Archive for the ‘Total Compensation’ Category
by Joe Blattner | May 24, 2010
Unfortunately, not every manager can be Michael Scott, CEO of Dunder Mifflin. However, managers can improve productivity and lower turnaround by taking a big cue from Michael Scott — MAKING WORK FUN. If your employees enjoy coming to work every day, they’ll work harder and complain less. The following tips are designed to help you change the culture at your workplace:
Be more like Michael Scott by:
- Relaxing
“Professional” does not have to mean “serious.” As an employer, you should strive to implement a personal conduct policy that allows your employees to work in a safe environment and enjoy themselves at the same time. This may mean that you take a hard stand on sexual and cruel jokes, but remain more lenient on harmless goofing off. Think through all your policies; don’t just create a rule to stop people from having fun or as a kneejerk reaction to a single incident.
- Planning outings during work
If possible, plan occasional company outings during work hours. Through these outings, your employees will grow closer and create memories they’ll cherish for years. Remember that your outing doesn’t have to be elaborate or expensive to be effective. While you could splurge and take your employees to a miniature golf course, bowling alley or baseball game, you could just as easily schedule a picnic, karaoke contest, talent show or game time in the middle of the workday.
- Surprising your employees
Treat your employees to something special without telling them. You could give them a few extra hours off work one Friday, put treats in the break room or schedule a casual dress day. Remember that even little surprises can mean a lot.
- Sponsoring theme days
While you may already allow your employees to dress up on Halloween, consider sponsoring other theme days. For example, for one day each year, you could allow jeans, shorts, hats, local sports team apparel or workout gear. The possibilities are endless, so get creative.
- Spreading Joy
When managers act like jerks, they can bring a whole company down; but when they start spreading joy, management can effect a cultural change that quickly spreads across a company. Stress to your management team the importance of smiling and complementing employees.
- Decorating
Sprucing up the workplace with a few plants and pictures can work wonders for employees’ mood. Consider posting artwork created by your employees or their children.
One final way to improve morale at your company [not sure if they do this at Dunder Mifflin or not 
] is by distributing total compensation statements. These statements can show your employees how much they’re valued by connecting a dollar amount to their benefits.
by Joe Blattner | April 26, 2010
Trying to think of creative perks to motivate your employees? Here’s a list of some of the most creative perks we’ve come across from the 2010 and 2009 Fortune “100 Best Companies to Work For” issues to help get you started. While your business may not be able to afford many of these perks, these examples can at least help you start thinking outside the box as you brainstorm ideas for perks.
- Qualcomm hosts a weekly farmers market that allows employees to stock up on healthy food.
- Umpqua Bank lends employees money for business attire purchases and sets up a payroll deduction so the employees can repay the bank at no interest.
- Stew Leonard’s Company invites employees with 20 years of service to dinner at the home of the company’s founder with a gourmet meal and fine wines.
- Paychex has an extensive employee wellness program that awards up to $300 to employees for doing activities like getting flu shots and dental check-ups, attending aerobics or yoga classes, running a 5K race and biking to work.
- Atlantic Health rewards its employees with a ton of vacation. All employees who have been with the company for at least 5 years get 28 days of paid vacation. New hires receive 18, 23 or 28 vacation days depending on their positions.
- The Marriott hotel chain helps employees and their immediate family move by assisting with buying or selling a home, closing and settlement, mortgages and moving.
- Two artists-in-residence work full-time at SAS and have produced a 3,000-piece art collection.
- Genetech offers $4 per rider per day for employees who offer carpool rides to their coworkers. Employees who commute by bus, train, van, ferry, or bike also receive $4 daily.
- Vanderbilt gives their employees 70% tuition subsidies to attend any college in the U.S.
- Scottrade considers opening an office for employees who want to relocate in an area where a branch doesn’t exist. The company has already done this for more than 20 employees.
Show your employees how much their perks are worth through a Total Compensation Statement.
