Posts Tagged ‘compensation’

Compensation Rises as Top Contributor to Job Satisfaction for Employees

Tuesday, July 15th, 2014

money blogAccording to a recent research report by The Society for Human Resource Management (SHRM), employees in the US are now connecting their compensation to their happiness at work. The report, Job Satisfaction and Engagement: The Road to Economic Recovery, revealed that when asked what was very important to them, 60 percent of the participants said compensation/pay, which made it the biggest contributor to job satisfaction. SHRM conducted the survey in 2013 and polled 600 randomly selected employees at small to large companies.

Compensation/pay held the top spot in the employee satisfaction survey before the recession hit, specifically between 2006 and 2007. During the years of the recession, compensation/pay held lower rankings. SHRM conducts this survey annually.

“Incomes have grown slowly since the recession, and that undoubtedly is having an impact on workers’ priorities and one explanation for the leap to the forefront by compensation,” said Evren Esen, director of SHRM’s Survey Research Center.

Other noteworthy data the survey showed include that four generations of workers ranked compensation/pay as either the top or second-choice aspect of job satisfaction and employees at all job levels, with the exception of executives, ranked compensation/pay as one of the top three contributors to overall job satisfaction.

For more information on how compensation affects job satisfaction, retention and recruiting, please join us for the 2014 Compensation and Benefits Conference at the McKimmon Center on August 14 and August 15. Specific presentations that will focus on employee compensation and salary data include:

The Future of Attraction, Retention and Motivation: How Compensation Fits into the Process Anne Ruddy – WorldatWork

Leverage Marketplace Trends When Making Decisions about Compensation and Benefits Strategies Molly Hegeman – CAI

Taking the Mystery Out of Salary Survey Data Sherry Hubbard-Bednasz – CAI

Proactive Uses of Compensation Analysis – An Employer’s Perspective Kaleigh Ferraro – CAI & Member Company Panel

Additional topics presenters will cover include: why performance management fails, driving engagement and reinforcing culture, building high-performing teams, controlling healthcare costs, wage and hour regulations, retirement planning, and more! Visit www.capital.org/compconf for detailed information about speakers and session topics. Register today!

Photo Source: Miran Rijavec Stan Dalone

 

 

Total Rewards and Business Strategy Are Not Aligned at Most Companies

Tuesday, June 10th, 2014

Expensive giftThe Total Rewards Survey developed by Mercer analyzes the practices companies use to align compensation, benefits, training and career development with today’s business priorities. Findings from the survey show that while more than half (56 percent) of organizations made a significant change to their total rewards strategy in the past three years, less than one-third (32 percent) said their total rewards and business strategies fully align.

Eighty-nine percent of organizations that participated in the survey ranked attracting and retaining the “right” talent as the most noteworthy challenge of their overall total rewards strategy. Additional challenges that were noted as very important included: collecting relevant market compensation data, keeping rewards affordable, communicating the value of rewards to employees, and ensuring pay for performance and performance differentiation.

From experiences with many clients, Mercer has highlighted several actions employers can put in place to address the holes between total rewards strategies and their business strategies:

“As companies focus on the cost of their talent, attracting and retaining the ‘right’ employees and differentiating rewards for top performers are challenges that can be made easier by incorporating the use of workforce analytics,” said Mary Ann Sardone, Partner in Mercer’s Talent practice and Regional Leader of the firm’s Rewards segment.

“Additionally, incorporating offerings such as career development and work/life balance initiatives into total rewards strategies caters to the needs of [employees] in the workplace.”

Leading the list of ways to enrich the employee experience in other ways than pay is giving employees the ability to make a difference in their job functions. Other contenders on the list were career progression, healthy living/wellness and recognition.

For additional information on recent trends and developments in total rewards strategy, including an in-depth look at what North Carolina employers are doing, please join us for the 2014 Compensation and Benefits Conference on August 14 and August 15 at Raleigh’s McKimmon Center.

