The HR Strategist: January 2020
In this issue:
- Importance of “Work Resolutions”
- Work Benefits: Drive Employee Engagement in 2020
- ICYMI: 2020 W-4
Importance of “Work Resolutions”
Make 2020 your year! As we know, a New Year brings new resolutions. Whether it’s to workout, eat healthy, or save money, we ‘vow’ to make a positive change in our personal lives. But what about the workplace? There seems to be a lack of resolutions made for the workplace, and with the number of hours we spend at work, it’s a great place to start!
Work resolutions, if used correctly, can be powerful; but where should you start? Well, to begin, pledge to do less with work that doesn’t matter, and focus on more that does. No, we’re not telling you to work less, we’re telling you to stop focusing on small tasks that tend to ‘eat up your time’. For example, we are all guilty of reading an incoming email, interpreting the incoming tone, and reacting. However, most of the time – it can wait. The best resolution to control your “email reply urges” is to schedule blocks of your day which are dedicated to replying to items in your inbox. This will not only save you time, but also give you more time to work on other matters that hold a higher importance.
For professions of all levels and backgrounds, it’s a good resolution to get out of the routine of allowing transactional work to dictate most of your day. We’re trained to react, to anything and everything, and it’s to the point we begin to trick ourselves in believing that “always being available” equals a high level of service. However, the quality of service is what’s most important. Here are a few ways and other resolutions to make within the workplace:
- Give yourself credit when you deserve it
- Strive to learn something new each day
- Create and track a consistent to-do list
- Listen more than you talk
- Take yourself a little less seriously
- Create professional connections or join a networking group
All of these resolutions don’t have to be tackled. Choose the resolution(s) that resonate with you. By doing so, you can achieve your hopes, dreams and New Year’s resolutions!
Work Benefits: Drive Employee Engagement in 2020
Employees that are engaged in their workplace can lead to a 21% spike in productivity, and a 22% spike in company profits (chaa-ching!). There are two ways employees can be satisfied with their occupational circumstances:
- Intrinsically – the satisfaction they get from doing their job well
- Extrinsically – satisfaction with the rewards they receive for doing their job well
To keep you employees engaged, offer more than a competitive salary; since the benefits offered can improve employee engagement levels in both direct and indirect ways. Therefore, these benefits should change over time, as it is necessary to keep employee’s current and future needs in focus. But what benefits will drive workplace engagement? (*superhero music; in comes HRi*) Don’t worry, we’ve got you covered.
1. Health Benefits
The biggest employee engagement impact. Approximately, 40% of employees rank health insurance as the #1 Most Important Employee Benefit. Which is viable; especially considering that an individual’s health affects work, and work affects health. Therefore, and as we have all probably experienced, if we aren’t feeling our best, we won’t be able to perform our best. When assessing and implementing which healthcare plans to offer, it’s important to find ones that are:
- Affordable and worthwhile for your employees
- As comprehensive as possible
If you want your employees to perform their best, you have to provide them with the ‘tools’ to maintain their health.
2. Paid Time Off
Coming in a close second to Health Benefits, is Paid Time Off (PTO), at 37% of employees reported they rank PTO and vacation as the most important benefit. By providing a good PTO plan to employees, employer increase employee engagement by:
- Boosting morale
- Increase of productivity
- Enhanced trust and alignment
3. Performance Bonuses
If an employee puts in the work and produces high returns for your company because of it; it makes sense to reward them with a bump in pay! By offering a performance bonus, companies can show their hard-working employees that they notice and appreciate the work they put in.
4. Professional Development
Investing in the improvement if your employee’s skills and knowledge, benefits the employee and the company. As an intrinsic value, investment in your employee’s education will continue to show the value held in them and their contributions to the company. However, advancement in education also increases the extrinsic value of advancing their career and potentially earning a higher salary.
5. Schedule Flexibility
No, we aren’t talking about yoga classes; although, allowing employees work their own hours may allow this. Anyways, schedule flexibility refers to:
- Offering flexible working hours
- Support of working-from-home (WFH) or remote work
- Scheduling employee work based on project deadlines, not time (9am-5pm)
Employees who work remotely are 60-80% more engaged, and employees who are in control of their time are typically more productive in their work, overall.
Directly, and indirectly, the benefits a company offers can keep employees engaged in their duties. However, this is deciphered by two factors. First, when companies are collecting pieces for their benefits package, they must take the employee’s needs and expectations into consideration. Secondly, benefit information must be available and easily accessible. If employee’s have questions about any benefits, ensure they have the proper materials and resources to understand the policies (i.e., pamphlets, on-site and off-site representatives/consultants, etc.).
ICYMI: 2020 W-4
Just when you got used to completing the old W-4 form, updates have been made for 2020. December 5th marked the ‘unveiling’ of the final version of the new form, which is now titled as “Employee’s Withholding Certificate”. The major revisions are designed to make accurate income-tax withholding easier for employees beginning next year, and to provide simplicity, accuracy and privacy; while minimizing burden for employers and payroll processors.
Dive deeper into the details by reading our previous Newsletter:
The HR Strategist: BONUS ISSUE – December 2019
Change in the New Year
Change is not always a bad thing, especially when it comes to ensuring your HR Provider is excelling your company to its highest potential. The New Year is the perfect time to make the switch, and with HRi by your side, you’ll increase company morale, employee engagement, and build a lasting relationship with our team of experts! Take a peak on what HRi is all about!