Welcome back to the eighth edition of the “compensation corral”– a monthly round-up highlighting 10 relevant articles in the compensation space. This month's hot topics include non-traditional benefits, 401(k)s, retention tactics, health coverage, and more.
Here’s the top 10 articles from August you should use to get up to speed:
1) The Staying Power of 401(k)s: How Employers Can Maximize the Core Benefit to Attract and Retain Top Talent
A Betterment for Business survey of 845 employees provided insights into how employers can design a 401(k) that better serves its intended purposes of ensuring a comfortable life for employees while helping companies find and keep top talent.
For advice on crafting a value-packed 401(k) offering, check out this PDF.
2) USCIS Extends H-1B Premium Processing Suspension Until 2019
In the last year, USCIS has made a series of adjustments to H-1B adjudication policies, creating a complex landscape of policies H-1B petitioners must follow. All changes taken together are capable of deterring applicants and creating an extensive application process.
Read this article to learn about the impact of these tweaked policies.
3) Your Best Employees Are Leaving. But is it Personal or Practical?
Randstad US released research examining the reasons workers choose to stay with their employers — or leave to seek employment elsewhere. The data revealed two primary drivers of behavior, the first being practical elements of a job including pay, commute, and paid time off. The second driver is more personal: including reasons like interpersonal relationships and engagement.
Check out this article to learn more about why good employees jump ship.
4) How Technology is Redefining the Workplace, Workday, and Workforce
New research from Intermedia examines how companies can utilize technology to nurture a more collaborative, productive, and accessible workplace. It also looks at how technology can be used to attract and retain top talent.
Read Intermedia’s 2018 Workplace Communications Report to learn about tech’s impact on the work experience.
5) How Companies Make It Harder for Lesbian, Gay, and Bisexual Employees to Achieve Work-Life Balance
Harvard Business Review conducted a qualitative study in which they interviewed 53 lesbian, gay, or bisexual (LGB) employees in the U.S. and asked them about their work-family experiences. Findings revealed that LGB employees experience many of the same work-family conflicts that their heterosexual colleagues do, such as work time interfering with family time, but they also experience a range of additional conflicts related to their stigmatized family identity.
Dig deeper into HBR’s other findings.
6) Quarterly Survey Finds Record-High Small Business Confidence
Each quarter, CNBC and SurveyMonkey poll over 2,000 small business owners to measure the vitality of the American economy. One key finding includes: 58% of small business owners surveyed say overall business conditions are good, up from 53% in Q2, and up 39% from the third quarter of 2017.
Look at more survey insights here.
7) After Years of Erosion, More Employers are Offering Health Coverage; Worker Eligibility Higher
According to the Employee Benefit Research Institute, after years of erosion, more employers are offering health coverage and worker eligibility is higher.
8) July’s Jobs Report: Solid Jobs but Little Wage Acceleration
Today’s jobs report shows that the U.S. labor market is strong, with payrolls up 157,000 in July as the unemployment rate ticked down to 3.9 percent, according to Jared Bernstein’s 'On The Economy' blog. The broader underemployment rate (“U-6”) fell to 7.5% – its lowest rate since 2001. According to Bernstein, this is because more part-time workers are finding the full-time jobs they were looking for. Wage growth, however, did not accelerate.
Read Berstein’s blog in full for more info.
9) TriNet Survey Highlights Increasing Importance of Non-Traditional Benefits as Unemployment Rates Remain Low
A survey released by TriNet found that 91% of respondents at SMBs view non-traditional benefits as an important component of their overall job satisfaction. According to the survey, less traditional benefits include perks like a flexible work schedule, commuter benefits, unlimited PTO, paid volunteer time, and remote work opportunities.
Read TriNet’s press release to learn more.
10) Demoted at Work
OfficeTeam surveys of more than 300 HR managers and more than 1,000 workers in the U.S. found that 46% of companies have demoted an employee. Top reasons for demotion include poor performance, an employee not succeeding in a new role, and organizational restructuring.
Check out this infographic by OfficeTeam to learn more.
Feeling nostalgic? Check out last month's compensation corral.