by admin | Jun 20, 2022 | Human Resources
U.S. President Joe Biden recently laid out his plans to combat inflation and the high cost of living. The average family is spending an additional $327 per month compared to pre-pandemic costs, according to a CNN broadcast May 10. At the time, the national average price of gas was $4.37. While the Federal Reserve can do more to influence inflation than the President, his announcement is welcome because people are suffering and some economists believe a recession is looming.
Under normal circumstances, the economy can cause burdens for HR leaders. In this case, businesses are still confronting uncertainty that comes from an ongoing pandemic, war in Europe, and a labor shortage. This is not to mention a mental health crisis and increased obligations for employers when it comes to employee engagement and experience.
The first step in addressing the negative impact of the economy is being realistic about the current situation and understanding how it impacts HR:
Some Can’t Afford RTO
Many companies are finally deploying their return to office (RTO) plans from 2020. Employees and leadership are at odds, in many cases, about whether to return or continue to work from home. One of the arguments workers have about WFH is that it is cheaper.
Some employees are quitting because they cannot afford the commute or lunch costs that come with returning to the office. Childcare, which has always been a problem for working parents, is another huge expense. In some cases, people end up paying to work, and it becomes more affordable to quit. HR must keep this in mind when considering wages and salaries.
Compensation and Benefits Packages
During this time of historic labor shortage, HR leaders are reassessing their compensation and benefits packages because they want to be competitive. Employees have leverage and higher wages has been one of the most requested benefits for obvious reasons.
“The talent shortage has boosted pay, but not enough to keep up with inflation,” according to The New York Times. “Wages grew 5.6% in the last year.”
Another obstacle for HR professionals is that increasing offers for new hires ended up creating an uneven divide between them and their veteran counterparts. Now, in some cases, loyal employees who stayed with their employers are earning less than new hires. With this kind of inflation, they may be lured by the prospect of higher pay elsewhere, which could continue the cycle of the Great Resignation.
Budget Concerns
Money is obviously not going as far as it used to go. Therefore, HR professionals should worry that this economic reality could cause budget cuts. For now, 79% of corporate finance executives say their budgets will be larger in 2022 than in 2021, according to Billing Platforms annual 2022 Trends in Finance Survey. With inflation as high as it is, they should prepare for cuts at some point. This could mean fewer resources for learning and development, employee engagement and experience initiatives, compensation and benefits packages, and more.
Travel Constraints
At the moment, most headlines point to Americans’ desire to get back on the road and see people face to face for personal and professional meetings. However, with gas prices and inflation this high, many budget conscious employers may pull back on travel budgets.
The United States is also preparing to confront another surge in COVID-19 cases. RTO poses risks, especially for vulnerable employees with comorbodities or those who live with at-risk people. In addition, parents of children under 5, who are not yet eligible for vaccination, have expressed concerns about both RTO and having to travel for work.
Solutions
Every department in every business must face the reality of inflation and higher costs. HR is no exception. In the case of HR leaders, rising costs is a people problem. Employees will need more money to support their families and to make work valuable to them. In addition, the business itself will have to constrain spending in areas like travel and perks. Maybe those free lunches will have to stop.
Still, there are some solutions available to HR. Promoting people from within the company as opposed to hiring new employees is a way to save money and improve retention. Being transparent about the limitations on wage increases and offering other less expensive benefits to compensate are other ways to address the problem.
Of course, travel can be replaced with videoconferencing and digital events that can be conducted from home. HR leaders have had to stretch resources before and will certainly have to do it again in the future.
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Jun 7, 2022 | Employee Benefits, Human Resources
Companies spend a large amount of time and money creating valuable benefits plans for employees. But after all that work, they often get low participation. Good benefit choices require an effort from employers to ensure that employees have help in understanding their benefits options. To make things even more complex, employers are having to consider options for a span of 4 generations in the workplace which can look very different. Providing benefits for a multigenerational workplace can be challenging but it is important for employers to simplify the process by delivering education through the right channels while avoiding a one-size-fits-all approach.
