Education benefits are a critical offering to retain top talent
The top reason why employees pursue higher education and training is to keep up with or get ahead of any changes in their specific position, according to a recent survey. Read the following blog post for more on why education benefits are critical when it pertains to retaining top talent.
The American workplace is changing rapidly and so are the expectations workers have of their employers. Under pressure to keep pace with technology’s transformation of the labor market, employers are racing to up- and re-skill their workforce. They know that frontline workers, whose tasks are often most susceptible to automation, need training to remain viable and competitive.
According to this year’s Bright Horizons Working Learning Index, which surveyed more than 30,000 working learners, employees are well aware that their workplace is changing. When asked to select their top three reasons for pursuing more education or training, the most prevalent answer was that they wanted to “keep pace with or get ahead of changes in my position.” This beat out all other reasons, including advancement, opportunities at another organization and even earning more money at work.
Generation Z workers now rank education over all other benefits in importance, excluding healthcare. But they tend to differentiate between education and training, ranking education benefits above training and development.
That’s with good reason: a college degree is still the great lever for economic mobility and career advancement among frontline workers, driving higher lifetime earnings that total more than $2 million, on average. But with college costs rising, Gen Z is looking to employers to fill the gap. About four in ten Gen Z employees believe their tuition reimbursement program is the single best benefit offered by their employer. Twice as many say it is among the top three voluntary benefits.
Among the surveyed workers, three-quarters (76%) say a tuition reimbursement program would make them more likely to remain at their organization, and eight in 10 (81%) say it would make them more likely to recommend working there to a friend. Nearly two-thirds (64%) say such benefits make them “happier at work.”
Indeed, employees of all generations rank education benefits far above those offered for wellness and even above highly coveted benefits like life or disability insurance and paid family leave. In this survey, only retirement savings programs and paid sick or vacation time ranked more highly.
Importantly, nearly half (49%) said they would not have pursued education if their employers did not offer tuition assistance. Slightly more (55%) say the time commitment required for a degree or certification under their employer’s tuition assistance program is the biggest challenge they faced — as a result, many see the value of competency-based and self-paced learning options, often delivered online.
Data like this may change the calculus for employers considering investments in not just upskilling but education. While it may seem counterintuitive, employers must offer their frontline workers broad learning opportunities and educational benefits that can help them move beyond their current positions and pursue the next steps of their careers. Companies must have the foresight to invest in their potential.
SOURCE: Donovan, P. (22 November 2019) "Education benefits are a critical offering to retain top talent" (Web Blog Post). Retrieved from https://www.benefitnews.com/opinion/offering-education-benefits-retains-top-talent
‘Lifestyle’ choice: An emerging benefit could attract and retain employees
An emerging perk, lifestyle spending accounts (LSA), are one way employers can stay competitive. An LSA is an account that is funded solely by an employer. Employees can use the funds to purchase goods or services as long as they fall into specific categories set by the employer. Read this blog post to learn more about this emerging benefit.
Employers seeking new ways to stay competitive in the employee benefits marketplace might consider an emerging perk, lifestyle spending accounts, whose aim is to broaden employee access range of health and happiness-oriented goods and services.
There’s really no limit to the types of things LSAs can fund, but that endless range of choices can make it difficult for employers to get started.
But first, the basics: An LSA account is funded solely by the employer (and which is taxable as income to employees. The employee can use the funds to purchase goods or services, as long as they fall into the categories of the employer’s choosing. Think investments in physical and mental well-being, environmentally friendly goods or childcare.
The accounts are popular on the West Coast and in Canada. and is gaining traction throughout other parts of the U.S.
Employers can choose to fund a wide range of options, depending on what they think will appeal most to their workforce. For instance, while some carriers reimburse employees for gym memberships, employers can supplement a healthy physical lifestyle by adding workout studios to the options menu; personal or small-group training; workout equipment such as weights, a stationary bike or a treadmill; workout clothes; or nutrition counseling.
And while mental well-being is a new benefits focus of many employers, health plans typically only cover a limited number of counseling sessions. Employers can supplement this benefit by providing funds for therapy or counseling sessions.
Some employers are also using LSAs to help employees with child-related expenses, starting at the very beginning with help with fertility treatments, progressing to doulas and midwives and on to baby gear and then childcare.
But back to the too-much-choice dilemma. To figure out what to fund, start by identifying gaps in your current benefit offering. For example, offering funds toward gym and studio memberships is an obvious place to start if you don’t already have a program in place. Consider what types of employees you want to recruit and retain, and think about what sort of behaviors you want to influence. LSAs can be offered to an entire workforce, or different fund amounts can be offered to different classes of employees.
Other issues to consider: how will you deliver the funds and what happens when an employee leaves or is terminated. These are minor details, but they could leave you with headaches if you don’t address them prior to rollout.
