This Week's Herman Trend Alert

Harmful Food
 

  The Herman Trend Alert

November 15, 2006

Evolving Employee Benefits

One sure sign of a tightening labor market is employers' willingness to sweeten the pot to aid recruitment and bolster retention of qualified workers. According to a recent employer survey this trend is exactly what happened over the first two-thirds of 2006.

The study, released in August by JobKite.com, indicated that 56 percent of respondents report having made "significant" benefits enhancements during this period. Some benefits changes are fairly typical. For example, 88 percent of respondents supplemented medical benefits and 69 percent enhanced compensation in a variety of areas including increased stock vesting, 401(k) funds, salary relative to market averages, sign-on bonuses, quarterly bonus plans, and/or relocation packages.

However, other program changes are less traditional. Forty-one percent of responding companies reported increasing the number of paid days off per year. Thirty-six percent have ventured into alternative working arrangements. Specifically, they are adding or enhancing flexible work schedules or allowing employees to work remotely.

These aren't random changes. Members of younger generations, most notably Generation Y, those born after 1985, are known for wanting more control over their work lives. The Boomers' concept of "work-life balance" is irrelevant to the youngest members of today's workforce. The focus now is "life-work balance".

A semantic difference to some managers, this issue is of utmost importance to those entering the workforce today. They want to know how their work will enable them to live the types of lives they want to lead. Work to them is an enabler of life, not the reason for it. They define themselves not by what they do during the work week, but what this sacrifice allows them to do outside of it.

Accordingly, the type of benefits and bonuses offered to induce these workers to join and encourage them to stay must change in order to continue to match up with the values they hold.

According to the Bureau of Labor Statistics, nearly 50 percent of the United States workforce will become eligible for retirement by 2012. As older workers retire and the composition of the workforce evolves further, expect more changes in all areas of employer-employee relations.


© Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 336-210-3548 or http://www.hermangroup.com. To sign up, visit http://www.HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."

HOW FUTURE-READY IS YOUR ORGANIZATION?
Learn where your organization stands in being ready for the future. The Association of Professional Futurists wants to learn more about how organizations are dealing with the future. Upon completion, you’ll also have access to articles and further information about foresight. Visit https://www.surveygizmo.com/s3/2294744/APF-Quant-v3 to find out where you stand.

SEE JOYCE IN ACTION AT HARVARD
This weekend, Joyce is going to be a featured speaker at Harvard in a thought leadership conference called the Harvard Business Expert Forum. In addition to Joyce, there will be experts from around the world speaking on all different topics, ranging from health & wellness, to personal finance, to safety, fitness, buying & selling cars, personal development, and much more. Because you are a subscriber to The Herman Trend Alert, you can watch the entire live stream of the event for free just by clicking this link: http://www.is.gd/Harvard2016. Enjoy!

LOOKING FOR HELP TO INNOVATE?
If so, The Innovation Global Network (www.InnovationGlobalNetwork.com) is your go-to spot for best practices and experts you need to help you with any aspects of creating innovation, entrepreneurship, or change. IGN is a global ecosystem that welcomes anyone who want to find or offer innovation help, expertise, tools and resources. When you visit their website, you'll find all kinds of information and resources, including networking events and webinars. Basic membership is free, so sign up today!

To read this Herman Trend Alert on the web: http:// www.hermangroup.com/alert/archive_7-27-2016.html.


Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers.

New subscribers are always welcome. There is no charge for this public service. The Herman Trend Alert is read by over 30,000 people in 87 countries, including other websites and printed periodicals. Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service. Click here to sign up for the Herman Trend Alert.


Subscribe or Unsubscribe to weekly Herman Trend Alert
View this week's Herman Trend Alert
Archived Weekly Herman Trend Alerts

                                                                                                                                                                                                                                                                                                                                                                         


[ Home About Products Resources Media ]

 

7112 Viridian Lane
Austin, TX 78739
Voice: 336-210-3547
Toll Free in US & Canada: 800-227-3566
E-mail: info@hermangroup.com


  © The Herman Group. All rights reserved.

Web site design by WebEditor Design Services, Inc.