We’ve talked before about how it’s sometimes hard to communicate Total Rewards to employees, especially younger workers. Employees don’t always see beyond their paycheck, and employers struggle to show the value of less tangible benefits.
Leaders spend a lot of time worrying about making their salary structure competitive, and with good reason. Compensation is key to employee retention. If the guys in the opposite building are offering a 20% pay bump, then your employees are going to feel sorely tempted to cross the street.
Keeping hold of your best staff has always been a challenge. Experienced managers have a whole toolkit of techniques they use to identify retention risks and minimize staff turnover rates. But those techniques often involve face-to-face contact with the team. What happens when you’re trying to manage a group of remote workers?
Did you know that most people consider themselves underpaid? One study shows that 64% of employees feel underpaid despite receiving the market average. A raise might not help the situation — 35% of people think they’re getting shortchanged even when they earn above average.
Stress has long been a part of working life. In previous years, one in three workers said that they typically feel stressed at work. Since the pandemic, however, stress levels have skyrocketed, as employees have scrambled to adapt to a world of remote work while also worrying about their family’s health.
Recently, I attended the Northern Virginia Chamber of Commerce Gov Con Symposium in Tysons. My favorite session was a panel about Mergers and Acquisitions (M&A) and how expanding M&A activity has and will continue to reinvigorate the industry. Throughout the session, we heard a lot about the books of business, competencies, and relationships that made sense for the two organizations as they related to whether or not to move forward with a transaction.