LSAs are typically managed by a TPA that will adjudicate claims and approve purchase reimbursements, removing the hassle of managing a program for large employers.
For employers hoping to encourage employees toward certain healthy behaviors and sweeten benefits packages, LSAs can help round out offerings and act as another recruitment and retention tool.
SOURCE: O'Connor, P. (25 October 2019) "‘Lifestyle’ choice: An emerging benefit could attract and retain employees" (Web Blog Post). Retrieved from https://www.benefitnews.com/opinion/lifestyle-benefits-for-attraction-and-retention
U.S. Jobs Increase by 130,000 in August
According to a recent report from the Bureau of Labor Statistics (BLS), U.S. employers added 130,000 jobs this past August and the unemployment rate stayed unchanged at 3.7 percent for the third month in a row. Read this article from SHRM to learn more.
U.S. employers added 130,000 jobs in August, coming in below economists' expectations, and the unemployment rate held at 3.7 percent for the third straight month, according to the latest Bureau of Labor Statistics (BLS) report.
July's employment total was revised down from 164,000 new jobs to 159,000. In the past three months, job gains averaged 156,000 a month after revisions.
"Today's jobs report shows slowing private-sector job growth and slowing wage growth, which—while expected this late in the recovery—is somewhat disappointing after the rapid gains of the past two years," said Julia Pollak, a labor economist at employment marketplace ZipRecruiter.
On Sept. 5, the ADP Research Institute and Moody's Analytics reported private-sector growth of 195,000 new jobs, better than economists' expectations of about 160,000 jobs.
"Despite the slower growth in jobs added, labor force participation did perk up, a sign that the healthy labor market is still drawing in workers from the sidelines," said Glassdoor senior economist Daniel Zhao.
The labor force participation rate—which includes people who are working and those looking for work—ticked up to 63.2 percent, one of its highest readings in years. The proportion of the population currently employed is at 60.9 percent, its highest point since December 2008. And the employment-to-population ratio for workers aged 25-54 reached 80 percent for the first time since January 2008.
Zhao said that the increases signal that the tightness of the labor market is putting upward pressure on labor force participation despite an aging population pulling it down.
Michael Stull, senior vice president at the staffing and recruiting firm Manpower North America, said other positive takeaways from the report are better than expected wage growth and strong hiring in the professional and business, financial and health care sectors.
Job gains in August were led by professional and business services (37,000 new jobs), which includes many technology jobs and the nation's booming health care industry (23,900). Other industries showing gains include finance (15,000) and construction (14,000).
"Health care and professional services have both grown strongly across 2019, carrying the labor market despite weakness in the goods-producing sectors," Zhao said. "Additionally, the increase in temporary help services [15,400 jobs] is a good sign that employers are not cutting back on the most flexible parts of their workforces in the face of recession chatter."
However, Pollak noted that the BLS reported that the private sector only added 96,000 jobs, marking a slowdown from the pace of job growth over the last two years.
Industries like mining and manufacturing are struggling. Mining employment fell by 5,600 jobs and manufacturers have seen a marked slowdown in job creation, with only 3,000 jobs added in August. "In 2018, manufacturing job growth exceeded 10,000 jobs in 11 of 12 months, but this year job growth has been below 10,000 or even negative in six of eight months," Pollak said. "Trade policy uncertainty and a global manufacturing slowdown seem to have brought the 2017-2018 manufacturing boom to a halt."
The retail sector lost 11,000 jobs in August, continuing a trend of month-over-month declines for the seventh consecutive month. "Despite strong consumer spending, increasing labor costs and the rise of e-commerce are keeping retail hiring down even as we begin to enter the holiday hiring season," Zhao said. "We'll be watching the next few reports for signs that the holiday retail hiring season has slowed or that the latest round of tariffs are having a larger effect on the retail industry."
Juiced by Census Hires
U.S. jobs data is now—and will for some time be—inflated by a temporary spike in government hiring for 2020 Census workers. The federal government added 28,000 workers (excluding U.S. Post Office hires) to its payrolls in August. The majority of those—25,000 temporary workers—will go door-to-door over the next several weeks to verify addresses ahead of the 2020 count.
The Census Bureau expects to hire about 40,000 people for this preliminary duty and about 500,000 workers next year for the actual canvassing.
Unemployment Stays Low
The BLS data showed that the national unemployment rate remained below 4 percent for the 18th consecutive month. The number of unemployed people held at 6 million.
"The unemployment rate remains near its lowest level in 50 years, again signaling the strength of the labor market for workers as the number of job openings continues to exceed the number of unemployed workers," Zhao said.
The number of long-term unemployed (those jobless for 27 weeks or more) rose from 1.1 million to 1.2 million in August and accounted for 20.6 percent of the unemployed.
