Archive for the ‘Reducing Employee Turnover’ Category
by Joe Blattner | November 20, 2023
Despite having been around for a while now, the popularity of remote work quickly increased during the COVID-19 pandemic. Working from home not only allowed employers to potentially save on future costs and manage the challenges brought about by the pandemic, but also offered their employees flexibility and autonomy.
Some employees work from home primarily because they live too far from the office to commute, possibly in another state entirely. Others just prefer to work at home. This makes some employers uncomfortable, because they believe if they can see the employee working, they’re working, and productively. And if they can’t, they just aren’t sure.
If it’s possible to shift from tracking how many hours a person works to what that employee is producing (whether it’s sales figures, number of tasks completed, or something else), that should allay that concern.
If employees get the job done, employers shouldn’t care about from where they are doing it. And if it makes a valued employee happier and less likely to leave the company, so much the better.
Here are some reasons to embrace allowing employees to work from home.
- Some employees will be more productive working at home, without office distractions.
- Some will feel valued and honored by letting them work where they feel more comfortable.
- New mothers and fathers, for whom coming into the office would cause a huge hurdle.
- New employees who you want to hire because you like their expertise/value or something else, who are not going to relocate to where your business is.
However, the shift to remote work has also sparked questions on whether continuing remote staff should receive the same employee benefits as more companies fully embrace remote work. (And possibly should the compensation package remain the same, which is another article unto itself.) The lack of traditional benefits and perks for remote employees coupled with the unique needs and challenges of remote work, may mean employers need to find a balance in their offerings if they want to attract and keep top talent.
But, if your company views remote employees as an opportunity, or your employees are practically demanding to continue remote employment, inferring that they may look elsewhere if not, you might want to rethink your strategies proactively.
Why You Should Consider Offering Remote Staff Unique Benefits
Some employers may believe that working remotely is a perk in unto itself that negates the need to offer the employees other benefits. However, offering remote staff employee benefits comes with advantages that make it a worthwhile consideration and helps you stay competitive.
Let’s face it, most employees would prefer a company that offers perks over one that doesn’t. This also boosts employee morale as you make them feel valued, which in turn increases employee productivity and overall revenue for the company.
Since remote work comes with isolation from colleagues, offering remote staff certain unique employee benefits counteracts the feelings that can come with missing out on in-office interactions and activities. This contributes to employee wellness and health in the long term.
One of the most significant benefits of offering remote staff employee benefits is reducing turnover. By providing thoughtful benefit packages, you boost your remote employees’ job satisfaction, encouraging them to stay with you longer. In this case, you lower your recruitment costs and enjoy the perks of working with a well-trained team.
Benefits to Consider Offering Remote Staff
Generally, your remote staff should receive the same employee benefits without counting remote work as an advantage. That said, the benefits you offer remote workers should mirror your company culture, meet their needs, and be in line with your budget. Below are offerings you can include in your remote staff benefits package.
- Flexible work hours and paid time off. Doing so provides better work-life balance and prevents burnout.
- Wellness programs to promote a healthy lifestyle. This can include stipends for gym memberships and exercise classes as well as counseling and therapy sessions.
- Home office support: Provide remote workers with the necessary technology and resources to set up a home office. This includes reimbursement for a computer and work-related expenses such as internet connectivity charges, maintenance fees and more.
- Coworking office rent. Some companies will pay the rent of a coworking office space so that remote workers do not have to work out of their homes every day. This might also include paying commuter travel fees.
- Learning and professional development: Provide avenues and opportunities for the employee professional development to promote career growth. You can also offer a learning stipend for career-related training.
- Parental leave and childcare benefits. Some companies provide professional care giving services to cater to parents who have to juggle between working from home and caring for the kids in the same environment.
- Home delivery subscriptions: For employers who provide in-office coffee or meals, you can include home delivery subscriptions for remote workers to blend the office culture with the remote environment.
- Variable pay. Some companies adjust pay based on the cost of living where you reside. For example, employees in Tier 1 cities like Manhattan would earn more because it costs them more to live there.
As feeling a sense of connection to others in the company is critical to employee retention, some companies also provide ways to stay connected. For example, they might do a regular online get-together where employees assemble and talk about non-work-related things, such as hobbies.
