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International Foundation of Employee Benefit Plans
NOVEMBER 21, 2023
Benefits Magazine Extras articles provide you with bonus content on a mix of benefits topics as well as deep dives and analyses on the latest benefit trends and compliance issues. Visit ifebp.org/benefitsmagazine to see the latest Benefits Magazine Extras as well as the bimonthly print edition.
Employers usually offer bonuses to employees for a specific purpose (for example, to reward certain behavior or to recognize the achievement of established goals). For employees, bonuses are very popular because they represent an opportunity to earn more money beyond what their salary or hourly rate dictates. Spot bonus.
Incentive Magazine revealed employee benefits are more valuable than ever – according to MetLife’s 10th annual study of employee benefits trends, there is a strong relationship between satisfaction with benefits and overall job satisfaction.
But, before you hit the ground running, take a moment to dive into what kinds of bonuses are out there, as well as what goes into creating a bonus program. First things first: How are employee bonuses defined? First things first: How are employee bonuses defined? How employers benefit. Employee bonus program basics.
What can you do to stand out during unpredictable times and show that you’re an employer of choice – and will continue to be one, come what may? What’s an employer of choice? When you’re an employer of choice, you’re an organization that people have a strong desire to work for. What being an employer of choice looks like.
You may even need to improve your employer brand in your community if you don’t have a positive reputation as an employer in your area. Workforce Magazine named her a “Game Changer,” Recruiter.com included her in their 2016 “Top 10 Company Culture Experts to Watch” list, and she is a co-author of the book, What’s Next in HR.
Employee contribution 5% and employer contribution 3%. Personal trainer and Yoga sessions, every week in worktime, employer paid. Private medical insurance for senior leadership scheme, employer paid. Bikes-for-work scheme Regular employer-funded social get-togethers and Christmas party extravaganza. Life insurance.
Sometimes these perks come with expenses for employers, such as: Ordering in lunch for employees Paying their membership dues for industry associations or even to the nearby gym Offering monetary awards or gifts. Understandably, it’s an unpopular and painful decision for employers and employees alike. Retention bonuses.
In the post-COVID workplace , employees tend to have much higher expectations of their employers, including the frequency and breadth of communications. However, from employers’ perspective, the cost of living doesn’t necessarily equate with the cost of labor – and it’s the latter that determines salaries. Summing it all up.
Magazine’s November 2018 issue. . Originally posted in Inc. Best Money Moves’ founder and CEO, Ilyce Glink, sat down with Kathy Kristof to discuss the nuances of starting a business later in your career. Thinking about starting a business later in your career? The statistics can be off-putting.
“Ideally, employers and recruiters would be upfront with [salary] information and volunteer it first, but that’s not often the case,” Fink said. By giving a salary range, you show that you’re willing to be flexible and work with your prospective employer. Crawford also recommends thinking beyond base pay alone.
Although difficult, needing to choose between two strong job applicants is overall a favorable circumstance to be in as an employer. For every hire, and especially ones where the final decision is more nuanced than usual, it’s important to take steps to minimize your employer liability. Does either have something you’re missing?
They tend to mark milestones, such as: Employment anniversaries Birthdays Holidays. Employment anniversary milestones are a wonderful way to connect the dots between employee dedication, service and the company’s mission. Extrinsic rewards include raises, bonuses, gifts and promotions. Let’s take a closer look.
workers better prepare financially for retirement, at every stage of their employment journey. In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 employer-sponsored 401(k) plans. Act also allows employers to offer many optional financial benefits to their employees.
And yet, when employees leave their company, the feeling that so many experience from their soon-to-be-former-employer can be, “ Don’t let the door hit you on the way out.” Issue final pay, which encompasses the last paycheck, unused paid time off (PTO) and pending bonuses.
It’s the question employers are constantly asking: How do I get my employees to stay for the long term ? That’s why employers should be proactive about not only confirming that employees are paid fairly, but also maintaining their competitiveness.
Even more concerning for employers, the Society for Human Resource Management (SHRM) reports in its Spring 2022 People + Strategy Journal that on average, a majority (about 60% at the time of reporting) of recent turnover is voluntary. million voluntary resignations for the month, representing 2.8% of the entire U.S. Invest in retention.
Ever since the COVID-19 pandemic and the subsequent onset of The Great Resignation , improving employee retention ranks as one of employers’ main concerns and priorities. It signals to employees that their employer cares about them and is willing to invest in them. This leads to many benefits for employers as well.
How will you ensure compliance as employment laws evolve? But if you want more guidance as you compare vendors and software, download our free magazine, Derailed by Data? Establish your must-haves and nice-to-haves, and know the difference between the two. Bonus features might include performance management or retirement services.
How can employers go above and beyond to become a best place to work , obtaining outstanding reviews, generating positive word of mouth and becoming sought after among job candidates? There’s a lot of competition for talent, and good pay and benefits will make the difference in swaying employment decisions. Summing it all up.
Amazon, Costco and Walmart, have bumped paychecks, Glassdoor’s Employment Confidence Survey found that 4 in 5 employees would choose additional benefits over a pay raise. This article first appeared in the April 2019 issue of The HR Digest magazine. With the unemployment rate dropping to 3.6
It is essential to brief the new employee about the employment agreement terms and policies of the organization. Whether you want to stay up-to-date on HR news , read in-depth HR articles, or find new ideas on strategy, innovation, and leadership, The HR Digest Magazine is here to suit your needs and help you stay more informed.
