Employers Continue to Absorb Rising Health Insurance Costs
KFF recently issued its 2024 Employer Health Survey and – to the surprise of nobody – found that annual premiums for employer-provided health insurance shot up yet again in the past year, rising 7%. What is interesting, however, is that the share paid by workers was little changed; in fact, according to KFF, the premiums…
How to Create Meaningful and Comprehensive Total Rewards Statements
Key Takeaways: Understand the Purpose: A total rewards statement helps employees understand the complete value of their compensation, beyond their salary. Include All Components: Cover base salary, bonuses, benefits, and non-monetary rewards. Be Thorough and Transparent: Use straightforward language and provide detailed explanations for each component. Personalization: Tailor each statement to reflect the individual employee’s…
4 Trends in HR that Highlight the Importance of Total Rewards Stories
Key takeaways: Employees increasingly expect comprehensive total rewards packages that go beyond basic salary, requiring employers to clearly communicate their total rewards stories to their teams. There’s a growing demand for customized rewards statements that reflect individual needs and benefits, helping employees understand how their benefits align with their personal and professional goals. Transparent total…
Putting People First: Taking a Personal Approach to Total Comp Statements
Key takeaways: Personalized Design: RewardsFocus offers custom-designed total comp statements tailored to reflect your company’s culture and values, ensuring clarity and engagement. Expert Collaboration: Work directly with seasoned HR and data analysis professionals to create total comp statements that align with your specific objectives and branding. Enhanced Communication: Our approach to both content and design…
Total rewards communications: increasingly critical to employee retention
Key takeaways: In order to engage and retain their workforce, organizations should prioritize more effective total rewards communications. Some recommendations for how to do so include: Design statements that reflect company values and mission. Personalize communications with narratives and acknowledgment of individual contributions. Collaborate with experts, rather than simply relying on software. Use charts and…
Why a Narrative Approach to Total Rewards Statements Matters
Key takeaways: Leading organizations are adopting agile, personalized, and holistic total rewards statements to attract and retain talent. Tailoring total rewards statements to specific audiences enhances employee understanding and appreciation of benefits. Customized total rewards statements provide a narrative (rather than just raw data), making it easier for employees to internalize the value of their…
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…