The U-6 unemployment rate—a broader measure capturing both the unemployed, underemployed and those too discouraged to seek work—continued its long decline and held at 7.3 percent for the second month in a row. There were 467,000 discouraged workers in August, about the same as a year ago.
"There are still more discouraged workers than we would expect, given the low unemployment rate," Pollak said. "Discouraged workers are those who are out of work but have not applied for a job in the past four weeks because they think there are none available or none for which they qualify," she explained. "If there were fewer discouraged workers, labor force participation and employment rates would be higher, and more vacancies would be filled."
Wages Inch Up
Average hourly earnings increased 11 cents to $28.11, following 9-cent gains in both June and July. Over the past 12 months, average hourly earnings have increased by 3.2 percent.
"At this point in the expansion, we'd expect wage growth to pick up, but it is continuing to stall," said Nick Bunker, a Washington, D.C.-based economist at the Indeed Hiring Lab. "Wage growth continues to be strongest for workers in lower-wage industries."
SOURCE: Maurer, R. (06 September 2019) "US Jobs increase by 130,000 in August" (Web Blog Post). Retrieved from https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/bls-hr-jobs-unemployment-august-2019.aspx
4 signs top talent may leave: Best strategies to keep them
Landing new top talent in today's tight labor market is no easy task, making retention an important priority. Read this blog post for four signs that your star employee might be leaving.
There are few things an HR pro dreads more than when a great employee hands in their notice. The challenge of having to replace them can be overwhelming.
And in this tight labor market, landing new top talent is no easy task, making retention an important priority.
Luckily, there are usually signs a valued employee might be thinking about jumping ship, and some proactive steps you can take to try and keep them.
Subtle signs
Experts agree there are a lot of reasons great employees decide they need to move on. Apart from salary, boredom and a lack of recognition and engagement are the biggest issues causing workers to seek employment elsewhere.
While it might seem sudden and jarring when an employee announces their resignation, there were most likely subtle signs it was coming.
Here are the main ones to watch out for, according to Janine Popick, Chief Marketing Officer of Dasheroo:
1. Private calls during work. Everyone needs to take private calls in the office from time to time, but if someone seems to be answering the phone in hushed tones and dashing to the nearest empty office frequently, that’s probably a sign your employee is interviewing somewhere else.
2. Declining work ethic. Many employees mentally check out before they leave a job. While there could be personal issues causing a change in attitude, if an employee seems less enthusiastic and is consistently only doing the bare minimum, they’re most likely ready to move on.
3. Lack of socialization. Someone actively wanting to leave probably won’t go out of their way to make chit chat with co-workers or be overly friendly anymore. Pay attention to any employee who’s suddenly keeping to themselves more than usual.
4. More activity on social networks. If you’re worried an employee may be getting ready to leave, take a peek at their online presence. Is their LinkedIn page completely updated and polished? Are their tweets looking more professional than personal? This kind of online activity could be an indicator an employee is trying to make a good impression on a new employer.
While it may be too late to convince some people to stay, there are still steps you can take to prevent talent from leaving in the future, according to HR Daily Advisor.
Presenting new challenges
Boredom is what’ll disengage your workers the fastest and cause them to seek a new project elsewhere. To get a basic idea of where your employees stand, an engagement survey is a great tool to see who needs a change.
An easy fix is to ask your people if they’d like to tackle different types of assignments. The more you keep things fresh for them, the more likely they are to remain engaged.
Another way to avoid boredom: See who’s due for a promotion. If someone’s been stuck in the same position for so long they’ve grown tired of it, see if there’s a new opportunity for them. The new responsibility could be just what they needed to respark their enthusiasm.
Recognition, feedback
When your people don’t feel appreciated, they’ll have no qualms about leaving the company. To correct this, it’s important to give frequent feedback and let people know when they’ve done a good job.
Gallup research shows employees who are praised are more committed to their work and organizations. Even just quick feedback, positive or negative, can motivate employees and boost their engagement.
Extra communication can only make employees feel more connected to the company.
SOURCE: Mucha, R. (1 February 2019) "4 signs top talent may leave: Best strategies to keep them" (Web Blog Post). Retrieved from https://www.hrmorning.com/4-signs-top-talent-may-leave-best-strategies-to-keep-them/
6 key features your employee training program needs – and how LMS can help
One way employers can keep the right employees around and happy is by providing opportunities for professional development and training. Continue reading this blog post to learn more.
Hiring the right employees is important, but keeping them around and happy is just as essential. One way to do that is to provide opportunities for professional development and training as a way to encourage workers to improve their skills and engage further with their jobs.
While you likely have a solid training program for new employees to get them accustomed to your organization, the training options for ongoing employees are often more limited.
It’s always a good idea to encourage all employees to continue learning new skills, perfecting old ones and developing as professionals. Having well-rounded workers with a range of skills boosts your business and opens up opportunities for their advancement.
