Trending Employee Benefits That Strengthen Attraction And Retention Efforts
Aug 25, 2022
Trending Employee Benefits That Strengthen Attraction And Retention Efforts

In the wake of the Great Reshuffle—the mass movement of workers to jobs that prioritize their needs—and macro trends like the tight labor market, attraction and retention are top of mind for employers. In fact, according to Zywave’s 2022 Attraction and Retention Benchmarking Overview, over 75% of employers consider attraction and retention to be among the top-five business challenges for their organizations. As a result, many employers are expanding and enhancing their benefits offerings to remain or become more desirable to employees. This article outlines the following benefits that may be advantageous to attraction and retention efforts:


Telemedicine

Easy access to health care is very important to employees. Throughout the COVID-19 pandemic, many people turned to telemedicine, and it’s not going away anytime soon. Telemedicine is not only convenient for employees, but it can also help employers; for example, it cuts down on time employees may otherwise spend away from work commuting to physical doctors’ offices. Especially as health concerns surrounding COVID-19 linger, it’s essential that employers ensure employees can access health care services in ways that are convenient for them. Otherwise, workers are likely to seek out employers who will help them do so.


Flexible Work Arrangements

Alternative work models such as remote and hybrid work are also in high demand. Workers grew accustomed to the flexible work arrangements they had during the pandemic, and many want to keep them. Where possible, it’s beneficial to consider allowing remote or hybrid work to those who prefer it. Now that many roles have been successfully performed remotely, employees know that if their employer will not offer this flexibility, others will.

 

Competitive Compensation

With the Bureau of Labor Statistics reporting in June that inflation is at 9.1% year over year, its highest level since 1981, the prices of daily essentials have greatly increased. As a result, many employees are looking for more competitive compensation packages to help them afford the increased cost of living. Zywave reported that 83% of employers found competitive compensation to be a top priority for workers during the hiring process. In response to this, employers who are able may want to consider increasing salaries to at least partially match the inflation rate. Alternatively, employers can offer stipends for essentials such as groceries and gas if salary increases are not in their budgets.


Career Development Opportunities

Employees are not just interested in securing a job they have the skill set for; they also want to develop new skills. According to Zywave, 41% of employers consider addressing current and future skills gaps a top-three attraction and retention challenge. 


If employees feel they are unable to advance their professional development within their current roles, they are likely to seek out new ones. Thus, many employers are now offering different opportunities to their employees to help teach new skills and develop various existing skill sets. Employers may consider providing more career development opportunities to help retain workers who wish to expand their skills and career opportunities.

 

Student Loan Assistance

Student debt is a growing issue among newer members of the workforce, such as Generation Z, and these employees are looking for help mitigating it. Some employers are introducing repayment assistance; many companies that already offer the benefit are increasing contributions and expanding eligibility. Because student loan debt is such a significant issue for many employees, especially as inflation continues to drive up the cost of living, employees are prioritizing employers who help alleviate this added burden.


Takeaway

Various labor market trends are driving employees to demand better benefits packages. There are various benefits employers can offer to attract and retain workers, including those that provide perks that became popular during the pandemic and help lessen the effects of inflation through competitive compensation and student loan assistance. Employers should consider expanding benefits offerings such as these to improve their overall attraction and retention efforts.


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DOL Issues Guidance on AI-related Wage and Hour Risks

11 May, 2024
On April 29, 2024, the U.S. Department of Labor’s (DOL) Wage and Hour Division (WHD) published Field Assistance Bulletin (FAB) No. 2024-1 on the use of artificial intelligence (AI) in the workplace. The FAB follows a statement released by the White House announcing key AI-related actions following President Joe Biden’s executive order issued on Oct. 30, 2023, on establishing standards for AI safety and security. Guidance on AI-related Wage and Hour Risks Employers are increasingly using AI tools to generate timecards, set schedules, monitor performance, track employee hours and process payroll. As such, the FAB highlights certain compliance risks under the Fair Labor Standards Act (FLSA) for employers using these tools. These risks include: Tracking employee work time; Monitoring employee break and waiting time; Using location-based monitoring for individuals performing work at multiple geographic locations; Calculating employees’ regular rate of pay and overtime compensation; and Violating the FLSA’s antiretaliation provisions To aid employers in addressing these compliance risks, the WHD identifies recommended practices, including exercising proper human oversight, to help ensure that AI systems and tools do not violate the FLSA. Additional AI-related Guidance In addition to addressing FLSA compliance risks, the FAB also examines certain AI-related risks that may arise under other laws, including the Family and Medical Leave Act (FMLA), the Providing Urgent Protections for Nursing Mothers Act (PUMP Act) and the Employee Polygraph Protection Act (EPPA). For example, using AI tools to administer FMLA leave can create potential risks for violating the law’s certification requirements when determining whether an employee’s leave is FMLA-qualifying. Employer Action Items While FABs are not necessarily legally binding, they offer insight into how the DOL interprets laws it enforces and how agency officers will analyze workplace conditions and circumstances to enforce compliance.  Using AI systems for scheduling, timekeeping and calculating rates of pay and overtime may increase an employer’s risk under the FLSA. Therefore, employers should ensure that their AI systems and tools comply with all federal laws and regulations by examining potential legal and business risks associated with AI, implementing AI usage policies and establishing internal best practices.

