Monday, June 28, 2010

What Have You Done for Me Lately? Employees Want to Know

In a recent meeting of Chief Executive Boards International, members considered the implication of a Right Management survey, indicating that 60% of employees surveyed in 2009 said they intended to leave their jobs when the market got better. Link to Article

In cases where salaries have been reduced or frozen, members are considering salary actions. Others are considering a "survival" bonus -- a one-time "catchup" that doesn't get baked into base pay.

An interesting idea that came out of this discussion is creating and distributing a summary, by employee, of the full benefits provided by the company, including such things as:
  • Salary and OT
  • Bonus
  • 401(k) match/company contributions
  • Pension contributions
  • Employer FICA
  • Employer Medicare
  • FUTA
  • State Unemployment
  • Workers Comp Insurance
  • Health Insurance
  • Life Insurance
  • Disability Insurance (short/long)
  • Mobile phones, car allowances, other job-specific perks
  • Uniforms, Union Dues, other collective bargaining perks
As you add these up, you'll probably again be reminded of just how expensive an employee is. It's probably a good idea to remind them, too.  More than one member said, "We used to do this -- we just haven't done it in awhile."  

If you've done something to remind employees just how many benefits they're getting from their employment, click "comment" below and share your experience with others

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Terry Weaver

Chief Executive Boards International

Chief Executive Boards International: Freedom for business owners & CEOs -- Less Work, More Money, More Freedom to enjoy it

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