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Employee Benefits

Revisiting benefits to promote employee retention and lower turnover rates

Revisiting benefits to promote employee retention and lower turnover rates

By on Aug 2, 2017 in Blog, Employee Benefits, Performance Management | 0 comments

In Part 1, we shared numerous reasons employees might decide to leave your company. As we know, it can be very costly to handle high turnover rates and repeatedly onboard new employees. Establishing and maintaining an employee retention strategy can help you keep your best talent. Employee job satisfaction and engagement factors should be considered the key ingredients of employee retention efforts. Here a few contributors to job satisfaction: Job security. Employees want to know they are going to continue to have their job. If they feel their position is threatened they may start to look elsewhere. Keeping an open dialogue and addressing job security fears as they arise will help your workers feel secure. Job opportunities. The opportunity for advancement is extremely appealing to employees of all levels. People like to feel they are working to better themselves and that there are options for them to grow at a company. If employees do not find areas to grow at your company, they may move to other businesses to find those choices. Taking the time to evaluate and recognize hard work and accomplishments tells employees that they are valued at your company. Even just a simple “thank you for your work” at the end of a meeting, week, or particularly challenging task helps employees feel recognized and increases their job satisfaction. Compensation and benefits. Offering competitive and fair pay drives employees to stay with your company. Additionally, traditional benefits packages [healthcare, retirement savings, leave, and financial planning] are also important to most employees. We understand that it is not always cost effective to increase employees’ compensation or benefits packages, sometimes it is simply not in the budget. However, there are other strategic benefits you can offer that promote work-life balance which is becoming increasingly important to employees. Here are some: Wellness initiatives can help increase work productivity and decrease health care costs and unplanned absences. Helping with student debt repayment or education assistance can help retain employees of younger generations as they come to dominate the workforce Flexible work practices such as telecommuting, remote working, and flexible hours can often be implement with little to no added costs and are a huge benefit for workers. Lastly, spending time explaining...

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The problem of employee retention and high turnover rates

The problem of employee retention and high turnover rates

By on Jul 31, 2017 in Blog, Employee Benefits | 0 comments

In the past, we’ve shared several ways to attract top talent [see here], however it is just as important to retain talent as it is to find it in the first place. It is more efficient to keep a quality employee than to recruit, train, and onboard a new worker of the same quality. Therefore, companies must anticipate impending shortages of overall talent and employees with needed competencies to stay ahead of the competition. A focus on reducing avoidable turnover makes sense for these reasons: It affects your customers It is costly It affects the performance of the company as a whole It can be challenging to find skilled employees, especially when the open positions need to be filed immediately Proactively managing employee retention helps organizations thrive through good times and bad. Managers and company leaders should understand why employees leave to develop effective retention strategies. We have found that some of the contributing factors to employee turnover are: Employee dissatisfaction. Managers should remember to check in with their employees and monitor workplace attitudes regularly so they can help employees feel satisfied with their work and role. Better alternatives. Sometimes employees find better options elsewhere, even if they are not actively looking. Making sure the organization is competitive in terms of rewards, developmental opportunities, and quality of the work environment can help prevent workers from finding better options. Following a plan. Many people have a personal plan and their future goals may cause them to leave their jobs. For example, if a company sees that workers leave because of family related plans, they should consider reevaluating their maternity leave and family friendly policies. Leaving without a plan. Other times, employees might leave on impulse. Frequently this can be attributed to a recent action, for instance being pass over for a promotion or workplace conflict. Therefore, managers should keep track of work related issues that cause employees to leave and provide training to minimize those negative interactions. Some additional predictors of turnover that should receive attention are: Organizational commitment and job satisfaction Quality of the employee-supervisor relationship Role clarity Job design Workgroup cohesion Now that we know some of the driving factors behind employee turnover, we can discuss ways to...

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Reporting and disclosure guide for employee benefit plans…part 2

Reporting and disclosure guide for employee benefit plans…part 2

By on Jan 25, 2016 in Blog, Compliance, Employee Benefits | 0 comments

The Reporting and Disclosure Guide for Employee Benefit Plans [http://www.dol.gov/ebsa/pdf/rdguide.pdf] provided by the Department of Labor’s Employee Benefits Security Administration is an excellent tool for both employers and employees when it comes to understanding reporting rules under the Employee Retirement Income Security Act of 1974 [ERISA]. The guide contains three chapters which provide guidelines for the following topics: Basic Disclosure Requirements for Pension and Welfare Benefit Plans Additional Disclosure Requirements for Welfare Benefit Plans That Are Group Health Plans Additional Disclosure Requirements for Pension Plans Pension Insurance Premiums – single employer and multiemployer defined benefit plans Standard Terminations and Distress Terminations Overview of Form 5500 and Form M-1 Annual Reporting Requirements The starting point of basic disclosure requirements for pension and welfare benefit plans is the Summary Plan Description [SPD]. This document informs participants about their plan and how it operates, which includes all benefits, rights, and obligations under the plan. All participants or beneficiaries receiving benefits of the plan must receive this document and it must be disclosed to participants within 90 days of becoming covered by the plan or within 90 days after first receiving benefits for plan beneficiaries. For the complete list of disclosure requirements and all other information regarding retirement, health, and other workplace related benefits, visit the Department of Labor Employee Benefits Security Administration website at http://www.dol.gov/ebsa/. Watch for new postings on workforce strategy here on our blog, as well as Facebook, LinkedIn,...

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Reporting and disclosure guide for employee benefit plans

Reporting and disclosure guide for employee benefit plans

By on Jan 19, 2016 in Blog, Compliance, Employee Benefits | 0 comments

With the beginning of a new year, employers that offer employee benefit plans have many reporting and disclosure requirement deadlines that will be approaching before you know it. Employers often focus on reporting information on the retirement plans [pension, 401k, 403b, etc.] that they offer, but are often unaware that the same reporting and disclosure requirements may also apply to the welfare benefit plans [medical, dental, life, disability, etc.] they offer too. For more assistance on reporting requirements for your employee benefit plans, refer to the Reporting and Disclosure Guide for Employee Benefit Plans provided on the Department of Labor’s website [http://www.dol.gov/ebsa/pdf/rdguide.pdf]. Watch for new postings on workforce strategy here on our blog, as well as Facebook, LinkedIn,...

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Blog posting archive

Blog posting archive

By on May 22, 2015 in Blog, Compensation Consulting, Compliance, Employee Benefits, Functional Area Leader, HR Project Management, Organizational Design, Talent Acquisition, Training and Development | 0 comments

If you are looking for previous blog postings about our HR work in… Compensation consulting Employee benefits Organizational design Training and development Talent acquisition Compliance Function area leadership HR project management …and more, you can find them on our social media pages at… Facebook Linkedin Twitter Watch for new postings on workforce strategy from Organizational Architecture here on our blog, as well as Facebook, LinkedIn, and...

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