TR Trends II
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Draft Information Workshop 2016 Total Rewards Trends
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Transcript of TR Trends II
Draft Information Workshop2016
Total Rewards Trends
General trends Wellness FLSA Variable comp Fair Income
What are the trends The big ending
We’ll be interactive
Agenda
Merriam-Webster DictionaryWikipedia
University of Miami Is it financial? Is it only physical health? Is it a supplement for bikers? Is it fruit at meetings? Is it emotional? Intellectual? Does it vary with age?
Share some of your definitions
What is wellness?
More and more wellness programs are being offered Almost every health insurance program has a
“wellness” feature Disease management, gym memberships Almost every retirement vendor offers “financial”
programs Employers offer walking trails Encourage time off use Tuition and education programs Work-life programs
What is the trend?
Why is it so hard to operationally define? A person’s concept of wellness will vary by who they are, what they do, and what stage of life and employment they are in.
But in general you may offer wellness programs: To control costs on your medical or pharmacyTo promote a culture (the wellness team)Engage your population or “sell” the programs you
offerSimply as an ante or table stakes
How does it tie to Total Rewards
Who doesn’t know? Ties to income debates? Who is ready? Good or bad?
Share some of your definitions
What is FLSA?
Regular updates ongoing? Not new law but change and interpret existing laws Audits? Lawsuits?
What is the trend?
Really? FlSA? How does it not?
More and changing regulations intersecting.Counting incentives for “salary” test?
How does it tie to Total Rewards
Not base-ties to reward some behavior? More pay at Risk? Who is ready? Good or bad?
Share some of your definitions
What is Variable Comp?
More and more move away from fixed costs This includes benefits right
Low “assurance” rates High “possible” rates Includes non-cash
Gifts, trips, time off?
What is the trend?
How do I choose to reward? What will be allowed? What is fixed and what will flex?
How does it tie to Total Rewards
Tied to demographics? Tied to job? (Teacher-nurse) Tied to work structure (Executive – Entry level)
Share some of your definitions
What is fair income?
Lots and lots of talk What is a market Executive disclosure Open pay records Open postings
What are you employees agitating for?
What is the trend?
PhilosophyWhat is fairWhat will be allowed? What is fixed and what will flex?
How does it tie to Total Rewards
MOAR and MOAR
What is the trend?
However you define it- it’s more
And because you can define it multiple ways and get multiple “rewards” from offering a program – some
expensive some less-
The count of programs and types will continue to grow and be communicated more and more
The big ending
Questions?
SHRM Future Workplace Trends World at Work Research Boost Engagement with Next Generation Wellness Understanding and Managing Different GenerationsRewarding a Multigenerational WorkforceTop 10 Corporate Social Responsibility Initiatives Corporate Wellness Programs-Healthier Employees Lower Costs Your Company wants to make you Healthier12 Companies with seriously impressive corporate wellness programsTrends in next generation wellness programsDOL-Rand Study on Wellness ProgramsAdvantages of Workplace Wellness The Quiet Revolution on Variable PayVariable Pay Spending SpikesFLSA Overtime Rules Finalized: What the new rules mean for your organization Looming Dangers in FLSA Overtime ChangesEmployee Disengagement: The floodgates have openedNPR: A Portrait of the Middle ClassWhat Should be done about Executive Compensation
Resources