One company we interviewed randomly pairs together two remote employees (or one remote employee and one non-remote employee) for 30-minute online chats called “Virtual Coffees.” They also offer reimbursement up to $15 for lunch once a week. And they try to get all their employees together once a year at an offsite event, with plenty of opportunities for mingling.
Another provides a $40 stipend per person when any three or more employees (at least one of them virtual) get together for dinner or drinks. They also offer a $75 quarterly entertainment bonus to attend concerts, shows and the like.
Conclusion
It is important for remote employees to receive employee benefits. However, the type of benefits may vary depending on the type of work, individual employee needs, budget, and company culture. By striking the right balance, you can adequately support your remote staff and make them feel valued, which ultimately boosts their job satisfaction and contributes to overall company success.
by Joe Blattner | February 10, 2023
Finding reliable employees today is hard enough. There are many people, men and women alike, who are being forced to pass on their jobs because good daycare is too expensive, or it’s too difficult to find reliable childcare help. Many employed parents do not really have an option that ensures the safety of their children. A number of progressive companies that offered remote work for employees with children are willing to accept the challenge again and offer onsite daycare. They are doing what they need to do to get good employees back into the office.
Employees with children face the dilemma of earning a paycheck only to turn most of it over to their daycare provider. The amount of money many parents clear after this single transaction often won’t pay a utility bill, let alone provide substantial support for their family. They have two basic options. They can find a job that allows them to work remotely, or they can quit their job and go on financial assistance.
One of the biggest worries for many parents is that they are unavailable to their children while they are at work. Onsite daycare eliminates that worry, giving parents opportunities to connect briefly with their children and to be there for them in case of an emergency. Parents can check on their children at any time during the day giving them both peace of mind and security.
Offering daycare/childcare for parents who have small children can be a financial and emotional lifesaver that will allow your employee to give you their very best all day, every day. And consider how much this helps build loyalty!
You need not put the entire burden on the company. It is reasonable to require some co-payment from the employees using your daycare. But it will still be much more convenient, and cost far less than a household would have to pay themselves.
Be sure to learn your state’s regulations concerning childcare. Before you open the door to onsite childcare/daycare, learn as much as you can about your state’s regulations for the childcare industry. There are rules, but nothing too onerous that companies can’t manage.
Instead of turning away some of the best workers, give them what they need to be successful. Providing quality childcare to parents who need it the most gives you an opportunity to explore what talent is actually available. They get to earn (and keep) the majority of their paycheck, and you have access to a workforce who is grateful to be able to provide for their family.
Whatever benefits you choose to provide, total compensation reports, like those from COMPackage, allow you to show your employees their true total package. This can be a great support in both recruiting and retention, just as company-supported childcare can be.
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 | April 28, 2022
The last couple of years have seen a paradigm shift in most workplaces. As a result of the Coronavirus pandemic, most employees had to work remotely. Fortunately, the restrictions caused by COVID-19 have been gradually easing.
Now, employees are slowly coming back to the office. But, just how easy is it for your employees to transition from remote working to be in the office? More importantly, what can employers do to ensure a smooth transition? Read on to learn how to smoothly get your employees back to the office.
How easy is the transition from remote to office working?
Some employers and top managers do not see a problem with the transition from working from home to moving back to the office. However, if you look at it from the employee’s point of view, you’ll realize why you need a transition plan. Essentially, your staff has been working from the comfort of their homes for a while now.
Working from home presents a new experience, and it will take time before the staff can get used to working from the office. There’s no definitive timeline or guideline on how long it will take. Since every workplace is unique, it may take your staff anywhere from a few days to weeks or even months.
What can employers do to ensure a smooth transition?
Admittedly, employers have a key role to play in creating a conducive work environment. Here are a few practical tips on what you can do.
1. Get feedback from your staff
As an employer, you may feel the entire burden of creating a smooth transition falls on you. However, it is important to remember you are dealing with the lives of other people. Taking some time to engage with your employees will make the transition process easier.
Basically, you want to ask your staff what works best for them and how you can improve the working space to match the experience they had. Take up these ideas and work on implementing them. For example, most people got used to dressing down. You can, for example, come up with a more lenient and accommodating dress code.
