Engaging a compensation consulting firm to perform a compensation analysis project can be intimidating. It's a little bit like being an 18-year-old and the first in your family to apply to an Ivy League school. What if you actually get in? There will be times when you're uncomfortable and challenged but, ultimately, you're going to get a great education and be in a position to succeed.
After your customers, your employees are the life blood of your business. Maintaining good morale and loyalty is essential to retaining them – and avoiding the costs associated with replacing employees who leave.
During times of major disruption and change, organizations need to maintain a laser focus on the business. Changing technologies, markets, sales approaches, and customer expectations require nothing less. The Great Recession was one of those times – a generational event that transformed many organizations in ways large and small.
Organizations can be forgiven for leaving compensation structures on autopilot while they addressed more urgent issues. However, benign neglect can turn into something more damaging if pay gets out of sync with the marketplace. In fact, this disconnect is happening to many organizations right now.
When one health care company began having difficulty attracting and retaining a strong workforce, a close look revealed compensation plans and programs that had not kept up with the market.
The Affordable Care Act (ACA) has created a new hero – the small group insurance broker. He or she is one of the few who has complete familiarity with the various plans under Obamacare. These new plans —which are radically different from the old ones— will probably raise your premiums.
Middle Market Employers Get an ACA Reprieve, but Longer Term Impact on Comp Plans Remains Unclear
Mid-sized companies got a reprieve – for now. In April, the Federal Government announced a second delay in the Affordable Care Act (ACA) deadline for mid-sized companies— those with 50 to 99 employees. These companies are still subject to the "employer mandate," but they do not have ot start insuring workers under it until 2016.
Compensation Planning Insights Part 3