Beyond making workers happier and more productive, there are revenue benefits associated with comprehensive training, too. Companies that offer workers training programs have 24% higher profit margins than those that don’t, according to the American Society for Training and Development.
And if you don’t yet have a learning management system (LMS) solution, consider investing in one. It can help streamline the training process and strengthen your entire program while offering a range of other benefits.
Whether you already have a training program you’re looking to improve, or you’re aiming to implement one, there are certain elements every successful training and development program has.
Short, specific sessions
You know better than anyone that employees’ attention spans aren’t long. No one wants to sit through hours of training, no matter how valuable the information is.
Focus instead on short, specific bursts of information that will interest workers and guarantee they retain the information.
This strategy, called microlearning, emphasizes brief (usually three to five minutes) sessions designed to meet specific outcomes. You can use it for both formal training and informal, but it’s generally more successful when applied to informal skills training instead of intense or complex processed-based training.
There are four essential characteristics of microlearning to hone in on. Make sure your training is:
- Lean: It shouldn’t need a mob of people to implement
- Adaptable: There should be ways to apply the training to many employees across a range of departments and locations. Although specificity is a key component of microlearning, it can’t be so specific that only one employee will benefit, otherwise, it’s not worth the time and resources.
- Simple: Avoid over-complicating things and confusing workers.
- Seamless: Use the technology at your disposal. Your solution shouldn’t require in-person sit-downs, but instead should be transferable to employees’ mobile devices and laptops when possible.
Many LMS solutions are accessible on mobile devices and desktops and allow you to create your own courses to provide the exact content you want to employees.
Remember: Microlearning doesn’t have to be the centerpiece of your training program. After all, there are some topics that simply can’t be condensed into bite-sized pieces. But integrating this method can help spice up your program and supply a new way of doing things.
Assessments
An effective training program is only as good as what employees retain, so you’ll want a way to measure where they started and how the training has impacted them.
A pre-training assessment can also shine a light on what workers are looking for and what they still need to learn. This allows you to target specific skills training and development to the employees who need it, while not wasting the time of workers who’re all caught up.
Post-training assessments, meanwhile, help you see who’s mastered the training and who still needs help. They can also show you where your training program could be improved.
To ensure assessments are as helpful as possible:
- Avoid yes or no questions, instead of allowing workers to provide a variety of feedback.
- Look over how the training objectives line up with workers’ perceptions of their professional development.
- Offer both task- and skill-based evaluations that look at performance and adaptation of the skill, rather than memorization ability.
Note: These evaluations don’t need to take the form of traditional tests. Very few people enjoy taking tests, so taking the time to turn assessments into a game or more fun activity encourages workers to participate and provide their honest opinions without worrying about being “graded.”
With some LMS solutions, assessments can be taken online with the information stored right where you can access it easily. Often, you can also compile the results into reports that give you at-a-glance clarity on who benefited most from the training and who still needs improvement.
Collaboration
Providing chances for your workers to interact and form connections has multiple benefits for your training program and organization at large.
When employees have bonds with their co-workers, they’re more engaged in their tasks and more productive. Getting them to collaborate during training can help convince them to take the course seriously while encouraging teamwork beyond the training.
Collaboration tools, such as built-in messaging systems and discussion boards, are prevalent among LMS solutions and give workers the chance to learn together and develop along the same paths.
Multimedia options
You’ll also want to expand your horizons beyond basic text-based training. We’re living in an age with constantly evolving technology, and your training program should take advantage of the options at your disposal.
Workers will be more engaged with the content you offer if it’s more than words on a page. And with LMS solutions, creating and importing multimedia content into your training is easier than ever.
This doesn’t mean you can’t implement text into your training, of course, but rather that you should also have:
- video
- interactive content
- images, and
- audio.
Video and images are already extremely popular in training, and if you have a current program it’s likely there are already videos and photos in it. Don’t forget about graphs and other diagrams that could help clarify certain concepts.
Interactive content can take a range of forms, from quizzes given to workers after each module to games employees play to help them retain the information they’ve learned.
These games can also increase collaboration during training, which helps participants stay engaged in what they’re learning and form connections with co-workers. Bonding with co-workers is one of the benefits offered by in-house training programs and these bonds often strengthen employee engagement with your company.
Another option is audio content, like podcasts. Offering audio content allows workers to train while performing other tasks, since they don’t have to be in a specific room or looking at something to follow along.
If you’re worried about carving enough time out in employees’ workdays to add training or professional development, podcasts and other audio content are a good bridge to get them learning new skills while still able to complete their jobs.
Easy access
A training program won’t work if its inaccessible. If workers have to show up on a specific day and time to a certain conference room, it’s significantly less likely they’ll take you up on the offer.
And if the training is mandatory, employees won’t be excited to learn and may resist absorbing the info.
