Benchmarking and Surveys Gauge if Employee Benefits are on Target

Corporate Synergies

Benchmarking and surveys help employers zero in on options that workers deem valuable. Benchmarking and surveys provide solid answers. They turn to benchmarking and employee surveys to build and validate benefit plans. Benchmarking studies yield details like: Medical plan type.

401(k) benchmarks: What does the ‘average’ plan look like?

HR Morning

To do it, the retirement information provider analyzed data from a number of sources. In this week's e-newsletter Pay and Benefits 401(k) plans benchmarks eligibility feesMany features of employer-sponsored 401(k)s vary greatly from company to company.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

How to Create a Data-Driven Employee Retention Plan in 10 minutes


Voluntary resignations are high, unemployment rates are at an all-time low, and most organizations are still trying to operate HR without using data as evidence to back up their strategies. The data is there, of course. Is a large portion of your workforce reaching retirement age?

Study: Retirement Plan Fees’ Decline Slowed in 2017

HR Daily Advisor

Retirement plan recordkeeping, trust, and custody fees—in a steep decline for years under pressure from sponsors, participants, federal regulations, and litigation—remained flat for the first time since 2010, according to a new survey. Benefits NEPC retirement plan fees survey

Retirement Plan Fees: Take a Closer Look at the Data

HR Daily Advisor

The retirement plan you sponsor comes along with some serious responsibilities. You may use benchmarking data to determine whether those fees are reasonable. Among those is the duty to understand and evaluate fees paid on behalf of the plan.

Is Your Retirement Plan Ready for a DOL Investigation?

HR Daily Advisor

Department of Labor (DOL) investigation of an employer-sponsored retirement plan may originate in a variety of ways. It’s not uncommon for the regulatory agencies that oversee retirement plans to disclose new initiatives aimed at ensuring that employees’ benefits are protected. A U.S.

Using Employee Feedback Data to Train the Next Generation of Management


As Baby Boomers retire, the need to shape younger workers to fill available management roles grows stronger. Function area leaders in HR and recruiting are subsequently looking to analyze employee feedback data to identify and act on trends in training and retention.

Using Employee Feedback Data to Train the Next Generation of Management


As Baby Boomers retire, the need to shape younger workers to fill available management roles grows stronger. Function area leaders in HR and recruiting are subsequently looking to analyze employee feedback data to identify and act on trends in training and retention.

HR’s New Year Resolution: Move Up the Workforce Intelligence Maturity Curve


They are particularly powerful in scenarios where the path to business impact is less obvious, and so we often see them in process-heavy or data-heavy disciplines. Managing employee data, and turning it into business impact is, therefore, a perfect scenario for a maturity model.

The 2020 Workforce: Misconceptions Between Management and Employees

China Gorman

As of now, only 50% of HR departments state that they use quantifiable metrics and benchmarking in workforce development and only 47% say they know how to extract meaningful insights from the data available to them.

How HR Can Tackle Diversity Using the Rooney Rule


Dropbox is committing to unconscious-bias training for all it’s employees (over 1,200 people), and to regularly release data on the diversity of its workforce. As baby boomers head into retirement, companies will face a huge shortage of skilled workers to replace them.

#HotInHR: French “legally” ignore after work emails; Early 401(k) advocates have regrets


Benchmark Job : A job commonly found in the workforce for which pay and other relevant data are readily available. Benchmark jobs are used to make pay comparisons and job evaluations. Newsletter: What's Hot in HR 401k Benefits Employee Experience Health Retirement plans Universal Basic Income Wellness Work-Life Balance WorkforceTags: Retirement plans, 401s, Benefits. Sign-Up For Our Weekly Recap Of HR Funding News.

Aging Market Data for Compensation: What’s the Best Strategy for You?

HR Daily Advisor

What variables play a role in aging market data to suit the needs of the business? When is it time to retire your current market data? Market data from at least two sources are analyzed, and benchmark jobs are arranged into a job‐worth hierarchy. Jobs with no market data are slotted using relative worth. Age the data that are underlying your salary structure to the date it is effective so it will effectively lag the market for a year.

Perks have lost their luster? No kidding!

Bersin with Deloitte

People are looking for different things from their jobs beyond a paycheck, a retirement plan, and insurance. High-performing organizations are six times more likely to use data and analysis to understand the preferences of their workers compared to their lower-performing counterparts.

How HR Can Get the Most from Salary Surveys

HR Daily Advisor

Whether your salary data is a good buy or costs an arm and a leg, the value of your salary survey can be enhanced or hindered by how you use it. One of the first things you’ll need to do is to decide which piece of market data to use. Finding market data for tough-to-find jobs.

HR Must Modernize to Meet New Employee Demands

Oracle HCM - Modern HR in the Cloud

Successful companies are increasingly turning to data analytics to recruit talent from the outside or develop people from within. We were dealing with this in the US before the recession because baby boomers were starting to retire. By Rick O'Herron.

PeopleStrategy Partners with Payfactors to Deliver Enhanced Compensation Management


By incorporating Payfactors into our compensation planning tool, our clients can obtain accurate, timely pay data to help them make more educated decisions around pay. Payfactors Free is all about giving everyone data that’s reliable, timely, and relevant to them.

Solo or Symphony?

Bersin with Deloitte

1 They look at multiple data sources in isolation, which leads to overlapping, duplicated, and overall potentially inefficient efforts. With this framework, organizations can: Better understand employee preferences using actionable data.

