Practical HR Tips, News & Advice. Updated Daily.
In yesterday’s Advisor, Steve L. Adams shared some of the advantages of voluntary benefits and how to facilitate enrollment; today, we present more findings regarding this trend in compensation and what to consider for 2015.
Voluntary benefits can have a very positive effect on recruiting and retention, and with little cost being shouldered by the employer. Steve L. Adams, an expert in the field of benefits and insurance, emphasizes that in order to reap the rewards of these offerings, you must be sure to implement them in a way that […]
High turnover is a cost most employers seek to avoid. Yet, societal norms have changed such that it’s quite normal for individuals to change jobs every few years. An unhappy employee is more likely to move on, of course, so employers have incentive to do what they can to increase retention levels—reducing their own costs […]
Do you have managers who say to their employees, “You should be Happy To Have a Job”? That mindset isn’t going to do it, says Consultant Ron Katz. With that attitude, your best people are out looking.
It sounds like a childhood taunt. “What are you afraid of?” If you close your eyes for a minute, chances are you can go back in time and recall a situation in which you were asked that exact question. Someone was trying to push you into doing something you really didn’t want to do—daring you […]
Your total rewards package affects your company’s ability to attract, motivate, and retain top talent. Is your program doing all that it could be? Consultant Jennifer Barton shows how to evaluate and improve your program. Barton, Chief Operating Officer, Willis North America Human Capital Practice, made her suggestions at the recent SHRM Annual Conference and […]
Across-the-board increases and the entitlement mentality are out, and the pay-for-performance mentality is in, says Consultant Teri Morning, MBA, MS, SPHR, SPHR-CA. Organizations are looking for less expensive, less permanent solutions, such as lump sum payments, bonuses, or just paying top performers, she adds. Increasingly, employers are less averse to withholding merit increases for poor […]
The current global economic environment means executives are thinking about reward program management in new ways, says consultant Tom McMullen. The good news is that Hay Group studies show human capital concerns rank number one. What’s the Deal with the ‘Regular Rate’? FThe bad news is that many organizations still find it hard to maintain […]
Yes, pay for performance applies to all levels of jobs, says consultant Katie M. Busch, but there are some caveats when you offer incentive programs to nonexempts. Variable pay is a powerful communicator of values and directions and changing business needs, says Busch. However, with nonexempt employees, it is particularly important that: The amount of […]
Two primary perspectives exist when it comes to employee reward programs: Reward programs are seen as a cost of doing business, in which case the goal is to minimize the costs. Reward programs are seen as an investment, in which case the goal is to optimize the return on the investment. Organizations, including their managers […]