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Most Popular Employee Benefits

Employee benefits are an important factor in attracting and retaining talented employees. Companies that offer competitive benefits packages tend to have more satisfied and loyal employees. So what are the most desirable benefits according to workers? There are many different types of employee benefits that companies may offer to their employees, but some of the most popular ones include: 

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Non-Traditional Benefits That Attract and Retain Top Talent

The best workers do the best and the most work. But many companies do an awful job of finding and keeping them.

It is becoming harder to attract and retain top talent working within your business. Financial rewards are one thing, and a lot of companies simply increase the pay offered to try and attract the best talent, but this isn’t the only possible solution. If you don’t have the money to do this, or you want to find alternative ways to attract talent, there are things you can do, and methods that you can pursue to make yourself an attractive employer. One of these methods are benefit programs such as retirement benefits, health insurance plans, paid time off, equity and many more. They can have a significant impact on employee engagement and retention.
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Signs Your Company Needs a Systemic Wage Raise

Over three million Americans have left the workforce since the start of the COVID-19 pandemic. From baby boomers retiring at record rates to a drop in women in the workforce, current employment conditions might be causing problems for your business. The labor market is tight. Meanwhile, inflation and an uncertain economy are leading many to question their career goals. In such an environment, it might be time to institute a systemic wage raise across your organization, modernizing the way you pay your workers.

 
To address problems with your payroll, however, you’ll need to first spot the signs of trouble. Luckily, any hiring and payroll manager can look out for three prominent items that determine whether or not it’s time for a wage increase across the board. Here are the signs you need to watch for.
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Why Your Employees' Financial Problems Are Your Problems

While most organizations understand that wellness programs lead to more engaged and productive employees, forward-thinking ones understand that financial wellness must also be considered as part of the package, especially in the middle of a pandemic. Financial wellness is a crucial part of mental and emotional health, and the reality is that lots of people are currently worried about their finances. 

A National Endowment for Financial Education study found that 75% of Americans who belong to low- and middle-income households have grown more concerned about their finances since COVID-19 hit, leading them to dip into their retirement and savings funds or incurring debt from loans—even households with emergency cushions have felt the brunt of the pandemic. The pandemic has exacerbated financial stress for many Americans, and this negatively affects their work performance and overall well-being.
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Administering The Payroll Process Smoothly

One of the essential parts of any company is the people who work in it. The work team is the differentiating value of a business organization, as it has the skills and knowledge necessary for companies to meet the proposed objectives and plans. There are several factors that must be taken into account before hiring staff. One of them is payroll. In simple words, payroll is the financial record of your employee’s wages, bonuses, and deductions.

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How to Use Benefits to Attract Top Millennial Talent

"Within the next two years, 50% of the U.S. workforce is expected to be made up of Millennials". Dynamic Signal

Trends show that by 2021, half of the talent pipeline in the United States will be composed of millennials. This massive influx of talent flooding the market has employers scrambling to the offensive. They are overhauling their talent management strategies by offering progressive and innovative workplaces to attract, attain and retain top millennial candidates moving forward into the future.

 
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How To Ask For A Raise

Women work for free for more than two months of the year because of the gender pay gap. To help women fight for equal pay on International Women’s Day, we want to provide some support and advice.

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Four Ways To Boost Job Satisfaction Without Giving Employees A Raise

Employee satisfaction has been declining steadily over the past few decades. In 1987, 61.1 percent of employees reported job satisfaction. By 2016, this had dropped to 45 percent. Compensation is the top or second-rated driver of employee satisfaction for employees of all age groups, Society for Human Resource Management research shows. Giving your employees a raise is obviously going to make them happier with their job, but it’s not always feasible for budgetary reasons. Fortunately, there are also non-financial incentives you can give employees that will help improve their satisfaction and engagement. Here are four ways you can boost your workers’ job satisfaction besides giving them a raise.

 

 
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Three Common Payroll Problems And How To Handle Them

In 2013, the Internal Revenue Service administered 6.8 million penalties for payroll reporting errors, costing businesses $4.5 billion, according to IRS data. About 45 percent of businesses incur an average of $845 per year in payroll penalties, according to statistics cited by the SBA. In addition to IRS penalties, payroll problems can hurt your cash flow, create friction with your employees and threaten the livelihood of your business. Here are some tips on how to avoid some of the most common payroll mistakes.  

 

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Money is the Worst Incentive

The most typical motivation plan is to reward top performers and ignore everyone else. It is common knowledge that if you want something done at work, offer a bonus!
The problem is that this commonly used technique for motivating employees does not work! Senior management may be notorious for offering cash incentives in an effort to encourage (or manipulate) us to do more but, it turns out, we are not as manipulable as some bosses think we are.

Dan H. Pink, a leader in motivation, work and management, explains that the way we think about cash bonuses is backwards from what we would expect. Interestingly, studies show bonuses actually de-motivate workers instead of encouraging them. In a clever RSA video Pink explains how rewarding top performers causes worse performance and that when employees are paid enough money, it is possible to incentivize them using other, far more successful, techniques that result in increased engagement and loyalty.

In his video, Pink lists three things that actually do lead to better performance:


Autonomy: the desire we all share to direct our own lives. There is proof that the more autonomous we feel at work the higher the levels of employee engagement will be.

Mastery: We all want to get better at something. This is why some of us use our free time to learn how to play the guitar or study photography; we aspire to learn a new skill or craft for the pleasure and satisfaction.

Purpose: we all want to feel like we are making a contribution. If money and profits matter without a sense of purpose bad things happen. Service becomes lame, products are bad and work becomes uninspiring.

 

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About

Insightlink Communications are experts in employee survey design, data collection and analysis. Since 2001 we've helped companies of all sizes measure and improve their employee satisfaction and engagement.



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