Total Rewards. My Guide to. My Guide to Total Rewards Helping you achieve your personal, financial and career goals.

Transcription

1 My Guide to Total Rewards Helping you achieve your personal, financial and career goals. My Guide to Total Rewards My Guide to Total Rewards answers a lot of questions you might have about the firm s support and programs. It s an overview of what s available, emphasizing that our culture: Is rooted in a set of CLEARR values and supporting behaviors that shape how we work with each other, with our clients and within our communities Showcases opportunities and resources to help you contribute to our results, make your voices heard and continue to develop the culture we want at Grant Thornton LLP Inside these pages, you ll find information about benefits and compensation, the firm s philosophy, and the seven different categories of tools designed to help grow your career. Consider this an introduction to the variety of programs Grant Thornton has to offer all intended to help you bring your whole self to work every day. Did you know? In our firm, CLEARR has a very distinct meaning. It s an acronym that spells out our values and behaviors. Feel free to refer to this often and use it as a guide. Collaboration: Work together as one. Leadership: Build trust. Make a difference. Excellence: Deliver quality. Pursue greatness. Agility: See with clarity. Act with purpose. Respect: Care deeply. Listen intently. Responsibility: Own your actions. Be aware of your impact. What s the difference between the Total Rewards Statement and My Guide to Total Rewards? Simply put, My Guide summarizes all the ways we help you achieve your personal, financial and career goals. The Total Rewards Statement, updated twice annually, features your compensation and benefits information: pay, rewards, bonuses, health insurance and retirement savings plan in a one-page summary. It is important, but not the whole picture of your experience at the firm. It summarizes a fraction of what the firm offers you, personally and professionally. This brochure, My Guide to Total Rewards, accompanies the Total Rewards Statement and gives you a more detailed overview of the programs and tools available to help grow your career and well-being. Career continuum Scorecards Coaching Learning Communication Career management Recognition and rewards

2 My Guide to Total Rewards Maximixing your whole impact At Grant Thornton we are committed to building a healthy, high-performance culture. We achieve this by providing opportunities for each individual to maximize the impact of his or her capabilities. Through our competitive Total Rewards strategy, we offer you so much more than just your take-home pay. The firm provides a suite of programs and benefits to help you achieve your professional advancement, financial and well-being goals throughout your career with our firm. For more information on any of the benefits listed below, please go to KSource or contact your local People & Culture representative. Flexible work arrangements Stay connected Community service opportunities Base pay Sports teams Flex time off Wellness programs Paid holidays Backup care advantage Program International SOS program Workplace flexibility Build your resilience with mequilibrium My Foundational Rewards Retirement Health care Life and disability Employee assistance program Voluntary and other welfare benefits SoFi student loan refinancing program Pet adoption assistance My Work/Life Integration Enhancing My Whole Value My Performance- Based Rewards Base pay increase Training programs Global employee mobility solutions Career managment Leadership development Talent development My Career Rewards Recognition CPA pass bonus Performance bonus Participation in stretch opportunities Support for professional exams My Guide to Total Rewards 2

3 Determining salaries Where do I fit? Total compensation Linking pay to performance aligns our business objectives with individual growth. How do I get a copy of My Guide to Total Rewards Statement? It s available online (enrollonline.com). Access it through the icon on your desktop computer, or click on KSource (Our People > Life > Benefit and Life Event Enrollment). Log on and then select the current plan year, and your summary will appear (see the screen shot below for reference) Log on to enroll online My Guide to Total Rewards in the current Year You are now ready to view My Guide to Total Rewards Statement! That s easy. Now I d like to find out how my pay/salary is determined. Start by understanding that Grant Thornton s compensation philosophy is based on pay for performance both the firm s performance, as well as the impact and value of your personal contribution to the firm s performance. The market The impact and value of your personal contribution to the firm s performance affects your compensation in these ways: Where your pay falls in the market-based range for your position The amount of your merit increase The amount of your bonus (if you re eligible) How quickly you advance and are ready to take on other responsibilities My performance My Raise and Bonus Firm performance My Guide to Total Rewards 3

