3 Trending Employee Benefits You Should Offer

Yello

When it comes to employee benefit offerings, Generation Z job seekers are just like their millennial and Generation X colleagues. Of course, many of today’s employers go above and beyond these “Big 3” benefits, offering a dizzying array of unusual perks and discretionary benefits to attract and retain talent. But with so many unconventional benefits to compete with, it can be hard to prioritize which ones are the most important for your company to offer.

Are bonuses the key to hourly staff retention?

Business Management Daily

No wonder you have a sneaking suspicion that some of your employees may be looking for new jobs elsewhere. It’s going to take some creativity to win today’s recruitment and retention battles. Some employers have decided that significant investments in bonus plans are worth a try. Example: Fast-casual eatery Chipotle has started a new bonus program for hourly employees that can add up to a month’s worth of extra pay over a full year. Spot bonuses: 51%.

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Employee benefits: A guide on common and best benefits

Workable

Employee benefits have become an essential part of any competitive compensation package. From law-mandated insurance to free snacks, benefits and perks can play a big role in talent attraction and employee retention. Before we get into the nitty-gritty of employee benefits (or fringe benefits), let’s define the term: Employee benefits are any kind of tangible or intangible compensation given to employees apart from base wages or base salaries.

Tackling Total Rewards: A System for Communicating Employee Benefits

ClearCompany Recruiting

Total rewards is a system that looks beyond the paycheck and examines the comprehensive benefits an employee receives, or that an employer offers. Some companies take time annually to send their employees a “statement” that delineates these tangible rewards like: tuition reimbursement, PTO, cell phone allowance, alongside their actual compensation. Some people come by their total rewards packages internally, building them specifically to attract a certain type of employee.

What COVID means to compensation

HRExecutive

The coronavirus pandemic has upended scores of traditional HR structures: hiring, recruiting, onboarding and compensation. With 100% remote work and no plans for now to return the entire workforce to full-time office-based employment, many Workday employees are looking at moving from expensive or tax-heavy locations to less costly ones. See also: HRE ‘s Number of the Day-Benefit reductions. Related: How employers should address employees’ 401(k) concerns. “So,

Millennials vs. Generation Z: Key Recruiting Differences

Yello

Understanding how your recruitment methods engage (or don’t engage) candidates is key to hiring top talent. The Yello Recruiting Study found similarities and differences between what attracts the newest workforce generation (Gen Z) and the biggest current workforce (millennials).

Does Your Recruitment Process Meet a Candidate’s Needs?

ApplicantStack

In the third article in our series on the psychology of recruiting, we discuss the way in which the recruitment process meets the needs of the candidate. See the first two articles Types of Unconscious Bias in Hiring and Onboarding New Employees with Social Learning.). The ultimate goal of the recruitment process is to extend an offer to the best candidate – and to have that offer accepted. Employees don’t want to be cogs in a machine.

5 Steps to Creating An Effective Employee Compensation Strategy

Career Metis

Do you have any idea about the employee compensation strategy? Do you know how big organizations are attracting their new employees? In today’s competitive talent market, talent acquisition professionals face an increasingly daunting process of hiring the employees. In the recruiting process, they need to offer some special benefits to high-skilled job candidates. Are you looking for the keys to have a powerful employee compensation strategy?

3 Best Practices for Recruiting Millennials

Precheck

3 Best Practices for Recruiting Millennials Jul. To capitalize on this, talent recruiters and healthcare employers must know what they’re searching for and how to provide it to them. Though healthcare has often lagged when it comes to offering work-life balance, many positions in healthcare today can be flexible, providing both employers and employees the opportunity to find balance while also serving their patients. Topics: Healthcare Recruiting , Human Resources Comments.

How to Retain Young Talent in a Job-Hopping Culture

ACI Specialty Benefits

There used to be an unspoken social contract between employers and employees. These changing values are reflected in the job-hopping culture of Generation Z (Gen Z) employees. This kind of turnover comes with a cost: Companies lose time, money, and business with each lost employee. The effects are well known: At a cost to the company of about $4,000 for each new hire, it’s more expensive to recruit, hire, and train new employees than to retain existing talent.

Best Benefits for Engineering Firms

Winston Benefits

Engineering firms often face double the difficulty when recruiting: They need people with strong tech skills, and people with strong craft skills. As a result, engineering firms offer top-of-the-line employee benefits to get the talent they need, although benefits packages can vary widely across an organization, depending on the position, location and collective bargaining status. Here are some of the top benefits among engineering firms.

Attract And Manage Top Talent In Your Small Business

SuccessFactors

For a small business owner, attracting and managing these vital employees can be a source of high anxiety. In today’s high-tech world, technology can help you save time and money with recruitment, HR management, and compliance, so you can focus your efforts on empowering your team and growing your business. Stand out with your benefit offerings. Maybe you don’t have the ability to woo talent with big signing bonuses and salaries. Improve employee engagement.

