Hiring is Surging. How Will You Keep Your Best Employees?

Last Friday's employment report was the strongest one of 2015. In addition to recording the lowest unemployment rate since April 2008, wages were up 2.5% from the previous year. According to The Wall Street Journal, "the economy is gaining traction and the steady pace of hiring is finally translating to long-awaited wage growth."

Great news for workers, the economy and the country. But for employers, there is also a challenge - how to hold on to the best workers.

Without question, employee retention is a complicated topic - there are all sorts of reasons why employees move on, and there are many tools and strategies employers can use to minimize turnover. But one important tactic that is sometimes overlooked is communications - specifically, total rewards communications.

While HR professionals are rightly concerned about making sure their organizations provide competitive pay and benefits, it's very important to keep in mind that how total rewards are communicated can have as much impact as what makes up a total rewards package. There are countless organizations that provide excellent total compensation to employees but, because these organizations do a poor job of telling their total rewards story, the investments being poured into total rewards are not having the desired impact.

If your organization could use help with total compensation statements or other types of total rewards communications, contact us and let's talk.

Employee Retention, Engagement are Top Concerns for Employers

The New York Times reports on two new studies that find employers are increasingly worried about how to hold on to their best people.

So what are employers doing to make sure that key employees don't head for the exits?

According to the article, one area that organizations are focusing on is culture - making sure that workers find meaning and value in their work. Another strategy employers are turning to is making sure that benefits - in particular healthcare and retirement benefits - are competitive.

But sometimes it's not what employers provide but rather how they communicate about what they already provide.

Employers need to recognize that great pay, benefits and other perks are necessary, but they're not always sufficient. The missing link is communications and education - making sure that employees know about and appreciate what the employer makes available.

While there are many ways to get the message out, total compensation statements are an important tool that employers can use to inform and educate employees about their total rewards.

The first quarter is an excellent time to distribute total compensation statements - and our firm would love to help your organization design, create and distribute these communications. Contact us for more information.