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Archive for November, 2015

THE BOOMER GENERATION IN THE WORKPLACE

It is not uncommon for baby boomers to now work side by side with co-workers from generation X and generation Y. Each of the generations in the work place today grew up in different times with widely varying political and social issues, technologies and other factors, which have affected their attitudes on everyday life. As an employer, it’s important that you understand each of the generations you employee in order to provide them with the work environment and rewards that make them most happy.

The basic employment packages for businesses are based on the needs of baby boomers, a very loyal generation of workers, typically staying with the same company for years and years. Employees of this generation highly value their benefits, such as health insurance, life insurance and vacation time. To determine if their company is providing salaries and benefits that are on target with the industry average salary, many employers turn to market compensation and benefit survey data. These baby boomer employees that have stayed with a company for most of their careers have invaluable knowledge and experience that is essential to business operations, so it’s important that employers keep them happy and reward them for their loyalty.

While it is important to keep baby boomers satisfied by analyzing market compensation data, benefit survey data and salary reports, it is also essential for employers to look at the needs of the upcoming generations. Many baby boomers are in management positions, but will start to retire around the same time leaving a large number of open positions. It is essential that skilled employees of the X and Y generations be there to take their place.

The new generations of workers enjoy benefits like the baby boomers, but these employees prefer additional incentives and small tokens of appreciation for their efforts. This generation is not as loyal to the companies they work for, and have no problem moving to a job at another company every two or three years. For this reason, it is even more important to build loyalty with employees of these generations by providing them with the benefits and incentives they desire. It is very beneficial for companies to be using benefit survey data, market compensation data and salary reports to determine the types of compensation, including incentives, that are standard for the industry. Having this data will help companies to stay competitive with other employers by creating appealing benefits packages that will attract and retain top talent.

Today’s world moves fast, and as an employer you should constantly be monitoring and adjusting your business operations to meet the ever changing wants and needs of your employees. At WageWatch, we offer accurate, up-to-date benefit survey data, market compensation data and salary reports that will allow you to stay current with the times. This information is highly beneficial in creating the best salary and benefits packages that meet or rival the industry standards. For more information on our services, including market compensation data, benefit survey data and salary reports, please call WageWatch at 888-330-9243 or contact us online.

Posted in Uncategorized on November 18th, 2015 · Comments Off on THE BOOMER GENERATION IN THE WORKPLACE

MINIMUM WAGE UPDATE JANUARY 2016

State and City minimum wage increases continue to make front page news. An unprecedented number of cities and counties have moved to adopt higher local minimum wages. In addition, cities are proposing substantially higher wage levels than in past years.  Cities with minimum wage ordinances include San Francisco, San Jose, Los Angeles, Chicago, Seattle (SEA-TAC), Montgomery County and Prince Georges County MD, Santa Fe, Albuquerque, and others have already approved increases. Many other cities have ordinances that become effective in 2017 and beyond.

State increases effective January 2016 include Alaska, Arkansas, California, Connecticut, Hawaii, Massachusetts, Michigan, Nebraska, New York, Rhode Island, South Dakota, Vermont, and West Virginia.

Follow this link to the WageWatch MinimumWage Chart with details of federal, state and local minimum wage and pending increases:

https://wagewatch.com/resources/Minimum_Wage_Chart_Jan_2016.xlsx

At WageWatch our compensation consultants are focused on your organization’s compensation needs and ready to help you ensure that your compensation programs are supporting your company’s business strategy and objectives. WageWatch also offers accurate, up-to-date benefit surveys, salary surveys and pay practices data that will allow you to stay current with the times. This information is highly beneficial in creating the best salary and benefits packages that meet or rival the industry standards. For more information on our services, including consulting, salary survey data, benefit survey data and market compensation reports, please call WageWatch at 888-330-9243 or contact us online.

Posted in Uncategorized on November 11th, 2015 · Comments Off on MINIMUM WAGE UPDATE JANUARY 2016

HUMAN RESOURCES: THE GATEKEEPER FOR COMPANY ETHICS

Business ethics are important to every business and are often a component of a company’s core values. However, that doesn’t mean that the organization as a whole is ethical.  To build an ethical organization, leadership must establish, and model the company’s core values.  Ethics must be woven into the fabric of the organization, fully supported by leadership and integrated into the company’s philosophies, values, policies, procedures and practices.   HR departments represent the employees, their concerns, and deal with employee fairness issues and therefore, HR’s role in ethics management should be central to ensure real benefits for the organization and the employees.  Human resources deals with a variety of ethical challenges that if not handled properly can damage a company’s reputation, lead to serious legal issues and potentially high cost impact to an organization.  For example, discrimination issues, sexual harassment and unfair employment policies can damage a company’s reputation as well as have severe financial impact. 

However, HR departments should not be expected to manage ethics initiatives on their own. In order for ethical behavior to become part of an organization, there needs to be a collaborative effort that also includes Legal, Audit, the top management team, and the board of directors.  HR should have a primary role in the development and integration of ethics programs into key organizational activities, such as the design of performance appraisal systems, management training, and disciplinary processes.

The first step to including ethics in company policy and strategies is to put ethics on the agenda, make it part of the conversation. This can begin the process for ethics to become part of the organization’s culture, business plan, and goals.  HR professionals can help leadership define ethics for the organization. For example, what are the specific types of ethical issues that impact your organization, your competitors and your industry?  This process of defining what ethics means to your organization can also help you determine safeguards that can be included in your policies and processes such as recruiting, onboarding, and leadership training.  Ensure ethics policies are in place for issues such as discrimination, sexual harassment and employee fair treatment.  Establish and communicate expectations for your employees to ensure each employee understands their role.  Communications surrounding ethics and other core values should be on-going.  And of course lead by example.  HR professionals are in leadership roles and employees look to the leadership to guide their own behavior. Organization leaders need also to set the example by engaging in legal and moral behaviors and by showing their respect for the employees and for the organization.  It is critical to create a supportive environment of trust and transparency.  Employees need to see fair treatment across all levels and need to trust in order to come forward regarding ethical concerns.  Ethics panels can be created for the review of issues and violations.                                                             

Treating employees ethically can bring tremendous benefits to an organization.  It can earn long-term employee trust and loyalty.  Loyal employees gain more experience, and master processes, becoming more vital to the success of the organization.  Loyal employees are happier employees and this can also translate into increased productivity and efficiency as well as minimizing recruiting and training costs.  Putting a Code of Ethics in place and encouraging leaders to model desired behaviors are important first steps toward creating an ethical organization.  Holding ethics high as a core company value is key to a company’s success and longevity.

Having the appropriate employee fairness policies and processes in place is critical to maintaining an ethical organization.   But it is equally important that these policies and processes are supported by fair and competitive compensation practices.  For the good of your employees, it is helpful to analyze benefits survey data, compensation surveys and salary reports.  Having this information at hand allows you to plan a budget, including competitive employee salaries and benefits, which will help you to hire and retain a happy, talented team. At WageWatch, our expert evaluators provide businesses in a large range of industries with accurate and beneficial benefits survey data, compensation surveys and salary reports to ensure that payment and benefits plans are on par with those in the industry. For more information on market compensation data, please call WageWatch at 888-330-9243 or contact us online (https://www.wagewatch.com/Contact/ContactUs.aspx).

Posted in Uncategorized on November 5th, 2015 · Comments Off on HUMAN RESOURCES: THE GATEKEEPER FOR COMPANY ETHICS