Compensation & Benefits

HR Consulting Company Report States That Companies Are Ready to Restore the Matching of 401(k)s

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Hewitt Associates, a human resources consulting and outsourcing services company, reports that as many as 80% of employers that stopped or reduced matching contributions to employees’ 401(k) programs will resume those contributions during 2010. Although the report reveals that an average large U.S. company saved as much as $25 million a year by suspending 401(k) matches and improved cash flow, employers want to start contributing again because they are concerned employees are falling short of retirement goals. Hewitt also discovered that companies are prepared to add retirement plan...

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Vacation Policy Is an Important Section of Every Good Employee Handbook

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Vacation policy seems to be one component of managing a business that is more driven by free enterprise competition than government regulation and oversight. In fact, the U. S. is one of the few industrialized nations that don’t regulate employee benefits at private companies. Employers, however, should be aware that once they have a vacation (or any employment) policy in place, the government can act as an advocate for employees to make sure they receive the vacation time and pay to which they are entitled. You can be that your vacation policy will also be high on the list of benefits...

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Developed a Balanced Approach to Employee Health Benefits

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Despite the current health care and health insurance crisis, most businesses still provide a basic health insurance plan for their employees. This benefits both employees and employers. Employees can focus on their jobs because they don’t have worry about health insurance coverage for their families and themselves. Employees with health insurance coverage are more apt to seek medical care when needed, and even participate in wellness programs. Employers experience better attendance and productivity. Plus, a healthy workforce projects a better image to the public and customers. Although...

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Protect Your Business from Litigation Relating to the Lilly Ledbetter Fair Pay Act

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In early 2009, President Obama signed the Lilly Ledbetter Fair Pay Act. The Act (based on a Supreme Court ruling) allows for the 180-day statute of limitations to file an equal-pay lawsuit, regarding pay discrimination, to begin again with each new discriminatory paycheck, instead of the date when the parties agreed to the wage amount. Although widely covered in the media, many companies have not taken the proactive steps they should to protect themselves. The first step is to conduct an audit of your compensation system, including the job evaluation process, pay structure, performance...

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Non-executive Severance Policies

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As many as 18% of U.S. companies do not offer severance for regular non-executive employees, according to a new poll. A news release said the study by WorldatWork and Innovative Compensation and Benefits Concepts LLC (ICBC), an HR consulting firm, found that of those employers with a severance plan, 71% use years of service to figure the amount of severance payments. Nearly one-third of companies (31%) offer a week’s salary per year of service, while one out of every five employers (20%) provides two weeks of salary for every year. Employers also consider an employee’s position...

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Making a “Can’t-Refuse Employment Offer

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Wooing and hiring the best talent is becoming more difficult by the week. As employees entertain multiple opportunities and offers, sometimes you simply may run out of money. What to do when you’re short on cash but big on intention? HiringRevolution.com offers these tips on putting together a more attractive package for quality applicants: Extra vacation days.Extra PTO is the first place to start, every time. Elevated title. If your firm is loose with titles anyway, no harm here. Eat the parking cost. The cost is generally nominal to a corporation but goes far in showing your genuine...

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