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2012 Won’t bring big changes in Salaries. Tips for employee retention.

According to forecasters, the average salary increases expected for 2012 are about 3 percent, about the same as 2011. This news comes as some Americans were hoping for increases in pay to accompany the recovering marketplace. At the same time, a Scottsdale, AZ organization that focuses on human resources issues, WorldatWork, noted that for a recent 12-month period, inflation rose faster than base pay for the first time since 1980. These kinds of industry effects can hurt your company’s ability to retain employees. Each company is different; make sure your policies and processes for compensating employees reflect your company’s mission and culture. Here are a few tips that you can take into consideration during your next meeting with your leadership staff. To retain your employees and help motivate them, consider: As a business owner trying to keep costs down, you might consider going with the trend to ramp up your bonus system, rather than base pay. A bottom line increase can fund ...

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Employees want Strong Benefits Plan

For companies looking to strengthen their workforce, it’s no secret that having a strong and well-rounded compensation plan will only help your cause. According to the Benefits USA 2011/2012 survey, in an effort to keep workers happy, employers are offering employees a wide variety of benefits. For example, according to the survey, dental insurance is offered by 98.2 percent of companies and vision insurance is offered by 84.5 percent of them. Ninety-nine percent of survey respondents reported offering retirement plans to workers. In addition, short-term disability is offered by 87.5 percent of companies and long-term disability is offered by 94.3 percent. Close to half offer accident insurance. The survey found almost 98 percent of employers offer life insurance. In addition, 70 percent use multiples of an employee’s pay to figure out the maximum death benefit that beneficiaries would receive. And more than 43 percent of companies that use that process set death benefits at one full year of a ...

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Pension overpayments may lead to early retirement incentives – U.S. Postal Service

A recent proposal by a bipartisan group of senators proposes to use a portion of $6.9 billion in pension overpayments to fund incentives to encourage early retirement for at least 100,000 employees. Twenty-five percent ($1.7 billion) could be used to fund the incentives to help reduce the workforce. This would help the service meet its financial business model in 2012. Senator Collins, the republican from Maine, said, "The postal service literally will not survive without comprehensive legislation and will not be able to meet payroll a year from now." The four senators at the press conference supporting the proposal were all members of the Senate Homeland Security and Governmental Affairs Committee: Chairman Joseph Lieberman, I-Connecticut; Susan Collins, R-Maine; Thomas Carper, D-Delaware; and Scott Brown, R-Massachusetts Senator Lieberman said the reduction in staff could save the postal service more than $6 billion each year, after paying for the buyouts. He also mentioned that returning the $6.9 billi ...

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Watch out for Social Media Information when Hiring

Experts say the use of social media when looking to hire job candidates should be handled with caution. During a recent panel discussion during the 24th annual Professional Liability Underwriting Society conference, company executives explored this topic. Experts said companies should make sure they are consistent and fair when using social media in the hiring process. For instance, if you use a social media site to check one candidate, you should be sure to use it for all candidates. Panelists in "EPLI Litigation: One Degree of Separation Between Employees' Use of Social Networking and Employers Exposures?" also advised companies to filter out certain information. Sarah K. Goldstein, a partner with law firm Kaufman Dolowich Voluck & Gonzo L.L.P. in Los Angeles, said today, there is such an abundance of information that's available, that the employer must be sure to filter out the information to be sure it does not learn about issues it should not know about, such as religion and politics. Experts al ...

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Workers’ Comp Insurance in Florida to Increase Next Year

Companies in Florida will be paying more for worker’s compensation insurance next year in 2012. However, the rates will continue to stay far below the levels when the state topped the nation. Florida Insurance Commissioner Kevin McCarty recently announced that if the National Council on Compensation Insurance re-files its request for an increase (with some technical changes), he will approve an 8.9 percent increase. Even including the potential rate increase, the Sunshine State will still be one of the cheapest states where businesses can insure their employees against on the job injuries. According to the Florida Office of Insurance Regulation, before 2003 when the legislature reformed state practices, Florida always ranked first or second in the United States for the highest workers’ compensation costs. The rates that are being projected to take effect January 1 are 58.6 percent lower than the 2003 rate. In a statement recently released by Florida Insurance Commissioner McCarthy, he said th ...

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