Archive for the ‘Benefit Statement Software’ Category
by Joe Blattner | January 3, 2023
As organizations across different industries embrace remote and hybrid work schedules, many find it challenging to coordinate distributed teams. Workplace flexibility is often regarded as a competitive advantage in today’s labor market.
If you recently introduced flexible working in your company, you may have considered hiring a Head of Remote employees. This is what many organizations are currently doing, and there are many benefits to it. We have covered a few things you should know before hiring a Head of Remote.
The Shift to Remote: Benefits and Challenges
Whether operating in a hybrid or fully remote setting, there are many benefits that flexible working offers to both employees and employers. Employees save time and money on long commutes and can choose when, how, and where they want to work. Moreover, employers benefit from a diverse workforce capable of driving innovation, productivity, and business growth. And hiring remote workers opens up a a much larger, nearly unlimited, geographic recruiting area to draw from.
However, with remote working comes the risk of poor work-life balance, disengagement, and increased burnout. Similarly, some employees working remotely report having less spontaneous communication with colleagues, loneliness, and lack of learning and mentorship opportunities as critical concerns in the remote work world.
But despite these reports, several studies point to a maturing remote and hybrid work culture, with many employees threatening to quit if their employers require them to work full-time in the office. Some surveys found that 50% of employees would take a pay cut to have the option to continue working remotely. Also, check out our prior article about alternatives for paying remote workers.
Why Hire a Head of Remote
In light of the current developments, most organizations know that returning to the pre-pandemic work world isn’t an option. So, they are now finding ways to strengthen remote and hybrid work strategies to ensure the main challenges identified by employees are resolved or eliminated. One way of doing so is by hiring a Head of Remote who will have a seat at the table.
Ideally, a Head of Remote is responsible for designing and optimizing the company’s remote strategy. They are the ones to address workplace culture issues, burnout, poor collaboration, technology challenges, and employee disengagement. An ideal candidate for the job is someone good in project management, communication, strategy execution, and problem-solving.
The Head of Remote employees should also be the link between the management and hybrid workers, ensuring a smooth flow of information between fully remote and hybrid or in-office staff.
Make it Work for You
Offering remote and hybrid work schedules is one way of winning the talent war and ensuring you hold on to the best people for the long haul. Organizations looking to maximize the benefits of flexible work schedules while minimizing the disadvantages must invest in effective remote strategies. Hiring a Head of Remote is a great way to delegate remote functions to someone who can influence company decisions and has the capacity to allocate the necessary resources.
This article is brought to you by COMPackage, the leader in DIY total compensation reports. Help your recruiting and retention efforts by clearly showing your employees and recruits the total package you offer.
by Joe Blattner | November 16, 2022
Over the last two years, talent shortages and retention challenges have risen to the top of the corporate agenda. Today, organizations are finding ways to attract and hold on to their best people. The pandemic made workers rethink their priorities, and many chose time with family and loved ones over long working hours and stressful commutes.
This is what eventually led to The Great Resignation, where millions of employees across industries exited the workforce to find more flexible jobs, start their own businesses, or retire early to have more time with loved ones. In light of what’s happening in today’s workplaces, we’ll explore if and how employee benefits reports, also called total compensation statements, can help stem turnover.
Hiring and Retaining Talents in the New Normal
As HR leaders and their strategic advisors work on ways to hire and retain talents, they face the challenge of offering employees what they want while keeping the business running effectively and at a profit.
One of the first steps to achieve this goal is to consider restructuring employee benefits. But this isn’t the silver bullet. You still need to nurture a positive workplace culture, offer flexible working schedules and competitive salaries, and show your people that you value, respect, and care for them.
Before restructuring employee benefits, consider conducting a comprehensive audit of the current benefits and follow up with a survey to better understand what your employees want. Afterward, you can compile a comprehensive report that will inform your decision-making.
Cost of Employee Turnover
When employees leave your organization, especially your top performers, it’s often an indication that your retention strategies are broken or not competitive. Some factors that drive employees out of the workplace are poor company culture, lack of flexible work schedules, and non-competitive pay and benefits. Others are poor internal mobility and lack of career development opportunities.
Employee turnover costs the organization in many ways. First, employee departure negatively affects the morale of the remaining staff, who may also be compelled to leave. Other costs come from advertising for open positions, recruiting, training, and onboarding new hires.
Depending on the quality of acquired talents, you may also spend a lot of time and money accelerating new hires to ensure faster time to traction. And if the new hires fail to work out, you’ll have to start over again.