This is where an LMS solution comes in handy the most. It provides a central location for training and courses to be stored and accessed. Workers can check out training from all of their devices and tackle the topics individually or in groups, depending on what works best for them.
Having an LMS solution also helps if you employ remote workers or have multiple locations, since you don’t have to coordinate a time for them to come in or run multiple training sessions at once.
Professional development
Workers, especially younger ones, want a way forward in their careers. They don’t want to just learn skills applicable to their current jobs. They want options and the chance to develop further and pick up skills that will serve them well as they advance.
Clearly define how your training program will factor in professional development, so employees can see what the payoff will be down the line. This also motivates them to stay with your company in the long run, since you’re enabling them to develop and practice new abilities and investing in their futures.
Most LMS solutions have the ability to create customized learning paths depending on where employees are in their careers and what they’re aiming to learn and accomplish.
Laying out the ways forward can also help with recruiting and hiring, since prospective employees can see the opportunities for advancement and growth available to them.
Bottom line
Training matters for every employee, not just new hires or recent transfers. A strong comprehensive training program is essential to building up your workforce and keeping workers engaged in their jobs.
When given the chance to boost their skills and develop professionally, employees are also happier and more productive, making the potential expense of implementing training programs worth it.
Plus, LMS solutions can help improve your training and offer a variety of features to employees and trainers alike in a cost-effective way.
Your training doesn’t have to reinvent the wheel to be helpful for your workers and provide benefits for your business. It just has to work for your company and employees.
SOURCE: Ketchum, K. (18 February 2019) "6 key features your employee training program needs - and how LMS can help" (Web Blog Post). Retrieved from https://www.hrmorning.com/employee-training-program-lms/
7 employee engagement trends gaining momentum
According to a Gallup survey, organizations with highly-engaged employees outperform the competition by 147 percent in earnings per share. Read this blog post for seven employee engagement trends that are gaining momentum.
Employee engagement is top-of-mind in the HR industry these days. In many ways, it might be one of employers’ biggest pain points. In this tight job market, it’s easier for employees to jump ship — and that’s a big headache for HR. Employers now are working more diligently to retain their key talent who are apt to go elsewhere to seek the working environment they desire.
According to the Society for Human Resource Management, it costs a company, on average, six to nine months of an employee’s salary to replace her. So, for an employee making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses. Others predict the cost is even more: That losing a salaried employee can cost as much as twice their salary, especially for a high earner or executive-level employee.
Think about it. Salary and benefits are important, sure. But in this job market, employees can find what they are looking for in a compensation package. So, what makes the difference? It’s employee engagement — the extent to which an employee’s personal goals and interests align with the vision and goals of the company.
Organizations with highly-engaged employees outperform the competition by 147% in earnings per share, according to Gallup. More companies are realizing the effect that improved employee engagement is having on employee performance, retention and productivity. A G2 Crowd survey reported that in 2019, companies will increase their spending on employee engagement by 45%.
This year has all the makings of being a pivotal year for employee engagement with retention being equally, or even more as important, as recruitment. HR professionals, and companies as a whole, need to review employee engagement practices to make sure their strategy impacts retention, production and performance.
What’s ahead in 2019 for employee engagement? Here are my predictions.
Employers will put much more focus on employee engagement. An analysis from PwC says the new standard for employee engagement is fulfillment — the feeling people have when their work and their motivations are aligned and they gain a sense of meaning and purpose as a result. Others say it’s the employee experience — that it’s more than better perks and benefits. It’s ensuring that employees have positive, meaningful interactions with the organization at every step. Whether it’s employee engagement, fulfillment or experience, 2019 is going to see more employers, and the industry itself, paying much more attention to employee engagement.
Flexibility will be all-important. Millennials, the largest generation in the workforce, have made it loud and clear that they want more workplace flexibility including the ability to shift work hours (such as starting the day earlier or later) and working from home one or two days a week. Turns out that non-millennials are saying the same thing. Look for companies to incorporate more flexibility into company policies this year.
The annual performance review continues to be on its way out. The trend away from the annual performance review in favor of more frequent, real-time reviews and informal feedback will start to take hold in 2019. Ongoing communication is a much more effective tactic. Millennials, in particular, like at least monthly review format/commentary. In addition, steps for development, growth and mentoring can influence an employee’s satisfaction and desire to stay with the company.
Employee appreciation will move to a year-round activity. Call it what you want — recognition, appreciation, etc. But it’s not about an end-of-year holiday party or an employee of the month recognition. And it doesn’t have to always be about the cost of doing it — a manager’s thanks and lunch brought in at the end of a big project can go a long way. This year will see more attention to demonstrating employee appreciation on a year-round basis and rethinking the ways in which we can show it.
