reimagining our university experience
DESCRIPTION
Reimagining Our University Experience. Campus Presentation. About the Task Force. Who we are…. What we v alue. Career. Benefits. Pay. Work Content. Culture. The issues w e f ace. 57% have pay less than $50,000. Employee Demographics. 25% of Faculty Retirement Eligible. - PowerPoint PPT PresentationTRANSCRIPT
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Reimagining Our University Experience
Campus Presentation
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About the Task Force
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Who we are…
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What we value
PayBenefits
Career
Culture
Work Content
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Employee Feedback
The issues we face
Legislative/Regulatory
Changes
Change in Financial Reporting
Pay is top for
recruitment and
retention
Employee Demographics25% of
Faculty Retirement
Eligible
So what are we going to do about it?
Declining State
Funding
Patient Protection
and Affordable Care Act (PPACA)
Turnover is highest in 1st year
57% have pay less
than $50,000
Benefits are more than
pay and insurance
Don’t understand the options available to
them
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What makes us an excellent place to work
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Task Force charge:Balance two key areas of concern Non-competitive pay levels Many employees rate
themselves as “unhealthy”
Liabilities over $1 billion Unsustainable growth in
benefits costs
ATTRACT AND RETAIN
THE BEST PEOPLE
MANAGE COSTS
EFFECTIVELY
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Interplay between Pay and Benefits
Education/Communication
Strategic Competitiveness
Shared Responsibility
Efficiency/ Sustainability
Flexibility to Address Diverse
Needs
Key themes for reimagining our University experience
Task Force Discussions
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Total Rewards Task Force Directional Recommendations
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Treat benefits and pay as interrelated parts of overall Total Rewards strategy
Interplay between Pay and Benefits
Strategic Competitiveness
RECOMMENDATION 1
Challenges! Pay not competitive Historically considered benefits separate from pay Benefits costs increasing substantially despite minimal
changes As spend more on benefits, less available for pay
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Include all employee perceived benefits
when communicating Total Rewards
Direct any funds reallocated from
benefits to pay
Identify new funding sources and
reallocate from lower priorities to improve
pay
Update traditional practices and committees
Total Rewards Strategy
RECOMMENDATION 1
Treat benefits and pay as interrelated parts of overall Total Rewards strategy
Interplay between Pay and Benefits
Strategic Competitiveness
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Establish a benefits rate cap
Set cap as a % of pay to ensure the appropriate balance between benefits and pay
Benchmark benefit offerings, plan designs and pay on a systematic basis
RECOMMENDATION 2
SharedResponsibility
Efficiency/ Sustainability
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RECOMMENDATION 3
Increase flexibility within Total Rewards programs Strategic
Competitiveness Flexibility to Address
Diverse Needs
Flexibility for Individuals Recognize our population is
increasingly diverse; what is valued differs among workforce segments and life cycles
Revise “one size fits all” approach to benefits
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RECOMMENDATION 3
Flexibility for Campuses Align Total Rewards to support campus strategic
priorities for recruitment and retention Competitive pay Targeted recruitment and retention by campus Part-time staffing needs of MU Health Care
Increase flexibility within Total Rewards programs Strategic
Competitiveness Flexibility to Address
Diverse Needs
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RECOMMENDATION 4
Utilize medical plan options to lower costs and encourage healthy behavior
Efficiency / Sustainability
SharedResponsibility
Challenges! Medical plan costs increasing $3 million/year Could grow by over $24 million by 2024 Only 30% of employees currently participate in wellness
activities
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RECOMMENDATION 4
Increased healthy behavior
Link employee health behavior to medical plan premiums
Engage line managers in creating a supportive environment for health and well-being
Embed healthy practices across the campuses
Make it easier to get health care, preventive care, and support for health conditions
Provide tools to assess cost and quality
Take advantage of new medical plan concepts
Lower medical costs
Utilize medical plan options to lower costs and encourage healthy behavior
Efficiency / Sustainability
SharedResponsibility
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Flexibility to Address
Diverse Needs
Leverage marketplace opportunities for retiree medical benefits
RECOMMENDATION 5
Education/Communication
Challenges! $1 billion in unfunded
retiree medical liability by 2018
Generous compared to peer institutions
Cannot be sustained
Opportunities
Higher-value, lower cost medical plans available in public retiree medical insurance marketplace
By 2020 Medicare changes will reduce need for additional retiree medical coverage
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Flexibility to Address
Diverse Needs
Leverage marketplace opportunities for retiree medical benefits
RECOMMENDATION 5
Ensure the availability of
accessible and affordable retiree medical coverage
Align practices with peers to better serve
retirees
Continue to guide and support retirees with education and
personal support
Education/Communication
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Efficiency / Sustainability
Evaluate additional Retirement Plan options
RECOMMENDATION 6
SharedResponsibility
Challenges! We are one of only two peer institutions to offer a pension
plan Current unfunded liability = $500 million
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Maintain commitment to a financially viable retirement trust
fund
Consider simplifying the
retirement plan for future employees
Consider allowing current employees to opt out of the
current plan to another plan
Efficiency / Sustainability
Evaluate additional Retirement Plan options
RECOMMENDATION 6
SharedResponsibility
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Evaluate time-off plans for Staff
Align the leave benefits with the Total Rewards strategy and healthy campus initiatives
Simplify leave policies as much as possible Provide short-term disability income replacement Emphasize value and flexibility through an integrated time-off
benefit program Encourage appropriate use of time-off benefits
RECOMMENDATION 7
Flexibility to Address
Diverse Needs
Strategic Competitiveness
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Education/Communication
Invest in communication, education and behavior change
RECOMMENDATION 8
SharedResponsibility
Increase employee understanding/appreciation for value of Total Rewards
Provide tools to help employees make optimal choices at times of key decisions
Tailor resources to diverse needs, learning styles and behaviors
Coach managers in communicating about pay and benefits
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Next steps
April 14 through May 2014Campus constituent group discussions
2015 - 2018Further development of recommendations with faculty/staff/retiree input
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Want to know more?
To find out more, visit www.umsystem.edu/totalrewards
/ reimagining
Send comments to [email protected]
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Q&A
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Presentation Feedback