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With massive layoffs and hiring freezes, companies must prioritize employee retention to maintain a skilled and experienced workforce.
This article was first published on March 24, 2023, by HR Daily Advisor, a sibling publication to HealthLeaders.
Employee retention will continue to be a hot topic as move forward in 2023. Although the workplace continues to churn out new buzzwords—from the Great Resignation to the Great Regret, Quiet Quitting, and now the Great Breakup—attracting and retaining talent has never been more important.
One way to retain and attract top talent is by offering comprehensive benefits and compensation packages. In fact, Forbes Advisor found that 40% of workers would leave their current job to find employment that offers better benefits.
Furthermore, despite recent massive layoffs at Twitter, Amazon, and Google—and fears of a global recession—about 61% of American workers are thinking about quitting in 2023, according to LinkedIn.
So, what benefits should organizations offer to attract and retain talent? We recently tapped Sheri Atwood, CEO and Founder of SupportPay, to gauge her insights.
Here’s what she had to say.
Given the economic landscape, why is employee retention important?
SA: With the massive layoffs and hiring freezes, companies must prioritize employee retention to maintain a skilled and experienced workforce. Employee turnover can also be costly, and each employee departure costs about one-third of that worker’s annual earnings, including expenses such as recruiter fees, temporary replacement workers, and lost productivity, according to the Work Institute.
Additionally, employee retention can help to build a positive organizational culture, foster teamwork and collaboration, and enhance employee engagement, motivation, and job satisfaction. Therefore, organizations must implement strategies that improve employee engagement, job satisfaction, and well-being. One way of doing this is by offering a wide range of benefits beyond basic benefits such as vacation days, 401(k) plans, and health insurance.
What kind of benefits can companies offer employees to reduce attrition and improve employee retention?
SA: According to an employee satisfaction survey, 78% of employees said they are more likely to stay with their employer because of their benefits program. That means companies need to make their offerings attractive by going beyond standard benefit offerings and implementing programs that address every life stage. For example, to support working parents, companies can put in place comprehensive family-friendly benefits like expanding paid family leave, childcare, family building, and elderly care assistance.
Additionally, for employees who are single parents or those navigating a divorce or separation, employees can offer programs to help them navigate life after divorce or separation. These benefits can help employees feel valued and supported by their organization, which can increase their engagement, motivation, and job satisfaction. Ultimately, offering a range of benefits that meet the diverse needs of employees can be highly effective in reducing attrition and creating a positive workplace culture, helping organizations achieve their business objectives.
With a focus on more inclusive workplaces, what types of benefits are employers not even thinking of or missing from their benefits package?
SA: It’s important for employers to reconsider traditional benefits packages in order to be more inclusive of all their groups of employees. Specifically, companies need to recognize that employees have different needs at different stages in their lives. For example, single, divorced, or recently separated parents account for a large percentage of employees, but there’s a huge gap in benefits for this group of employees. Companies need to provide holistic benefits that meet the needs of different family structures to ensure their unique needs are met.
Providing comprehensive benefits for every life stage shows that companies value their employees and are committed to supporting their well-being throughout their careers and in turn create a more supportive and engaging work environment. In addition to benefits that support employees who are single or divorced, companies can offer eldercare support, retirement planning, and financial wellness programs. Additionally, offering affordable benefits that are accessible to all employees, regardless of their income level, can help to create a more equitable and inclusive workplace, where everyone feels valued and supported.
With a recession looming and companies tightening their budgets, is there a way companies can deliver unique benefits while demonstrating ROI?
SA: There are many ways companies can deliver unique benefits during an economic downturn when budgets may be tighter. One way to do this is by implementing cost-effective benefits that have a high impact on employee well-being, satisfaction, and retention. By implementing cost-effective benefits that have a measurable impact on employee well-being and business outcomes, organizations can demonstrate clear ROI and maintain a competitive edge, even in challenging economic conditions.
Why are we seeing record-high turnover rates?
SA: Organizations are seeing high turnover rates for a variety of reasons. One of the primary reasons has been the competitive job market, and many employees have the ability to be selective about their employment choices. In fact, a recent McKinsey & Company survey found that respondents showed a consistently high desire for work that is better paying, more satisfying, or both, as well as a conviction that they can find better jobs elsewhere. The high turnover rates have made it more challenging for organizations to retain top talent, particularly in industries where there are labor shortages.
Additionally, employee burnout is at an all-time high, and this has had significant implications for working parents in particular. A recent national survey by the childcare provider Bright Horizons found that 90% of working parents are stressed at their jobs and three in five (61%) described their stress as overwhelming. Without adequate support such as flexible working hours, parental leave, benefits that support mental and financial well-being, and childcare assistance, employees may be forced to choose between their job and their family obligations, ultimately leading to burnout and job dissatisfaction. As a result, many organizations are now recognizing the importance of providing supportive benefits to attract and retain top talent, improve employee morale, increase job satisfaction, and ultimately enhance overall organizational performance.
Are there any factors contributing to burnout or job dissatisfaction among employees?
SA: Burnout and job dissatisfaction should be significant concerns for employers. Gallup’s State of the Global Workplace report found that 50% of workers reported feeling stressed at their jobs daily, and 60% reported being emotionally detached at work. The pandemic led to an increase in remote work, and while many companies have returned to the office or are operating on a hybrid model, the lines between work and home are blurred.