Nurturing Your Mind: Embracing Mental Health Awareness Month

30 Apr, 2024
As we step into May, we're reminded of the importance of mental health and well-being. May marks Mental Health Awareness Month, offering us an opportunity to renew our commitment to nurturing our minds and fostering supportive environments, both in and out of the workplace. In this blog post, we'll explore practical strategies for enhancing mental health, including small tips that can refresh you mentally during the workday. Embracing Self-Care Amid life's hustle and bustle, it's crucial to carve out time for self-care. Whether it's practicing mindfulness, engaging in hobbies, or simply taking a moment to breathe deeply, prioritizing self-care nurtures mental resilience and fosters a sense of inner peace. Cultivating Work-Life Balance In today's fast-paced world, achieving a healthy work-life balance is essential for mental well-being. Set boundaries between work and personal life, establish a routine that includes breaks and leisure activities, and strive to unplug from technology during downtime. Remember, balance is key to sustaining productivity and happiness. Fostering a Supportive Workplace Culture Employers play a pivotal role in promoting mental health in the workplace. Encourage open dialogue about mental health, offer resources such as counseling services or mental health days, and prioritize flexibility to accommodate employees' well-being needs. By fostering a supportive culture, organizations cultivate environments where employees feel valued, understood, and empowered to prioritize their mental health. Supporting Loved Ones If someone you care about is struggling with mental health challenges, your support can make a significant difference. Listen without judgment, offer empathy and reassurance, and encourage them to seek professional help if needed. Remember, your presence and understanding can provide comfort and strength during difficult times. Practicing Gratitude Gratitude is a powerful tool for enhancing mental well-being. Take time each day to reflect on moments of gratitude, whether it's appreciating the beauty of nature, expressing gratitude for supportive relationships, or acknowledging personal achievements. Cultivating a mindset of gratitude fosters resilience and enhances overall happiness. Small Tips to Refresh Your Mind During the Workday  Take short breaks: Step away from your desk for a few minutes to stretch, walk around, or simply gaze out the window. These brief pauses can rejuvenate your mind and boost productivity. Practice deep breathing: Incorporate deep breathing exercises into your day to reduce stress and promote relaxation. Close your eyes, inhale deeply through your nose, hold for a few seconds, and exhale slowly through your mouth. Connect with nature: Spend time outdoors during your lunch break or coffee breaks. Even a brief stroll in a nearby park or green space can invigorate your senses and clear your mind. Listen to music: Create a playlist of soothing music or uplifting tunes to listen to during work breaks. Music has the power to uplift your mood, reduce anxiety, and enhance focus. Stay hydrated: Drink plenty of water throughout the day to stay hydrated and maintain mental alertness. Dehydration can impair cognitive function, so keep a water bottle handy and sip regularly. Practice mindfulness: Take a few moments to practice mindfulness or meditation exercises. Focus on your breath, observe your thoughts without judgment, and cultivate a sense of presence and calm. Declutter your workspace: A clutter-free workspace can promote mental clarity and productivity. Take a few minutes to tidy up your desk, organize files, and create a calming environment conducive to focus. Engage in positive self-talk: Replace negative self-talk with affirming and encouraging statements. Remind yourself of your strengths, accomplishments, and capabilities, and cultivate a mindset of self-compassion and resilience. Connect with colleagues: Build supportive relationships with coworkers by engaging in meaningful conversations, sharing experiences, and offering mutual support. A sense of camaraderie and connection can foster a positive work environment and bolster mental well-being. As Mental Health Awareness Month unfolds, let's commit to nurturing our minds and supporting those around us. By embracing self-care, fostering work-life balance, promoting workplace well-being, and offering compassionate support to loved ones, we contribute to a culture of mental health awareness and resilience. Remember, you are not alone. Reach out for support if you need it, and let's journey toward better mental health together.

DOL Announces Final Overtime Rule Increasing Salary Levels for White-collar Employees

30 Apr, 2024
On April 23, 2024, the U.S. Department of Labor (DOL) announced a final rule to amend current requirements employees in white-collar occupations must satisfy to qualify for an overtime exemption under the Fair Labor Standards Act (FLSA). The final rule will take effect on July 1, 2024. Increased Salary Level The FLSA white-collar exemptions apply to individuals in executive, administrative, professional, and some outside sales and computer-related occupations. Some highly compensated employees may also qualify for the FLSA white-collar overtime exemption. To qualify for this exemption, white-collar employees must satisfy the standard salary level test, among other criteria. This salary level is a wage threshold that white-collar employees must receive to qualify for the exemption. Starting July 1, 2024, the DOL’s final rule increases the standard salary level from: $684 to $844 per week ($35,568 to $43,888 per year); and $107,432 to $132,964 per year for highly compensated employees. On Jan. 1, 2025, the standard salary level will then increase from: $844 to $1,128 per week ($43,888 to $58,656 per year); and $132,964 to $151,164 per year for highly compensated employees. Automatic Updates The DOL’s final rule also includes mechanisms allowing the agency to automatically update the white-collar salary level thresholds without having to rely on the rulemaking process. Effective July 1, 2027, and every three years thereafter, the DOL will increase the standard salary level. The agency will apply up-to-date wage data to determine new salary levels. Impact on Employers The first salary level increase in July is expected to impact nearly 1 million workers, while the second increase in January is expected to affect approximately 3 million workers. Employers should become familiar with the final rule and evaluate what changes they may need to adopt to comply with the rule’s requirements. Legal challenges to the rule are anticipated, which may delay the final rule’s implementation.

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