Understanding your audience and how to effectively communicate with them is the first step in creating your benefits messaging. For example, what are the demographics of your workplace? Do you need to provide multiple messages across various channels? Does your workplace speak English, or will you need bilingual messaging?
A recent survey indicates that 83% of employers believe that communication, employee education and engagement are key for employee participation.
Here are 5 tips on educating your employees about their benefits to encourage benefits participation:
- Break Down Health Insurance Options
- Distribute a simple guide that explains the key things employees should know about their health insurance and basic terminology
- Explain in simple terms about provider network, covered prescriptions, monthly premiums, deductibles, and additional plan benefits, if applicable
- Have an efficient way for employees to manage benefits and ask questions
- Automate the Process
- Make Plans Customizable
- Provide plenty of benefits options including medical, dental and vision from leading carriers
- Offer a lifestyle benefits program that allows employees to personalize their plan according to their needs
- Consider offering perks like commuter benefits or health club memberships to reduce financial burdens and encourage a healthy lifestyle
- Provide Multiple Communication Strategies
- Offer educational tools and channels preferred by employees so they can stay informed year-round to make better purchasing decisions
- Utilize effective benefits education tools that include in-person and virtual meetings, digital communication or print media
- You can utilize a short video to explain key concepts; use graphs and images or create short quizzes for employees to ensure they have read and understand the material
- Make it Easy to Sign-Up
- Invest in updated HR and Benefits technology that includes easy message capabilities such as email, text message alerts, video support, and live chat integration
- Provide a Benefits mobile app
- Offer a benefits website which houses benefit information, HR information, and enrollment material such as “BenefitsEasy“
Although you may use one or more of the tips above, it is vital to keep the information flowing throughout the year. A fun way to do this is to pose a monthly trivia question to your staff related to the benefits and wellness programs you offer and award a prize to the person who submits the correct answer. Highlighting different features of your benefits or wellness programs each month will keep your employees engaged and informed!
by admin | Apr 18, 2022 | Human Resources
Today’s offices potentially span five full generations ranging from Generation Z to the Silent Generation. A coworker could just as easily be raised with a smart phone in hand as they could have used a typewriter at their first job. Some see differences between generational colleagues as an annoyance (“kids these days!”) and many rely on generational stereotypes as fact. Truth of that matter is that generational stereotypes have about as many holes in them as a piece of Swiss cheese. Current research questions the validity of generational stereotypes. This series uncovers top generational myths as a strategy to support a diverse and healthy employee population.
Next, we progress to a group whose eldest members reached adulthood in the year 2000: Millennials (also known as Generation Y). This cohort was born between 1981 and 1996. The top three myths of Millennials include:
- They are the laziest generation at work. Millennials have been called the “trophy” generation with the implication that they receive accolades for just showing up. The impression this leaves in the workforce is that they are lacking motivation to go above and beyond, and may be comfortable phoning it in. The data doesn’t support this critical generalization! Most Millennials are inspired by big, hairy goals at work. In fact, 59% of Millennials reported that competition is “what gets them up in the morning.”
- Millennial employees need life instructions on “adulting.” Children of the ‘80s and ‘90s were raised with a teacher, coach, or parent nearby to instruct or help them figure out a solution. For that reason, they often get labeled as incapable. This may lead you to believe that this generation is lacking smarts, and this couldn’t be further from the truth. Close to 40% of adults aged 25 to 37 have a bachelor’s degree, a percentage that overshadows both Baby Boomers and Generation Y at this same point in their life. Millennials are more educated and more technology savvy than prior generations. One sign of their life skills aptitude? Check out their retirement accounts. Dave Ramsey, personal finance guru, summed it up like this: “Even though Millennials have had less 20 years to build their retirement wealth, they are not that far behind many of those who are closest to retirement.” Yes, they may ask a lot of questions, but don’t let this fool you.