Additionally, with the current economic climate, companies are reducing their workforce, leading to employees taking on extra responsibilities and working longer hours. This can lead to a lack of work-life balance and high levels of stress, which can contribute to job dissatisfaction. This is even more significant for working parents who face the challenge of balancing their work responsibilities with their family commitments. Overall, it is essential for organizations to prioritize the mental health and well-being of their employees, by providing adequate support and resources that foster a work-life balance.
Tailoring financial benefits to meet the needs of all employees starts with understanding employees' needs and the impact of the last year on their lives.
This article was first published on Februry 28, 2023, by HR Daily Advisor, a sibling publication to HealthLeaders.
Different employees prioritize different aspects of their financial well-being based upon their personal situations and financial needs. According to recent research, 38% of workers share the top financial goal of saving for retirement while 27% share a top goal of building an emergency savings fund.
Additionally, unlike older generations, Gen Z and millennial employees are seeking other types of investments, including investing in cryptocurrency, real estate, annuities and small businesses, according to Schwab Retirement Plan Services’ annual survey of 401(k) plan participants. Whether it’s the younger generations or older workers, employees are motivated to make positive change and they’re looking to their organizations for support.
This year, Barrett Scruggs, VP of Employee Financial Well-Being at SoFi at Work, predicts employers will keep up with their individual employees’ goals by offering new and personalized benefits to not only attract but also maintain top talent.
Here’s what he had to say.
What employee benefits do you see taking center stage this year?
BS: We found the top financial benefits employees want their businesses to add, improve, or expand upon are emergency savings fund (64%), retirement matching/401(k) (64%), financial planning tools (62%), budget planning tools (61%), and homeownership assistance (60%). We expect to see these offerings become more widely available this year, especially as employers aim to retain and attract new talent.
In addition to the above benefits, uncertainty around student loans is increasing employee demand for student loan benefits. With guidance on student loan forgiveness and educational assistance programs changing by the day, borrowers will look to their employers to help with student loan repayment and management in the new year. Employers should consider offering educational resources like access to financial advisors or more direct aid such as matching retirement contributions with student loan payments.
There are many uncertainties in the new year. One thing is for sure, however. Employees want their companies to help with more aspects of their lives including financial well-being, mental health, and workplace flexibility. Employers looking to stand out will provide benefits options that meet the individual needs of their employees and promote a culture of overall well-being.
How can employers tailor their offerings to their employees’ personal financial needs or goals?
BS: Tailoring your financial benefits to meet the needs of all employees starts with understanding employees’ needs and the impact of the last year on their lives. Companies can come to this understanding through employee surveys, financial wellness assessments, focus groups with critical talent, and data-driven analysis of current and past benefits offerings. Any of these processes will offer a deeper understanding of your employees’ financial needs and allow companies to pinpoint the offerings that will best serve their talent. From there, companies can ensure they are offering holistic benefits which hit on the needs of employees with different backgrounds, from all life stages, and with varying degrees of financial literacy. For example, say a company finds its workforce is largely made up of Millennial and Gen Z talent who aren’t taking advantage of retirement offerings but would benefit from student loan repayment or homeownership assistance. Knowledge is power, and they can tailor their options accordingly.
What financial benefits can employers offer to improve equity in the workplace?
BS: Employers should ensure their financial benefits attract and serve a diverse workforce and help to address economic inequality throughout every segment of the workforce. Traditionally, financial well-being programs have focused on 401(k) benefits and education programs geared toward long-term savings and retirement. However, it’s become increasingly apparent this approach doesn’t meet all the needs of today’s diverse workforce and the pandemic highlighted the need for short-term, goal-oriented savings options.
Personalized financial benefits that address short- and long-term goals can help companies meet their employees where they’re at in their financial journey. When you offer a range of financial well-being benefits, you give employees the power to choose what will help them the most. Emergency savings accounts, student loan repayment programs (including 401(k) matches for employees paying off student loans), and debt management tools are all great options to hit on the many different needs of a workforce. Established college tuition and retirement savings programs are vital to a holistic financial wellness program.
Why are financial well-being benefits important in our current job market?
BS: We are in an employee-centric job market, with only 3.7% unemployment and over 10 million available jobs, which means employers are continuing to seek ways to boost retention and increase employee satisfaction. On the employee side of things, economic volatility, high inflation, and rising student loan debt have people looking for guidance on how to best manage and optimize their finances in the current environment.
Financial well-being benefits help meet the needs of both employers and employees. Employees can benefit from financial guidance and employer contributions to sources of stress such as student loans or emergency savings funds. Employers can meet the needs of their team and show their top talent they care for their well-being both inside and outside of the office. With 86% of workers saying financial benefits impact their desire to stay with their employer, the retention benefits of a holistic financial well-being strategy are clear.
What trends did you see in 2022 that may shape the benefits space in 2023?
BS: Throughout 2022, I’ve seen an increase in the personalization of benefit options, including financial benefits. We found three out of four U.S. workers were facing at least one source of major financial stress and it was affecting life at work. Businesses stepped in to combat this issue but recognized not everyone benefits the same way from classic offerings. This trend will grow into 2023 as companies offer choices that cater to individual needs to draw in new talent, reduce attrition, and improve the workforce’s financial well-being. Assuming 2023 brings a continued employee-centric job market, businesses will continue to go out of their way to minimize financial stress and support the growth of their employees.
