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How to retain your best employees: Benefits

By Karin Colucci, Vice President of Human Resources and Benefits, IdilusHR

Creating an effective employee retention strategy is far from easy. In fact, in a recent poll by Human Resource Executive Online, respondents ranked employee retention as one of the top three HR challenges employers face today.

Fostering employee loyalty—while increasing the company’s profitability and mitigating risk—is critical to the success and long-term growth of nearly any organization. Furthermore, should employers fail to develop a strategy to keep their staff engaged and motivated in the workplace, there is a high price to pay: Replacing an entry-level employee alone can cost 30-50 percent of the position’s annual salary. The significant cost of both time and energy associated with finding the right talent can place a heavy burden on already strained businesses.

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How to retain your best employees: Culture

By Karin Colucci, Vice President of Human Resources and Benefits, IdilusHR

While employers across the United States face a multitude of challenges—attracting talent, mitigating risk and increasing profitability, just to name a few—one area consistently rises to the top of business owners’ priority lists: employee retention.

A recent poll by Human Resource Executive Online found that respondents ranked employee retention as one of the top three HR challenges employers face today. And this is unsurprising, considering the cost of employee turnover. According to a study by PricewaterhouseCoopers (PwC), turnover-related costs can represent more than 12 percent of an average company’s pre-tax income. This significant financial cost, not to mention the time and energy associated with finding the right talent to fill the position, can place a heavy burden on already strained businesses.

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How to retain your best employees: Compensation

By Karin Colucci, Vice President of Human Resources and Benefits, IdilusHR

Employee retention continues to be a top priority for business owners nationwide. In fact, 63 percent of the more than 5,500 employers surveyed by job-data firm PayScale Inc. reported employee retention as their “top concern” in 2014. Furthermore, 22 percent of employers reported an inability to offer a competitive wage as a barrier to finding talent, and nearly 80 percent were only “somewhat” or “not at all” satisfied with their compensation structures.

These employers are right to prioritize compensation as a retention tool. According to the Society for Human Resource Management’s (SHRM) 2015 Employee Job Satisfaction and Engagement survey, compensation was among the top five areas ranked “most important” by employees, along with benefits, job security, trust between employees and senior level management, and respectful treatment of employees.

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Specialty manufacturers: 3 steps for recruiting top talent

By Karin Colucci, Vice President of Human Resources and Benefits, IdilusHR

Recruitment of top-tier talent is an ongoing challenge for small businesses and large corporations alike. In fact, 68 percent of the more than 3,000 human resources (HR) professionals surveyed by the Society for Human Resource Management (SHRM) reported challenging recruiting conditions in today’s talent market.

There are few U.S. industries that encounter this challenge more often than manufacturing. According to a 2015 report coauthored by Deloitte and the Manufacturing Institute, the skills gap between the labor needed and the available talent continues to widen. Eighty-four percent of executives surveyed agreed there is a talent shortage in U.S. manufacturing, and it’s expected that two million manufacturing jobs likely will be unfilled by 2025, according to the report. This anticipated talent shortage will impact the industry’s ability to meet customer demands, increase productivity, provide effective customer service and develop new products.

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DOL Overtime Rules: What employers need to know

In May, the Obama administration announced new overtime requirements that may affect more than four million workers in the United States. According to the new U.S. Department of Labor (DOL) rules, which amend the Fair Labor Standards Act, salaried employees who are paid less than $47,476 per year must be paid overtime – even managers and others in supervisory roles.

Effective Dec. 1, 2016, the new threshold is roughly double the previous amount of $23,660 and may have broad implications for employers across a wide range of industries, including healthcare, advertising, media, manufacturing, hospitality and retail. Under the guidelines, employees making less than $47,476 per year–or $913 per week–must be paid overtime wages if they work more than 40 hours per week. In addition, the new rules:

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