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Company Culture

21st Century HR Strategies

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Back in the 20th century, there was a clear difference between work and life. What you did to earn income and what interested you weren’t always associated together.

But, today, life is pushing back! Recently, there has been an increased focus on happiness at work among employees. They may change jobs often and encounter unexpected twists and turns, but personal satisfaction within a job is just as important as the job’s salary for today’s employees.

And with the rise of mobile technology, work is no longer confined to the office. New technologies and software allow employees to be “on” anytime, anywhere. But even though technology has offered great advantages, it has allowed work to infiltrate employees’ lives, keeping them connected to work 24/7.

In addition, employees today are more diverse than ever. They are no longer easily defined by generational categories like “Millennial,” “Gen X,” or “Boomer.” Instead, employees want to be recognized as the unique individuals that they are. They want faster recognition and direct compensation for their efforts. And they want to be a part of something bigger besides just “having a job” and “making money.”

In light of this “blended life,” employees are looking to achieve harmony, which is the experience of a work-life relationship that supports their life goals. When this work-life relationship is “in harmony,” employees become empowered in their personal relationships, as well as in their financial and career goals. In order to aid employees in their quest for harmony, employers must adopt an “employee-first” mentality and proactively provide solutions based on their needs.

Here are 5 ways employers can meet employees where they are:

1. Offer a breadth of employee benefit options.

The definition of “employee benefits” has expanded beyond “health insurance”. Today’s employers have to offer flexibility, custom tailored and diverse offerings. By offering a wide range, employers can help alleviate the anxiety that comes with the integration of work-life and home-life.

2. Deliver digital and tailored solutions.

With the rise of mobile technology, companies must embrace HR technology to adapt and disseminate their information. Doing so will help an increasingly diverse workforce find the assurance and security it’s looking for.

3. Provide access to the right information.

When employees have access to the right information on their terms, it ensures they can get the info they need to meet their objectives. This places additional demands on the HR team, who must engage vendors to deliver timely and clear information regarding benefits, policies, and payroll, compliance and workplace procedures.

4. Focus on creating an engaging company culture.

Time and dollars spent on creating culture will be returned exponentially. So, companies that engage their teams, create synergistic opportunities beyond the softball team, and support employee engagement will thrive in retaining and attracting talent.

5. Tie compensation to performance.

When compensation is tied to performance, employees will best be able to recognize their role in the growth and success of their organization. This will enable them to discover the immense value of their workplace and benefits. As a result, their appreciation will enhance their loyalty and commitment to the company.

Companies that embrace this new way of thinking and utilize HR technology to bring employee engagement into the 21st century will thrive in a challenging and changing business world. Contact CorpStrat to learn how our “21st Century” strategies can revolutionize your business.

Top 5 HR Resolutions for 2020

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With a new decade here, it is time to start thinking about how your workforce can become more effective and efficient in the years to come. 2020 is bringing new changes to the human resources industry so your HR department must be prepared to respond and adapt.

To prepare for 2020, here are 5 resolutions your HR department can set in order to attract and retain your workforce.

1. Align employee goals with team and organization goals.

When goals align within your organization, employees feel more motivated and engaged. It is crucial to show how employee contributions build towards team and organization success. When employees see the link between their contributions and the bigger picture, they are driven by the idea of everyone working together towards the same goal.

One way for goal alignment is to encourage leadership to share its goals and direction of the company. By better communicating their goals and expectations, executives can make sure everyone is on the same page. Another way to show employees how their work is helping the organization is to set milestones, whether they be monthly or quarterly.

2. Adopt a more flexible workplace model.

Similar to last year’s Top 5 Resolutions for HR in the New Year, adopting a flexible workplace model is still just as important for 2020. Remote work is no longer considered a luxury and has become more of an expectation. Companies that offer remote work experience actually saw a 25% lower turnover rate as well as a boost in overall productivity. Furthermore, in the face of increasing globalization, offering remote work has become the perfect way to access a wider pool of talent across the world.

In order to support remote work, it is important that your organization provide the technology and resources employees need to be successful when working remote. Providing a virtual office space, like Slack, and video chat software, such as Zoom or Skype, can help with productivity for those working remotely.

3. Leverage people analytics for decision-making.

In 2020, it will be increasingly important for HR to leverage data analytics to make decisions. With data, HR can make better people-related decisions related to recruiting and retaining, as well as test the effectiveness of HR policies and different interventions. A Deloitte study has shown that 71% of executives believed people analytics to be “very important” or “important” to their business.

With an increasing number of people analytics tools appearing in the market, businesses will have access to a wide range of metrics to help them understand, at a far deeper level, what drives results. HR should leverage these tools and analyze data regarding recruitment, performance, and employee mobility to optimize their operations.

4. Focus on providing employees with continuing education.

Providing employees with the opportunity to further develop their skills and knowledge in their field can help increase engagement, retention, productivity, and efficiency. According to LinkedIn, 94% of employees said they would stay at a company longer if it invested in helping them learn.

