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U.S. Master™ Wage-Hour Guide, 2007 Edition
Presents a first approach to the Fair Labor Standards Act (FLSA), summarizing
the basic legislation, demonstrating how the rules apply to particular
employment situations, and exploring practical aspects of employment arrangements
in light of the federal wage and hour law.
As today's employers look for ways to attract and keep pivotal talent in an economy with a low unemployment rate, many are making total compensation communications part of their recruiting and retention efforts.
"Relatively low unemployment is creating a fiercely competitive job market," said David Janus, a principal of Charlton Consulting Group. "This increased competition, coupled with demographic changes in America's labor force and rising healthcare costs, is forcing companies to think more strategically about their workforce decisions. Employees, on the other hand, are placing more emphasis on work-life benefits and retirement plan offerings in addition to pay when choosing an employer."
According to a recent Watson Wyatt Strategic Rewards Report, companies are experiencing increased difficulty in attracting and retaining employees particularly critical-skilled and top-performing employees for the third year in a row. This same report states that employers underestimate the role that benefits, such as healthcare coverage and retirement plans, play in retaining top talent.
In contrast, a 2005-2006 MetLife study reports that nearly one-third (31 percent) of today's employees say benefits are an important reason why they came to work for their employer, up from 25 percent in 2004 and 2003. At the same time, nearly four in 10 (38 percent) of full-time employees say the benefits offered to them are an important reason they remain with their employer, up from 35 percent in 2004.
This misperception on the part of employers may be costing them in the battle for top-notch talent. "When you factor in both the direct and indirect costs associated with losing valued employees or high-quality prospects, the impact to a company's bottom line can be considerable. That is why we're starting to see companies begin total compensation communications before as well as after hiring to help people develop a full understanding of and appreciation for the benefit and compensation structure being offered," Janus said.
Eighty-three percent of HR professionals at U.S. companies expressed concern about both retention and recruitment, according to 2006 research by the Institute of Management and Administration (IOMA). When looking strictly at the nation's largest firms, these worries were echoed by 95 percent of these organizations. However, Janus said, many companies are focusing on personalized benefits statements and total compensation communications programs to help them strengthen their recruiting and retention efforts.
According to a 2006 survey of HR and benefits executives conducted by Charlton Consulting Group, 97 percent of respondents said personalized communications played a distinct role in helping employees better understand their benefits as well as the overall value of their total compensation. In fact, almost the same number (93 percent) said that personalized communications were valuable tools for recruiting and retaining employees.
Source: Charlton Consulting Group; Website.
For additional information on this and other HR topics, consult CCH Human Resources Management or Personnel Practices/Communications.
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