Retired workers represent a largely untapped source of experienced labor that may help fill short- or medium-term staffing needs.
This article was first published January 31, 2023 by HR Daily Advisor, a sibling publication to HealthLeaders.
Despite talk of a looming 2023 recession, the U.S. labor market remains extremely tight. In fact, whenever an older worker decides to begin their retirement, many employers faces a small crisis. Not only is it difficult at the moment to recruit any replacement workers, finding one who can match the institutional knowledge and industry experience of a retiring veteran employee is especially challenging.
But while it’s often treated this way by soon-to-be-former colleagues, retirement is not, necessarily, goodbye forever. Retirees don’t simply disappear never to be heard from again. In fact, many retirees remain physically and intellectually active for decades after their retirement, and many get a bit stir crazy with little to do. These retired workers represent a largely untapped source of experienced labor that may help fill short- or medium-term staffing needs if companies know how to recruit them effectively.
In this article, we’ll discuss some strategies, best practices, and observations for employers interested in re-engaging with retired workers, including some tips provided by employers and industry experts.
Staying Engaged Versus Re-Engaging
As an initial comment, it’s important to point out the potentially significant difference underlying a seemingly insignificant variation in terms. Some employers talk about the potential benefit of re-engaging former staff. Others focus on staying engaged. The practical difference here is that the former implies a loss of engagement at some point when the retiree left the workforce, while the latter suggests a continuous engagement.
Hari Kolam, CEO of Findem, a people intelligence company that helps talent leaders find and hire the right people, and encourages employers to line up in the “staying engaged” camp, rather than hoping to re-establish a relationship down the road, once a definite need has arisen.
“Every company should consider running nurture campaigns with their top-performing former employees just as they would with potential candidates to keep them engaged and ‘warm’ for a possible return,” says Kolam. “An easy way to engage with alumni is by keeping them up to date with relevant company content, such as news about funding, awards won, and executive new hires. You can also open up thought-leadership opportunities to them, whether it’s writing contributed articles for industry publications or co-presenting at a conference or other event,” Kolam says.
Employee Alumni Networks
A great way to foster this continued engagement is by creating and cultivating “alumni programs.” These are networks of former employees (both retired and otherwise) that keep those former employees plugged into the pulse of the organization.
“Corporate alumni programs work by creating a network where former employees can stay in touch with their old colleagues and companies and continue to cultivate their relationships,” says Kolam. “Not only do they make it easier to re-recruit former employees as they progress on their career path, but they can also be valuable for getting connected to other talent pools, generating sales leads, and turning alumni into new customers.”
Kolam adds that Findem has been seeing a lot of companies set up alumni Slack networks to keep a casual, open flow of communication with former employees and give them a space to remain active and participate in an organization’s community over the long term.
Be Upfront with Intentions
While there is often a generalized expectation that workers in their mid-60s are on the verge of imminent requirement as a matter of course, the decision of whether and when to retire is a very significant one that has major impacts on a worker’s finances, family and hobbies. The decision to come out of retirement and return to the workforce is just as, if not more, important. Employers asking this of former workers owe it to them to be honest, open, and upfront.
“Hearing from a past employer can be a roller coaster of emotions – especially if the working arrangement ended on complicated terms,” says Max Wesman COO of GoodHire. “It’s best to be upfront and honest about your intentions, and to express a clear interest in having them return,” Wesman says. “Your conversational approach should always relate to the reason for the employee’s departure.”
Former employees deserve to understand the context and reason for a potential return. Will the return serve as a short bridge for a couple of months until a permanent hire can be brought on board? Or is it intended as a long-term return to work? How flexible will work hours and location be? What level of time commitment and responsibility is involved? Additionally, Westman recommends employers not forget to note any organizational or cultural changes a former employee may be unaware of to help enhance the pitch.
“If they made the decision to leave, let them know about changes that have taken place since they left the workplace,” Wesman suggests. “This might include a new leadership team, career growth opportunities, or other improvements made to the company’s culture. Make mention of the employee’s past contributions, and emphasize how their experience and skill set could elevate the company’s future success. This is a great way to breathe new life into the role that you’re offering, as it shows them exactly how they fit into the picture.”
Easy on the Pressure
One of the biggest obstacles to having retired former employees return to the office is the discrepancy between the level of stress and pressure between their working lives and their retired lives. A too-pushy recruitment pitch could turn off many retired workers before they’ve even had a chance to carefully consider the opportunity.
“The best way to invite them back into the fold is by starting with an open-ended question: ‘How would you like us to get in touch?’,” recommends Kimberly Tyler-Smith, an executive with Resume Worded. “This will give them space to think about what’s going on in their life, and it gives you an opportunity to learn more about what might be holding them back from coming back to work for you,” she says.
Tyler-Smith recommends that companies keep conversations positive. “Don’t focus on what went wrong in the past,” she advises. “Instead, focus on what they can accomplish in the future with your company. Make sure your message resonates with them, and they know that they matter to you and that they are valued as individuals in your organization. Your message should be one of inclusion.”
Losing an experienced, long-tenured employee to retirement can be a tough blow for any organization. But not all workers choose to remain retired forever. Many are very interested in the chance to fill some of their abundant free time with some level of renewed engagement with their former employer. The key is knowing how to ask and have that discussion effectively.
Employees want to work for an employer they believe has their overall health and well-being in mind.
This article was first published January 17, 2023 by HR Daily Advisor, a sibling publication to HealthLeaders.
Employee health and wellness is an increasingly important consideration for employees and employers alike. Physical fitness crazes have had wide appeal in recent decades, reflecting a general increase in health and fitness awareness among the U.S. population.
The COVID-19 pandemic also reminded people around the globe of how vulnerable our health can be and served as a tragic reminder of the health risks of certain underlying conditions linked to unhealthy lifestyles, such as obesity and smoking.
The Downfalls of Workplace Wellness
Even in workplaces that do not require a great deal of physical labor, health and wellness issues can be extremely disruptive. Employees who work on-site with coworkers can spread communicable diseases like COVID, the flu, and the common cold to an entire office in short order. Even remote workers can be forced to take time away from work for illnesses that aren’t just transmissible but are also personally debilitating.
An unhealthy workforce can also contribute to higher insurance costs for employers who sponsor employee health insurance programs.
Trends on the Horizon
With this dynamic backdrop in mind, Laura Putnam, a workplace wellbeing expert, public speaker and author of Workplace Wellness That Works, has discussed several workplace wellness trends to watch for in 2023.
Hybrid Work Will Be Here To Stay. After experiencing the new freedom and flexibility that remote and hybrid work offered during the pandemic, many employees are loathe to give it up. Amid a tight labor market employers are finding that they need to provide this flexibility if they wish to attract and retain top talent.
The Rise Of The Four-Day Work Week. It’s not only flexibility in where they work that today’s employees are demanding, but also when and how long they work. The four-day workweek is likely to become more commonplace in 2023 as companies vie to be competitive in a tight labor market.
Mental Well-Being Has Taken Center Stage. Burnout, depression and anxiety are at record levels. Employers are stepping up to address this trend recognizing that they may hold the key to helping employees improve their mental health. This is likely to be a priority in 2023.
The Labor Movement Will Grow. With employees still in the driver’s seat, they will continue to use their leverage to create stronger unions across many different sectors.
Well-Being Is A Shared Responsibility. As recently shared by Francis deSouza, CEO of Illumina, at a recent CEO roundtable hosted by Fortune and Salesforce, “Employee wellness is an imperative. It is one of the criteria that people use to choose a job and whether or not to stay at a job or not.”
Employees continue to be in high demand in the current labor market, and their demands go beyond salary and benefits. Employees want to work for employers they believe have their overall health and wellbeing in mind as well.
HR Daily Advisor‘s Faces of HR column is a weekly series, profiling the amazing work being done by members throughout the HR community.
This article was first published on December 29, 2022, by HR Daily Advisor, a sibling publication to HealthLeaders.
HR Daily Advisor‘s Faces of HR column is a weekly series, profiling the amazing work being done by members throughout the HR community. Not only do we take a closer look at the successes, challenges, aspirations, and opinions of HR professionals, but we also share personal experiences providing a bit more insight into each individual.
This year, our Faces of HR profiles brought invaluable insight from all walks of the industry, from talent management to benefits to DE&I to recruiting, and so much more. As we say goodbye to 2022 and look toward a new year, our team at HR Daily Advisor has gone back through the archives and selected some of our favorite Faces of HR profiles from 2022. Enjoy!
How Matt Bahl is Shaking Up HR with Empathy & Support
Matt Bahl has been involved in the field of human resources (HR) for nearly a decade. Bahl began his career as a labor and employment lawyer advising organizations on a variety of matters, including collective bargaining. Today, he is not only a nationally recognized thought leader on workplace financial wellness, but also serves as Vice President of Workplace Market Lead at Financial Health Network – a 501(c)(3) nonprofit and the nation’s leading authority on financial health and wellness.
Faces of HR: Désirée Pascual on Curiosity, Collaboration and Courage
Désirée Pascual is Chief People Officer at Headspace Health – a comprehensive and accessible mental healthcare platform – and oversees HR for about 1,000 employees. In 2021, Headspace and Ginger joined forces to form Headspace Health. Today, Headspace Health touches nearly 100 million lives around the world through its brands Headspace, Ginger, and Headspace for Work. The vision? A world where everyone is kind to their mind.
Faces of HR: How One HR Pro’s Strategic Approach to HR Helps Move the Needle Forward
Meet Valarie Arismendez, SVP of People at Hello Heart. The digital therapeutics company focuses exclusively on heart disease, partnering with employer organizations to provide a connected mobile app that works alongside an employer’s benefits ecosystem. In her role as SVP of People, Valarie leads all talent acquisition, retention, human resources, workplace experience and IT strategies for the venture-backed firm. In addition, she has more than 15 years of leadership experience in human capital management, organizational effectiveness, change management, executive coaching, talent acquisition, workforce planning and employee relations.
Faces of HR: Dave Carhart Talks about the Value of Teams and Collaboration
Dave Carhart has been involved in the field of human resources (HR) for more than a decade. For our latest “Faces of HR” profile, we sat down with Dave to discuss how he got his start in the industry, his biggest influence, as well as his thoughts on trends and best practices for the HR industry, including how company leaders can make HR a value within their organization. According to Carhart, it all starts with critical thinking and setting your intention.
Faces of HR: Jeff Ostermann on His Best Mistake, Seizing the Moment, & Making a Positive Impact
Jeff Ostermann is Chief People Officer at Sweetwater, the #1 online retailer of music instrument and professional audio gear in the United States. In his role, he develops the talent, teams and culture that help Sweetwater serve its customers and grow its impact on music-makers in the U.S. and worldwide. Before Jeff Ostermann got his start in the HR industry, he held various finance and business leadership roles at Fortune 500 companies. Now with nearly three years of skin in the HR industry, Ostermann says stepping into a Chief People Officer role was a “natural evolution.”
How One HR Pro is Making an Impact with a Multi-Touch Mission
As the principal of Tessi Consulting – a Black, woman-owned boutique consultancy that offers diversity, equity, inclusion, training, coaching, and more – Christie Lindor has served hundreds of global organizations across more than 31 industries in 10 countries. In her role, she also brings more than 12 years of experience planning, designing, and implementing diversity, equity, and inclusion programs in Corporate America.
Nolan Church on the Value of Coaching, Technology, and Failing Forward
Nolan Church, Cofounder and CEO of Continuum, has been involved in the field of human resources (HR) for nearly a decade. For our latest “Faces of HR” profile, we sat down with Nolan to discuss how he got his start in the industry, his biggest influence, as well as his thoughts on best practices and technology trends for the HR industry. For the latter, according to Church, on-demand fractional talent can add value to HR leaders and organizations in 2022.
Faces of HR: Scott Glenn Talks the Value of People, the Future of Work and His Best Mistake
Scott Glenn has been involved in the field of human resources (HR) for more than a decade. Scott began his career in HR in employee relations. He would go on to work in labor relations, recruiting, and talent management. Today, he is Chief People Officer at 4G Clinical – a 400-plus organization that executes the supply chain of a clinical trial. For our latest Faces of HR profile, we sat down with Scott to discuss how he got his start in the industry, his biggest influences, as well as his “best mistake” and what he learned from it.
How One HR Pro is Moving the Needle Forward by Helping People Get to Where They Want to Be
Claudia Ivanova has been involved in the field of human resources (HR) for nearly five years. For our latest Faces of HR profile, we sat down with Claudia to discuss how she got her start in the industry, her biggest influence, as well as her thoughts on trends and best practices for the HR industry, including how company leaders can make HR a value within their organization. According to Ivanova, it all starts with making people feel safe and comfortable.
Faces of HR: Jennifer Armstrong-Owen on the Value of Emotional Agility, Curiosity and Soft Skills
Meet Jennifer Armstrong-Owen, VP of People at talent platform SeekOut. Armstrong-Owen has more than 20 years of experience in the tech industry and continues to dial in on the HR issues companies of all sizes are facing. We recently connected with Jennifer to discuss how she got her start in the industry, her best mistake, as well as her thoughts on ensuring talent feels safe and comfortable. According to Armstrong-Owen, it’s all about working to ensure people feel seen and valued.
For the majority of today’s workforce, feelings of burnout are stronger than ever given the everchanging climate, including the dynamics of how and when we work.
This article was first published on January 4, 2023, by HR Daily Advisor, a sibling publication to HealthLeaders.
Everyone, at some point, has experienced burnout and a lack of work-life balance. For the majority of today’s workforce, these feelings are stronger than ever given the ever-changing climate, including the dynamics of how and when we work. While there is a myriad of reasons as to why we experience these things overworking, lack of energy, etc.—it all results in the loss of productivity among workers and leads to feelings of stress.
We recently connected with Prasanth Nair, CEO and founder of productivity transformation company Double Gemini, to share tested insights into why workers are feeling overworked and not productive. Nair also spoke to a holistic model and strategies for addressing productivity obstacles that can help them get into the zone and achieve the holy grail of work-life balance.
Here’s what he had to say.
How would you describe the current state of today’s workforce?
PN: We are in the midst of what I refer to as “The Era of Lost Productivity.” Productivity challenges are the main culprit of today’s workforce turmoil and are causing a productivity crisis. If you look at the most recent productivity data from the Bureau of Labor Statistics, employers and employees are experiencing four quarters of productivity decline which has not happened in 40 years, since 1982.
There is a clear void in productivity that needs to be filled. It’s a void that is growing given the unknowns about a recession and how it can further stymie productivity and bottom lines. Even though productivity is viewed as critical for business and the economy, companies are struggling with how to address it given the new reality of hybrid work and the importance of collaboration between employees working inside and outside of the office.
Is this "Era of Loss Productivity" a Direct Result of the COVID-19 Pandemic?
PN: Surprisingly, no. Productivity challenges are an evergreen issue within our workforce. The pandemic exacerbated these challenges, but it was not the cause. Employers have long struggled with how to maximize productivity due to two main factors – destruction of attention and lack of collaboration – that lead to employees with fragmented minds, ultimately resulting in lower productivity and quality of output. When this happens, organizations risk increasing employee turnover as these employees will often look for other jobs.
What is a key process employers can introduce to mitigate against productivity challenges, and ultimately employee retention?
PN: While email management may not seem like the holy grail of productivity, inboxes are a major source of distraction for employees. Time spent reading through and searching for emails can lead to noticeable productivity losses. Consider how much time and mental capacity can be freed up when inboxes are at zero? If a leadership team makes clear to employees the importance of a managed inbox, and gives them the proper processes to achieve this goal, they’ll see more energized, creative and productive workers.
Can productivity processes improve workplace cultures and employee well-being?
PN: Absolutely. This “Era of Loss Productivity” coupled with the ongoing talent shortage has put employers on the precipice of having to completely transform how they create, nurture and grow productivity. Employers who don’t meet this challenge head on can risk their cultures, talent and ultimately the vitality of their organizations.
One certain within an organization is employees who feel burnt out and a lack of work life balance. These feelings may ebb and flow but for the majority of today’s workforce, they are stronger than ever given the changing dynamics of how and when we work. Employees often pivot to the same answers on what is causing these feelings, whether that be lack of energy or interruptions at home or work. In actuality, there is not one reason but a collection of reasons, which culminate in the loss of productivity among workers and exacerbate feelings of stress.
How did Double Gemini come to be?
PN: I came to realize that one of my key strengths is the ability to take complex things and simplify them to help people and processes move forward. This realization ultimately led me to start Double Gemini in 2000, a productivity transformation company that designs processes to improve productivity.
What differentiates us is our specialized ability to design productivity processes and deliver them as transformative training solutions across five core productivity areas – email management (Stack Method), email etiquette (Pulse Method), meeting management (Focus Method), project management (Vision Method), and Time & Task Management (Zone Method).
When organizations overlay these processes, they can achieve a complete productivity transformation through cultures that raise levels of consciousness, achieve equal access collaboration by creating parity between employees, and accelerate output. And over time, I believe these processes can take us from “The Era of Loss Productivity” to “The Productivity Economy.”
Prasanth Nair is the founder and product architect of Double Gemini, a productivity transformation company that designs processes to improve productivity.
TRAPs have come under increased scrutiny in recent years from both federal and state governments and from employee rights advocacy groups.
This article was first published on December 20, 2022, by HR Daily Advisor, a sibling publication to HealthLeaders.
Companies spend a lot of money on employee training. American companies spend over $90 billion annually on employee training. The average cost for training and development per employee is around $1,250, but there are, of course, huge variations depending on role, company and industry.
When turnover is high, as is increasingly the case across many industries, employers can feel like their training dollars are simply flying out the window and, even worse, potentially benefiting a competitor a departing employee may take a job with.
Clawing Back Training Costs
To address these challenges, some companies embed provisions in their employment agreements requiring workers to reimburse the employer for the costs of training if they quit their job. Sometimes these training reimbursement agreement provisions (TRAPs) only apply if an employee leaves after a relatively short period of time.
TRAPs have come under increased scrutiny in recent years from both federal and state governments and from employee rights advocacy groups.
For example, the Student Borrow Protection Center argues that “Training Repayment Agreement Provisions, or ‘TRAPs,’ are the latest way employers are using anti-worker contract provisions to trap workers into low-paying jobs with poor working conditions. It’s student debt, but from employers in the workplace instead of in schools.”
The Employer Perspective
Employers often counter this criticism by noting that employees may gain valuable skills that help them secure higher pay throughout their careers and it’s only fair that employers who invest heavily in that training in order to develop qualified workers for that employer’s business should be entitled to recoup those costs if an employee takes that training and works elsewhere.
The legality of TRAPs vary by jurisdiction, so employers should be sure to seek legal advice if they intend to implement such programs for their own employees. To the extent an employer’s motivation to require TRAPs in employment agreements is based on a fear of turnover and losing employees to competitors after investing heavily in training, an alternative approach may be to consider updates to the company’s non-compete agreements, again in consultation with legal representation.
Lin Grensing-Pophal is a Contributing Editor at HR Daily Advisor.
The threat to employee well-being is intensifying with 60% of the global workforce reporting at least one mental health challenge, including symptoms of anxiety, depression, or burnout.
This article was first published on December 19, 2022, by HR Daily Advisor, a sibling publication to HealthLeaders.
It’s been a stressful time for U.S. workers, with significant layoffs being announced at high-profile tech companies including Twitter, Meta, and Amazon. According to experts, losing a job is not only one of the most emotionally traumatic experiences a person can go through, but also affects those who are not laid off in downsizing companies.
As we move toward 2023, mental health remains a top priority. According to McKinsey, the threat to employee well-being is intensifying with 60% of the global workforce reporting at least one mental health challenge, including symptoms of anxiety, depression, or burnout.
“Company and HR leaders need to find solutions that address the mental health challenges their employees are facing,” Mandy Price, Co-Founder and CEO of DEI technology company Kanarys, recently shared with HR Daily Advisor. “In 2023, mental health and well-being will continue to be a central focus, and a Gallup survey found that two out of three U.S. employers say they plan to make employee mental health, and emotional well-being programs and solutions that support it, one of their top three health priorities over the next three years.”
To take a deeper dive into what lies ahead, we recently tapped Jake Cooper, CEO and Co-Founder of Grow Therapy, and Patrick Morrissey, Chief Growth Officer at HireVue, to not only get a pulse on what they’re seeing in the labor market, but also find out how this environment of mass layoffs is impacting workers’ mental health.
Here’s what they had to say.
What challenges would a tech worker who just got laid off face in this current job market?
PM: Despite layoffs, the job market is still strong, so I’d tell anyone in the job market to keep that in mind first and foremost. With concurrent layoffs happening at prominent companies, the primary challenge facing candidates is standing out amongst other applicants. The second challenge facing tech workers is understanding if their target company is hiring, some organizations are still interviewing candidates, but their job requirements are frozen, which can be a very frustrating experience for candidates.
JC: Tech workers who have been recently impacted by layoffs, unfortunately, face two challenges: fewer companies are hiring due to budget constraints, and personal costs such as housing, gas, and food are rising quickly due to inflation. From a mental health perspective, getting laid off can be jarring. You feel the rug being pulled from under you, during a time when the economy is fragile. With varying levels of severance, some tech workers are taking the time to reflect, while others are feeling the pressure to get another steady salary quickly. Losing your job creates uncertainty and instability, and this added stress is worse during the tough economic climate.
What tips do you have for someone who is looking for his/her next job? How can they overcome the challenges above?
PM: To help stand out from the crowd, now is the time to update your LinkedIn profile with recent projects, notable accomplishments, and fresh recommendations. Put on your hiring manager hat and take a critical look at all the information you’re presenting–would you hire yourself based on your profile? It’s also critical to reach into your network for referrals, and don’t just think about the people you’re closest to, research shows that connections with “weak ties” can bear the most fruit. Oftentimes the only differentiator between candidates is a strong referral. Set a personal goal to reach out to five people per day in your network, and make sure to ask them for referrals.
JC: In times of uncertainty, it’s more important than ever to focus on what you can control and lean into structure. For instance, before plunging into a job search, it can be worth first exploring what an ideal next opportunity looks like and taking some time to decompress. However, I’d recommend deciding upfront on a set budget and an “exploration/decompression” timeframe to reduce stress felt during that time. Additionally, for accountability, it’s useful to organize your time into one or two-week "sprints" around key objectives, such as revamping a resume, outreaching to ex-colleagues, or taking a course. Share these sprint goals with a few friends, and then circle back at the end of the sprint to share how it went.
How can other tech workers recession-proof their careers in this current climate?
JC: Layoffs reflect economic cycles and are not a repudiation of you or your skillset. However, you will have more time than before to invest in yourself. Some of the highest return investments are ones that expand your professional skillset. For instance, a design course at General Assembly or SQL course on Coursera or improve your personal well-being-even starting a meditation practice or fitness program.
PM: Upskilling and reskilling to fill jobs of the future is a primary concern for business leaders. At an individual level, this means the best way to stay relevant and valuable in your role is to stay at the cutting edge with your skills. Focus on cultivating a growth mindset and continuously be curious. Employers are always looking for candidates who show an agile mindset and can grow in the business.
Sheri Atwood, CEO and Founder of SupportPay, discusses how HR leaders are driving their companies to adopt benefits that support employees at every stage of life.
This article was first published on December 14, 2022, by HR Daily Advisor, a sibling publication to HealthLeaders.
Benefits and compensation have always been a hot topic in the world of human resources, and they’re continuing to gain heat as we move toward a New Year. One benefit that’s become popular over the last few years is caregiving support.
In fact, according to experts, 84% of employee caregivers said they’d like their employer to offer caregiving support as life expectancy changes and impacts of the pandemic on eldercare have increased the number of employees with this responsibility.
HR Leaders and organizations are not only heading in the right direction by implementing family-friendly benefits — expanding elderly assistance, paid family leave, childcare, and family building — but also companies need to focus on benefits for each life stage, according to Sheri Atwood, CEO and Founder of SupportPay.
"There are a number of groups still left behind like employees who are single parents or those navigating divorce or separation," Atwood shared with HR Daily Advisor. "In 2023, we’ll see companies continuing to implement holistic benefits that address each life stage and add more features to their benefit programs that meet employees where they are."
Neha Mirchandani, CMO + Head of People at BrightPlan, a leader in Total Financial Wellness, knows HR teams need to use this open enrollment season to address the cultural shift facing employees around caregiving, financial stress, and worsening mental health and burnout. We recently connected with Mirchandani about what benefits are needed to better support the individual needs of employees in 2023.
Here’s what she had to say.
Let’s start with the basics: What is open enrollment and why is it more important now than ever for employers and employees?
Open enrollment has traditionally been viewed as a discrete phase in the work year where employees can change or update their benefits package to better meet their current needs. It’s about empowering employees with the awareness and knowledge to make the right benefits selections for themselves and their families.
Yet, to be truly effective and to meet employees where they are, especially in the current market environment and based on their shifting needs, open enrollment needs to be an ongoing effort. Employers need to consider open enrollment as a strategic yearlong effort that enables them to continuously listen to their employees’ evolving needs, curate the right mix of benefits in response, and work with their broker and solution provider partners to effectively roll out personalized and tailored benefits offerings that best meet the needs of their workforce. The annual open enrollment cycle is a way for employers to demonstrate empathy, a commitment to employee well-being and foster a culture of care.
Why should open enrollment be a year-long effort and how is this beneficial for employers and employees?
With employee needs evolving continuously, a one and done approach that focuses solely on open enrollment season (benefits enrollment and administration), is no longer sufficient. Employers need to approach open enrollment as a strategic year-long continuum that enables them to actively listen to employee needs and respond appropriately with the benefits that matter most (and ideally not having to wait until open enrollment season).
In a rapidly changing environment, this strategic annual approach to open enrollment offers a more streamlined way to navigate the complexities of today’s modern benefits landscape, creates tighter alignment and partnership between employers and their broker and solution provider partners, and drives stronger benefits engagement and utilization with employees.
How can employers determine which benefits are top of mind for employees?
First and foremost, employers need to listen intently to their employees and their pain points. Employee needs are continually evolving, and employers need to have a real-time pulse by leveraging technology for active listening.
