Recruiting with a Well-Balanced Benefit Offering

Recruiting Daily Advisor

When job candidates consider which position is best for them, benefits can be the factor that tips them from one company to another. As an indirect form of compensation, benefits fuel their quality of life. 4 Major Types of Benefits.

Putting Your Money Where Your Mouth Is: Compensation and Benefits

JazzHR

An attractive compensation and benefits package is one of the best ways to recruit new hires and retain current staff, but being too generous is obviously a strain on the budget. When putting together a compensation and benefits strategy, you want to find a way to offer pay and perks that are desirable, yet feasible. Provide benefits that really make a difference. Autonomy is the best non-financial benefit you can provide to workers.

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DEI and Employee Benefits

Recruiting Daily Advisor

A new survey from Willis Towers Watson points to some diversity, equity, and inclusion (DEI) impacts that can be driven by something many organizations may not have considered: their benefit packages. The post DEI and Employee Benefits appeared first on HR Daily Advisor.

Key Considerations for a Pay-for-Performance Compensation Model

ClearCompany Recruiting

This article discussing the pay-for-performance compensation model and the benefits and drawbacks of this strategy was originally published in May 2015. One area that organizations can customize and personalize their strategies is in their compensation model for employees.

Adapting, Evolving and Staying Competitive in a Disrupted Economy

COVID-19 continues to shape the way we live and work. Organizational success depends on workforce wellbeing, and employee needs are varied and constantly changing. It’s clear that a more flexible and strategic approach to total compensation is required to create a better path forward. The 2021 Q1 Gallagher Better WorksSM Insights Report: The Path Forward explores and how employers can balance workforce expectations against organizational goals. Discover how you can review and implement new technologies, develop updated and forward-looking strategies, and evolve your employee value proposition to create a more engaged and resilient workforce.

10 Best Employee Compensation Management Software

Recruiters Lineup

Planning and administering employee compensation requires employers to be keen. With employee compensation management software, you can use administrative dashboards to manage salaries and report on your company’s compensation data. Top Compensation Management Software 2021.

New Employer Benefits for the Post-COVID World

Recruiting Daily Advisor

As part of this broader change, companies also altered the benefits they offered to new hires and existing workers. Expanding benefits is needed to keep these workers happy and engaged. The post New Employer Benefits for the Post-COVID World appeared first on HR Daily Advisor.

Rethinking Your Employee Benefits for Post-COVID-19 World

Recruiting Daily Advisor

With current labor shortages in mind, you may want to revisit your benefit plans and decide whether to expand them in the post-COVID-19 world to retain and attract new talent. Here are some benefits you may be thinking about or may want to consider.

Understanding the FARM Components of Compensation

Recruiting Daily Advisor

Have you heard of the acronym FARM as it relates to compensation? I first heard this term from a BLR ® webinar run by Paul Dorf, the Managing Director of Compensation Resources, Inc. The point here is that compensation can be used to incentivize employees to focus on specific things.

What Are Portable Benefits?

Recruiting Daily Advisor

As the name implies, portable benefits are benefits that can be tied to the person, not the job, and thus can be carried into a new job. The benefit itself is ported either into the new employer’s plan or to the individual on his or her own. The post What Are Portable Benefits?

2019 Compensation Best Practices Report

Following a record-year of job growth in 2018, employees now have the tools to research and evaluate employers, and feel empowered to make moves if they don't like what they find. Get the latest trends in compensation, and find out how your organization stacks up.

Focus on Finance When it Comes to Gen Z Benefits Packages

Recruiting Daily Advisor

The benefits package should be a vital part of an employer’s attraction and retention strategy. In fact, a recent survey indicated that Gen Z’s three most desired benefits are health insurance (32%), remote work (25%), and 401k/retirement benefits (25%).

Voluntary Benefits Can Help Employers Both Attract and Retain Employees

Recruiting Daily Advisor

Recently, a midsize manufacturer and I spoke about how voluntary benefits could have helped an employee with a significant health situation. We did the math, looking at deductibles, coinsurance, and out-of-pocket (OOP) maximums, as well as potential voluntary benefits payouts.