2. Consider changing the working hours
One of the most significant changes when working remotely is the freedom of working hours. Some employees got used to working at different hours of the day. Now that the staff is transitioning back to the office, perhaps you should reconsider changing when the staff can work.
Since most economies operate throughout the day and night, implementing better working hours could also open up new opportunities for your services and products. In addition, changing the working hours could positively affect productivity. Since everyone works when they are most productive, you may experience increased output.
3. Rearrange the working environment
Traditionally, offices were built without significant consideration for the staff. However, since your employees have gotten used to working in a conducive environment, getting back to the generic office setting may increase the transition period.
You can get ideas from your staff on what they would like to see in the new workspace environment. Some of the options to consider include a practical and functional break room with some nice amenities.
4. Give your staff ample time to adjust
As mentioned above, there’s no one definite time limit that your employees need to officially get back to the comfort of the office. This applies to both general workplaces and individual employees. Employers and managers should be understanding and let employees take their time and transition at their speeds.
Ultimately, it is important to recognize that getting back to the office comes with its own set of challenges. Taking time to understand what your employees need and what you can do to help will go a long way in creating a smooth transition. These steps will help you get the best from your employees and a creative work environment.
Improving the office experience is one way to help workers be comfortable in the office. Those considering changing to become freelancers would be well served by understanding their current situation better with total compensation reports. They might be surprised to learn that if they go off on their own, they will be giving up a lot of money in benefits they’ll need to provide themselves.
by Joe Blattner | August 14, 2020
The Impact of Polarization Politics on the Workforce
Today America is an incredibly politically polarized country. With each passing day, the gap between liberal and conservatives widens. Each morning, Republicans view Democrats as crazy, wrong-headed people while Democrats see them as wrong, misguided people. This increasing political gap is not about to go anywhere. If anything, it’s slowly finding its way in the once bipartisan American workforce. That said, what is the impact of polarization politics on your workforce?
The Effect of Polarization Politics on the Workforce
Americans have always been bipartisan people. They are therefore used to working in environments where most of their workmates either share similar political opinions, or even if they support different parties, they find a common working ground. However, as noted, the gap between Republicans and Democrats, liberals, and conservatives is wider today more than any other time in American history. The effects of this increasing polarization on the workplace are both positive and negative as explained below.
The Dark Side
In the past, employees only worried about the future of their jobs. Today, the increasing political polarization means that they are more concerned about the future of the country. Democrats think that the nation is in the wrong hands while Republicans believe that they are right.
These different perspectives mean that it becomes hard to become innovative and boost productivity when all anyone wants to discuss is the state of political affairs. As you know, a key ingredient to productivity in the workplace is teamwork. Unfortunately, the more politically opposed employees are, the harder it becomes for them to work together, which in turn affects the entity’s success.
The Bright Side
On the bright side, if managed well, a politically polarized team can also be a blessing to your business. This is because they both bring different ideas and viewpoints to the table, which in turn benefits your business. Also, politically polarized teams are likely to argue out any workplace policies before they are implemented, which means that the workplace becomes a free and fair working environment for all.
Managing a Politically Polarized Team
How do you ensure that you only reap the benefits of political polarization and don’t end up with a dysfunctional team that can barely work together?
- Let the World Know. Let your commitment to political diversity be known to all. In all job application forms, and during candidate interviews, let those aspiring to join your team know what’s on the table. That way, they can choose to walk away early if they prefer environments where everyone supports a particular party. If they decide to take the deal, also let them know about the regulations on political conversations.
- Strike a Balance in Political Diversity. As mentioned, the impact of polarization politics can be both beneficial and at the same time, may have adverse effects on your team. To reap the benefits, striking a balance is vital. In other words, you ought to make the most out of political diversity by striking a balance in your workforce.Hiring one Republican when the rest of the workforce is made of Democrats will only put them in an awkward position. Hiring a single conservative when the rest of your employees are liberals will only force them to choose sides. Therefore, the key to managing and making the most of political polarization is maintaining a politically diverse team.
- Set the Rules. As mentioned, each party thinks their side of politics is better than the other. Therefore a simple conversation on last night’s news headlines during lunch or tea break could quickly go from zero to 100, leaving your team miserably divided and consequently affecting productivity. Therefore, while striking a balance is a step in the right direction to making the most out of political diversity, it’s not enough. Ensure you set clear boundaries about political conversations in the workplace. To prevent them from escalating and affecting your workforce, have clear rules that dictate respectful conversations; and, enforce them by outlining what happens when one violates the rules.
