The Total Rewards Needle is moving – Are you on Target?

The Total Rewards Needle is moving – Are you on TargetThe ability to attract and retain top talent remains a top priority with employers. In fact, according to Gallagher’s most recent benchmarking survey, having the ability to recruit and keep a highly qualified workforce remains the top organization concern even over factors like controlling healthcare cost and revenue and growth.

What occupational magnets do employers need to provide to remain competitive?

With the unemployment rate hovering at 4% (compared to 10% in 2009) and the recent Tax Cuts and Jobs Act (enacted in December of 2012 which lowered the corporate tax rate from 35% to 21%), many employers are looking to reinvest in their employees.

A 2018 survey performed by Willis Towers Watson determined that 66% of their respondents have already made, or are considering, changes to either their employee benefits or compensation.

Additionally, many organizations have already publicly announced their intent to “move the needle” and enhance their employee benefits by

  • increasing 401k contributions;
  • increasing healthcare contributions;
  • adding or enhancing a paid family leave program;
  • bonuses;
  • increasing minimum wage.

When is the last time your organization benchmarked your health and welfare plan? How does your 401(k) plan “stack-up” to the market? When is the last time you performed a compensation study?

If you haven’t recently reviewed how your occupational magnets benchmark in this competitive market, now would be a great time!

If you are interested in benchmarking your plans or reviewing how your compensation compares to market, please contact your HCW Consultant.