Ask the Expert Mailbag: Employee Benefits Week Edition

Recruiting Daily Advisor

Today, we share three benefits-related questions submitted to our employment lawyers, along with their answers. Healthcare Benefits sign. If the plan discriminates, the benefits of these employees are included in their taxable income.

Compensation Will Drive Recruiting and Retention in 2020

Recruiting Daily Advisor

In the world of recruiting and retaining top talent, compensation will drive all your efforts this year. If salary range is out of the question, there are other important options to consider such as paid time off, flexible work arrangements, and retirement benefits.

6 Noteworthy Benefits of Compensation Planning Software

HRsoft

To keep employees engaged and to reward them appropriately, organizations must use robust compensation programs that go beyond base pay to factor in elements of total rewards. Compensation planning solutions provide a number of key benefits for organizations.

Unemployment Benefits Denied for ‘No-Call/No-Show’ Employee

Recruiting Daily Advisor

The Michigan Court of Appeals recently upheld an Unemployment Insurance Agency (UIA) decision categorically disqualifying employees who are “no call, no shows” for three consecutive days from receiving jobless benefits under the Michigan Employment Security Act’s (MESA) voluntary-leaving provision.

The How-To on Rolling Out New Benefits Packages

JazzHR

Employees should take an active interest in the benefits they’re entitled to, but not all of them actually do. A Glassdoor survey from 2015 found that 79 percent of employees over the age of 18 said they would prefer a new benefit to a pay increase, meaning that the proper implementation of a new suite of benefits can have a hugely positive impact on morale and employee retention. Great benefits can motivate your workforce and inspire loyalty to the company.

How to Choose an Employee Benefits Consultant

Recruiting Daily Advisor

Both job candidates and employees expect competitive and accessible benefits from employers, especially given the tight labor market. Providing employees with the benefits they want can improve their morale and performance and lead to higher productivity, engagement, and profitability.

‘Tis the Season to Renew Benefits

JazzHR

For employees, benefits are the gifts that keep on giving—as long as they remember to renew them, that is. While associates should take an active interest in their own compensation, not everyone remembers to renew benefits, and depending on the size of your workforce, reminding them all can feel a bit like herding cats. If you’re looking to encourage full participation as the new benefits year approaches, there are some ways to spur involvement.

Benefits Expert Shares Lessons of the Pandemic

Recruiting Daily Advisor

One of the fields that saw rapid and constant change is employee benefits. I’ve started to get HR people in tune with that to say that you could think you have the best employee benefit plan in the world or the best 401(k) plan in the world. Benefits isn’t my forte.

Diverse Compensation Plans Are a Win-Win for All

Recruiting Daily Advisor

That stake in the business can take the form of profit sharing or even an equity interest, as most Americans want greater diversity beyond just base wages in their compensation plans. There are a number of ways businesses can diversify their compensation plans for employees.

Does Compensation Motivate Employees?

HRsoft

Many employers believe that an excellent compensation package holds the key to employee engagement and motivation. Effects of Compensation on Employees. According to studies, compensation packages have a huge impact on an employees’ level of engagement.

How to Approach Employee Compensation During a Furlough

Recruiting Daily Advisor

In other words, they must display hallmarks of continued employment, which may include reimbursing for mixed-use assets, as well as be prepared to compensate employees for any work they do perform while furloughed. Compensating for Work Performed.

Employee Benefits Trends 2020: 5 Ways to Benefit

HR Technologist - RB

Is your benefits catalog 2020-ready? Find out with our roundup of the top five employee benefits trends for 2020. Compensation & Benefits

3 Reasons Why Small and Midsize Businesses Are Investing in Care Benefits

Recruiting Daily Advisor

As companies design their return-to-work policies, SMBs are facing a once-in-a-generation opportunity to rethink their employee benefits strategies. After all, employee benefits play a critical role in how companies of all sizes attract and retain top talent.