- They are job hoppers. They don’t commit to companies. They leave jobs at the drop of a hat. This tune may sound familiar because you have heard it before. A Pew Research study showed that when you freeze data for age, Generations X and Millennials had similar tenures at work. Workers in the first few decades of their career are more open to looking for new opportunities to explore new jobs and learn. The data show that this sentiment is more closely aligned with a stage in life that all generations have experienced. So, let’s give Millennials a break here. Just because they don’t intend to stick around at one company to receive a glass retirement plaque doesn’t mean they have any less value than other generations.
Despite what you may have heard, Millennials are hard workers with the know-how to quickly pick up new knowledge or skills. They value stability just as much, or more, than prior generations.
© UBA. All rights reserved.
by admin | Apr 7, 2022 | Hot Topics, Human Resources, Workplace
2021 was quittin’ time in America. Last year alone over 47.4 million Americans quit their jobs. This year, employees seemingly have the upper hand against employers. The Turnover Tsunami, a.k.a. The Great Resignation, has forced a reckoning with the workplace and few employers have come away unscathed. Organizations are now shifting priorities to make employee well-being and retention the priority. The fact of the matter is, after health insurance, the most desirable perks and benefits are those that offer flexibility while improving work/life balance. So, what is it that employees really want to achieve a better work/life balance?
- Hybrid Work – Working remotely some days in the week and at a physical office on others
- Flexibility– Being able to occasionally shift hours that best fit an employee’s life
Why Hybrid Work?
In 2020, people had to change the way they worked overnight and turned their kitchen tables into a fully functioning office. Many employees discovered they were more productive at home. On the other hand, some miss the social nature of the office and working collaboratively in person. Because of these mixed perks of in office vs. working at home, hybrid work can offer the best of both worlds.
According to a survey by the International Workplace Group, 72% of office workers would prefer a hybrid way of working to a full-time return to the office – even if reverting to Monday – Friday routine meant earning more money.
Why Flexible Work?
When the workforce went home because of the COVID-19 pandemic, it caused a change in the expectations of employees and therefore the way companies approach their work environments. The pandemic prompted job seekers to seek flexibility that allows them some level of control of their time. Gene Lanzoni at Guardian said “Time is the most important benefit an employer can provide. For many of us the pandemic afforded us more time, and we’re really not willing to give that back. We had a taste of a more balanced life.”
Balance has never been more important. 60% of families with children have both parents working and for these families, being able to work from home with flexibility is nonnegotiable. Flexibility can allow caregivers to log off from 3 p.m. – 8 p.m. and then come back and do some work after the kids are in bed. When employees have more control of their work schedules, they can free up time to take care of things that pop up in their personal lives – whether it’s running an errand, taking a child to the dentist, or being home for a delivery.
In the end, a flexible schedule contributes to a higher quality of life. Employees don’t have to put their careers on hold to focus on their families or education. This freedom is more valuable in the long run than a paycheck.
Worker retention is more important than ever in 2022. Building a good workplace culture based on the current interests of employees plays a significant role for the success of the company. Businesses now live in an employee-driven job market. It is essential that as an employer you know what benefits your employees value to keep them happy, healthy and working for you.
by admin | Mar 31, 2022 | Hot Topics, Human Resources
You’ve probably been hearing about the Great Resignation (or however you want to describe it) for months now. Even if you’re not dealing directly with increased turnover, your employees know they have options. Their friends, family, and people they know peripherally or on social media have made the leap and are gleefully announcing it on LinkedIn.
Some job-hoppers may be emboldened by the movement to quit good jobs in the hope of something better—better pay, more flexibility, or more opportunities for advancement. Some have simply been pushed to the brink by dead-end jobs, lousy company culture, or ineffective managers. Others have given up trying to “have it all” and left the workforce completely.