Companies will add benefits that satisfy employee lifestyle needs. Employee engagement no longer is one-size-fits-all. Employees have various lifestyle needs that companies can address that show they care about employee life stages. For example, more attention is being paid today to the needs of nursing mothers, and many companies are providing lactation services. For example, Goldman Sachs last year started paying for nursing mothers to ship breast milk to their homes when they travel. PwC introduced a phased return-to-work program following parental leave. Look for companies to identify and add more unique benefits in 2019 that show their employees they care about their life stages.
Employers will take a much more holistic approach to wellness. Gone are the days when employee wellness meant providing a gym membership and orchestrating an internal health fair. In recent years we have seen companies start broadening their wellness approach. Happy, healthy employees are generally engaged employees and that involves addressing all aspects of wellness. According to the University of Maryland, there are eight mutually-interdependent dimensions of wellness — physical, mental, emotional, social, occupational, financial, purposeful and environmental. They don’t have to be equally balanced, and employers likely can’t address all of them. 2019 will see employers studying the holistic wellness approach and making changes that fit their particular organization and their employees the best.
Gamification will be adopted more widely. Whether it’s for onboarding, benefits communication/understanding, wellness programs or other employee engagement tactics, gamification will be considered and adopted more widely this year. Gamification techniques can be used as well to increase use of intranets, social media platforms and mobile communication. Look for employers this year to create more apps and digital games to increase employee engagement.
Employees who feel their companies care about them are more engaged and dedicated to company success. Those of us in HR need to pay as much attention to employee engagement this year as we do to compensation and benefits in order to succeed with employee retention.
SOURCE: Roberts, R. (13 February 2019) "7 employee engagement trends gaining momentum" (Web Blog Post). Retrieved from https://www.benefitnews.com/opinion/these-employee-engagement-trends-are-gaining-momentum
5 overlooked keys to attracting, retaining great workers (and keeping them beyond the holidays)
Disorganized or absent onboarding processes can severely impact how long employees stay with a company. Continue reading this blog post for the 5 overlooked keys to attracting and retaining employees.
As 2018 winds to a close, the lowest unemployment rate in almost 50 years seems like cause for celebration. But for bosses battling for talent on the front lines — particularly in high-turnover industries like retail, hospitality and food service — it’s anything but.
Rarely easy, recruiting and keeping hourly workers has become a pitched battle this frantic holiday season, with some employers going to new lengths to fill roles. Fast-food franchises are turning to seniors to flip burgers; sit-down restaurants are sending line cooks to culinary school.
But simpler — and far less costly — ways to boost recruitment and retention among hourly workers often go overlooked. Here are a few small steps that, in my experience, can go a long way in keeping workers happy and on the job this holiday season and beyond.
1. Don’t ignore onboarding.
Whether you’re running a restaurant that’s short on servers, or a retail store that sorely needs sales staff, it’s easy to throw new hires into the fray in the hope that they’ll hit the ground running. But doing so can seriously undermine their longevity in the job.
Studies show that a disorganized — or worse, absent — onboarding process can severely impact how long a new hire stays. Conversely, research from the Brandon Hall Group shows that a structured onboarding process can increase retention by 82% and boost productivity by more than 70%.
Too often, onboarding gets ignored in an hourly context — or confused with on-the-job training. Onboarding is much more than that. It’s an introduction to the company and the workplace culture, outlining expectations and opportunities for advancement. It can even include a peer mentor to help new hires with tips like where to park or a good place nearby to grab lunch. This might seem like a luxury — but in actuality, it’s this kind of onboarding that earns Whole Foods and Old Navy top employer honors year after year.
2. Crowdsource your schedules.
One of the greatest sources of frustration for hourly workers is unpredictable schedules. A recent study from Workjam found more than 60% of hourly workers said the most difficult aspect of their job search was finding a position that matched their availability, and more than half said they receive their schedules a week or less in advance.
Setting consistent work schedules around employees’ needs is an important signal that employers care about their work-life balance, family demands or school schedules.
But managing a complex schedule doesn’t have to fall solely on employers. In fact, including your employees in that process can have a positive impact on morale and retention. New platforms that allow workers to swap shifts directly with each other — without involving a manager — give hourly employees some autonomy over their time at work — something shown to boost retention even more than a pay raise.
3. Find meaning (even in the small stuff).
Research is clear: People who feel they have a purpose at work are more productive at their jobs and stay with them longer. And that goes double for millennials and Gen Z, who want to know they’re working for more than just a paycheck.
It might not be obvious from the outset, but showing hourly workers how their jobs make the world a better place can be a powerful tool for retention. It worked for 1-800-Got-Junk, whose commitment to the environment through recycling household items won kudos from its bought-in staff.
For employers who struggle to connect those dots, something as simple as adding a collection box for the food bank in your break room or regularly coordinating your team for volunteer efforts can work wonders in instilling a greater sense of purpose among your team.
