Nonqualified Plans – Baiting the Benefit Hook

Attracting and retaining qualified employees and managers is always a challenge for companies of all sizes. Most employers realize competitive salaries are not the only things desired by the best workers. Sought-after employees also expect compensation packages to include valued benefits. A qualified retirement plan is a traditional component of many employee benefit packages. As a business owner, you’re likely to appreciate the advantages: Your contributions are tax-deductible and accumulate on a tax-deferred basis. However, these plans can be difficult to administer and contain many regulations restricting employee eligibility, participation, vesting, and employee contributions. What’s the alternative? Nonqualified plans offer the flexibility to selectively choose whom you’ll cover and how much you’ll contribute for each individual. Many companies use them to supplement or replace their qualified plans. Although there is a wide range of nonqualified plans from which to choose, executive bonus plans and deferred compensation plans are among the …

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Train to Retain: How to Develop High-Potential Employees to Keep Them

Employee retention is essential for companies looking to build their businesses and boost their bottom lines. But retention alone isn’t the secret of success. High-potential employees who are in line to move up through the ranks of management need to be nurtured, trained and developed. As high-potential employees advance, they will be the ones to mentor and groom yet another generation of your company’s leaders. High-potential employees are highly motivated to grow, develop and advance, and if you don’t take steps to meet these needs, they’re likely to seek work with companies that will. These employees are the ones who will create the innovations and systems that will propel your business through the coming decades, so it’s essential to your company’s future to help them advance their skills and their careers — and to give them reasons to stay with you as they do. Your investment in your employees’ futures …

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5 Ways to Engage and Retain Your Company’s Top Talent

Employers have an engagement problem. Earlier this year, Gallup released a survey that found while employee engagement was at its highest since 2000, the majority of employees are not engaged, including 17.5 percent who were actively disengaged from their work. Engaged employees tend to be more productive and it’s easier to retain them, while disengaged employees are checked out and may be looking for a new job. It’s a challenge for employers to keep their employees engaged. Drivers of engagement vary by industry, department and individual. No matter what they are at your organization, measuring the work you do on engagement is critical, says Tim Glowa, co-founder of Bug Insights. Simply boosting things you think will engage employees isn’t a strategic approach. Instead, survey your employees to find out what they find important, and then deploy your resources to make improvements. Repeat the survey often to see if you’re moving …

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5 Elements of an Effective Job Listing

An effective job listing has to have it all. It must be clear yet concise. It must appeal to your dream applicants while keeping the bar high. It must reflect your company’s culture without sounding too insular. And a little bit of passion doesn’t hurt. “Good job ads should be creative and speak directly to the candidates you are targeting,” says Steven Lindner, partner at The WorkPlace Group. “Most job ads are stale and uninspiring, with no visceral connection to why the job is even needed in your company. With so much information delivered to candidates each and every day, personalized, engaging and creative ads that tell candidates why you need them and why your role is worth considering is what will grab their attention.” How to fit all that in just one job ad? Make sure it has each of these elements and you’ll be on the right track. …

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3 Key Metrics in Assessing Your Employer Brand

You can probably easily identify your organization’s brand and its promise, but what about its employer brand? Your employer brand is what you say you stand for as an employer, and its strength determines the company’s success in finding and holding onto employees, says Kristin Chapman, principal HR consultant at employee engagement platform DecisionWise. “Your culture, behaviors of current and past employees, and the reputation of your senior leadership team create a message that can separate you from your competitors and cause you to stand out in the minds of your employees and your customers,” she says. Like your consumer brand, the effectiveness of your employer brand can be measured. These 3 metrics are key indicators of how your employer brand is performing. 1. Turnover Rates High turnover rates are a red flag that you might have an employee satisfaction issue that is your employer brand, experts say. If people are …

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