Are you a magazine looking for a new fashion writer? Instead of looking to previous magazine writers, get online and look at bloggers with a knack for words and an eye for style. Bonuses aren’t always easy to come by, but they’re very persuasive. Are you a tech company in need of a new support person but cannot find one?
The five big mistakes employers make. To learn more about establishing a learning culture in your workplace, download our free magazine: The Insperity guide to learning and development. As an added bonus, peer learning can improve team camaraderie and engagement. What was your last learning opportunity, and what did you learn?
While the bulk of your employment policies can transfer smoothly into a remote company model, you may need to script out a few expectations specific to your new virtual working arrangements. If you’re worried about how to implement a remote work policy, read this. Con: You’ll have new HR complexities.
When employees don’t understand why a change is happening – or when they worry it’s just the start of bigger changes that might affect their employment – they may unconsciously resist the changes and slow down their work. Be authentic. Speak to your team the way you normally do, to avoid creating doubt in their minds about what you’re saying.
Employers may wait for the external warning signs of employee burnout, or even verbal confirmation from employees. For more information about preventing employee burnout and improving your workplace, download our free magazine: The Insperity guide to being a best place to work. But at that point, it might be too late.
Some professional employer organizations (PEOs) offer specialized leadership coaching. Because meeting performance objectives and other goals are tied to bonuses, salary increases and promotions. To learn more about developing your organization’s managers, download our free magazine: The Insperity guide to leadership and management.
How can business leaders avoid unconscious bias during the lifecycle of an employee’s employment? For more information on becoming a more effective, fair and empowering leader, download our free magazine: The Insperity guide to leadership and management. But what happens after a hire is made?
Survey shows employers are focusing on benefits that support mental health and caregiving support for American workers. SHRM (the Society for Human Resource Management) released data from a survey of HR professionals who report that COVID-19 has prompted significant changes to employer-provided benefits in 2020. About SHRM.
Here are a few simple steps to get started creating a compensation strategy: Assess your current pay practices, including base pay along with any bonuses or incentive plans. Rely on a professional employer organization (PEO). Here, we’ve outlined eight strategies to help employers navigate these tough times. Nearly all U.S.
For example, it can surprise some employers to learn that many of the most skilled workers in their industry may not have a master’s degree, or they don’t have the free time or the funds to earn certifications. What would attract you to a particular employer ? It’s critical at this step to weigh job requirements versus preferences.
Most employment contracts now explicitly mention harassment as a justification for termination. Subscribe to the nation’s fastest-growing HR magazine to get the latest HR news and updates. . Under the terms of his exit, he’ll be able to assist with the transition through July at the pay rate of $9,000 every two weeks.
Because many of them have only worked for companies remotely, or their current remote job is their first job, Gen Zers are more likely than prior generations to have weaker, distant relationships with colleagues and managers, and feel disconnected from their employer. Bonus tip: Be flexible.
1. Promote your employer brand (mission, vision and values). Together, your mission, vision and values make up your employer brand. Highlight your benefits offerings both in job descriptions and in the employment or career section of your website. Want to become an even more competitive recruiter and employer?
You must also be careful about state and local laws that prohibit employers from inquiries regarding salary history.). Employers and managers must never prohibit employees from discussing pay as so doing would violate employee rights. There are steps that employers can take, beginning with determining appropriate pay rates.
For example, it can surprise some employers to learn that many of the most skilled workers in their industry may not have a master’s degree, or they don’t have the free time or the funds to earn certifications. What would attract you to a particular employer ? It’s critical at this step to weigh job requirements versus preferences.
Here are a few simple steps to get started creating a compensation strategy: Assess your current pay practices, including base pay along with any bonuses or incentive plans. Rely on a professional employer organization (PEO). Here, we’ve outlined eight strategies to help employers navigate these tough times. Nearly all U.S.
Generation Z: Brand-new to the workforce, which makes them a bit of an unknown entity and a group on which employers need to maintain a pulse (older Gen Zers have graduated from college within the last few years). Major news event of their childhood and young adulthood was Sept.
However, it is correct to say that they are beneficial for both employers and employees. Of course, depending on HR practices, the corporate benefits offered vary. No matter how big your business or your budget, new incentive and recognition campaigns can always be implemented.
In fact, 80% of employees at companies with robust health and wellness programs feel engaged and cared for by their employers. It’s a win-win because employees have more flexibility and employers can reward good performance. If you can’t get your team engaged then your wellness program ideas will quickly lose steam.
However, it is correct to say that they are beneficial for both employers and employees. Of course, depending on HR practices, the corporate benefits offered vary. No matter how big your business or your budget, new incentive and recognition campaigns can always be implemented.
From the monthly Netflix fix to news and magazines, it is easier than ever to show your appreciation. It could be a magazine subscription (on a topic they would be interested in), treats for pets, snack samples, or anything they would enjoy. Want to give someone the gift that keeps on giving? Try a subscription box. And it pays off.
A survey report from Forrester stated that employees who are stressed and think that their employers will not care about their wellbeing are twice as likely to explore other job opportunities. Also, such programs help employers to save on healthcare costs. Are wellness incentives taxable?
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