4. Modernize your payroll.
We live in an instant world, but you wouldn’t know that by the way most workers are paid. Compared to our on-demand, digital existence, the traditional two-week pay cycle can seem hopelessly outdated. Not only does this hurt hourly workers who often struggle financially between paychecks — especially during the holiday season — it hurts employers competing for talent.
A survey of more than 1,000 people by the Centre for Generational Kinetics showed the majority of millennial and Gen Z workers would prefer to be paid daily or weekly. Further, more than 75% of Gen Z workers and more than 50% of millennials said they’d be more interested in applying for jobs that offered an instant-pay option.
Companies like Uber and Lyft are already updating the pay paradigm, and winning workers, with same-day pay options for drivers. Online platforms now enable any employer to offer that same convenience, in a way that’s easy to implement and cost-effective. But there’s one important caveat here: to work as a retention tool, on-demand pay needs to be free for employees. Charging people fees to access their own money just makes workers feel like they’re being nickeled and dimed.
5. Culture counts (even when you’re on the clock).
Strong company culture is a major contributor to engagement and belonging — a huge predictor of retention. But it’s too often ignored by hourly employers, as evidenced by the fact that hourly workers consistently rate their company culture to be worse than that of salaried workers.
Particularly in the service sector, where the focus is so directed at customer experience, it’s important for employers to spend time making sure employees feel just as valued. For example, Kimpton Hotels and Restaurants clinched the No. 6 spot on Fortune’s list of the 100 best employers with culture-building policies like allowing employees to bring pets to work and recognizing good grades among employees’ kids.
With the U.S. job market predicted to remain tight for the foreseeable future, competition for talent will continue to be a big hurdle for hourly employers. But a few small changes can yield big returns in retention and recruitment — without breaking the bank.
SOURCE: Barha, S. (3 December 2018) "5 overlooked keys to attracting, retaining great workers (and keeping them beyond the holidays)" (Web Blog Post). Retrieved from https://www.benefitnews.com/opinion/keys-to-attracting-retaining-great-workers-beyond-holidays
What Benefits and Perks Do Employees Actually Want?
What employee benefits does your organization offer? Today's benefit offerings have grown to include much more than just healthcare benefits. Read this blog post to learn what benefits and perks your employees want.
With open enrollment just around the corner for most companies, employee benefits are top of mind. Today’s offerings have grown to include more than just medical, dental, and vision coverage. Companies are now including perks like scheduling flexibility, tuition reimbursement, and even parental assistance as part of their overall package.
Let’s cut through the hype: what benefits and perks do employees actually care about? As someone who has administered his fair share of open enrollments, I’ve wondered the same thing. But over the years, I’ve learned that you sometimes just need to ask. By running benefits “pulse” surveys, HR teams can get the data and perspective they need to tailor their company’s offerings.
It’s also important to research what’s happening in the marketplace and what your competitors are doing. When was the last time you spoke to your benefits broker? They’ll have the greatest visibility into what types of claims employees are filing and where you might have coverage gaps. Working closely with your broker is one of the easiest ways to ensure you’re meeting employees’ expectations and the job market’s standards.
While studies have shown that traditional medical, dental, and vision coverage are still employees’ top priority, here are some non-traditional offerings that your employees may be clamoring for:
- Parental assistance and leave: Companies are now enriching their policies with tools that assist new parents, including everything from post-birth specialist care to reimbursements for newborn necessities.
- Virtual medical care: One of the hottest trends is virtual medical care. Employees can have access to a doctor 24/7 via a laptop or smartphone, all in the comfort of their own home.
- Tuition reimbursement and assistance: Today, Americans owe over $1.3 trillion in student loans. That’s more than twice what they owed a decade ago. Needless to say, young employees are looking for companies that offer some type of student loan assistance.
- Mental health: Over 18 percent of adults in the United States experience some form of anxiety disorder. Given the growing national focus on mental health issues, it’s no surprise that workplaces are joining the conversation. Increasingly, businesses are offering workers better access to mental health therapists and coaches.
- Physical wellness: Two words: gym reimbursements. Sometimes the motivation to work out can be hard to muster, but when your gym membership is paid for by your employer, why not take full advantage? Healthier, more active employees could lead to lower medical insurance costs, too!
Those are just some of the unique benefits that you should consider offering employees. At the end of the day, I’ve learned that each workplace has different needs and wants. Be sure to regularly survey employees on their preferences and keep tabs on what peer companies are offering.
SOURCE: Cosme, J. (14 November 2018) "What Benefits and Perks Do Employees Actually Want?" (Web Blog Post). Retrieved from https://blog.shrm.org/blog/what-benefits-and-perks-do-employees-actually-want
Retention Starts Day One
Originally posted May 12, 2014 by Stephen Bruce (PhD, PHR) on https://hrdailyadvisor.blr.com.
