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85% of employers plan to further enhance their benefits packages

Employee Benefits

The majority (85%) of organisations plan to enhance their benefits packages for employees, according to research by HR and employee benefits consulting services firm Gallagher. The post 85% of employers plan to further enhance their benefits packages appeared first on Employee Benefits.

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Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

A Gallup report stated that the cost of replacing an employee could range from one-half to two times the employee’s annual salary. Compensation and Benefits Appropriate compensation for the work done is a key component of many employee retention strategies. Here, other forms of monetary compensation are useful as well.

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Michelin guarantees global living wage and enhances parental and healthcare benefits

Employee Benefits

Credit: ricochet64 / Shutterstock.com Tyre manufacturing organisation Michelin is to guarantee a living wage for its more than 100,000 global employees, as well as enhancing parental and healthcare benefits. Florent Menegaux, chief executive officer of Michelin, said: “Michelin is transforming.

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How is the cost-of-living crisis affecting what employees want from their benefits packages?

Employee Benefits

For many employers, pay rises at the level needed to keep pace with inflation simply will not be possible, warns Alasdair McGill, managing director of accounts and consultancy firm Ashton McGill. A cash plan is the perfect benefit, because it’s very affordable for the [employer], a fraction of the salary bill.”

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The New Normal for Employee Raises: What to Expect in 2024

HR Digest

According to a salary budget survey conducted by Payscale, more than three-fourths of U.S. companies were planning to increase salaries the same as or more than the previous year. The survey also revealed that 22% of companies intended to cut the amount dedicated to salary increases in 2024, a significant jump from the previous year.

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Paid parental leave options: Understanding your rights

Business Management Daily

However, many businesses choose to offer paid parental leave as part of their employee benefits offerings, even though it is not required for most private employers. Employers can do this through a leave program they run or by adding short-term disability insurance to their health insurance and benefits package.

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FCA staff vote to strike over proposed pay changes

Employee Benefits

The FCA last year set out proposals to increase base pay by 2% this April for workers “clearly meeting or exceeding their objectives” It also consulted on scrapping annual discretionary bonuses from that point and introducing changes to benefits packages.

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