Press Release 2007/2008 Survey Report on Total Reward Compensation & Benefits
Watson Wyatt Data Services’ Latest Report Details Total Reward Benefit and Compensation Data to Help Organizations Assess Their Marketplace Effectiveness and Plan for the Future
· Surveyed organizations provided both actual benefits and compensation data included in this report.
· Total Reward Analysis illustrates how much each position “costs” the organization.
· Benefit Value Analysis shows the value of retirement, health, security, paid time off and total benefits for each position.
ROCHELLE PARK, N.J., (March 11, 2008) – Watson Wyatt Data Services, a wholly-owned subsidiary of Watson Wyatt Worldwide, today announced the publication of its 2007/2008 Survey Report on Total Reward Compensation & Benefits.
Unique in its dual presentation of both actual compensation and actual benefit data, The Total Rewards report also breaks down all aspects of employee benefits to formulate a comprehensive Benefit Value Analysis for all listed positions. Individual components of the Benefit Analysis include:
· Retirement benefits
· Health benefits (medical, dental coverage)
· Security benefits (life insurance and disability benefits)
· Paid time off (vacation time and holidays)
All elements are assigned a percentage of the total amount spent for each position. Data is further broken down geographically and by industry.
Participant Demographics
Data used in this report is based on the responses of organizations in 2,037 locations nationwide that reported data on 91,435 job holders in 94 different positions, representing the most heavily populated positions from 14 compensation surveys.
Total Reward Analysis
For all applicable positions, the report provides a Total Reward Analysis, defining expenditures assessed for all elements. Elements of each Total Reward Analysis (where applicable) consist of:
· Annual salary
· Short-term incentive compensation (example: bonus)
· Total cash compensation
· Long-term incentive compensation (example: stock options)
· Total direct compensation
· Benefit values
· Total reward
Readers of the report can review the average and median figures of what a particular position is paid in salary, what they might earn in bonus and other long-term incentives and the dollar amount assessed to all benefits associated with that particular job. And ultimately, the total value of all compensation and benefits is displayed for each position listed. Data is further broken down by geographic region, industry sector and organization size.
Combined Value
Perhaps of greatest interest to employers using this report is the area known as the “Total Reward Mix.” In this analysis, all compensation and benefit elements are assessed as a percentage of the total expenditure for each position. As a result, readers of this data can compare their specific compensation and benefit allocations as they apply to organizations of similar size in their marketplace and effectively create future competitive compensation programs for their staff.
The 2007/2008 Survey Report on Total Reward Compensation & Benefits is available in online, print and combination online/printed set formats.
About Watson Wyatt Data Services
Watson Wyatt Data Services (WWDS), a wholly owned subsidiary of Watson Wyatt Worldwide, is a leading provider of compensation, benefits, and employment practices information to the global employer community. From offices around the world, we solicit, analyze, and publish an extensive library of printed, interactive and online survey reports. Our compensation databases are recognized worldwide as the most reliable source of current data for compensation planning.
Global scope, local knowledge …
Covering more than 95 countries across six continents, our data centers in the U.S., Canada, Europe, Asia, and Latin America annually compile reports on the remuneration, benefits, and employment practices of local and multinational companies. Our “in-country” experts apply their local knowledge of the varied employment markets, practices, and customs to deliver a complete compensation picture that can be used to create sound, market-based pay programs for entire organizations. Our international databases contain compensation information covering millions of employees based on the annual survey participation of organizations ranging from emerging growth companies to many of the world’s largest conglomerates.
In addition to compensation surveys, WWDS also publishes references that help HR practitioners attract, retain, and reward exceptional employees. These guides cover a wide variety of subject areas, including variable pay, performance management, and personnel policies on a local, regional, and global basis. For more information, visit our Web site at WWDS.com.
For more information, contact:
Pamela Holland-Moritz
Watson Wyatt Data Services
Tel: (201) 843-1177, extension 3446