Finally
Political polarization in the workplace is now a reality. The sooner we accept this, the easier it will be to weed out the adverse effects. Fortunately, managing political polarization is not rocket science. It takes simple steps, such as ensuring everyone you hire is aware of the work environment they are about to join, striking a balance, and setting clear, concise rules.
by Joe Blattner | December 3, 2019
The environment in any workplace should be both positive and productive. Sad to say, but this isn’t always the way it is. There are several factors that affect the workplace environment. It’s up to the Human Resources department to ensure that all members of the workforce feel secure and protected while in the workplace. With office politics, cyber attacks, and other common situations, it can be difficult to keep things going smoothly. HR must be able to offer effective solutions to each of these problems so that the workplace is both productive and peaceful. Here are a few.
Risk of Data Breaches
Any workplace that runs on a data-driven platform is at risk of a data breach. It’s for this reason that your company should take the necessary steps to protect not only the company’s confidential information but that of its employees as well. Two-step authentication or the use of fingerprint technology can be effective in protecting this sensitive information and keep it from falling into the wrong hands.
Positive Work Environment
If HR is serious about eliminating insecurity in the workplace, then it is up to them to make every employee feel as secure and protected as possible. One way to do this is to create a positive work environment where each employee feels valued and respected. The workplace should be a neutral environment where politics and social agendas are checked at the door. It’s important that once the staff is assembled, they each feel as if they are part of the solution, no matter what question is being asked.
Open Door Policy
An open-door policy allows staff members to go to the HR department and discuss possible issues without fear that their job will be terminated or they will be in some kind of trouble. If management wants to know what is going on in the workplace, the only way to find out is to build a level of trust that allows employees to have enough faith in the company to report the issue. Once the issue is reported, it is up to the entire staff, management and associates alike to work together to resolve the problem.
Work as a Team
When your staff works together as a team, supporting one another’s ideas and encouraging each other to do better, the staff as a whole improves and the workplace environment is both cohesive and unified. Working as a team means that both successes and failures are shared equally – and that in order to move forward, every member of the team is needed. HR can further this concept by creating teams that work together and then share their thoughts and ideas with others. While each team works independently according to their department and skills, they also come together as a whole to put the entire project together.
An effective HR department will be able to identify areas that cause insecurity and work with staff members to find a solution that works. Bringing management members and associates together is the best way to work through each issue as it arises. Together, positive solutions can be found that benefit everyone who shares the workplace.
by Guest Post by Jona Bayley | October 28, 2019
Creating a healthy working environment that values employees’ well-being begins with providing useful benefits. One of the most significant benefits that companies can offer is a chance to become financially literate. Beyond good compensation, health insurance, or paid leave, financial literacy programs impact businesses in a unique way. Here, we are going to discuss just what happens when these programs are not in place, and give tips on how HR personnel can implement them.
The Importance of Financial Literacy
A study by Northwestern Mutual found that finances are the main source of stress for nearly half of all Americans, with 40% particularly anxious about retirement savings. This is not surprising, given how the majority of workers in the country are in danger of a financially unstable retirement. In fact, Yahoo Finance reports that a whopping 64% of Americans will retire broke, with 19% having less than $10,000 in their retirement fund.
While factors like unemployment or low salaries are often to blame, part of the problem is the lack of financial literacy, which influences aspects like housing and retirement. Case in point, a survey by Marcus reveals that 6 out of 10 Americans don’t have an established 401(k) with their employer, leaving them financially unstable when they retire. This instability is affecting employees in negative ways at work, causing anxiety that leads to lower levels of productivity.
The Global Benefits Attitudes Survey confirms that there is a strong connection between stress and work performance, not to mention levels of absenteeism in the office. Implementing financial literacy programs can combat the stress caused by mishandling personal funds and savings. It can provide employees with the concepts and tools that can empower them to meet their needs and have enough left for their wants. Plus, The Business Journals point out that an effective financial literacy program is one of the key benefits that promote employee retention and job satisfaction.