HR must prioritize training objectives based on topics relevant to the department or team first. Relevant and useful topics will naturally engage and motivate employees whereas irrelevant topics will disengage them. Once a foundation of continuing education is set, HR should launch programs teaching employees new useful skills that they can leverage to take both themselves and the organization further.

5. Reevaluate the recruiting strategy

As more people shift towards a more project-based career, HR must reevaluate and redefine their recruiting strategy to make sure it is attracting all types of workers. The contingent workforce—which includes both remote workers and on-site, non-employee workers—now accounts for 41.5% of the U.S. workforce.

Some ways to refresh the recruiting strategy can involve offering referral bonuses, showcasing employee video testimonials, writing job descriptions that clearly outline expectations, and branching out beyond the usual recruiting platforms. Once interest is piqued, HR must have a concrete plan on how they plan to engage with these workers. Some ways to attract and retain talent is to offer a comprehensive employee benefits package as well as flexibility for remote work—as discussed above.

To learn how your HR department can attract, reward, and retain employees in 2020, reach out to CorpStrat for more information on how we design and manage employee benefits at competitive rates.

What Company Culture Will Look Like in 2020

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Company culture defines the environment in which employees work. In order to create the right environment, hiring to fit your company culture is extremely important; the right people should be in the right seats. Poor hiring decisions can lead to business interruption, wasted recruiting and training resources, lower employee morale and more.

As companies enter the new decade, they will be faced with new ways in order to stay competitive in the employee job market. In order to attract and retain talent, we gathered three important trends in company culture for 2020.

The Basics of Company Culture

First, let’s cover what company culture actually means. Culture is the unifying element that holds everyone in an organization together. It encompasses the written (and unwritten) behavioral norms and expectations of those within the company and can set one company apart from others. Just to name a few, culture includes:

  • The value of work-life balance issues;
  • The way the company is organized;
  • The extent to which leaders follow through on mission statements.

Ultimately, if the fit is not right between the company and individual, then both will lose interest and the relationship will probably fail.

Company Culture in 2020

Company Culture Trends in 2020

To keep your company competitive in the job marketplace, it is crucial to follow the following in 2020:

1. Employee happiness is important.

There is a strong, positive correlation between employee satisfaction with their company and employee productivity and customer loyalty. So, a happy employee means a happy company.

In order to ensure a productive and happy workforce, your company should focus on creating compelling employee experiences. Meaningful work has become increasingly important, so companies should create and enforce a set of core values that resonate with their employees.

2. Work is wherever you are.

In the upcoming year, globalization and virtual workplaces will play an increasing role in the workplace. With an increasing number of geographically dispersed teams, companies must provide schedule flexibility, especially to account for those who collaborate on a daily basis across time zones. Furthermore, 59% of millennials voted that they prefer schedule flexibility and autonomy over other work perks like overtime compensation.

To navigate this shift, companies should reduce hierarchical control, and give space to employee autonomy.

3. Encourage honest communication.

Making your employees feel heard can go a long in creating an inclusive and dynamic company culture. While getting feedback from your employees is important, creating an open environment is even more important to ensure that your employees feel comfortable to speak their minds and raise any concerns, knowing they won’t be penalized for their honesty.

The first step you can take to encouraging honesty is to start with yourself. Modeling the behavior you want your employees to follow can give them the courage to open up themselves. In addition, rewarding honesty, whether with a simple thank you or more responsibility, can encourage transparency in the workforce as well.

For 2020, companies should start investing in building a culture that values employee happiness and promotes honest dialogue. Want to know how you can become even more competitive in the employee job marketplace? Contact CorpStrat to learn how we help companies attract, reward, and retain their most important assets – their people.

Good Benefits and Pay Aren’t Enough to Keep Your Employees

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Is workplace culture important?

  • 90% of employees say “yes”
  • 79% of employers say “yes”

What is workplace culture?

Most organizations don’t really understand that culture in the workplace represents the deeper values and beliefs of the company. It’s not the stuff on the surface. It’s not the ping pong table, it’s not the margarita party, it’s not the cool benefits employees get. It’s really what is valued and how we behave and treat each other behind closed doors.

What we see most organizations doing is thinking about culture at the perk level. But, it’s really trying to get to the meaningful level of work, and it has a lot to do with how people are treated.

What kind of culture should employers strive for?

The kind where employees know that employers care about them. Organizations have to think about their intention around their culture. What we see is most organizations don’t even know what their own culture is. Employers may say on their website that they want to have a certain kind of culture, but employees may be laughing about that behind closed doors because they know the organization is nowhere close to achieving that idea.

What mistakes do employers make when it comes to workplace culture?

The most important thing to start with is the company understanding what they are aspiring to from a cultural perspective. They need to do the work around figuring out how they need to treat each other within the organization. What do managers need to do? What do leaders need to do? They need to articulate to everybody, so they are 100% clear on the standards and expectations. Most organizations completely skip that step and go right to putting a couple of cute things on their website.

