How do we reward our employees?
A key challenge of management is attracting and retaining the right talent at the right time and having these individuals doing the right things. Metaphorically, while recruitment is about getting the “right people on the bus at the right time” and employee development is about having them “in the right seat,” we use compensation and benefits to a large degree to keep employees “in their seats while the bus is moving.”
Total Compensation includes:
- Cash Compensation
- Employee Benefits and
- Relational Returns
Benefit Services Network can help you develop Cash Compensation programs that integrate
- Internal Equity (fairness of compensation among and between jobs within the organization) with
- Market Competitiveness (what the “market” pays for similar skills).
Additionally, BSN can help “fine tune” your compensation system to be efficient and compliant. Not only can we develop protocols that address
- Job Analysis
- Job Documentation
- Job Descriptions
- Salary Surveys and
- Salary Structure
we also can train your staff in their development and use.
Employees have come to expect a full array of Employee Benefits. Because of wage controls imposed during World War II, unions and employers utilized employee benefits to differentiate their opportunities and needs to various stakeholders. Employers are faced with increasing state, federal, and provider regulations, cost constraints, technological change and employee expectations of more individualized and widespread benefits.
Benefit Services Network can assist with the selection of:
Group Benefits
- Medical & Ancillary Coverage: Traditional group, Self-funded, Consumer Driven, Managed Care: including Health Savings and Reimbursement Accounts, Dental Prescription and Vision coverage or self-funded programs
- Life & Disability programs
Pension / Retirement Plan Design, Implementation and Communication
- Tax Preferred Retirement Savings Programs (401(k), 403(b), 457(b) & (f), 414(h), 408, Defined Contribution, Money Purchase, Profit Sharing, Defined Benefit, Hybrid / Cross Tested plans)
- Fiduciary Review
- Section (404(c)) Planning and Review
- ERISA Testing and Reporting services
Tax Advantaged Planning
- Section 125 Plans | FSA - Flexible Spending Accounts
- HRA - Heath Reimbursement Accounts
- HSA - Heath Savings Accounts
- Top Hat Plans
- Asset Distribution Plans
Worksite Benefits / Employee Optional Benefits
- Medical – Mini Medical, Critical Illness, Cancer, Stroke, Hospitalization Indemnity
- Employee, spouse and dependent life / accidental death insurance
- Individual disability coverage
- Legal insurance plans
- Identity theft protection
More recently we are seeing generational influences moving away from traditional insurance and retirement benefits towards employee benefits providing for greater work life balance.
BSN can assist your organization develop programs to remain competitive, including paid time off (sick, vacation, holidays, sabbaticals, etc.), compressed work schedules, job sharing and telecommuting.
Relational Returns What non-economic rewards do your employees receive from your organization?
Metaphorically, if they are in the right seat at the right times – can they see out the window? Do they like the person next to them? Do they like the movie or music that is playing? What keeps them there?
Often, what makes a job great is not just the pay and benefits; but it includes challenging and rewarding work "where I can see myself on a career path that I want to follow?"
Do your employees like working in your organization? Do they share the organization’s vision (or at least know what the vision is). BSN can help address these tactical and strategic initiatives. Specific information about our strategic initiative services are available on this website.
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