The Employee Experience: how the right benefits can bolster engagement

Interact-Intranet

We often see employees as tools, workers, and instruments for a greater goal. An asset that you chose the day they were recruited. Yet, some companies do not put the proper attention to growing and retaining even their most capable employees. Employee Experience & Benefits. High turnover rates, low engagement, and decreased productivity are easily blamed on employees, but unfortunately, the blame lies with the organization. The Right Benefits.

The Employee Experience: how the right benefits can bolster engagement

Interact-Intranet

We often see employees as tools, workers, and instruments for a greater goal. An asset that you chose the day they were recruited. Yet, some companies do not put the proper attention to growing and retaining even their most capable employees. Employee Experience & Benefits. High turnover rates, low engagement, and decreased productivity are easily blamed on employees, but unfortunately, the blame lies with the organization. The Right Benefits.

How to develop and refine critical human resource skills

PeopleStrategy

For example; payroll, the administration of health care and other valuable benefits, adherence to specific compliance regulations and timelines, and sensitive tasks like managing employee disputes or sexual harassment complaint. Benefits administration. Recruiting and onboarding.

5 Simple Wins Benefits Strategies Often Miss out on

Bonusly

Are your benefits strategies evolving quickly enough to stay competitive? Employees don't need to work in the same room, or even the same country to achieve their objectives. Many employee benefits that would have been considered crucial just a decade ago are no longer even on an employee's radar. Employee benefit strategies are one area many organizations are working to modernize, and cash in on some of the opportunities they present.

Sales Job Offer Letter template

Workable

Compensation packages for salespeople often include performance-based commission or standard bonuses (when the entire sales team achieves quotas, or when the entire company achieves its goals.) Bonuses. Motivate potential sales hires to go beyond targets by offering incentives when they outperform their established goals. account management, account executives) or number of sales employees. These benefits include: ]. Bonus options. Employee benefits.

#6Things: Louboutins, Intelligent TA & Sackett To Me!

marenated

Seems like common sense, but many companies squander the opportunity to make their employee benefits (and all other workforce) surveys awesome. If you want a primer on how to tackle high-volume recruiting from a high level, you cannot do better than this free, in-depth blog post from Rob McIntosh ( @TheRobMcIntosh )! You won't want to miss this free high-volume recruiting advice from @TheRobMcIntosh in #6Things: Click To Tweet. Attendance Incentives.

How to be an employer of choice – even in uncertain times

Insperity

Getting excellent employees to work for your organization instead of your competitors has never been easy. Add in the disruption of a worldwide pandemic, and the challenge to recruit and retain top talent demands new, refocused energy. Competitive benefits.

Developer Job Offer Letter template

Workable

Beyond traditional employee benefits , like paid vacation days and health insurance, consider offering perks and benefits popular among developers and include them in your offer letter. open spaces for team collaboration, communal areas to interact with coworkers during breaks and private rooms if employees want to work quietly.). Bonus: [ If applicable, mention any bonus options you offer, e.g. $X sign-on bonus.]. These benefits include: ].

Companies Use Pay Alternatives to Keep Employees Around

Compensation Today

Twitter recently announced that it would be releasing previously unreleased stock shares to the employee pool. This comes on the heels of somewhat stagnant growth and the company’s efforts to retain key employees with generous bonuses. Non-salary incentives – the future of comp? The question that’s on many people’s minds is “Are non-salary incentives the wave of the future?” Tess C.

Effectively Managing Employee Vacations During the Summer

Synergy

PTO is a vital employee benefit that gives your workforce a much-needed break, keeps them engaged, and maintains a healthy work-life balance. However, managing employee vacations can become a huge challenge for HR and departmental managers. Incentives for Working Normally.

3 Must-Read Digital HR and HR Tech Articles of November 2018

Digital HR Tech

The top articles of November feature a piece on employee referrals, an item about recruiting podcasts, and an article that gives you 7 practical tips on how to start with Continuous Improvement in HR. Just Google ‘Employee Referral program’ and get started.

Types of HR Software: A Guide

Capterra

But how do you choose between things as seemingly similar as “attendance tracking” software and “employee scheduling” software? Bucket 1: Benefits-Focused Software. This bucket includes all the types of HR software relating to managing the compensation of employees. Benefits Administration. Manage and track employee benefits like health insurance, paid time off, compliance, and retirement accounts all in one place with this software. Employee Recognition.

Cash is Still King When it Comes to Compensating and Engaging Workers

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger When I wrote Golden Carrots Don’t Produce Employee Engagement last year, little did I know just how much this would ring true for 2016. At that time, employers were just beginning to wake up to the critical nature of employee engagement, spending close to $720 million in programs and incentives. Compensation is more than just developing incentive plans and giving people small annual raises. Tess C.

