Organizations that help workers eliminate student loan debt earn a greater payoff: increased productivity, loyalty, and retention.
By Michael Fenlon
With outstanding student loan debt at a national high of over $1.3 trillion, more than 44.2 million Americans are burdened with student loan debt. Along with increased stress, debt is having secondary impacts on many professionals and affecting when they are starting families, buying homes, and how they’re saving for retirement. These obstacles have a negative impact on overall workplace wellness by decreasing productivity, leading to disengagement, and even undermining physical health.
Research reveals five trends that help guide best practices in payroll.
By Mollie Lambardi
Payroll continues to be one of the top services that is outsourced to a third-party provider. In fact, Aptitude Research Partners’ recent study on workforce management found that four out of five organizations are using payroll software solutions or payroll services. When looking at large enterprises—those with more than 1,000 employees—that number is nearly nine out of 10. As organizations struggle to find and keep great talent, creating a positive payroll experience is increasingly important. And as HR organizations seek to position themselves as strategic leaders, the last thing they want is to be bogged down by payroll errors. But an increasingly complex regulatory environment is quickly complicating the world of payroll.
Organizations need to adapt their approach to benefits to suit today’s changing demographics.
By Randy Stram
With the gig economy rapidly expanding, employers are focused on retaining and engaging employees. According to MetLife’s 15th annual U.S. Employee Benefit Trends Study (EBTS), more than half (51 percent) of employees today are interested in contract or freelance work. Not surprisingly, gig work appeals to millennials most, with nearly two-thirds (64 percent) of the generation interested, followed by Gen X (52 percent), and baby boomers (41 percent). Workers are drawn to freelance roles due to the flexible hours, the ability to work from home, and project variety. This is causing organizations to have a laser focus on retaining their talent—the top priority among employers, according to EBTS’ findings. In fact, 51 percent of respondents plan to leverage benefits as a retention strategy in the next three to five years.
Seven perk-driven strategies to engage and retain employees.
By Jeanie Heffernan
A company’s greatest asset is its workforce, and that is why it is vital to equip workers with the best tools and resources to do their jobs. But today’s employees are also looking for benefits that help maintain a positive work-life balance. While traditional benefits such as medical, dental, and vision insurance might be what initially come to mind, many organizations are beginning to think outside of the box to foster a more engaged, productive, and healthier workforce. Recent iCIMS research found that 92 percent of full-time employees believe that companies offering non-traditional benefits are more likely to recruit top-tier talent. These benefits also serve as retention tools; a comprehensive benefits package gives employees a reason to stay with a company other than the paycheck.
Organizations can achieve benefits by offering employees sought-after flexibility, but best practices should be followed.
By Greg Besner
Work-life balance is more important than it used to be. While previous generations didn’t question the nine-to-five workday format, modern job seekers are willing to forgo higher paying positions based on company culture alone, according to research from Fidelity. Whether telecommuting, working four 10-hour days, working part-time or simply adjusting the start or end times of a workday, flexible work schedules can increase commitment and retention.
Flexibility, data, and personalization are shaping the way organizations deliver employee benefits.
By Chris Bruce
In years past, employee benefits were seen as the status quo elements of HR. Employees and employers alike grew accustomed to the same list of standard benefits—from healthcare to retirement options. However, in recent years, this mentality has shifted as employees have demanded more of the companies they work for—not only in terms of the benefits they receive, but also in how they are able to interact with their benefits packages.
Choosing the right reimbursement program pays off.
By Craig Powell
By 2020, mobile workers will account for 72 percent of the total U.S. workforce, according to a recent report by IDC. Given this anticipated growth, it’s imperative that employers fairly and accurately reimburse their employees for any business-related driving expenses. Radio Shack, Walgreens, and Starbucks (see sidebar) are just a few of the organizations that have been involved in reimbursement-related lawsuits, which proves that no business—not even a high-profile one—is exempt from ensuring employees’ business-related expenses are covered.
By Sharon Cunninghis
A perfect storm is brewing in the healthcare benefits market. Be prepared.
Employers are pivotal players in today’s healthcare system, but their role has remained remarkably passive. Yes, organizations absorb much of the cost of coverage, ensure that they are in compliance with the complicated requirements of the Affordable Care Act, and provide many of the tools their employees need as insurance consumers. However, a transformation is long overdue.
FLSA’s new overtime pay regulations are set to have major organizational and ﬁnancial implications.
By Rosemarie Hill
A major change to the Fair Labor Standards Act, originally slated for December 1, 2016, has been put on hold – but don’t forget about it altogether. While a federal district court in Texas has issued a nationwide preliminary injunction prohibiting the Department of Labor from implementing its revised overtime rule, it does not mean that the DOL’s new overtime rule is invalid.
New research provides a blueprint for executing well-being programs.
By Ruth A. Hunt
Well-being seems to be one of the latest HR buzzwords among employers. And it’s no longer just physical wellness. Organizations today need to consider how to support their employees’ mental, emotional, financial, and professional well-being. Conduent HR Services’ 2016 HR services survey, Working Well: A Global Survey of Workforce Well-being Strategies, explores current approaches and practices of employers in supporting employee well-being in this scope.
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