While organizations are starting to take the first steps to understand and offer rewards packages that are custom tailored to their employee’s preferences, they have only begun to scratch the surface. In particular, nearly all organizations have focused on considering the needs of their employees and are missing out on a large segment of their workforce—contractors, freelancers, and gig workers.
Posted by Robert Davis, on February 25, 2019.
Here’s a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation.
If you believe that access to learning and development (L&D) opportunities in your organization is democratic, this next statement might feel like a splash of cold water: it never has been. Aside from the most basic of offerings—like choosing your own adventure from a learning management system catalog or required compliance training—formal learning opportunities have historically been a de facto performance-based reward in most organizations.
There’s a better way to shine as an employer
We’ve seen a flurry of articles recently describing why perks are becoming passé. That’s not to say workers no longer value compensation, benefits, and the extra things that employers offer and do for their workforce; it’s just that often the rewards being offered aren’t meaningful to workers and organizations aren’t seeing enough return on their investment—no boost in worker engagement or retention, nor upticks in their employment brand. We couldn’t agree more. Making rewards more, well, rewarding for the workforce and organizations means evolving beyond the too-common practice of throwing perks at the wall and hoping they stick.
Posted by Pete DeBellis on December 6, 2018.
Organizations are in an uphill battle for talent. With less than one job-seeker per job opening in the U.S. at present,1 and a scarcity of qualified talent, organizations need to make substantial changes to attract and retain the talent they need to maintain productivity and drive innovation. Rewards, of course, are one of the most important ways that organizations attract talent. But the days of offering talent the same rewards as competitors have passed. The current job market demands differentiated rewards—by employee, by life stage, and by each organization’s culture and values.
Posted by Kathi Enderes on November 12, 2018.
“Science confirms: people are not pets,” claims a recent article.1 The key finding of this piece was also the topic of the book Drive: The Surprising Truth About What Motivates Us, by Daniel H. Pink,2 which asserts that people cannot bribe others into doing what they want. Study after study has confirmed that attempts to motivate people with extrinsic rewards to perform better, work harder, or behave differently tend to be fruitless at best—and are often counterproductive. So why do so many organizations still use the old “pay for performance” moniker? Why do they spend hours and hours designing systems to evaluate performance and differentiate performance levels with rewards?
Posted by Pete DeBellis on November 6, 2018.
Voter turnout in the United States significantly lags behind that of most highly developed, democratic countries.1 It’s a complex issue, and one that many individuals care about. But do organizations have any obligation to address it—for instance, by giving employees time off to vote? While extra paid or unpaid time away from work may pose direct and indirect costs for employers, many employers are willing to invest in these programs on the basis of their impact on society—a phenomenon Deloitte identified as “The rise of the social enterprise” in its 2018 Global Human Capital Trends Report.2
Posted by Peter DeBellis on October 1, 2018.
Deloitte’s 2018 Human Capital Trends report reveals compelling data regarding the importance of wellbeing offerings to employees—many organizations report a stark difference between what their employees want and what their employers actually deliver. The report identifies Well-being: A Strategy and a Responsibility as one of the top ten global human capital trends for 2018, and examines the ways in which companies can integrate their rewards offerings into a holistic wellbeing strategy to increase worker productivity and meet new social expectations.1
Posted by Peter DeBellis on September 24, 2018.
Earlier this year, the total amount of outstanding student debt in the United States exceeded $1.5 trillion1 for the first time—yes, trillion! That amount is nearly one and a half times what the nation owes in total motor vehicle loans. Let that sink in for a moment—think about how many cars are on the road, their cost, and how the majority of Americans are not recent graduates with student debt!
The pay ratio disclosure requirement called for in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act1 took effect for fiscal years beginning on or after January 1, 2017. Public companies are required to disclose the ratio of the compensation of their chief executive officer (CEO) to their median employee. Deloitte Consulting LLP analyzed pay ratio disclosures of 294 S&P 500 companies from DEF 14A filings as of April 10, 2018. Here’s a summary of what we found.