Steve Taylor, Budget-Focused Benefits Expert for HR, shares insights on developing effective retirement plans for growing companies. These plans, such as 401(k)s, are essential for the long-term financial security of employees and offer significant advantages for employers. Understanding and optimizing these benefits is key to attracting and retaining top talent. Formula for Implementing Effective Retirement Plans: ✅ Desired Result: A robust retirement plan that benefits both employees and the company. ✅ Current Assessment: Evaluate the status of your existing retirement benefits. ✅ Action Plan: Develop and enhance your retirement plan offerings. Step 1: Target a Mutually Beneficial Retirement Plan. “The ideal retirement plan should provide a solid foundation for employees' future financial security. Be competitive enough to attract and retain talent. Offer tax advantages for both employees and employers. Align with the company's financial capabilities and long-term goals.” Step 2: Assess Your Current Retirement Benefits Scheme. “Before enhancing your plan, consider the current participation rate and employee satisfaction with the existing plan. How your plan compares to industry standards and competitors. The financial impact of your current plan on the company. Any gaps or limitations in your current retirement offerings.” Step 3: Enhancing Your Retirement Plan Offerings. "Consider offering a variety of retirement plans (e.g., traditional 401(k), Roth 401(k)) to cater to diverse employee needs. Implement or enhance employer matching contributions to encourage employee participation. Continuously evaluate the plan's performance and adapt as necessary to meet changing needs and regulations". Which retirement plan features do your employees value the most? Let's hear your experiences and ideas!

* 15 Important Change Management Metrics To Track (In 2024) [July 29, 2024] Numbers don’t lie. Companies lacking effective change management strategies often see their business suffer, while those that use change management to their advantage are 3.5 times more likely to outperform their peers. * HealthEquity data breach could affect 4.3M [July 30, 2024] The health benefits administrator said a vendor’s user accounts were compromised, and information like contact details, Social Security numbers and medical information could be exposed. * More Than Half of U.S. Companies Plan to Add New Positions in the Second Half of 2024 [July 30, 2024] 52% plan to add new permanent roles; 57% expect to hire contract workers. Despite plans to add new positions, hiring challenges persist. * U.S. Employers Forecast 3.5% Pay Increases in 2025, Payscale’s Salary Budget Survey Finds [July 31, 2024] Actual pay increases in 2024 are 3.6% on average compared to 4% last year, indicating that annual raises are softening in a cooler labor market. * BBC implements new anti-grooming guidelines following Huw Edwards scandal [August 01, 2024] In the wake of the Huw Edwards scandal, the BBC has introduced updated guidelines to prevent the abuse of power and ensure a safer work environment for all employees. Did a particular news or topic catch your interest? Share your thoughts.

As shown in recent studies, more than 12% of US workers are now fully remote, and 28.2% have adopted a hybrid approach. Despite these flexible working arrangements, productivity remains a challenge. According to reports, Fortune 500 companies lose 25 billion work hours annually due to ineffective collaboration. To help navigate these challenges, here is a list of books written by experts who understand how to manage groups that are difficult to coordinate effectively: 1️⃣ Leading a Hybrid-Remote Team: A Modern Management Guide to Facilitating a Cohesive Office Community Across the Divide by Ian T. Anders. 2️⃣ Managing Hybrid and Remote Teams: Concrete advice to increase output and engagement by Luca Dellanna. 3️⃣ Team Building in a Hybrid Workplace: Strengthening Connections and Enhancing Performance by Jude Mahony. 4️⃣ Virtual Team Management: Leading Remote Teams by Marlon Ny. 5️⃣ Managing Teams in the Hybrid Age: The HBR Guides Collection (8 Books) by Harvard Business Review. Have you read any of these books? What are your impressions? Can you recommend any other insightful reads on this topic?

* Protecting your greatest asset: 5 ways to retain high-security employees [JULY 22, 2024] With the end of the Great Resignation, it may seem that employee retention is no longer a top problem for HR leaders. * Your 101 Guide To Written Warnings (+Free Templates) [JULY 24, 2024] Some managers may avoid issuing written warnings for fear of damaging workplace relationships or sparking confrontations. But a carefully written warning issued at an appropriate time can be crucial for employee accountability. * Warren, Democratic lawmakers introduce bill to resurrect Chevron doctrine [JULY 24, 2024] The Stop Corporate Capture Act would codify the Chevron doctrine, which required federal courts to give deference to agencies’ reasonable interpretation of ambiguous statutes. * 7,000+ People Told Paycor About What Makes Leaders Great [JULY 25, 2024] There are lots of compelling findings on a wide range of topics in the report, but from an HR perspective there is a wealth of insights about the role HR plays in the modern workplace. Here are the top three. * How leaders are ‘getting played’ by the dark side of HR tech [JULY 25, 2024] Last fall, an unemployed software engineer reported using AI to apply to 5,000 jobs, securing 20 interviews. Did a particular news or topic catch your interest? Share your thoughts.

On-the-job training (OJT) is a powerful method that integrates learning directly into the workplace. It allows employees to learn while doing, gaining valuable experience and applying skills in real-time scenarios. This approach boosts competence, confidence, job satisfaction, and retention rates. How to Do It 1. Identify Training Needs and Objectives. Gather insights from employees and supervisors to identify skill gaps. Define specific, measurable, achievable, relevant, and time-bound goals for the training. 2. Tailor Training Programs to Individuals. Develop plans based on employees' strengths, weaknesses, and career goals. Allow people to experience different roles to broaden their skill sets. Offer continuous feedback and support. 3. Incorporate Hands-On Learning Experiences. Simulate real-life scenarios to challenge employees. Assign tasks that require using newly acquired skills in real projects. Organize workshops to practice using relevant tools and equipment. 4. Utilize Mentorship and Coaching Opportunities. Pair experienced employees with new hires to share wisdom and support. Provide sessions focused on individual development needs. Promote knowledge sharing through workshops or informal sessions. Source: Shiftbase What are your experiences with on-the-job training in your organization? Share your thoughts and stories!