Persistent fears of a looming economic slowdown have companies in all sectors searching for ways to trim the fat. Rather than reducing salaries or resorting to layoffs, one area some employers are eyeing as a cost-saving measure is benefits. At the same time, access to affordable healthcare is more important than ever, with a reported…
Compensation & Benefits
Attract Top Candidates With These In-Demand Perks and Benefits
You’ve finally found them: your perfect candidate. You’ve gotten the signoff from management and put together a competitive offer. All that’s left now is for them to accept—but they don’t. Despite a lucrative salary on the table, they decide to take a job with one of your competitors. Why? Losing out on a great candidate…
How to Calculate Labor Cost and Why it Matters
Knowing how to calculate labor cost is essential if you want to run a profitable operation since labor is by far the largest expense most businesses face. Specific costs vary by industry, but it accounts for as much as 70% of total expenses in some fields. As of the latest BLS data, the average non-government…
How to Design an Employee Benefits Plan
Benefits plans can vary widely from one company to the next and can be a make-or-break factor in becoming an employer of choice for top candidates. Thus, carefully crafting a benefits package that serves your employees and your organizational goals is a must if you want to set your company apart. We’ll discuss the upsides…
Innovative Ideas to Promote Work-Life Balance
Work as we know it is moving away from the traditional in-office, 9-to-5 model, making work-life balance the in-demand perk among job seekers. In an effort to win top talent, competitive employers are offering greater flexibility, more autonomy, and an increased level of respect for the division between personal and professional responsibilities. Remote work has…
Your Questions About The Paycheck Protection Program, Answered
Many small business owners are coming to the end of their allotted Paycheck Protection Program funding and asking, ‘what happens next?’ Others missed out on the first round of funding and are wondering if there is still time to put in a PPP application. While the money can be a lifeline to businesses that are…
The Pros and Cons of an Open Salary Policy
In the past, it has been standard practice for employers to discourage employees from sharing salary information amongst themselves. Not only is such a policy, for the most part, illegal, but in recent years more and more workers are speaking out in favor of pay transparency as part of the larger push to close the…
Why You Should Offer Employee Perks as Benefits
As an employer trying to hire the top talent in a candidate’s job market, finding ways to help set your company apart from other employers can be challenging. This is particularly the case for companies that have limited finances and need to find more creative ways to attract applicants.