This Week's Herman Trend Alert

Nail-Painting Robot Coming
to a Salon Near You

 

  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. 1.336.210.3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."

HEAR JOYCE SPEAK TOMORROW AT 11:30 AM EDT
Tomorrow morning, Joyce will be a Fireside Chat Speakers at the Brightside Business Women Empowerment Virtual Conference where she will talk about how business women can use the insights from her new, groundbreaking book, EXPERIENCE RULES, to be successful. Register for FREE at https://brightsideglobaltrade.org/women.

GET COACHING FOR YOUR PEOPLE FOR LESS THAN $1/DAY!
Gain access to dozens of coaches for the same low price. Find out more by visiting https://ingomu.com/joyceg

JOYCE IS ON THE RADIO EVERYDAY NOW
To listen to Joyce's TV shows on the radio, simply visit RadioFutures.com. Joyce's show is streaming every day at 3:00PM Pacific Time.

To read this Herman Trend Alert on the web: https://hermangroup.com/alert/archive_3-29-2023.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 90 countries, including other websites and printed periodicals. Click here to sign up for the Herman Trend Alert.

Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service.


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: 336-210-3548
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.