This year’s keynote presenters and presentations include:

The Future of Attraction, Retention and Motivation: How Compensation Fits into the Process Anne Ruddy – WorldatWork

Green Goldfish – 15 Ways to Drive Engagement & Reinforce Culture Stan Phelps – 9 INCH marketing

What Would Healthcare Look Like If Getting It at the Lowest Cost Was Your Key Priority? Skip Woody – Hill, Chesson & Woody Employee Benefit Services

Leverage Marketplace Trends When Making Decisions about Compensation and Benefits Strategies Molly Hegeman – CAI

Additional topics that speakers will cover at the conference include: how compensation affects retention, the future of healthcare cost, driving employee engagement, analysis of the latest market data in total rewards, building high-performing teams, and understanding survey data.

For more information on conference speakers and topics, please visit www.capital.org/compconf.

American Workers Are More Interested in Money Than Time

Tuesday, April 29th, 2014

money over timeA recent survey from national finance recruitment firm Accounting Principals indicates that money is more important than time for most Americans. More than 1,000 adults participated in the survey that the finance firm conducted from January 17 to January 24 in 2014.

According to the survey results, 79 percent of working Americans would prefer a 5 percent raise instead of an extra week of vacation. Of the respondents, only 20 percent preferred the extra week. Statistics from the survey show that income level and seniority within a company does not make a difference when it comes to the participants’ preferences.

Revelations from the survey show that Americans can’t afford to shorten their work schedule if that means taking a pay cut. Eighty-five percent of respondents wouldn’t give up any of their salary for their workday to be shortened by one hour each day. Half of the participants who said they wouldn’t give up any of their salary report not doing so because they can’t afford to do so.

How American workers use their spare time was also analyzed for Accounting Principals’ survey. When participants do have time off, 48 percent choose to spend time with their family while 45 percent use the time to run errands. Fitness is also a priority for American workers. One-third of survey respondents chose to go to the gym if they were given an extra hour each day. Additional activities Americans would choose to do if they had an extra hour include sleeping/napping, watching TV and going to happy hour.

Although the survey shows that Americans value money over time, many employers are not able to give bonuses or raises for the year. Money is not always the reason why employees stay at a company either. Employers can provide their workers with several valuable perks that recognize and reward their contributions, make their work life and home life easier, or help them stay on track with their career goals.

Below are some blogs to help you reward and motivate your staff with or without money, check them out:

In this video blog, CAI’s Vice President of Membership, Doug Blizzard, explains how making praise a priority, helps employee morale and motivation soar — http://blog.capital.org/what-is-the-best-employee-reward/ .

You can find 19 easy ways to recognize and reward employees at no or low cost to the employer in this blog — http://blog.capital.org/19-low-cost-ways-to-recognize-employee-achievements/ .

Doug Blizzard encourages employers to not make the common mistakes of overlooking or devaluing the importance of pay to employees’ motivation in this video blog — http://blog.capital.org/are-you-paying-your-employees-enough-money/.

Looking to build a positive employer-employee relationship at your organization? Review the four tips on this blog to achieve your amicable goal — http://blog.capital.org/4-steps-for-building-positive-employer-employee-relationships/.

Photo Source: Jay Sumlin

Attract Candidates and Retain Employees with Your Total Rewards Program

Thursday, July 26th, 2012

A total rewards program refers to all the tools your company uses to attract, engage and retain employees, as well as recruit and secure talented job candidates. When selecting their future employer or deciding whether to stay or leave a company, workers evaluate the total rewards their company offers them. WorldatWork suggests that there are five elements that make up a total rewards program: compensation, benefits, work-life initiatives, performance and recognition initiatives, and development and career opportunities. A solid total rewards strategy combines the five elements to create a workplace environment that maximizes employee engagement.

Creating an appealing program will increase morale and job satisfaction, as well as improve overall staff performance. Here are some items to keep in mind when planning your total rewards program:

Your Employees Are Unique

Carefully analyze the different staff members who make up your organization. No two employees believe in the same values or partake in the same activities. Be sure your total rewards program takes employee differences into consideration. Create a culture that allows several types of people and personalities to grow and enjoy success.

Educate Your Workforce

As an employer, you are responsible for communicating to your staff the rewards that your company provides. If your employees receive higher than average compensation or your wellness program saves staffers money, make sure they know. It is up to your company to communicate the attractive aspects of your organization. Frequently remind employees of the benefits that you offer so they’ll have a reason to stay loyal and perform better.

