7 Things You Need to Know from the 2013 Compensation and Benefits Conference

October 1st, 2013 by

2013C+B_Flash3 cropNearly 300 HR professionals and company leaders participated in CAI’s 2013 Compensation and Benefits Conference on Thursday, Sept 19 and Friday, Sept 20 at the McKimmon Center in Raleigh. The annual conference focuses on trends and best practices in total rewards.

This year’s event featured four keynote presentations ranging in topics from strategies for a more engaged workforce to a current analysis on 2013 marketplace trends. The conference also had three specific tracks of breakout sessions: Health Care, How-to and Advanced HR.

Highlighted below are some of the key takeaways shared during this year’s presentations:

1)      Involve employees and encourage initiative from them to increase engagement

  • Dr. Bob Nelson’s research revealed that 89 percent of employees want to be involved in decision-making and 92 percent of employees want to be asked for their opinions or ideas.

2)      Regarding total rewards programs at different companies, the following are trending: welcoming work environments, retaining and rewarding top performers, paying for performance, variable pay plans, flexible schedules, and corporate cultures that attract and retain employees.

3)      Under the Affordable Care Act, employers have an obligation to play or pay

  • If you are playing, you must provide coverage that is “affordable” and of “minimum value”
    • “Affordable” = employee contribution for lowest cost employee plan is less than or equal to 9.5 percent of employee’s compensation
    • “Minimum value” = actuarial value of coverage is 60 percent of “essential benefits”

4)      Some common mistakes HR professionals make when executing or preparing for performance evaluations include: not being prepared, giving a higher rating than earned, procrastinating, one-sided dialogue, failure to set aside personal feelings, not taking enough time, and comparing employee performance to other employees.

5)      If health insurance costs seem to be managing your company instead of the other way around, make sure to:

  • Do what you can in your area
  • Educate all key decision makers in your company on the important pieces of health care reform
  • Align yourself with credible, reliable benefits advisors or partners

6)      Top mistakes regarding Wage and Hour regulations include: thinking any person may be an independent contractor, considering salaried employees exempt, averaging work hours and recording work schedule.

7)      Employees who are very satisfied with their workplace benefits are three times more likely to be highly satisfied with their jobs and more loyal to their employer. Only 25 percent of current employees are satisfied with their benefits communication and 55 percent of all employees don’t find benefits materials to be clear and comprehensive (according to Dr. Bob Nelson’s research)

If you’d like more information on the Compensation and Benefits Conference, please go to www.capital.org/compconf.

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