Instead, make it really simple and say, “These are the standards and expectations we have for how we are with each other.” If you want your business to be successful, this is how you connect everybody’s individual behavior to the success of the business.

What specific tactics can employers take to improve workplace culture while also considering their benefit programs?

Be intentional. Think about being an architect of how people are with each other, within the organization.

If organizations had a culture department that had as much funding as a benefits department, where might we be? It’s almost odd that there are organizations that are focused on pet insurance, but they are not focused on being intentional about their culture. People are attracted to an organization, but they stay because of how the organization makes them feel.

Reach out to CorpStrat to learn how we help companies with strategies to attract, reward, and retain their most important assets – their people.

The Benefits of Employee Benefits

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Your people are the backbone of your organization’s ability to grow and drive revenue. So how important are quality employee benefits to achieving your company’s goals and objectives? They are extremely crucial.

Employees value a well-rounded selection of benefits, and health insurance, a 401(k) plan, life insurance and dental coverage are a few of the plans that you can consider offering.

The Benefits

Benefits packages offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are a few of the advantages of offering employee benefits as part of your compensation package.

Talent Attraction and Retention

Employees highly value a good benefits package. Developing a strategic benefits package that targets specific types of employees can help attract the right job candidates to keep your organization running at peak efficiency.

Once you have these top-performing employees at your company, providing a tailored employee benefits package will serve as a barrier to them leaving—a great benefits package can be a huge advantage when looking at retention strategies because it holds more than just monetary value for the employee. A bigger salary at another company likely won’t be as strong a pull for an employee tempted to leave if the other company’s benefits package isn’t as attractive as yours.

Healthy, Productive Employees

When your benefits package includes a combination of health insurance and dental and vision coverage, you will have employees who are able to take a proactive role in managing their health. They will have easy, affordable access to health care, reducing absenteeism due to illness.

When they are on the job, healthy employees are more productive than sick ones. It’s beneficial for your company’s productivity and your employees when they have access to medical coverage and time off when they are sick.

Satisfaction

A good benefits package leads to satisfied employees with higher morale. Employees who find value in their benefits are typically more willing to commit to their company because it helps make them feel valued—which leads to increased productivity and decreased absenteeism.

Efficient Use of Resources

Offering valuable benefits can help lower top employees’ expectations for salary. Many employees are willing to accept good benefits in lieu of a slightly higher salary.

This is an advantage to your budget because the value you present to employees with benefits, especially health insurance plans, can be monetarily equal to a raise in salary for them, while costing you less due to group rates and lower payroll taxes. Employers can avoid the hidden cost of paying extra payroll taxes on higher salary by instead offering benefits to provide similar value to employees.

Thinking Long-term

Even if you think you can save a little money in the short term by skimping on employee benefits, you will eventually face the consequences through a lowered ability to attract high-achieving employees, increased difficulty retaining your top performers, and lowered morale and productivity.

Offering a quality array of employee benefits will pay off through a stronger, more productive workforce with employees committed to your company.

Wrap Them up – Before Your Competition Does

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Tom Peters, a best-selling author of many books on management, stated the following.
“Some employees are worth a lot of money…. some employees are worth a hell of a lot more money.”

Don’t think for a minute that your competitors don’t know who your best people are; they do. They also, by default, know who the “not so good” employees are. Every business remains vulnerable.

[To read more from CorpStrat’s Martin Levy’s article click here]

What happens in a thriving economy is the best employees to become highly sought after. They often pay no attention to how the economy is doing in general, but in a great economy, they know that they will have more opportunities. These are opportunities they do not have to seek out. What does it take to keep the best? It takes recognition, rewards, strategy, and commitment.

It’s an Employee Market

2019 marks the lowest unemployment rate in U.S. history. Those employed are valuable assets: those unemployed may be functionally unemployable – or simply not skilled and/or not trainable for various reasons. You have to retain to be successful.

Don’t Wait!

As a leader, you must be proactive because if you hesitate, or delay implementing or improving the size, shape and value of any “Golden Handcuffs” you are offering, your better employees won’t wait while you figure it out.

Golden Handcuffs

“Take away my factories, my plants; take away my railroads, my ships, my transportation; take away my money; strip me of all of these but leave me my men and in two or three years, I will have them all again.”  — Andrew Carnegie

A ‘Golden Handcuff’ is a way to describe a specific plan that addresses an annually funded tool to retain and reward a Key (or class of) Key employee(s) – but restricts their access over time.

In general, a Golden Handcuff is a selective executive accumulation plan offers customized to selected key corporate executives…a benefit over and above those provided to all employees by a qualified retirement plan or any other employee benefit plan.

This is typically a non-qualified arrangement (non-ERISA) between a corporation/entity and selected set of key executives in which the entity promises to pay the executive a specified benefit at a specified period of time, generally annually, with a restriction on the employees’ access to or vested interest in the accumulated asset. Most plans also have a survivor benefit to the executive’s family.

Get to work retaining and rewarding your top performers – before your competition does.