4 Total compensation What do you mean by market-based range? Data are critical to our salary determinations we rely on research and surveys to develop competitive pay ranges for our employees. We buy data from independent third parties (Mercer and McLagan) that analyze the Big Four and other large accounting firms, as well as large and boutique consulting firms and the general industry. We also gain applicable information from internal sources. With that robust foundation of data, pay ranges are developed for each job level, service line and geography. Grant Thornton follows a very standardized process to determine compensation one that takes into account the firm s performance, as well as our market competitiveness and broader business and economic trends. So how exactly is my yearly compensation calculated? As you can see, lots of factors affect compensation. Not only those mentioned previously, but also your role, your tenure in that role, where you stand in the role s market range, whether you were promoted and marketplace pay shifts. For the best reflection of comparing your annualized salary of today with yesterday s, look at this year s statement and contrast it with your starting pay. Rest assured, this rigor benefits us all: Together, we stay competitive with our markets, reward performance within the market range, and continue building a culture that focuses on high performance within a supportive and thriving environment. This helps me see there s more to compensation than just salary. Benefits matter, and I know retirement is important, too. It s a two-way street: Contributing to the firm through your work means that you are participating in a competitive benefits package from the traditional health and welfare benefits to voluntary benefits (see the graphic on page 2). $200,000+ $150,000 $100,000 $90,000 $80,000 Your Total Rewards $70,000 $60,000 $50,000 $40,000 $30,000 Associate Senior associate Manager Managing director Partner My Guide to Total Rewards 4

5 Employees Retirement Plan Benefit statement Total benefits From graduation to retirement we have the options you need to achieve your goals. Employees Retirement Plan Grant Thornton recognizes the importance of retirement planning and is committed to helping all of our employees prepare for a financially secure retirement. The Employees Retirement Plan (ERP) plays an important role in your financial security and helps provide a foundation for your financial future. Your Total Rewards Statement on enrollonline.com includes your accrued pension benefit as of Dec. 31, Your ERP At the end of each year of eligible service, a contribution is credited to your account equal to 4% (6% for managing directors and executive directors) of your eligible compensation as described in your plan s Summary Plan Description. Each year, your account balance will earn interest credits equal to the 30-year Treasury rate of interest for the month of November of the preceding plan year. The 30-year Treasury rate of interest for November 2015 was 3.04%. You will become fully vested in your pension benefit after you complete three years of service with Grant Thornton or upon attainment of age 65, death or disability while employed with Grant Thornton. If you are not vested when your employment ends, you will not receive any retirement benefits under this plan. Once you are vested in your benefit and no longer working with Grant Thornton, you can request to begin your benefit between your early retirement at age 55 and normal retirement at age 65. Are you saving enough? Your pension plan and Social Security make up two stable sources of retirement income. However, if you wish to maintain your pre-retirement lifestyle, financial advisers generally recommend your annual retirement income should be approximately 80% or more of your income at the time you retire. In order to reach your retirement income needs, you will need to supplement your pension plan and Social Security benefits with personal savings from a 401(k) plan, an IRA or other sources. It s never too early or late to plan for your financial security at retirement. The sooner you begin saving, the more time your money has to grow. Each year s gains can generate their own gains the next year a powerful wealth-building phenomenon known as compounding. Did you know? The Grant Thornton LLP Employees Retirement Plan is designed to provide you with a portion of the income needed to supplement your retirement needs. The plan has many advantages: It s a benefit that can last a lifetime your plan may pay a monthly retirement benefit starting at age 65 that will continue for your lifetime. It s a flexible retirement benefit if you prefer, you can take the benefit as a lump sum and invest it or use those funds to support your retirement needs. My Guide to Total Rewards 5

6 Total benefits Free online resources There are many free online resources you can use to see what size nest egg you ll need to supplement income from your pension and Social Security. Here are just a few of the free retirement planning calculators that you can use: In addition to these websites, as an employee of Grant Thornton, you can also use tools and resources available through Charles Schwab at no cost to you. Visit to access these retirement planning tools or schedule time to speak with a financial adviser. About your retirement benefit The ERP information provided in your Total Rewards Statement is based on plan records and personal data on file. Although every reasonable effort has been made to provide you with accurate information, the possibility of error always exists. If there are any discrepancies between the information in this statement and the official plan documents, the plan documents will govern. Grant Thornton retains the right to change, reduce or eliminate future benefits or even terminate the plan at any time, for any reason, by action of its management. The personalized pension statement does not represent a contract of employment. At Grant Thornton, we value our employees aspirations to lead a vital and meaningful life both inside and outside of the workplace. We remain committed to providing an enviroment that allows you to do so. Thank you for your continued contributions to Grant Thornton. My Guide to Total Rewards 6

