$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.
Picture this: John, one of your most talented junior managers, has had a number of life changes recently, both happy and challenging. He’s gotten married, moved into a new condo, and has started caring for an aging relative. He’s got a lot on his plate, personally, professionally, and financially.
Designing pay plans that fit with your budget and are also robust enough to attract the right workforce to support your business strategy is a challenging balancing act. However, the right research and preparation will help ensure your compensation strategy is in step with your industry. Compensation data gleaned from participation in surveys is a proven way to make sure your strategy is competitive.
Hiring the right employees for your organization is critical and using behavioral-based interview questions can improve your interview process. It’s important to assess candidates for the job as well as for overall fit with your organization’s culture. But did you know that 46% of companies are not using organizational or functional competencies to assess candidates? (2016 Willis Towers Watson Global Talent Management & Rewards Study – U.S.) Talk about a missed opportunity!
Does this sound familiar?
Each day you show up at work with good intentions of making great progress on key initiatives. Only to face the reality of getting bogged down in the details of the day to day.
More often than not, change initiatives fail. In fact, the brutal truth is that over 70% of change initiatives fail because they focus solely on rational aspects such as systems, processes and skills. Leaders often neglect to address the human elements that accompany major transitions, including the different emotional journeys people experience, multiple vested interests that are often present, and a whole diversity of perspectives on, and reactions to, any particular change.