Benefitfocus Comes up With a New Platform for Benefit and Compensation Management

HR Technologist - RB

Benefitfocus's platform enhancement program provides consumers with expanded forms of benefits and compensation. Compensation & Benefits

Compensation Management Software – The Key to Strategic Compensation Planning

HRsoft

Where Do Compensation Management Systems Fit Within Your Company? The salary, benefits and paid time off your company offers to your employees is a vital part of maintaining a stable and qualified workforce. Reward and benefit planning.

Compensation: Definition & Impact on Your Organization

HRsoft

Perform a quick online search for “compensation definition” and you’re bound to yield thousands of results. But is that really all compensation is? In the world of HR, compensation takes on a more significant meaning.

Employee Benefit Considerations From ARPA: All Things COBRA

Recruiting Daily Advisor

trillion stimulus package contains a mix of benefits, tax credits, programs, and subsidies in response to the continuing COVID-19 pandemic. The rule makes administering employee benefit plan deadlines somewhat difficult moving forward.

The Pillars of an Effective Compensation Management Process

HRsoft

The overarching objective behind your organization’s compensation management process is to pay your employees fairly without exceeding its budget. 3 Pillars Behind Effective Compensation Management Processes.

Benefit Systems: How Rewards Affect Employee Behavior

Namely - Talent

The fact that benefit systems have a direct impact on employee behavior isn’t really in question. A cursory glance at payroll trends reveals that benefits for private industry workers have shot up from 3 percent of employer compensation costs in 1929 to approximately 30 percent in 2020.

Where to Find the Right Compensation Data for Your Company

JazzHR

As your organization looks ahead to the new year, HR leaders may want to optimize compensation strategies. To do so effectively, you’ll need the latest market research about salaries and benefits. The company has a number of tools and resources for small businesses in the process of building a compensation strategy. Cost of living varies greatly around the country and it will directly impact your compensation strategy.

5 Best Compensation Management Software for 2020

HR Technologist - RB

Compensation management software can help you achieve pay transparency and reward employees accurately. Compensation & BenefitsHere are five great platforms to consider in 2020.

IRS, SSA Adjust Benefits Thresholds for 2021

Recruiting Daily Advisor

However, changes were made to certain other benefits thresholds and limits. The threshold that defines “highly compensated employee” under Section 414(q)(1)(B) will still be $130,000, and the dollar limit that defines a “key employee” in a top-heavy plan stays at $185,000.

Unlimited Vacation: Worker Exploitation or Dream Benefit?

Recruiting Daily Advisor

Is it a marketing slogan for a system to exploit workers, or is it an attractive benefit that recognizes the changing nature of many workplaces? Even “unlimited vacation” skeptics should acknowledge the potential benefits of adopting such a policy.

Benefit Considerations in Uncertain Times

Recruiting Daily Advisor

The initial fallout from the COVID-19 pandemic is putting new urgency on company benefits. As employees look to their benefits offerings, companies are responding in kind by leveraging, expanding, and creating new benefits to answer the needs of their employee populations.

Compensation and Benefits Manager job description

Workable

Use this Compensation and Benefits Manager job description template to advertise your open roles and attract qualified candidates for your HR department. Compensation and Benefits Manager responsibilities include: Designing fair and attractive bonus programs. Evaluating how effective the benefit packages are in terms of employee satisfaction. Ensuring our compensation plans comply with the relevant legislations.

3 Ways Technology is Transforming Benefits

HR Technologist - RB

This article focuses on exciting ways technology is transforming how employers administer and deliver benefits. Compensation & Benefits

Employer-Provided Benefits for Remote Workers

Recruiting Daily Advisor

HR teams often put a lot of time and effort into creating benefit packages and perks for employees that help them remain satisfied and engaged at the workplace. The post Employer-Provided Benefits for Remote Workers appeared first on HR Daily Advisor.