Improving Financial Literacy
A good place to start when trying to improve financial literacy is rethinking your company culture in relation to money. Finances can be very personal, and people may be uncomfortable discussing these matters in the workplace. Sending out material about financial literacy every now and then can signal an important shift in this mindset, allowing for a more open approach to the journey to becoming financially literate and healthy.
Aside from providing infographics or reading materials about budgeting, savings, and even self-discipline, you can also incorporate technology. There are a variety of online resources — from YouTube videos to free online short courses — that anyone can access and learn from. You can also encourage employees to use budgeting and finance apps to track their spending and plan their savings.
Of course, unless you have an in-house finance expert, one of the best options for implementing all of the above is to seek external support. You can look for consultants or even hire a financial counselor to improve your financial literacy programs or conduct workshops and seminars. Joe Blattner, President of COMPackage, emphasizes how investing in these measures is a small price to pay compared to the long-term benefits that your company will reap. After all, when employees are free from the distraction of financial stress, they can focus on things that really matter in the workplace.
by Joe Blattner | August 21, 2019
If you’re like most business owners or HR Managers, you know that communicating with employees about their salary and benefits is always a touchy subject. It’s best to plan accordingly and ensure that the timing is appropriate. But when is a good time to tell employees what their salary, health benefits, sick time, vacation time, and countless other perks are worth? Well, the answer is…it depends.
There are several different occasions and times of the year when your organization may be best suited for giving employees their . Given that a detailed summary of employee benefits is a boost to morale, the Holiday Season or New Year can be a great time to give employees the gift of a complete rewards statement. Although an annual benefits report is sometimes adequate, there are many other times throughout the year when a total compensation statement can help attract, retain, and positively impact your employees.
Hiring
First impressions are always important, and the way you welcome a new employee to your company is no exception. That’s why hiring can be an excellent time to present a total compensation statement. Letting a new or potential employee know just what you’re prepared to provide, even beyond their regular salary, is a great way to get that new relationship off to a solid start. In addition, employees who are comparing other offers can fully see what your company is offering them, and if the competition doesn’t provide a total compensation statement, your company is going to be viewed as the better choice.
Promotions or Raises
Another good time to discuss benefits is during a promotion or request for a promotion. Oftentimes in such discussions, the focus is solely on the actual wages offered or sought. However, it is wise to also emphasize the other benefits an employee is receiving outside their paycheck, such as paid sick time, free parking, a laptop, cell phone, or several other perks. Even intangibles like flexible scheduling can and should be part of the discussion, since they contribute to the overall employee welfare, contentment, and productivity.
Reviews
Annual or semi-annual performance reviews are also an excellent time to bring up total compensation. While discussing what the employee has done for the company, you can also showcase the full dimensions of what your company is providing. A comprehensive total compensation statement can boost morale and employee loyalty, and makes an excellent accompaniment to any words of encouragement that you may offer during a review.
Significant Life Events
There are some events in life that have a direct correlation to employee benefits. Occasions such as marriage or divorce, starting a family, illness or approaching retirement can be opportune times to present a total compensation statement. Since an employee may become eligible for additional benefits at these times, taking the initiative to let them know what they qualify for and what they receive is a great way to show that you’re truly looking out for your team.
Remember, the full measure of benefits your employees receive far exceeds their actual wages. This is good news, so share it freely!
by Joe Blattner | September 28, 2016
Competitive employee benefit packages are the cornerstone of employee retention. While employers can often offer smaller perks and incentives to increase overall employee morale, without a comprehensive benefits package, new qualified applicants won’t walk through the door – and seasoned experienced employees will look for better opportunities elsewhere.
The Cost of Losing Talent
Employees leave jobs for a host of reasons. Yet each time your company loses an employee, there are qualitative and quantitative costs incurred. This comes in the form of lost productivity, advertising for a new position, hiring and training a replacement, and customer service issues with a reduced staff. A study by the Society for Human Resource Management indicates that, on average, it costs 6-9 months of an employee’s salary to replace that employee. For example, to replace an employee making about $60,000 per year would cost a company about $30,000 to $45,000.
Happy Employees Are Retained Employees
Maintaining a positive relationship with your employees is not a matter of guesswork. Employees want to know that they are respected and appreciated. They also want a balance between their professional and personal lives. Don’t be afraid to actively engage with your employees to determine what aspects matter most to them. This will help you narrow the focus of your employee benefit packages.