The Best Features of a High-Performance Engagement and Retention Strategy

CakeHR

At the same time, businesses of all kinds have started to struggle with employee engagement. The reality, however, is that poor employee engagement is a common problem in every industry, despite the many attempts made to improve it. Employees are likely to leave for another job if they’re not engaged in their current position – and the tight labor market makes it easier than ever for them to do so. Employee health. Offer a Complete Employee Development Program.

Unlimited PTO—The Good, The Bad, The Best Practices

PlanSource

One of the primary (though often overlooked) benefits of providing an unlimited PTO policy is potential savings incurred through losing accrued paid vacation time on your company’s liability sheet. Accrued time off is time that will potentially need to be paid out in some form if and when employees leave. Support Recruiting and Retention. Paid time off is consistently ranked as one of the most in-demand employee benefits. Some Employees May Take Advantage.

Why HR is Important – Even for Startups

marenated HR

It’s difficult to manage the paperwork, the compliance forms, even something as (seemingly) simple as recruiting and hiring becomes another burden. In fact, leaders typically will tap into their personal networks until they reach 50-70 employees. When you have more than a handful of employees, that trail becomes increasingly complex. When you have more than a handful of employees, HR can help with the various compliance complexities.

Benefits and Rewards – Why Employees Want More

NGA Human Resources

This is the openness of younger employees when it comes to discussing salaries. The worst scenario is that one employee thinks another is earning more than they are when in fact this is not the case. You can read more on this in this recent blog, Why Employers Must Teach Employees about Total Rewards. Benefits are good for cashflow and retention. This shift from cash to rewards and benefits is a good thing. Life keeps changing and so should benefits.

Benefits and Rewards – Why Employees Want More

NGA Human Resources

This is the openness of younger employees when it comes to discussing salaries. The worst scenario is that one employee thinks another is earning more than they are when in fact this is not the case. You can read more on this in this recent blog, Why Employers Must Teach Employees about Total Rewards. Benefits are good for cashflow and retention. This shift from cash to rewards and benefits is a good thing. Life keeps changing and so should benefits.

Healthcare HR and Employee Retention: 6 Key Factors to Consider

Precheck

Healthcare HR and Employee Retention: 6 Key Factors to Consider Nov. One of the largest growing concerns among employers across all industries is retaining high-performing and high-potential employees. In fact, 46 percent of HR professionals cite employee retention/turnover as the top workforce management challenge in 2016, an increase from 25 percent in 2012. Benefits Packages. signing bonus) and offering new job perks,” the report s states.

How Healthcare Employers Can Overcome Unprecedented Turnover

Precheck

And while those numbers apply to all healthcare employees, the stakes get even higher when you look at care providers. The problem is that employees feel they can readily go elsewhere. Healthcare employees have many options with respect to places to work,” says Tawanda Johnson, President of RKL Resources , a healthcare HR consulting firm. Improve Employee Engagement. Johnson recommends soliciting feedback often from employees. Revisit Pay and Benefits Regularly.

Why HR is Important – Even for Startups

marenated HR

It’s difficult to manage the paperwork, the compliance forms, even something as (seemingly) simple as recruiting and hiring becomes another burden. In fact, leaders typically will tap into their personal networks until they reach 50-70 employees. When you have more than a handful of employees, that trail becomes increasingly complex. When you have more than a handful of employees, HR can help with the various compliance complexities.

HSA vs. FSA vs. WSA: Which is Best For Your Employees?

Collage

But it doesn’t have to apply to employee benefits. Employee spending accounts, including HSA or FSA options, are a hot topic in employee compensation right now precisely for their ‘golden trifecta’: flexibility, affordability, and ease-of-use. Two current trends are bringing employee spending accounts to employers’ attention. First, today’s workforce has come to expect employee health benefits as part of their total compensation package.

A Quick-Start Guide to Creating a Salary Structure for Your Company

Insperity

Not to mention, it can help you retain your current employees, as well as make your recruiting, hiring and promoting efforts more focused and easier to execute. You can extract the market rate data and analyze it based on simple comparisons – the dollar and percentage differences between what employees are paid at your company and what the market rates are for similar positions – and more advanced statistical procedures. Get your current employees up to par.

Hiring? Use These Job Offer Letter Samples and Templates

Zenefits

A strong job offer letter is the first step in a successful recruitment process and creating a qualified workforce. Depending on your organization’s onboarding procedures, hiring managers can choose to send a minimalist-style letter, which includes a brief recap of the offer information or a detailed offer, which includes benefits information, pay schedules, and more. Discretionary Bonus: [Bonus Amount].

The rise of flexible benefits – employees expect more from their reward package

NGA Human Resources

So too has the traditional “reward package”. The expectation from employees and employer now is for more flexible payment options, delivered in parallel with a well-planned benefits and rewards strategy. The silver lining in the Cloud Employee benefits and rewards present huge (often missed) opportunities for businesses, even, and you could say especially, at times when there is no budget available for cash pay reviews. Flexibility is a huge employee retention tool.