Making Employee Benefits Work
The employee benefits package aims to ensure workers feel comfortable, satisfied, and motivated working for your company. Without a well-implemented employee benefits plan, you will surely lose your top talent to your competition. That said, not all employee benefits work. Some are nice-to-have packages that offer little to no value to most employees.
When done right, you may find that it’s more beneficial to replace paid family leave with flexible work schedules or to allow employees to choose between options, such as free gym memberships and caregiver benefits, instead of making it a “take-it or leave-it” plan.
A secret to implementing effective employee benefits is to get to the bottom of employee needs and what matters to them. Instead of speculating what your people want, you should listen more to understand employee grievances before restructuring the benefits.
At the end of the day, you’ll have the benefits you have. But what so many employers neglect to do is to spell out for employees their entire compensation package using total compensation statement software such as COMPackage.com. After all, if you are being generous and your people understand what they’re getting, they are simply more likely to stay with you.
by Joe Blattner | July 13, 2021
Morale remains high when turnover is low. One way to keep it this way is through the high quality administration of benefits. The quality of your benefits delivery is completely dependent on the software you choose.
When choosing your company’s employee benefits statement software it is critical to verify that you have the tools to fully cover all of the benefits that your company offers.
This is why it is a critical step to choose the employee benefits statement software that will streamline, empower and support the confidence of the folks you already have, and for those you will hire in the future.
Check Your Requirements
Here are six of the most important considerations when implementing employee benefits statement software.
- Cloud-based or SAAS solutions put the burden of maintaining your software onto your vendor, not on your IT people.
- Use tools that reduce the costs of administration by reducing errors and extra steps.
- Include the ability to add all kinds of benefits – even free coffee and free parking.
- Present the information in a way that is easily “gettable” and memorable by each employee.
- Reduce any extra strain on the HR department. Give them tools that are intuitive.
- Utilize easy-to-learn, intuitive solutions for administrators and employee end-users alike. If it’s not easy-to-used, it may not get used.
Stay Ahead of the Competition
When a company has the ability to quickly and easily enroll and stabilize new employees by choosing the right employee benefits software – you dramatically increase the competitive edge for your company.
HR department administrators who choose exactly the right employee benefits software secure an ease and grace for internal benefits delivery processes. This increases the sense of confidence and accuracy for the employees they serve.
Employee benefits statement solutions, like those from COMPackage are designed to increase transparency. Support your employees confidence by delivering explanations in their compensation package instantly, regularly and repeatedly.
by Joe Blattner | June 14, 2021
Most employees think of salary-plus-benefits as payment for services rendered when they think of compensation. They’re correct of course, but it’s much more than that.
What most employees don’t realize is that compensation is always evolving. The package they received upon getting hired won’t always stay that way. Employers must keep them abreast with any updates on benefits required by law, as well as with any changes in the metrics for competitive benchmarking. They should also be aware of new workplace trends that can affect benefits, like the rising popularity of remote work which gives way to more flexible scheduling options, or the increasing automation of tasks which gives more time for learning and training. Aside from that, employers should also adjust compensation for employees who moved up the corporate ladder, or who showed exceptional performance worthy of recognition.
It’s for these reasons why using benefit statement software is important for the compensations and benefits (C&B) department of any company with employees on its payroll. C&B administration is a continuous process, not a one-time implementation. Because it’s a process, records should be kept and archived, ready to be referred to whenever necessary. Reports should also be easily generated for analysis and other purposes.
But it’s not the C&B department who stands to gain the most when a company decides to use benefit statement software. The biggest winners are the employees who are most likely not aware of the full extent of the perks they’re entitled to for various reasons. These can include:
- They were not informed.
- They were informed but they forgot.
- They misunderstood what they had been told.
- They didn’t know some benefits are opt-in.
- They planned to opt-in for said benefits but never got around to it.
- And so on.
And even if they are aware of all the perks they’re getting, they may not necessarily be aware of the actual monetary value. For example, an employee making $60,000 a year may jump at a chance to move to a competitor offering $70,000 – if they fail to factor in the monetary value of their benefits. If their current company offers perks equivalent to 50% of their salary, their total compensation package is worth $90,000. If the competitor offers perks equivalent to 25% of the proposed salary, the total compensation package is worth $87,500, which is lower than what the current company already gives. Here, the current company wins. But of course, without knowing the value of their benefits, the employee will simply see that $60,000 is lower than $70,000, and therefore not worth staying for.
Companies lose top talent this way. With only partial information, employees can make hasty decisions that have a negative impact on their career without realizing it right away. Fortunately, the use of benefit statement software can put together the complete big picture along with the little details so that employees can not only make informed decisions, but also appreciate much more what they’re already receiving. It will make them change the way they view compensation.