Big Changes Ahead for Retirement Plans
Earlier this week, the House of Representatives overwhelmingly approved the Securing a Strong Retirement Act – also known as “SECURE Act 2.0” – in a bipartisan vote (the bill passed 414 to 5). While the bill needs to be taken up the Senate (check out this refresher on how a bill ultimately becomes law), if…
Creative Benefits for the WFH Era
Someday, we will go back to the office. In the meantime, employers are getting creative when it comes to total rewards in the age of social distancing and working from home. Free snacks and a foosball table aren’t much help when people can’t be together in an office. Example of ways in which employers are…
Three Workplace Takeaways from the World Series
The 2019 Washington Nationals completed a remarkable turnaround to win the World Series and become the first Washington, DC baseball team to win it all since 1924. But beyond capturing a championship, this team’s epic run leaves us with important lessons that go far beyond baseball. Here are three: Chemistry Matters People who follow baseball…
Giving Workers What They Want
As workers continue to be well-positioned in a strong economy with low unemployment, employers are strategizing about how best to recruit and retain a strong, stable workforce. Many employers will be tempted to use gimmicks that were first made popular years ago among trendy tech firms– think ping pong tables and free snacks. But in…
Total Compensation Statements Help Employers Recruit and Retain Top Talent
A recent article in Employee Benefit News notes that U.S. companies continue to be cautious when it comes to handing out raises and bonuses. But in today’s environment of historically low unemployment, employers still need to compete in order to recruit and retain top talent. One tactic they are embracing is improving their benefits offerings. Unfortunately for…
Are Your Employees Thankful for Benefits?
A recent article in Employee Benefit News examines an emerging trend of employers making changes to existing benefit offerings with the goal of increasing employee retention and boosting recruitment efforts. While the article focuses on examples of companies adding new benefits, it also mentions the following example of a situation in which a current benefit…
New Survey Shows Link Between Understanding and Appreciation of Total Rewards
Over breakfast the other day with a CEO friend of mine we were discussing the ongoing challenge of recruiting and retaining good employees. As we were chatting, I showed him a few examples of total compensation statements that RewardsFocus had recently delivered; he commented on how necessary these communications are since so many employees just…
Timing is (Almost) Everything
One question we get a lot when we speak with prospective clients is “when should we send a total compensation statement?” Great question. Each organization is different, so there’s no one right answer. However, here are three factors to consider when trying to determine the best timeframe for your organization: Actual vs. projected values –…
Study: Employers Pay Nearly 75 Percent of the Cost of Health Insurance
Chances are you didn’t see the above headline last week. However, it is one takeaway from the 2018 Employer Health Benefits Survey published by the Kaiser Family Foundation. Most articles about the survey focused on the finding that the average cost of employer-provided health insurance reached nearly $20,000 over the past year. Of course, there is…
Five Reasons You Need a Total Compensation Statement
With the unemployment rate in the U.S. hovering around 4%, employers are dealing with two difficult challenges – attracting new employees and retaining the ones they already have. Workers are in the best position they have been in for several years; employers need to step up their game in order to remain competitive. Whether you’re…