Building a Comprehensive Package
When thinking about employee benefits, it’s important to consider all aspects of an employee’s well-being. Far too often, small business owners focus solely on health insurance options. That’s a vital aspect of the benefits plan certainly, but it is not the only aspect worth considering.
401(k)
Besides health insurance, the 401(k) is the second most important aspect of comprehensive employee benefit packages. Employees want to know they will one day be able to enjoy a comfortable retirement. It’s so important, in fact, recent studies have shown that a well managed 401(k) program can add approximately 8% to the overall profitability to the company.
Paid Time Off
All employees need the chance to recharge their batteries. It increases overall productivity and helps elevate employee morale. It’s also an important component of a comprehensive benefits package. Traditionally, companies offered different types of time off including sick leave, vacation, and holidays. Today, more companies are incorporating a more consolidated approach toward paid leave and allowing employees to decide when and how to utilize their personal days.
Short and Long Term Disability
Accidents and illnesses happen. Although we all hope to avoid them, many of us will at one point or another need disability insurance for ourselves or our loved ones. If your employee is suddenly out of work for a serious medical condition, they will need to replace their lost income to continue to provide for their family. Short and long term disability packages allow employees to have the peace of mind that their family’s needs will continue to be met even during a medical hardship. Additionally, many of these types of plans are completely employee funded so employers incur no additional cost for the program.
Dental and Vision
Standard health insurance rarely offers any type of coverage for dental or vision. For your employees with families and small children, these types of policies can help offer a tangible savings in overall health expenses. While the costs of many of these programs are often shared between the employee and the employer, the expense is more than paid back in employee satisfaction.
Flexible Spending Accounts
Flexible spending accounts allow employees to pay for medical expenses such as deductibles and co-pays with pre-tax dollars.
Communicating Value
Providing excellent benefits without regularly communicating the value of these benefits to your employees is a missed opportunity. People are prone to take things for granted; and, those who don’t still often miss the big picture. The solution is to communicate the value of the total package you are providing each employee, using online solutions such as COMPackage. Such a solution is easy-to-use, inexpensive, and powerful in how it clearly and simply communicates the value of each employee’s overall package.
by Joe Blattner | August 1, 2015
A new report entitled, “2015 Workplace Flexibility Study,” surveyed 1087 professionals (employed and job seekers), and 116 HR professionals and found that 67% of HR professionals think that their employees have a balanced work-life, yet almost half (45%) of employees (35% of job seekers) feel that they don’t have enough personal time each week.
According to the report, sponsored by WorkplaceTrends.com, and CareerArc, giving employees the option to periodically work from home without coming into the office provides benefits to both employees and employers. “87% of HR leaders believe that workplace flexibility programs lead to employee satisfaction, while nearly 7 out of 10 HR leaders use workplace flexibility programs as a recruiting and retention tool.”
Most employers do not appear to be aware of how important workplace flexibility is to employees. Roughly 50% of employers ranked workplace flexibility as the most important benefit they believe their employees desire, compared to 75% of employees – who ranked it as the most important benefit!
But workplace flexibility isn’t only good for employee satisfaction. Employers also chalked up an increase in productivity, an increase in employee retention, and 54% said their workplace flexibility programs positively impacted their recruiting.
Total Benefits Reporting software tools like COMPackage.com, allow employers to really put a fine point on how workplace flexibility impacts an employee’s bottom line. The software has standard benefits reporting features such as charting the value of salary, bonuses, profit sharing, healthcare-related benefits, paid time off, and so on. Moreover, it has the ability to display, and value, custom benefits. For example, employers can show their employees the actual estimated dollar value of not having to pay for parking, gas, going out to lunch – even the value of the time saved by not having to spend 30 minutes twice a day commuting to and from work. While these things can be taken for granted, they can add up to thousands of dollars.
Employers not currently offering workplace flexibility might well benefit from taking a hard look at the hard dollars to be gained – both by the employer and the employees – in allowing employees to work from home. Workplace flexibility is clearly a burgeoning trend, and employers who don’t get on board might find themselves working harder than necessary to attract and retain top talent.
