Blog Tag: employee retention
Attracting and retaining good employees in today’s tight labor market can be a challenge. While competitive pay and good benefits are important, job seekers want the total package. They are looking for the ideal work environment – which includes work-life effectiveness. Total rewards strategies have traditionally focused on compensation and benefits, but it’s time for a change. Employees have expressed a desire for a healthy balance between their professional and personal lives, and that’s only possible through you – their employer.
Employees have spoken – paid time off (PTO) is important. In fact, a good PTO policy is one of the most valued benefits among job seekers. According to a recent survey, flexible hours and more vacation time ranked among the top three job perks people look for – right behind better health insurance.¹
Today’s workforce is competitive. Employers in every industry are searching for ways to attract, engage and retain talented people. With increased job skill specialization, it has never been
more difficult to expand a company's workforce.
Baby Boomers are beginning to retire, creating a more competitive hiring market. In order to attract and retain top talent, employers need to offer more than just an enticing base salary and job title. Attractive benefits are (and will continue to be) a crucial part of a company’s ability to hire and keep key executives. In fact, certain benefits can have perks for both the employer and the executive. Nonqualified deferred compensation, when used correctly, is a planning solution that can be mutually advantageous.
Keeping up with the latest employee benefit news can be a job in itself. Benefit trends and regulations are constantly changing. Because they play such a vital role in attracting and retaining quality employees, it is crucial to stay on top of the most recent developments in this field.
Now is the time to rethink your approach if your organization has not transitioned from a traditional compensation and benefits plan to a total rewards strategy. Historically low unemployment rates continue to create a competitive labor market, and the talent pool is rapidly changing as baby boomers retire and millennials join the workforce. In response to this staffing environment, employers are beginning to modify their total rewards strategies and offer things like chef-prepared meals, yoga classes, massages, student loan repayment programs, unlimited paid time off (PTO) and sabbaticals.
To remain competitive in today’s labor market, employers are constantly looking for avenues to attract, retain and reward key executives. They need options that will not only appeal to their employees, but also align with the company’s strategic plans and long-term goals. Certain benefit plans, such as the 162 Bonus Plan, when structured properly, have the ability to provide advantages to both employers and employees.
Company culture and employer branding go hand in hand. But which is which? Are they the same? Company culture can be defined as the shared beliefs, values and practices of an organization. Employer brand is how a company is perceived as an employer and what value it provides to attract and retain employees.
What makes your company stand out from its competitors? Twenty years ago you might have said that technology gave your team a competitive edge, but in today’s environment, technology is a common (and typically necessary) commodity that simply helps maintain the status quo. So where are companies regaining that lost advantage? The answer can be found in an organization’s human capital.
Change is in the Air
The transition to a new administration often creates the expectation for change – change in legislation and policies that, among many things, could significantly impact the way businesses operate in the United States. Most would describe the Trump administration as “employer friendly,” which has caused speculation that federal oversight regarding employment practices liability (EPL) will be less aggressive under our new President. Sounds like positive news for employers, right? Well, not so fast.