The annual open enrollment period is one of the busiest times in your HR calendar. Everyone involved will have to handle queries, process requests—and firefight the occasional crisis.
Reviewing your employee benefits can be an arduous process. You’ll spend time working with your broker to explore the market, find the best options, and agree on a reasonable employee/employer premium split.
In today's highly competitive job market, employers are facing the challenge of attracting and retaining top talent. Offering a competitive salary is no longer enough. Employers must take a holistic approach and provide a comprehensive package that meets the individual needs of each employee. This is where the concept of Total Rewards comes into play.
Salary increases are a major point of concern for most employers right now. Recent data shows that most employers plan to offer increases of around 3.5% to 4.1% this year. This will put pressure on salary structures—but still might not meet employee expectations.
Maybe you’ve heard of compensation benchmarking, also known as salary benchmarking, but you really don’t understand what it is or why it’s important to an employer. I promise you are not alone! As a compensation consultant, I often have conversations with executives and HR professionals before starting an employee compensation benchmarking project. Typically, they feel like they need help with reviewing their salaries, but aren’t entirely clear on how to go about the process.
Flexible Spending Accounts (FSAs) are a popular, tax-efficient way to help people deal with everyday health costs. Employees participating in eligible health plans can make an affordable, pre-tax contribution to spending accounts each month, and then use those savings when they need to cover a medical expense.
