In the world of business, buzz words like employee retention, employee engagement, and company culture are thrown around at alarming rates. There is great debate as to whether any of the above listed concepts carry much meaning. What is employee retention? Company culture? These seemingly nebulous concepts all really amount to one thing: the way your people feel when they are at work. So, who sets the metrics on good company culture and employee retention? If you fail to set clear parameters when it comes to company culture, you may realize that employee retention is more difficult and find yourself with a mutiny on your hands.
If you’ve been following the blog these past few weeks, you know that we’ve been focusing on employee health and wellness with wild abandon. Why are we doing this? Because the health, wellness, and general well-being of your staff is important to you and your business. On average, people spend more time at their place of work than they do at home with their own families. A massive value add to traditional benefits packages can be a comprehensive wellness program.
Did you know that on average, if you offer your employees a comprehensive benefits package, the actual money that you pay your employees accounts for 63% of their overall compensation?
You’ve done it. As a busy business owner/founder, you’ve finally realized that you don’t have time to worry about the details like human resources, payroll, and benefits packages for your employees. You have decided to partner with a PEO and outsource those duties to a company that will not only help you, but take care of you. Where do you go from here?
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.
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.