But what if employers could capitalize on this current “I quit” mood? If people are leaving jobs for something better, offer something better! Here are some ideas to create an engaged and committed workforce:
1. Understand and Be Responsive to Employee Needs, Motivations, and Priorities
A paycheck may be the reason everyone has a job in the first place, but it’s not the only reason people choose to work or decide to work for one employer over another. Your employees stick with you because there’s something in it for them besides the money. The job is useful to them. Knowing why it’s useful enables you to keep employees satisfied and, better yet, make their jobs even more appealing.
2. Prioritize Employee Development
A work environment in which people gain knowledge, learn new skills, and advance in their careers speaks more clearly and loudly than any marketing message can. People like working where they can grow and develop. According to a LinkedIn report, companies “that excel at internal mobility are able to retain employees nearly twice as long as companies that struggle with it.” And a better trained workforce is also a more productive and profitable workforce!
3. Reward Success
In fact, reward anything you want to see more of. Whether large or small, the rewards have to be meaningful. Ideally, figure out what type of reward speaks to each employee. For some, acknowledgment in a company meeting will make their heart sing. For others, receiving a token of your appreciation, such as a coffee gift card, will be more meaningful.
4. Allow for a Healthy Work-Life Balance
Flexibility is a big selling point for employees looking for better balance between work and life. Your employees have other commitments they need to attend to. Some are caring for young children or other family members while navigating daycare and school closures or multiple appointments. Give employees the time to see to those commitments and have a life outside of work, and you’ll get more from them when they’re on the job. Options may include remote or hybrid work, paid time off, flex hours, four-day workweeks, alternative schedules, and reducing workload. Remember, however, that policies are only as good as the practices around them. Ensure that employees don’t need to jump through hoops to request time off. Remind managers to be responsive to requests for time off and on the look out for signs that employees are feeling overwhelmed.
5. Conduct “Stay Interviews”
Don’t wait until people are leaving to investigate what could have inclined them to stay. Talk to employees now about what’s going well, what pain points they’re experiencing, and what could be done to take the relationship to the next level. Stay interviews enable you to address problems and unfulfilled wishes before they drive people out the door.
By Lisa DeShantz-Cook
Originally posted on Mineral
by admin | Mar 21, 2022 | Health & Wellness, Human Resources, Workplace
Question
We’ve been both super busy and understaffed recently. Is there anything we can do during this time to help our employees avoid extra stress or burnout before we can hire more employees?
Answer
Yes. Here are a few things you can do to make this time run as smoothly and stress-free as possible:
Remove nonessential work duties: For the positions that seem most stretched, make a list of tasks that could be put on hold (or perhaps reassigned). You can invite input from employees, too, but I’d recommend acknowledging that they’re overwhelmed and saying that you’ll do your best to alleviate some of the pressure. Then hold off on nonessential tasks until business slows down or you’ve increased your headcount.
Allow for flexible scheduling: If employees need to work longer hours on some days during the week, consider allowing them to work fewer hours on other days of the week. Note that some states have daily overtime, spread-of-hours, or split-shift laws.
Budget for overtime: Employees may need to work extra hours to keep up with the current demands of their job, so allow them to work overtime if you (and they) can swing it. If you’re pretty sure overtime will be necessary, inform employees of that ahead of time, so they can plan accordingly.
Ensure all equipment is fast and reliable: It’s important to identify, troubleshoot, and correct any slow or nonworking equipment issues (such as laptops, internet hardware, cash registers, or vehicles). If not resolved, these issues can slow down work and add to everyone’s stress.
Look for ways to automate: Consider whether any of your employees’ manual and time-consuming tasks could be eliminated or simplified with the use of new or different technology.
Increase safety protocols: Employee absences related to COVID have created a significant strain for many employers during the pandemic. Shoring up your safety protocols may reduce the risk of COVID-related absences because of sickness or exposure. Depending on your circumstances, examples include improving ventilation, encouraging or requiring vaccination, requiring employees to wear masks, and allowing employees to work remotely when possible.
By Megan Lemire
Originally posted on Mineral
