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We often talk about the reasons that employees leave an organization. Well, it’s equally important to talk about the reasons that they stay. I saw an article from the Thunderbird School of Management at Arizona State University that said the number one reason that employees stay with a company is competitive compensation and benefits.
When I think competitive compensation and benefits (i.e. total rewards), I think of a plan that is both internally equitable and externally competitive. Organizations should regularly review their total rewards programs to ensure that they are accomplishing their objectives. Here are a few articles to help you focus.
Whether you’re an employee or an organization, there are some things to consider when it comes to discussing pay, especially if the conversation is about pay increases. Don’t let frustration be a factor for mishandling pay conversations. Do the research and have a well thought out discussion.
Front-loading Paid Time Off: What Organizations Need to Know Today
One of the most important benefits that employees receive is paid time off (PTO). Employees want time off to relax and recharge. They might also need time off to take care of personal matters. There are many ways to provide paid time off. One popular way is called front-loading paid time off (aka front-loading PTO).
Everything HR Needs to Know About Lifestyle Spending Accounts (LSA)
Flexibility is a big challenge facing organizations today. Employees want flexibility and it’s hard to design workplace programs, policies, and procedures with huge amounts of flexibility. This doesn’t mean we shouldn’t try. According to CFO Magazine, 75% of large employers offer LSAs to their employees. So, what are lifestyle spending accounts and why would organizations consider one?
New Employee Benefits Transparency Rules: What HR Needs to Know
Employee benefit programs help organizations attract, engage, and retain the best talent. But for this to happen, benefit programs need to be transparent and easy to use. Transparency-related employer duties for health and welfare plans originated from the Consolidated Appropriations Act (CAA) of 2020. In a nutshell, employers are required to transparently report about target zones of their employee healthcare benefits. This means they must disclose information about healthcare services, such as cost-sharing provisions, coverage limitations, prescription drug costs, and out-of-pocket expenses.
While this is just a few aspects of total rewards, it can help start the conversation about offering benefits that align with organizational values. It’s hard for a company to say wellness and wellbeing are important then not offer any benefits to support it. The alignment isn’t there.
Now could be a great time to assess the organization’s current total rewards package and decide if there are some changes to budget for in the upcoming year. Take a proactive approach to offering a competitive total rewards program.
Image captured by Sharlyn Lauby while exploring the streets of Las Vegas, NV
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