Emphasize Your Appreciation

Employees are more likely to stay with organizations that show them that their time and efforts have not gone unnoticed. Use your total rewards program to highlight how important your staff members are to your company. Include meaningful ways to recognize and reward employees who turn in stellar work. Make sure professional development opportunities and other tasks to help your staff reach success comprise part of your total rewards strategy. Show them you care so they won’t want to leave.

CAI’s 2012 Compensation and Benefits Conference will feature additional tactics to craft an enticing total rewards program for your workforce. The conference will also cover several topics that are imperative for attracting, retaining and engaging your employees, including flexible scheduling and helping different generations plan for retirement. In addition to the knowledge you’ll gain by attending, you’ll have the opportunity to network with more than 150 HR professionals. Register for the conference today: www.capital.org/compconf.

Photo Source: robertstinnett

Economic Recovery, Healthcare Reform and Changing Regulations

Thursday, August 12th, 2010

The three themes of CAI’s upcoming 2010 Compensation and Benefits Conference are economic recovery, healthcare reform and changing regulations.  In the past, the content of this event has focused exclusively on trends and issues regarding the utilization of the complete compensation and benefits package by employers to attract, motivate and retain employees.  This year, because of the massive change that is taking place with healthcare reform, and a constantly shifting regulatory environment, we feel it is important to include those two big categories that are affecting, and will greatly impact in the future, the decisions that organizations are making about compensation and benefits strategies.

Economic Recovery

The rapid recovery from recession that was anticipated does not appear to be in the cards.  Instead, the economy is moving in a generally good direction in fits and starts.  Two pieces of good economic news always seem to be followed by one piece of bad economic news.

Many employers would like to reward the employees who helped them through the last two years but are not yet comfortable enough to make strong decisions on pay raises and benefits packages.  To help employers understand the recent trends and discover how other organizations are handling these challenges, the Compensation and Benefits Conference will feature these sessions:

  • The Road to Recovery: How Are Employers Reacting Post-Recession
  • Hot Off the Presses – 2010 Salary Survey Results
  • Too Much Pressure on the Compensation Package: What About the Rest of the Value Proposition?
  • A Wellness Approach that Works: A Case Study
  • What’s Hot in the World of Retirement Plans?
  • Roundtable Discussion – What Have You Done to Manage Employee Morale?
  • Optimizing the Hierarchy of Pay

Healthcare Reform

If you are trying to determine how healthcare reform will affect your organization, you are likely to be waist deep in government documents, private sector predictions and expert publications.  The healthcare reform focused presentations at the Compensation and Benefits Conference will help you push the clutter to the side and identify the important decision points for your organization and what you’ll need to pay attention to as key dates approach.

Those sessions will include:

  • Got Reform, Now What?  Redefining Your Employee Benefit Strategy
  • What Does Healthcare Reform Mean to Healthcare?
  • What Impact Will Reform Have on Long-Term Medical Costs for Employers in N.C.?
  • Wellness and Reform: What is the New Potential Within Your Organization?
  • What Every HR Professional Needs to Know About the Administrative Reporting Requirements for Healthcare Reform

Changing Regulations

New regulations, methods and rules from federal agencies are outpacing new laws as the primary challenge to employer pay practices.  You can expect the U.S. Department of Labor and other agencies to focus on “employer abuses” and on self-identification by employers in the near future.  Two sessions at the conference will showcase these changes, clarify how they affect your organization and help you prepare to make key decisions:

  • A New Attitude at U.S. Wage and Hour: Are You Ready?
  • Wage and Hour Compliance

CAI’s 2010 Compensation and Benefits Conference will take place on Thursday, Sept. 16 from 8:30 a.m. to 4:45 p.m. and Friday, Sept. 17 from 8:30 a.m. to 11:45 a.m. at the McKimmon Center in Raleigh.  If you are involved in attracting, motivating and retaining employees, or tasked with determining how healthcare reform will affect your organization, you will not want to miss this event.  For more information and to register, go to http://www.capital.org/compconf.

Photo Source: Scott Ableman