7 What other firm programs are available to me? Unlocking your potential Compensation and benefits are just two of the reasons we come to work every day. Here s what you ve said about why you work at Grant Thornton: To make a difference To get help in navigating your career and moving toward that goal To collaborate with and learn from others who round out your talents To take advantage of programs that will help keep you fiscally and mentally fit Many of those topics are outlined in My Guide to Total Rewards. The firm knows that achieving and maintaining a healthy, high-performance culture depends on every one of us doing our best, every day, for clients and colleagues in short, bringing our whole selves to the job. In turn, we know that your work and achievements must be recognized and fully supported through opportunities that include flexible work arrangements, dedication to developing your talent and stretch assignments, to name just a few. That s the essence of this brochure My Guide to Total Rewards at Grant Thornton to spotlight the complete suite of programs intended to enable your advancement, finances and well-being. Did you know? HR consultancy Willis Towers Watson surveyed more than 2,000 former audit, tax and advisory professionals who left firms during different stages of their careers, ranging from associate to senior manager. The consensus? The more professional services experience, the better the career progress. More specifically, you will likely: Make more money (up to 36% more in the near-term and possibly even more over the entire course of your career) Advance faster Integrate your work and personal lives more successfully I m interested in growing my career here. How can you help? That s a great question and one that your manager or coach and People & Culture professionals will be glad to answer. Before you tap into their experience, let s start with an overview of our programs. We offer seven categories of tools that have been designed for you, often with your input. Think about each of these and then decide which ones you might like to explore: Need a quick glance at the big picture? On the following page is a set of icons representing the different benefits available. They are based on the seven categories of tools geared toward your professional growth. My Guide to Total Rewards 7

8 Unlocking your potential Career continuum. That s another way of saying that we ve mapped career paths carefully and thoughtfully. In every path, from associate to partner or principal and by service line there s a description and an explanation about how that role aligns with the firm s strategic drivers (i.e., revenue growth, talent, operational excellence, brand, distinctive client service). There s a very detailed brochure on those paths. Review it and take notes on your questions and comments. Then take those queries to the right professionals. Career development. How is this different from the career continuum? The continuum is our standard of excellence of what it takes to progress from associate to partner or principal. (It is reviewed every year to ensure its relevancy.) Career development, in contrast, is about you and the progress you re making at the firm. Recognition and rewards. It s important to celebrate victories both small and big wins. Good work is recognized, individually and collectively. After all, it s in explaining our successes that we show what top performance means. Scorecards. Sports teams rely on scorecards to know where they stand with each other, with other teams and within their leagues and where they need to go. The same holds true at Grant Thornton; scorecards show us how we contribute to the firm s success by linking our goals to those of local offices and service lines or industries. That makes it easy to track our progress and prioritize what we do to support the firm s strategy. Coaching. It happens every day in offices, on the phone, in hallways and meeting rooms. These are the conversations that guide our careers and our progress. Whether an assigned coach or an unofficial mentor, at least one experienced firm professional actively talks with you about improvement and growth. Learning and development. At the heart of any business s increasing success is the continuous learning of its people; gaining skills and exploring new challenges makes us more valuable. At the firm, there are plenty of chances to acquire those new competencies: through on-the-job experiences (i.e., stretch assignments), by collaborating with others on a new-to-you engagement, or via Grant Thornton University (GTU), offering in-person and online courses for all employees. Communication. A wide variety of media informs you about the business of our business whether you log into the firm s KSource intranet, listen to a town hall meeting, participate in a culture conversation or get together for a lunch-and-learn about a specific topic. It s literally at your fingertips topics ranging from headline news and culture to benefits and firm events. My Guide to Total Rewards 8

9 Growing your career at the firm is more than just a growth in pay. Take advantage of these tools to develop and unlock your own promise. Did you know? This year, Grant Thornton was ranked No. 4 in the most recent Vault.com s Vault Accounting 50, an annual survey of accounting professionals. This leading career intelligence website recognizes the firm for its collaborative culture, talent and active involvement. We have also been cited for many quality-of-life programs, including training, diversity and work-life balance. Use the graph below to plot your career journey! Teamwork Communication Multitasking Ownership Mentoring Research Client service Budgeting Professional writing Reviewing Leadership Industry knowledge Project management Management skills Networking Coaching Engagement management Community leadership C-suite relationships Practice development Training Presentation skills Stewardship Business strategy Executive leadership Thought leadership Technical and industrial experience Strategy planning and execution Disclaimer This document, including the benefits described herein, does not constitute a contract among Grant Thornton LLP and its employees, does not alter the at-will nature of one s employment at Grant Thornton, and does not constitute a guarantee of continued employment. Actual benefits paid will be governed by the terms of the applicable plan documents, insurance contracts or firm policies. Grant Thornton also retains the right to change, modify or terminate any benefits shown in this statement. While every effort has been made to assure the accuracy of the data used in this document, errors may occur and benefits may be revisited accordingly. Please contact National Benefits at or benefits@us.gt.com if you have any questions or concerns about the information shown in this document. Grant Thornton refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or refers to the brand under which the independent network of GTIL member firms provide services to their clients, as the context requires. GTIL and each of its member firms are not a worldwide partnership and are not liable for one another s acts or omissions. In the United States, visit grantthornton.com for details Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd