Blog Tag: retention
Executive compensation plans can attract and retain great leaders, drive individual and business performance and reward results. Therefore, company directors, compensation committees and HR leaders need to invest time and energy to develop their plans. A successful plan should keep top talent in key positons, motivate performance and remain fiscally responsible. While designing an effective plan does require effort, the payoff is worth it. We’d like to outline some general steps you can take to start the process.
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.
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.
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.
It's been said that "a comfort zone is a beautiful place, but nothing ever grows there." Perhaps Wayne Simmonds knew this when he began selling dust mop services for an up-and-coming franchise business known as Dust-Tex in the late 1950s. Fresh from active duty in the U.S. Navy, Wayne returned to Omaha, Nebraska with his young family and worked for the business until it was eventually acquired by American Uniform Company.
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.
Are Your Benefits Leading the Pack?
When you’re in a tight race, it can be a good idea to look around to see how you’re doing. Finding out that you’re leading the pack might provide the encouragement needed to maintain pace and keep a good lead. Discovering that you’re falling behind could also motivate you to work harder and close the gap. Whether you’re running a race or running a business, knowing where you stand against your competitors can be critical to success.
Is Your HR Function Changing with It?
For years we’ve known that millennials would eventually make up the majority of the workforce. In April 2016, millennials surpassed baby boomers as the largest living generation. The Pew Research Center defines millennials as individuals born between 1981 and 1997 (or those who are presently between 20 and 36 years of age).¹ As the makeup of the workforce shifts, so do employee needs.
Compensation is one of the most important (and sometimes most controversial) human capital efforts of any company. Your compensation strategy will have a large impact on the bottom line, but a smart one can bring a huge return on investment. A strong approach to compensation will prove its worth by bringing you great employees and incentivizing the ones you have to perform at their best.