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5 Alternatives to Pay Raises to Engage Employees
_____________________
Often, it takes more than a bigger paycheck to keep employee
engagement up.
While making more money is a good motivator, it should not be the end-all when it comes to encouraging your employees to be more engaged. If you think that a bigger paycheck is the only way to achieve higher engagement levels, consider these five alternatives.
1. Focus on Overall Wellbeing
Given that only half of employees think wellbeing is a strong part of their organization’s culture, there is definitely room for improvement. In addition to the more obvious perks like PTO, employees need a more holistic vision to corporate wellbeing initiatives, including a focus on physical, emotional, social, and financial needs. Put practices into place now that both acknowledges these needs and considers each of them equally.
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Employee Experience Must Mirror the Customer Experience _____________________While employees and customers are different, they are both essential to our business.
While it is true that employees aren’t the same as customers, on some level, they do expect the same experiences.
Technology is doing some wonderful things for the customer experience. I can make doctor appointments and see my lab results using an app. If my flight is delayed and I miss my connection, the Delta Airlines app will automatically rebook me on the next flight. It’s those little things that make life easier. And if individuals can get that experience in their personal lives, it could drive the employee experience they expect it in their work
lives.
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A Learning Culture Is Key to Increase Innovation, Productivity, and Retention
_____________________94 percent of employees would stay at a company longer if that company invested in their career development.
I've spent my entire career either learning or teaching. I've studied the psychology of learning, and I've been involved in helping everyone from executives to middle schoolers get better at it. I've learned a lot myself in that time – including that learning is consistently pushed last on the priority list.
My sixth graders were always looking for shortcuts around it, and in the workplace, it's avoided in favor of more tangible deliverables – even despite the positive impact it can have. Deloitte research suggests companies with strong learning cultures are 92 percent more likely to innovate, not to mention 52 percent more productive.
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Cobra Coverage to Qualified Beneficiaries After a Sale or Merger
_____________________Who bears COBRA responsibility?
A seller and buyer may contractually allocate COBRA responsibility as part of the transaction. If that is the case, COBRA responsibility will be outlined by the terms of the contract. In absence of contracted terms, or if the party who was contractually responsible for providing COBRA fails to do so, the IRS provides guidelines that outlines who has COBRA responsibility. Generally, if the seller maintains any group health plan after the transaction, the seller bears responsibility for providing COBRA coverage to the M&A qualified beneficiaries.
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Serving Northeast Ohio Since 1987