CHRO 145

Consider, Connect, Craft: 3 ways to improve compensation communication

Bersin with Deloitte

Yet, even with compensation holding a top spot at the rewards table for quite some time, it wasn’t traditionally talked about openly, nor was public data widely available to make comparisons. Do you look at industry or peer company pay benchmarks?

The 5 Steps of Analytics-Driven Workforce Planning

Analytics in HR

Unfortunately, many companies still base their talent plans on unreliable sources and methods such as using country retirement age instead of actual retirement age data, outdated benchmarks, and financial headcount budgets with no historical trends or link to business strategy, and sadly, gut feel.

The Human Capital Balance Sheet in M&A: Bringing expectations to life

Bersin with Deloitte

Too often, the types and variety of rewards offered at an organization beyond the typical pay/insurance/retirement offerings have been based on industry benchmarks or whatever perk might be in fashion. Posted by Michael Fuchs , Ami Louise Rich , and Alisa Locricchio on March 25, 2019.

Is Your Average Cost-Per-Hire $4100? @SHRM

The Tim Sackett Project

SHRM Released their Human Capital Benchmark Report this past week and it’s loaded with a ton of metrics to compare your HR and TA operations against. The survey data comes from over 2,000 HR leaders and pros, and it’s pretty recent being collected earlier this year. It’s the one thing I know actually helps in retention, as those who participate in your retirement plan are less likely to leave your organization and have a longer tenure on average.

The Secret To Selecting and Measuring Key Employee Performance Metrics


Actionable or Achievable Gathering data isn’t useful unless you can act on the intelligence in some way. Rules for Determining Key Performance Metrics The most effective performance metrics include both strategy-based and goal-based benchmarks. Effectiveness: Effectiveness measurements can include the number of customers each employee serves successfully, the time it takes to accomplish programs or projects, quality of work, customer satisfaction and other benchmarks.

Simplifying The Complex—5 Misunderstood Employee Benefits


According to our 2019 Benefits Benchmark Report, we are seeing contributions to benefit accounts increase, though there is still a long way to go. Retirement Accounts. Offering a retirement account is one of the most in-demand employee benefits.

Putting rewards to work in your M&A deal

Bersin with Deloitte

It’s also common that existing programs are reviewed in silos, rather than holistically, with a focus primarily on big-ticket programs (retirement, health & welfare, bonuses). Posted by Stacey Philpot and Joan Goodwin on September 1 3 , 2019.

Use These 18 Job Boards to Keep Compliant


Contractors must ask job candidates to self-identify if they are a protected class in order to demonstrate their outreach efforts using annual published hiring benchmarks. The DOL issues a “ hiring benchmark ” for each of these protected groups. Retired Brains.

Performance of 401(K) Plans And Sponsors’ Profitability May Be Correlated

HR Daily Advisor

Conversely, poorly performing plans are strongly associated with companies that have up to 80-percent lower corporate profitability, the investment and retirement plan management firm said in a report released September 17 titled, “Where 401(k) Design and Corporate Profitability Cross Paths.”.

Singapore: Poor Numbers Belie Economic Transition

HRO Today

The manufacturing sector has been hit particularly hard, but the top line numbers also belie an economic transition that is benefiting modern service providers like data centres and internet companies. “If What slow economic growth means for HR and the workforce. By Michael Switow.

View from the HR Tech Show Floor: Top 5 Workforce Trends


Bureau of Labor Statistics predicts that by 2015 millennials will overtake the majority representation of the workforce, as baby boomers retire in greater and greater numbers. If I had to use one word to describe the energy on the show floor at this year’s HR Tech, it would be this: dynamic.

Trends 195

How to Save Your Company from Unhealthy Turnover and Optimize Retention


Once you have an accurate pulse on your retention, analyze the data to understand the bigger picture and underlying causes. Data sources and relationships. Key sources of data include: Basic employment data (e.g People data (e.g. Business data (e.g.

Advanced Analytics for Agile Organization Design: 5 Principles

Analytics in HR

But organizations often end up with the wrong data and ineffective analysis in preparation for organization design. Every organizational design project has to decide what data to extract from multiple existing systems, and what extra data to collect about its people.

The Source: Weekly Roundup – May 6th, 2019


And only one in eight employers even have data that directly connects mental health with overall health and performance. This year’s BenefitsPRO/Eastbridge voluntary benefits survey collected data in February and March of 2019 from approximately 250 producers.

A Full Guide to Compensation and Benefits

Digital HR Tech

The traditional money-based programs, such as retirement benefits, were also important. Still, at 48 percent saying retirement benefits were important, you can see how flexibility and vacation may cost you less and increase happiness overall.

The 3 Lenses of Employee Engagement Survey Action Planning - DecisionWise


A clear action plan is easily discovered by filtering the data through the three lenses of action planning. It simply checks the average of your data against another average (e.g. Maybe there is a problem with senior leadership but a retirement is imminent.

4 Cost Efficient Strategies to Give Your Clients a Competitive Advantage


Paycor analyzed the data from more than 30,000 clients nationwide and found organizations offering six employee benefit plans (medical, dental, retirement, etc.) The dashboards and benchmarking tools give you actionable insights into key metrics, including turnover.

How to Ensure Your Compensation Management Program Is on Target


Compensation data that’s in line with your competition can give your hiring managers important information they’ll need when making a job offer to a candidate (this applies to raises and bonuses as well).

3 Takeaways from the 2019 ASHHRA Conference


Aligning Employer Branding, Data Analytics and LEAN for Strategic HR. In order to establish their employer brand, they conducted an extensive market benchmarking by researching competitors in the area and reviewing employee engagement surveys to identify common themes among employees.