Posts Tagged ‘market place trends’

Learning the Best Practices for Total Rewards in 2017

Thursday, September 22nd, 2016

Nearly 250 North Carolina HR professionals and executives attended CAI’s 2016 Compensation & Benefits Conference on September 15 and 16. Conference participants were eager to interact with one another and hear the latest on engaging and retaining top talent in this challenging economy.

Our three keynote speakers: Kerry Chou, of WorldatWork, Michael Patrick, of Willis Towers Watson’s Atlanta Talent & Rewards Practice, and CAI’s very own Molly Hegeman broke down ways to evaluate existing total rewards strategies using current trend information and insight from survey data. img_0076Employee engagement and success rate were a common trend shared by all speakers.

In Performance Management 101, Kerry Chou discussed the three questions an employer needs to ask themselves about an employee for the employee to be successful:

  • Is the employee CAPABLE of doing the job?
  • Does the employee have the TOOLS to do the job?
  • Does the employee PERFORM?

Michael Patrick stated only four in ten employees globally are highly engaged. In order to optimize employee engagement, employees need to be capable, have the tools and resources readily available to them and have the performance rate their employers want. “Know your Market Position,” Molly Hegeman, VP of HR Services at CAI stated, what is your philosophy? Are you going to be a market leader, match the market or lag behind? Molly suggests determining your market position by looking at the external and internal values.

In addition to the keynote sessions, conference participants chose from 9 breakout sessions from creating salary structures, managing costs related to the ACA, transforming performance management and using culture as a competitive advantage. Jay Burchfield from Teamphoria shared that companies with engaged employees outperform their competition by 202%, yet one negative employee with a bad attitude can affect four or more employees around them. Employers need to strive to make their employees feel excited about their work. Rebecca Bottorff, Bandwidth, stated, “We should be rewarding people more often.” Reward your employees with what matters to them – and that will vary from person to person. Companies should be conducting quarterly reviews, and providing employees with on-going feedback from their managers. This will help both the employee and the manager keep the lines of communication open.

As expected, our interactive panel session featuring CAI’s experts fielded many questions on the hot topic of implementing the new overtime rule. The experts cautioned employers to not wait until December, to take this time to understand those potentially impacted positions. For example, if a position is currently below the threshold of $47,476, and that employee works very little overtime, then raising them to the exempt level may cost you more in the long run. There are many different situations depending on the employer, number, and type of employees. You’ll want to choose the option that works best for your employees and your company.

Trying to plan for implementation of the new rule can get overwhelming quickly. Learn more about how CAI can help you with implementing the Overtime Rule.

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

Tuesday, October 1st, 2013

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.