for more individuals.

can professional development funds be added as a benefit in the statement?

• Any benefits that you want within the statement, be sure to just set up in your Benefits Settings of your account :)

The types of "benefits" I can set up are mostly health or retirement related.

Same with time off ? It will automatically pick up whoever has that correct ?

• Correct!

I want to include the value of the benefit but do not want to pay them for this amount

On the TR statement for benefits, how do you ensure it adds in coverage details? Ours only show the url instead of additional info like shown in the demo.

can you set up multiple rewards within the organization if you have different pay groups?

• Each employee will have their own total rewards statement custom to them based on their pay, bonuses, benefits,ect.

Can you create separate holiday lists for different regions in the world?

• Yes! When you create custom holidays in your account you can customize who it applies to using the "This Holiday is for" filter field during the setup. See this help article for more info: https://help.bamboohr.com/s/article/587312#add-a-custom-company-holiday

Is there a tab/setion to add non-financial perks such as free parking, free snacks, paid sports?

Can you wait to share the TR statements with employees on a certain date each year? How often is the data updated?

• You can only enable or disable the availibility of total rewards, but it is constantly updated based on the information found in the tables that Katie talked about earlier.

Can the $ be updated for things like company contributions to an IRA for the year?

• Yes! As soon as you update the benefits or compensation in BambooHR the total rewards statement is automatically updated.

Can I add commission to just some employees?

• Yes, you can! On the Job Tab, you will add the commission amount to only the employees who receive it. That amount will show on those employees' statements only.

Do I need to set up different access levels for people with commission? Because I have everyone under one level right now except managers.

Please provide a sample downloadable total rewards report so I can share with stakeholders to make the case for all the work it will take to prepare our account

• You can see an example of the Total Rewards downloadable here in this help article: https://help.bamboohr.com/s/article/1663789

Is the benefits section only for US employees?

• The Benefits Tracking feature is available to all BambooHR customers globally. The "Benefits Administration" add-on feature is only available in the US.

Is it possible to have the equity value in other currencies other than USD? I have employees in multiple countries paid in various local currencies.The equity value on the total rewards statements however is only available in USD thus the total rewards value is an incorrect figure

• Yes, but it has to be all the same currency on the report

Can this be set up to make offeres to new Hires in the hiring tab?

Is there anyway to create this for a job offer without the person getting an email notification?

• This cannot be used within the hiring feature when creating a job offer at this time.

Is there a way to prepare the total comp statements and review them before the employee receives them? We don't want to show the EE until we have done our annual review.

• Yes! Employees will not have access to view the Total Rewards statement until access is given to them.

In which Tab & Table can I add a one time perk that is paid directly by the company so that I can reflect the value without paying the employee?

• I would suggest setting this up as a benefit in your Benefit Settings.

So we could enable it once a year and then download the reports and then disable it again?

• Yes, you can!

I've been adding Bonus pay on the Pay info tab this both records the type of pay and pays the employee. Does the Bonus table in the Job Tab have the same funtionality

Can we turn this off? We don't track leave, or use benefits or payroll in Bamboo right now.

• Yes. You can leave the feature turned off if you don't plan on using it.

Will it be added to the hiring feature in the near future?

• Great question. I can’t speak to how soon a feature will or will not be added to BambooHR, but if you’d like to suggest this to our product team, you can do that here: https://docs.google.com/a/
  bamboohr.com/forms/d/e/1FAIpQLSd0Oouq3T3ADdz5iolJedkrcUAOUiPg9rkNdNQz3euo2vA6wg/viewform

• Is Benefits tracking inside Benefits Admin?

• No. Benefits will be under your main account settings (gear icon in upper right hand corner) then Benefits in the middle column :)

Just to confirm: for reimbursements it will only show the maximum amount they could be reimbursed for, not what the actual reimbursements are, is that correct?