We’ve all heard something like this over the years: Your environment has a major impact on your health and well-being…
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.
Mar 27, 2018 3:54:06 PM / by Elizabeth Byerly
Talking to the voice in your head again? Relax, you can quiet that pesky voice and stop stressing. Benefits season doesn’t have to take the stuffing out of you or your team. Here’s three suggestions (actually reminders) for making it successful and easier.
Let’s enter the world of lean and mean small and medium-sized businesses for a few minutes.
Whether you’re a staffing company, a corporation, or a privately-held business, reaching the top talent before the big firms and large corporations swipe them up can be extremely difficult. Not to mention, exhausting. You don’t have the resources they do, the budget, the talent, the headcount, or even the diversity. So, how do you stay in the ring without getting knocked out?
The candidate experience is now more important and personalized than ever before, making it a prerequisite to landing the best talent. But, to be honest, you just don’t have the time on your calendar or the resources at your fingertips to do your research on each candidate and provide them the experience they desire. You’re sick of taking piles of resumes (or files) home with you to study and find that perfect match that the hiring manager won’t get off your back about.
Could your defined contribution retirement plan design be behind the times? We asked more than 300 plan sponsors about their 401(k) plans in order to figure out what’s trending in the world of retirement plans. The research results? We found that if any of these statements apply to your plan, it might be a bit retro.
This blog was originally published on the Willis Towers Watson Wire, February 15, 2018.
In today’s talent management environment, the most successful employers are the ones who listen. In Willis Towers Watson’s 2017/2018 Global Benefits Attitudes Survey, we see that benefits are more important to employees than ever before. While retirement and medical benefits tend to top employees’ list of priorities, paid time off ranks relatively high around the world. Additionally, the topics of workforce flexibility and work-life balance continue to receive significant attention from employers who want to attract, retain and engage talent. More and more, top employers give prominence to employee success, satisfaction and security outside of the workplace, as well as within, as part of their employee value proposition, in effort to help them stand apart from competitors vying for the same talent pool.
In our first blog post about Change Leadership, we talked about the hallmark of a great change leader as being able to navigate complex organizations, understanding what makes people tick and using that knowledge to inspire and motivate change.
Well, no matter how good you are at doing that, if all your employees are hearing is “blah, blah, blah,” they won’t get the vision for the change, grasp what success looks like for the company, nor understand what’s in it for them, how it affects them and how they can help make it happen.
The best trick is to figure out how to strike the right balance between the serious nature of the change and conveying the details of all noted above, while avoiding corporate speak, high-level platitudes and the 'blah, blah, blah' of many change initiatives.
Another important thing to remember is that employees are people, and people like to laugh and have fun — and pay attention more when they do. I know I do! Here are some suggestions I've used on many of my change projects for making change more fun when possible. However, I would love to expand this with suggestions from all of YOU! Chime in to the comments below and share your tactics for overcoming the blah.
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!
It’s no secret that in order to successfully attract and retain talent, employers must establish competitive and sustainable pay policies. But often, much attention goes towards determining “how much” and “who” without taking other facets of reward into consideration. In many markets around the world, getting pay right may also involve other aspects, such as “what” in terms of specific elements and sometimes even “when” they must be paid. Pay aspects such as these may be statutory obligations for employers, mandated by collective agreements or simply customary practice in specific markets. What’s more, local tax treatment may incentivize specific elements of pay but that’s helpful only if employers are aware of the programs and their benefits. For ‘new’ employers in a market, ignorance is not blissful. Rather, it’s often expensive, both in terms of controllable employment costs as well as employers’ long-term ability to retain staff.