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Are You Attracting Top Talent?

Many business owners find it to be a huge challenge to attract and retain a group of talented and hardworking employees that are loyal to the company and its mission. Finding high caliber employees with advanced skills to complete important jobs within a company is a challenge that not only exists in today’s marketplace, but one that business owners have had to navigate for years. Everyone is looking for top talent, and those companies that excel in attracting and retaining this talent are the ones that will reap the rewards. In addition to a number of other factors, businesses that best retain employees offer great compensation and benefits packages through data from 2013 healthcare compensation surveys, 2013 casino compensation surveys or compensation surveys for another specific industry.

To retain talent, it is essential that loyalty is established. In order to do this, the employee must feel that their job is instrumental in achieving the goals of the company, making them excited to come into work each day and give it their all. It is also important that the work the employee puts in is acknowledged, affirming their place within the company, and offering them opportunities for growth.

While compensation and benefits packages are one of the largest factors considered by employees, it isn’t enough to make top talent to stay. The following are a few ways that you can attract and retain the best employees at your company:

  • Promote open communication. When a company is completely open with employees, everyone will feel respected. Instead of allowing rumors to spread, let your employees know as soon as possible about anything that is going on in regards to the company. When possible, let your employees be a part of the decision making process. A culture of open communication is very attractive to employees.

  • Provide opportunities for team building. Most employees enjoy interacting with their coworkers. By encouraging team work, employees are able to build great working relationships and establish a trusting, open environment for the company. When working together toward a common goal, employees are more motivated and excited about their jobs, often producing excellent results.

  • Cater to individual work style. Each employee has a different way that they prefer to work, learn and be managed. When you as an employer take the time and effort to make adjustments for each employee’s needs, they will respect the company more and loyalty will, once again, be built. This will also help you to establish teams that will work best together based on their work styles.

  • Acknowledge your talent. When an employee does a good job, it is important that you recognize them for their efforts, so they feel that they are a valued member of the team. A majority of employees leaving a company do so because they feel unappreciated. Employees want to feel that the work they are doing is making a difference, so acknowledging their work often is essential. Also, review surveys for 2013 healthcare compensation, 2013 casino compensation and other market compensation data surveys for your industry to determine what benefits and bonuses you should be rewarding your employees with.

Implementing the above suggestions will help your company to build a culture that encourages retention of employees, which in turn will attract top talent. In addition to providing a great work environment that respects employees and provides opportunities for learning and growth, it is also important that they receive a solid benefits package. At WageWatch, we provide accurate data for 2013 healthcare compensation, 2013 casino compensation and compensation information for a wide variety of other industries. To learn more about our up-to-date market compensation data, such as 2013 healthcare compensation surveys or university benefits surveys, call 888-330-9243 or contact us online.

The Pros and Cons of Merit Pay

Merit pay is a compensation strategy that is used to motivate employees with pay increases for positive performance outcomes. This system is one that is heavily debated among businesses throughout a wide variety of industries. Every business has its own unique structure and culture, and must decide what payment system works best for them based on a set budget developed from salary reports. If you are thinking about establishing a merit pay system for your company, it is important to understand both the pros and the cons:

Pros

– Statistically, merit pay is one of the most effective methods for motivating employees to perform at their peak, which allows them to achieve high levels of productivity.

– This pay system promotes healthy competition among employees, encouraging each to work hard to achieve their very best while also delivering great results for the company. Employees enjoy being recognized among their co-workers and upper management for a job well done.

– The brightest and most skilled employees can easily become unmotivated. With a merit pay system, however, motivation is achieved. High performers are well aware of their skills and enjoy using them in challenges to achieve goals that are linked to monetary incentives. Merit pay gives these employees the recognition and reward they deserve and also helps companies to retain their best employees.

Cons

– Merit pay systems can cause conflict among employees. Some may feel that the system is unfair because no matter how hard they work, they may not be able to earn any incentives. This leads employees to feel unmotivated and unimportant. This is primarily due to inadequate performance appraisal systems leading to inconsistencies among raters.  And the performance appraisal ratings are the basis for the merit pay.

– Merit pay systems can garner healthy competition, but they also may lead to the disintegration of team unity. If everyone is in it for themselves, problems could arise. Personal goals may become more important than team goals, which is not beneficial for the company as a whole. Top performers may also be seen as more valuable and important than others, leading to feelings of jealousy.

– It can be challenging in the current economy to adequately distribute merit pools of 2% or 3% and still award your top performers adequately

For the most part, merit pay is a method that is generally accepted and tends to work for most businesses. It is important, however, that you still weigh the pros and cons before carefully choosing a payment system that works the best for your business and its unique culture. All incentives should be those that will be meaningful to employees. As such, businesses must provide incentives that are competitive with compensation being provided to top performers at other companies. Salary reports can provide you with this data.

