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.
$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.
A healthy workforce is good for business, but the key ingredient is explaining various benefit programs or resources with clarity, storytelling, visual aids and even humor.
When employers provide the support that employees need to manage their physical, financial, emotional and social wellbeing, they’re able to improve health outcomes and business results in a more meaningful way than traditional health and wellness initiatives. This holistic approach recognizes that helping employees optimize their wellbeing is better for them while also enabling a clear competitive advantage for the organization.
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.
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.
We’ve all been there. Holiday shopping for friends, family and co-workers can be challenging. What mom likes is different from what little Timmy wants, which is again different from that new gadget your boss can’t stop talking about. Gifts also depend on the holiday: Birthday’s, Christmas, Anniversary’s, Valentine’s Day, the list goes on and on…