This Week's Herman Trend Alert Demand-Driven Workforce Development

The Herman Trend Alert September 6, 2006 Benefits Race is On Again As the labor market continues to tighten, employers are becoming more competitive in their drive to attract qualified workers. They are equipping their recruiters with many of the weapons that were used to lure top talent in the late 1990s. One class of those weapons is employee benefits. While some employers were dramatically reducing their benefits offerings to control costs, more strategic firms were redefining their packages and seeking ways to respond to emerging marketplace indicators. The emphasis, given the shift to new lifestyle management, is in the area of life-work balance. A recent survey of 263 employers by JobKite reports that 147 of them have significantly increased benefits packages over the past six months. As reported in “Inside Recruiting,” published by Electronic Recruiting Exchange, the companies that increased benefits did so with the following tactics: Medical: 88 percent added health-related benefits, including life, vision, and better or increased health plans. Money: 69 percent have increased stock vesting, 401(k) funds, salary relative to market averages, sign-on bonuses, quarterly bonus plans, and/or relocation packages. Vacation: 41 percent are increasing the number of paid days off per year. Alternative working arrangements. Thirty-six percent are adding or enhancing flextime and/or telecommuting. One Fortune 1000 company says it launched a new telecommuting program on August 16, for example. Another has an informal telecommuting option to be used for unexpected events, and a formal program for modified or reduced work schedules. Only one-third of the employees using that program are men. Other: 8 percent plan to offer other miscellaneous benefits, including massages, monthly cookouts and gym memberships.” These results are consistent with our ongoing research into recruitment and retention strategies. Many of the companies talking with us describe efforts to customize benefits, like those described above, in ways that address the needs and interests of individual applicants. Some of the interest is also focused on portable benefits that the employee can take along to a new employer when making a job change. This capacity may seem counterproductive to retention, but actually helps build longer-term relationships with its move away from control and limitation. © Copyright 1998-2008 by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." DON'T BE LEFT BEHIND! If you've been thinking about attending our valuable Employee Retention Specialist Certificate Program, don't delay--only three spaces remain. With the employment market heating up, many positions are literally impossible to fill. Attend this course and you will learn dozens of low-/no-cost valuable strategies to attract and retain the talent you need. Recertification credit from HRCI. Next program: May 22-23, Charleston, SC. Call Carol at 336-282-9370 or visit http://www.employeeretentionspecialist.com. GET INSIDE THE MINDS OF YOUR EMPLOYEES Find out what's really going on inside the hearts and minds of your employees. Our InnerViews interviewing service uses SPHRs and PHRs, certified human resource professionals to probe for the information you really need to know. Exit and Stay Interviews, as well as Why-Didn't-You-Take-Our-Offer Interviews. Call Rosalie Catalano at 937-648-1918 or read more at: http://www.hermangroup.com/retentionconnection/exit_interviews.html. NEW BABY BONUS Book Joyce to speak on the West Coast in 2008 and receive 100 of her books of your choosing. There is a new baby in the family, Spencer Jay, and Joyce would appreciate more opportunities to watch him grow. For more about Joyce, visit http://www.hermangroup.com/joyce.html or call Joyce at 336-210-3548. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. There is no charge for this public service. The Herman Trend Alert is received by over 30,000 subscribers in 78 countries, in addition to other websites and printed magazines. Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded 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

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