Effectively communicate to your current and future employees the total value of the compensation and benefits you provide with a total rewards statement and realize better employee engagement and performance.
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TotalRewards Software will be one of many leading HR companies attending the WorldatWork 2017 Total Rewards Conference & Exhibition May 7-10 in Washington, D.C. Tagged as the place “Where Big Ideas Begin”, the event will host over 1,200 human resource professionals seeking ideas and solutions around total rewards, compensation, benefits and work-life effectiveness. Attendees can pick and choose from more than 90 sessions with 200 speakers.
Representatives from TotalRewards will be at the event to discuss the TotalRewards Builder and CandidateRewards solutions as well as weigh in on the importance of total compensation statements and recruitment tools in today’s evolving workforce landscape. According to the Bureau of Labor Statistics, the unemployment rate has been dropping over the last six years and is now at a record low of 4.8%. As a result, there is a smaller pool of people looking for jobs, putting more pressure on HR teams to find and retain the right candidates and often extending already expensive, time-consuming recruiting and onboarding processes.
TotalRewards Software is leading the way to help companies recruit and retain valuable employees by offering software solutions that provide on-demand access and clear messaging around employees’ total rewards beyond monetary compensation, including career path information, vacation time, work-life balance and more. Access to this information can spearhead employee engagement and improve employee retention.
Salary transparency – making total compensation and pay packages public – has increasingly gained momentum. While most businesses might not even consider implementing such a policy, certain events have pushed the idea forward.
At the federal level, the stigma of total compensation transparency has received an overhaul. Due to the recent Executive Order 13665, federal employees can no longer be fired or be punished for discussing their pay or their coworkers’ pay. The rule applies to federal contracts and subcontracts that exceed $10,000 in value.
In the tech industry, many smaller companies already engage in total comp transparency. According to Laszlo Bock, Google’s “people operations” head, smaller companies (fewer than 300 employees) will often make pay public because it helps reduce pay discrimination; it’s an easy policy to implement and can help explain differences in pay. At larger companies, however, those clear differentiations start to get hazy.
Yet, pay transparency doesn’t always improve working conditions. Seattle CEO Dan Price of Gravity Payments suffered some employee backlash when he raised the minimum salary for all company employees to $70,000 a year. Some of Price’s employees felt the raise was unjust because they saw individuals were doing little to no work for the same paycheck. Whether the move will work out for the Seattle-based company remains to be seen, although Gravity Payments is expected to recoup their losses by next year, according to “Fast Company”.
There are currently 53 million freelancers working in America today. With the rise of independent service platforms like Uber, Airbnb and Thumbtack, the days of the shirt-and-tie-wearing, 8-to-5-working employee seem to be becoming more of a distant memory.
While this labor evolution is exciting, the government has roughly 20 factors weighing in on the classification of this new breed of employee. This has the potential to hit Mr. or Mrs. Freelancer where it hurts them the most: their compensation and financial security.
“We’re not going to slow this desegregation between employer and employee. So we’ve got to figure out ways to make it work for people better.”
– Senator Mark Warner
Better, at this point, means new – as in a new way of defining, classifying and protecting today’s increasingly independent worker. Noah Lang, Co-founder and CEO of Stride Health, offers a few places to start: