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TBR News



August, 2016






A recent Towers Watson survey found that more than half of employers reported difficulty holding on to skilled workers.
 
The survey also found that the average salary increase is 3.1%.
 
With stagnant wage growth, benefits are a crucial retention tool. Yet many workers lack the ability to navigate the complex and technical nature of health care. In fact, the survey found that 54% of employees don't want more control over their health insurance options because they feel the decisions are too daunting.

HR Leaders Are Managing the Most Diverse Workforce in US History
Companies need to develop creative and even aspirational strategies for informing employees about their benefits- because one size does not fit all.
 
Strategies to consider when communicating with employees:
  • Create plain language, personalized, visually engaging messages.
  • Develop year-round multichannel benefits education for employees to build lifelong health and financial security.
  • Provide a dynamic, branded, user-friendly, website outside the corporate firewall.
  • Offer easy access to benefits information for employers and family members, 24/7.
  • Use multiple media strategies: emails, posters, print materials, webinars and meetings.
  • Focus on employee's Total Benefit Package to help recruit and retain employees. 
Are You Flexible Enough?
                          
Flexibility is no longer seen as a perk but more as a solid business strategy. According to data from the Families and Work Institute (FWI), 88% of employees report that having flexibility is 'extremely' or 'very' important in considering a job offer.
 
Flexibility is not just a "women's issue". When low-income employees work in flexible and effective workplaces, the payoff for companies can be more powerful than it is for more advantaged employees.
 
In studies of the US workforce, FWI determined 6 factors that are critical to predict engagement, retention, job satisfaction and health.
1. Workplace flexibility and a culture that supports it
2. Opportunities for learning
3. Autonomy
4. Supervisor support for success
5. A culture of trust
6. Satisfaction with earnings, benefits and advancement
 
Employers with all six characteristics are considered effective workplaces. That's the environment HR must strive to create.


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This update is a publication of TBR Associates, designed to highlight employee benefit matters of interest to our readers.  The information contained in this publication is meant for general educational purposes only.