Compensation & Benefits

Performance Awards Replace Holiday Bonus as Employee Incentive

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Hewitt Associates has found the annual holiday bonus as a way to reward employees is losing favor as 63% of surveyed companies said they will not award holiday bonuses this year. According to a news release from Hewitt, 90% of companies indicated they are relying on variable pay plans (performance-based bonuses that must be re-earned annually) to show appreciation for employees this year. In 2007, actual company spending on variable pay as a percentage of payroll is 11.8%, and spending on variable pay in 2008 is projected to remain strong at 11.6%, the release said. The 2007 holiday study of...

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Boomers and GenXers Share Values in Voluntary Benefits

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A new survey reveals similar values between Baby Boomers and Generation Xers when it comes to choosing voluntary benefits. The Aon Associates survey found that the top voluntary benefit purchased by both groups was disability coverage — 45% of employers surveyed say Baby Boomers purchase disability coverage, while 37% say Gen X workers do the same. The second ranked voluntary benefit was also the same for both groups. Twenty-three percent of those surveyed said Baby Boomers (aged 45-60) purchase life insurance and 24% said GenXers purchase it. However, the similarities end there, as...

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Gift Cards Top List of Employer Gifts to Employees

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According the new American Express Business Gifting survey businesses will be giving employees gift cards more than any other category of gift this year. The survey found 92% of responding companies say they will be giving year-end gifts to their employees, but only 64% of employees say they expect they will get a gift from their employer. Among companies choosing to give individual employee gifts at year-end, gift cards are at the top of the list (42%), according to a press release. Spot cash bonuses came in second as a gift choice (37%), followed by company products (35%), food/food...

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Gift-Giving Conundrum

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National Boss Day just passed by, and often employees are confused about gifint policies in the workplace — not just for the boss, but also to and from fellow employees. It’s easy to get stressed about gift giving in the workplace because we often don’t know our colleagues or superiors as well as we would like, or even well enough to make an education guess about their tastes. But, if you use a little common sense and follow some basic rules, you’ll find office gift giving is actually easy and fun. Get the facts — check your company employee handbook for guidelines on...

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Money Isn’t Everything, American Workers Say

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Given a list of 15 benefits and characteristics that may be important in choosing a job, �how much one is paid, the total compensation� ranked 10th among American workers surveyed. The health insurance plan offered with the job ranked at the top of the list, with 84% saying it is very important, according to the survey report. Job security and clarity in the rules at work ranked next (82% each), followed by the retirement or pension plan offered with the job (76%). The fifth-ranked important job characteristic was working in a flexible, family-friendly workplace, chosen by 71% of...

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Businesses Plan Fewer Bonuses, Gifts this Holiday Season

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The poor economy is having effects that include more than terminations and service cut-backs. Employers are getting more stingy about holiday bonuses and gifts to employees. From the Associated Press: A recent survey of small business owners or managers showed fewer of them planning gifts or cash for their workers. “Business owners are still feeling pinched cash wise,” said American Express business adviser Alice Bredin. AmEx’s small business division conducted the survey. Last year, 44 percent of those surveyed said employees would get an end-of-year bonus. This year, only...

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