Do you have a creative idea for giving your employee perks? Would love to hear it in the comments below!
by Joe Blattner | April 6, 2010
Ask most employees if they’d rather have cash or non-cash incentives, and they’ll choose the cash incentives almost every time. However, as an employer, you have many other factors to consider when choosing an incentive other than whether or not employees say they want it. Carefully consider the benefits and drawbacks of cash bonuses before creating your incentive program.
Benefits of Cash Incentives
- Nothing talks louder than cash – Many employers find that as soon as they offer cash incentives for a task, their employees start working harder. For fast, effective gratification, few incentives work better than cash.
- Easy to distribute – Cash incentives require little extra effort on the part of an employer to distribute. Money can either be added to a paycheck or distributed as cash.
- Practical – Many non-cash incentives appeal more to some people than others. While some employees may not need a new iPod or tickets to a sporting event, everyone can benefit from a little extra cash.
Drawbacks of Cash Incentives
- Can become viewed as base pay – When employees receive cash bonuses on a regular basis, they can come to expect them as part of their base pay. For example, many people rely on their annual Christmas bonuses or quarterly commission checks to pay their bills. If these benefits ever have to be taken away, things could get ugly fast.
- Disappears quickly – Cash incentives are often quickly forgotten because they are spent on necessities – things like bills, debt or Christmas presents. On the other hand, even small non-cash incentives like movie tickets, electronics or gift cards are remembered long after they’ve been received.
- Takes the joy out of incentives – Non-cash incentives often make a more positive impact because they are viewed as “treats,” while cash incentives are often seen as more practical.
The best incentive programs often involve a mix of cash and non-cash incentives. To show your employees how much their non-cash incentives are worth, consider total compensation statements through COMPackage.
by Joe Blattner | March 15, 2010
Employers are often perplexed by how much they should spend on employee benefits. How much is too much for things like vacation time or bonuses?
A recent report released by the U.S. Bureau of Labor Statistics showed that benefits make up about 30% of the average worker’s paycheck.
The report provided separate numbers for civilian, private, and government workers, but for the purposes of this article, we’ll just look at the private business numbers. The highest percentage of benefit costs for private employers was required benefits, at 8.2%, followed by insurance at 7.8% and paid leave at 6.8%
According to the report, an employee with an annual salary of $50,000 would have a total compensation of $70,721. That employee would be paid:
$5,800 for legally required benefits
$5,516 for insurance
$4,809 for paid leave
$2,405 for retirement and savings
$2,122 for supplemental pay
Show your employees how much their benefits contribute to their pay through a total compensation statements from COMPackage.
by Joe Blattner | February 1, 2010
The need to reduce turnover is greater today than ever before. As the first of the Baby Boomers turn 60, many are beginning to retire. The generation just now entering the workforce contains about 33 million fewer individuals, meaning that employers are finding a much smaller pool of talent to choose from. This smaller talent pool makes hiring quality employees much more expensive.
To make matters worse, studies show that as the economy starts to turn around, employers will start to see higher turnover. Many employees have reported that they’ve stayed in their current positions because they had nowhere else to go, but they’ll start looking for better opportunities as soon as the job market turns.
In a survey by the Society for Human Resource Management, these employees were asked why they planned on searching for a new job as the job market gets better. The number one response given was that they were seeking better compensation and benefits.
While you may not be able to retain your employees by raising salary or offering more benefits, you could make them think twice about accepting other job offers by providing them with detailed benefit statements. You know the value of the benefits you provide, but chances are your employees do not.
By showing your employees the monetary benefits of their health insurance, 401(k), time off or even perks like free parking or cell phone service, you’ll readjust their perception of their current situation. This can help reduce turnover and, in turn, drastically reduce your hiring budget. The costs of employee turnover do not have to be such a burden.
View a demo to learn more about how benefit statement software can help you reduce turnover.
by Joe Blattner | November 5, 2009
On the blog, you’ll find important updates to our company, our software and insights on total compensation reporting.
If you aren’t familiar with our product, COMPackage allows any sized companies to easily, securely and inexpensively generate Total Compensation Reports to show employees what they’re really getting paid.
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