For small-to-midsize organizations, it can be incredibly challenging to design pay plans that are robust enough to attract the right workforce to support your business strategy at an affordable price. However, the right research and preparation will help ensure your compensation strategy is in step with your industry in spite of your budget constraints.
For employers planning to dust off last year’s process for this next enrollment period, stop! If you haven’t made changes, then you’re likely behind the curve.
Inclusion and diversity are an integral part of the Talent Experience
As organizations seek to develop sustainable human capital management practices, they must understand the importance of what we call the “Talent Experience.”
From agile teams to the gig economy, flexibility underpins our new ways of working. In order for Total Rewards to support today’s evolving work ecosystem, programs must flex not only with changing business needs but also with the shifting expectations – especially regarding choice – of a diverse, multi-generational workforce.
Rethinking Total Rewards in this way will help unlock the full potential of employees and shape a better Total Rewards experience.
$1,500,000,000,000! At $1.5 trillion in outstanding loans nationally, chances are that many of your new recruits and current employees are struggling to pay down student loan debt, resulting in financial stress and delayed retirement savings. In fact, student loans are so common that 4 out of 10 Americans who have gone to college took out some sort of debt to pursue their degree.
The disco era brought us many fads: leisure suits, pet rocks and his and her perms. Those are mercifully gone, but the late ‘70s also introduced the promise of a paperless society. It hasn’t happened yet (and may not in our lifetimes), but the astonishing technology leaps over the past 40 years have certainly diminished the need for printed materials.
Several external drivers – from the changing nature of work and the workforce to digital disruption to employee expectations for transparency – necessitate a renewed focus on Total Rewards. Benefits are no exception to the need to modernize: Employees are seeking customization and personalization of their benefits portfolio, especially as the workforce becomes more diverse. Global benefit cost and risk continue to put pressure on company budgets, and benefits technology has created opportunities to improve the employee experience and the administration of benefit plans.
More than ever before, companies are turning to employee engagement pulse surveys for employee feedback and, empowered by new technology, they are soliciting it more often and on more topics than ever. No longer requiring support from specialists, they are keeping their costs low and their options open.