At WageWatch, our professionals can provide your business with compensation surveys and salary reports to help you establish a budget for your merit pay program, including bonuses and incentives. Our innovative company is a leader in the collection of data for surveys and salary reports, which allows us to provide services to a wide range of industries in both the private and public sector. To learn more about our compensation surveys, salary reports and other services, please call 480-237-6130 or contact us online.

 

Not All Salary Surveys are Created Equal

With traditional annual salary surveys, the process of data collection starts when the survey opens. The opening is followed by a window of time that is typically two to four months, and sometimes as long as six months. This survey window depends on the industry and number of positions surveyed, for which survey participants would report their payroll data for incumbents. At the end of the collection period, the survey closes and no additional survey participation can occur until the following year when the survey cycle is completed and the survey reopens. The date the survey closes to participation is referred to as the survey’s effective date.

Once the survey closes, the wage data is manually cleaned, analyzed, and the findings formatted into a compensation benchmark report. Building the report in this manner can take an additional two to three months and for some compensation surveys up to six months. Once the report is complete, it is made available to participants and is on sale until next year’s compensation report is published.

The traditional annual compensation survey, by design, reports last year’s data. Compensation professionals know the value of using the most update-to-date market data available to conduct their benchmarking and wage analysis.  WageWatch has responded to this need with salary surveys and benefit surveys that collect and report the most current data – never last year’s data. HR directors and compensation managers know the effective date for each participant. This approach creates a survey platform that is dynamic, never closes, and reports the most current market data available.

WageWatch uses the next generation methodology based on a 365-day subscription period that allows participants to continually update data and report findings during the year. WageWatch defines the effective date as the date on which wages are internally updated in an organization’s payroll system. WageWatch’s survey platform is dynamic and not static as are traditional annual salary surveys. While Wagewatch does have a close date for its compensation surveys, which would normally be referred to as the effective date in a traditional survey, this is a soft close date.

Because our surveys are dynamic compensation surveys, we continue to accept participants’ wage data after the close date of the survey.  Users can subscribe after the soft close date, enter their data and create their own custom reports all in the same day.  WageWatch reports allow you to select an entire market to compare your in house salary data, or you can select as few as five competitors you select to compare your salary data. This report is known as the WageWatch PeerMark™ Survey report.

Posted in Survey Reports on December 5th, 2012 · Comments Off on Not All Salary Surveys are Created Equal

Performance Review of Employees

Performance reviews are meetings scheduled with employees to analyze the performance of assigned responsibilities within the workplace. They are designed to help managers assess the abilities of each employee, praise workers in areas they are doing well, identify areas that can be improved, design training to further development, and set goals for the future.

It’s no secret that both managers and employees can come to dread performance reviews as the process can cause a great deal of stress on both parties. If done right, however, the review process will help employers create a more productive workplace. The following is a list of tips to conduct an effective performance review:

Continuous Feedback

A review should be an ongoing process conducted throughout the course of a year. An employee cannot be evaluated fairly with a review process that is done over a very short period of time. As a manager, you should check in on your employees regularly to assess how they are accomplishing their assigned tasks. Take notes on how they go about completing these tasks, both the things they are doing well and those that could use improvement.  Having this on file over the period of a year will allow you to conduct a thorough, accurate performance review. This is will reduce the stress levels going into the review as there will be no surprises.

Gain Insight from Co-Workers

Talking with people who work closely with the employee will help you to gain further information on the strengths and weaknesses of the individual. This is known as a 360-degree review and can include feedback from co-workers, customers, vendors, and subordinates. These are the people who likely know the worker best as they interact with them the most, so it is beneficial place to go for further insight.

Provide Information Ahead of Time

Inform your employees about how the review will be conducted and how their performance will be evaluated ahead of time. Some managers provide the employee with their evaluation form before the review, so they are able to process it and have an emotional reaction alone as opposed to feeling blindsided and flustered in the face-to-face meeting. This provides employees with the framework of what to expect and will reduce some of the anxiety that comes along with a performance review, making the process smoother and more effective. It also allows the employee to perform a self-assessment using the same criteria as the manager.

Have a Conversation

Treat your employee respectfully by actually participating in a conversation with them. While it is important for you to discuss their performance, you shouldn’t be doing all the talking. Make sure you are engaging with the employee by asking questions and actually listening to what they have to say. You should document the employee’s feedback directly on the performance review document. Sitting in a room and lecturing the entire time will make that person feel attacked and uncomfortable, and will make them less likely to open up to you. The process will be much more effective if you understand the employee, so you are able to focus on the best strategy for improvement in the workplace.

Be Goal Oriented

Discuss the changes and additional expectations in the individual’s job description as they approach their next year. Providing the employee with a list of personal goals during the review session will help them to understand their part in achieving the overall goals of the company. In this conversation, you should convey support for the employee and excite and encourage them to improve, even if they are already a top performer.

WageWatch can help you to establish a budget for market compensation, salary ranges, including merit pay, based on a well conducted performance review. We have over a decade of experience working with industry associations and employer groups, providing online salary, wage, compensation and benefits surveys. To learn more about our services, please call 480-237-6130 or contact us online.