Flexible Benefits Plans Attract and Retain Workers
To address talent shortages, a growing number of organizations are taking a broad look at the way they're providing "total rewards" (benefits) programs, according to recent research sponsored jointly by Deloitte, the International Society of Certified Employee Benefit Specialists and the International Foundation of Employee Benefit Plans. The accompanying report, the "2014 Global Top Five Total Rewards Priorities Survey," reveals that human resources professionals are focusing on compensation and health/wellness packages as they strive to attract and retain proven performers. And if these HR professionals work for companies where pay increases are flat or nonexistent, they're attempting to find alternative ways to motivate staffers. One potential remedy: Allow a self-service, employee-customized approach to rewards that enables different generations of workers to pick and choose among options in order to design the right program for them. "Organizations have come to face the reality that their workforces are inter-generational and what may work for one generation … doesn't necessarily work for the others," says Yon-Loon Chen, senior manager at Deloitte Consulting and co-author of the report. "It will be imperative for organizations to have a flexible total rewards program that will support all its employees as they progress through their careers." More than 220 global HR professionals took part in the research.