Retention’s going to be key for many organizations as the economy improves—your best people are going to be testing the water and your toughest competitors are going to be looking for them.
There’s Nothing I Can Do
Many managers have the attitude “I wish management would do something about retention.” That’s the first thing to correct—it’s every manager’s and supervisor’s job to work on retention. They should realize that it’s for their own good. Turnover (of good people) is their department’s most debilitating disease.
First of all, it eats away at the manager’s personal productivity—job requisitions, postings, interviews, reference checks, and training suck up a lot of valuable time.
Second, turnover is a morale killer. Everyone else has to pitch in and get the job done while the position is vacant. And then there’s the inevitable, “Why are all our good people leaving? What do they know that I don’t know? Should I start putting together my résumé?”
Retention Starts Day One … and Continues Every Day
Managers and supervisors who have great retention rates share several behaviors: They think of their employees as customers; they recruit every day; and they remember that their actions are always on display.
Employees Are Customers
How far would you go to retain a good customer? Make sure you put that level of interest in retaining your employees.
- What do they care about?
- Do they understand their contribution and do you show that you value that contribution?
- What can you do today to make sure you retain them as a customer?
Recruit Every Day
As the saying goes, better recruit your best people every day … your competitors are. Try to avoid that oft-referenced situation where managers and supervisors spend 80 percent of their time on the poorest-performing 20% of their employees.
You Are on Display
Your actions speak louder than any policy or handbook declaration. “Our employees are our most valuable asset” sounds good on paper. Do you live up to that premise in your day to day dealings with employees?
You Have a Road Map
During the interviewing process, you found out about the new employee’s aspirations and expectations. And you probably made a few promises about the future as well. Together, those lists will help you build a retention road map for that employee.
Onboarding
Too many managers think that onboarding is something HR does with new employees the first day to get them signed up for benefits.
Onboarding is the first step in retention—get it right.
To be effective, onboarding is an involved process that lasts weeks or months. There are business methods and approaches to be learned, contacts to be made with key players in different departments, and various assimilation activities that help the new person be comfortable and contributing.
Remember that new employees are often reluctant to ask for help, so keep careful tabs on their work. Consider assigning a “buddy.”
A recent survey conducted by BambooHR shows the following often overlooked factors in an effective onboarding process:
- Receiving organized, relevant, and well-timed content
- On-the-job training
- Assignment of an employee “buddy” or mentor
- Having the onboarding process extend beyond the first week
When it comes to which aspects truly matter to employees starting a job, free food and perks are not what they crave. They want an onboarding process that helps them reduce the learning curve in becoming an effective, contributing team member.
Follow this Record Retention Checklist
Originally posted April 23, 2014 by Paula Aven Gladych on https://www.benefitspro.com
Qualified retirement plans are required to report and disclose certain obligations as part of the Employee Retirement Income Security Act of 1974, but what isn’t well known is that ERISA also spells out how long a plan sponsor must retain plan documents and records that support those obligations, according to Kravitz.
Kravitz, which represents Kravitz, Inc. and Kravitz Investment Services, Inc., points out that all records that support the plan’s annual reporting and disclosure requirements should be retained. All plan-related materials and records must be kept for at least six years after the date of filing an ERISA-related return or report. Records should be preserved in a manner and format that permits ready retrieval, the company said.
It is the plan administrator’s responsibility to retain these records, even if they’ve contracted with an outside service provider to produce their Form 5500 filing, Kravitz said.
The Department of Labor also requires employers to retain records that show how much benefits have been accrued by each plan participant. Here’s it’s list:
1. Plan documents: ERISA requires that plan administrators retain the original signed and dated plan document and all original signed and dated plan amendments; a copy of the plan’s most recent IRS approval letter; and copies of Form 5500. Plan documents should be retained until the plan is terminated, Kravitz said.
2. Supporting documents: Reports that support the plan documents also should be kept, according to Kravitz, including financial reports, Trustees’ reports, journals, ledgers, certified audits, investment analyses, balance sheets, income and expense statements, corporate/partnership income-tax returns, documentation supporting the trust’s ownership of the plan’s assets, evidence of the plan’s fidelity bond, and copies of nondiscrimination and coverage test results.
3. Census and other data: Payroll records that determine participant eligibility and contributions should be retained, according to Kravitz. Records that establish hours of service data also must be kept to demonstrate the determination of allocations and vesting.
4. Communications: Employers should keep copies of all communications that are provided to participants and beneficiaries
5. Participation forms and tax reporting: Companies need to keep documents that show they have followed plan documents with participant transactions, for plan audit purposes.
6. Duration of storage: Records should be kept for at least six years after a government filing. Kravitz recommends that employers keep these records for the life of their retirement plan. The DOL does allow electronic copies of these documents as long as they meet certain specifications.