Today, wellness benefits are a top priority for the workforce. According to BrightPlan’s 2022 Wellness Barometer Survey, 51% of all employees have experienced worsening mental health since the start of the pandemic, 72% are stressed about their finances due to high inflation and market volatility, and one-third of employees have left the workforce for caregiving responsibilities. This data reinforces the need for employers to support their people’s holistic well-being – physical, mental, and financial.
Considering these pressures employees face today, they are feeling squeezed on all fronts. Hence, benefits offered need to speak to their needs directly, which requires augmenting traditional offerings with new and innovative wellness benefits like mental health apps, wellness incentives and financial wellness programs.
The Brandon Hall Group found that 89% of employers that track wellness spending see a positive return on investment. Improvements in business outcomes tied to well-being include employee engagement (81%), retention rate (67%), reduction in burnout (48%), customer satisfaction (48%), customer retention (35%) and profitability (24%), among others. When employees are truly supported in all aspects of their lives, the effect can be felt at all levels of the organization.
How can employers use open enrollment and wellness benefits to help meet diverse and personalized employee needs?
Each employee has a unique background and life experience, which needs to be factored into a well-being program for it to be truly inclusive and provide personalized value to every employee. It’s also important for employers to address this in an authentic way through wellness benefits that meet employees where they are with the right level of support. When done right, this helps foster a culture of care and belonging where every employee feels welcome, safe and can bring their whole selves to work.
There is a direct connection between well-being and diversity, equity, and inclusion. For example, lack of representation and support as well as microaggressions and biases in the workplace—in addition to racism and racial violence outside the workplace—all have a negative impact on overall well-being. Further, finances are the number one cause of stress for employees, especially for those from underrepresented backgrounds who have fewer resources and have been disproportionately affected by job losses stemming from the pandemic. Employers have an opportunity to make a big impact by acknowledging the relationship between mental health, financial wellness, and overall well-being when building wellness and DE&I initiatives.
Further, open enrollment and Total Rewards strategies need to be about providing access to the benefits and programs that help create a sense of well-being, safety and security. Throughout the open enrollment cycle, employers should audit their current wellness benefits offering and consider whether they need to make changes to better address the needs of diverse employee populations. Wellness programs should be accessible to all employees with careful consideration given to family needs, culture, age, demographic, health, and financial status.
What open enrollment trends do you see now and what can you predict about future open enrollment cycles?
In the current market environment and despite increased layoffs, many employees continue to leave their jobs in favor of more flexibility, higher pay, and better benefits. Today, the percentage of employees looking to actively leave their roles is nearly 50%, according to Gallup. Attracting and retaining top talent and driving the employee experience remains critical to business success.
Employers need to continue to look for ways to differentiate themselves in a competitive talent market. A Total Rewards strategy that is rooted in employee wellness is key. Not only does this provide employees with the support they need in and out of the workplace, it also assists companies and their HR teams with attracting, retaining and motivating top talent while fostering a culture of care and belonging.
Benefits are important in this mix, starting with actively listening to shifting employees’ needs and responding in real-time. Data and insights gleaned from employee listening can be key to analyzing benefits gaps that enable employers to remain agile. Ultimately, this empowers employers to offer new innovative benefits as the need arises, instead of having to wait until the traditional open enrollment season. Doing so enables employers to address employee needs in a responsive and timely manner and demonstrates to employees that they’re valued and that their company truly cares.
It’s perhaps not surprising in the post-COVID era, then, to see the emergence of yet another C-level role.
This article was first published on December 7, 2022, by HR Daily Advisor, a sibling publication to HealthLeaders.
Keeping track of the growing list of C-suite positions can be challenging for casual observers. Even the most-well-known CEO title is just over 100 years old. The first chief financial officers (CFOs) didn’t emerge until the 1960s. Chief human resource officers (CHROs) are even more recent, not coming onto the scene until the mid-1980s.
A Newly Emerging C-Level Role
Successful, multi-billion-dollar corporations don’t create highly paid C-level roles on a whim. As roles like CFO, CMO, CAO, CLO and others emerge, they are in response to compelling business needs that require high-level authority and focused attention.
It’s perhaps not surprising in the post-COVID era, then, to see the emergence of yet another C-level role: the chief remote officer.
“In the new world of work, business needs have shifted,” writes Alex Christian in an article for BBC Worklife. “One of the most pertinent issues has been how to establish best practices around remote set-ups. Many companies have struggled: virtual working has been a moving target with no precedent; organizations, in some cases, have implemented hybrid or work-from-anywhere policies without formal processes in place.”
But, he adds, while some companies have taken an ad-hoc approach, others are being more proactive. They are creating senior-level positions whose job is to focus specifically on how to make remote work work. “These chief remote officers may have different titles, but they are each tasked with addressing the complex issues that arise from new ways of working and future-proofing businesses’ post-pandemic operating models,” Christian says.
Finding Order Amid Chaos
It’s understandable why organizations would want to designate a CRO in today’s business climate. In just a couple of years, the entire office paradigm has been completely upended for millions of workers.
Finding order amid that chaos and finding ways to derive strategic advantages in how a company manages its remote work policies are where companies are starting to put increasing energies in the aftermath of COVID. It will be interesting to see if and how this nascent C-suite role develops and what its ultimate purview will be once the dust settles on the historic transition to widespread remote work.
Lin Grensing-Pophal is a Contributing Editor at HR Daily Advisor.
