How Can My Business Improve Human Capital Management?

While there has been an influx of new workers in the labor market, competition will remain fierce. Knowledge workers are still in high demand, and experts predict demand will remain high in the near term. Employers are looking at strategies to attract and retain talent, sometimes by offering higher salaries. However, with rising costs, not all businesses will be able to compete with higher wages. Companies seek a wide range of options to attract and retain employees – often without knowing which approaches will be most effective for their business.

Many businesses face the dilemma of balancing rising costs by employing top-notch performers when employee engagement is at a historic low. As companies look at recruiting and retaining the best people, there is an opportunity to improve human capital management.

What Is Human Capital Management?

Sometimes people think that Human Capital Management is just a fancy way to say Human Resources. The distinction between the two is subtle but essential. Human Resources and Human Capital Management (HCM) encompass the organizational practices related to your workforce’s acquisition, management, and development. The focus in HCM is strategic – finding the right people for your company and managing them effectively. HCM is data-driven and process and people-focused, and it drives outcomes for your business.

The term has been around since the 1950s and has moved in an out of common usage. Today, Human Capital Management is back as state-of-the-art Human Resources Information Systems, capable of tracking key outcomes for individual employees, different teams, and the entire company. This provides a data-driven way to track outcomes and measure the effectiveness of human resources initiatives.

HCM includes the same processes as traditional employee recruitment and management but consists of a higher-level strategy and operational components. It encompasses the entire employee lifecycle from recruitment and onboarding, payroll, benefits, development, and performance management to retirement. A robust Human Resources Information Management System is essential to ensure company leadership can access relevant metrics and analytics.

Human capital management is the next level in strategically driving outcomes for your business. After all, your company realizes its aspirations for growth and value from effectively managing your teams.

Businesses with solid HCM programs can respond to trends including tight labor markets, changing demographics, increased use of independent contractors, increased compliance requirements, remote and hybrid workforces, and flat organizations. Because Human Resources affects every employee and every department, improvements made in Human Capital Management can have big payoffs.

Key outcomes of a fully implemented Human Capital Management initiative include:

• The strategic alignment of Human Resources with other business objectives.
• Increased agility to respond to planned and unforeseen changes.
• Increased bench strength through the strategic development of employees.
• Optimized workforce, ensuring the greatest return on investment.
• A more effective and streamlined Human Resource operation.
• More effective workforce analysis and more insightful decision-making through human capital metrics.
• Customized solutions for compensation, benefits, and rewards.
• A vibrant performance-based culture where learning and impact are valued.

One of the first steps you can take towards improving your Human Capital Management is understanding the possibilities.

Assess your current systems and ask yourself:

• Do I have the data available to track the effectiveness of my company’s HR initiatives?
• Does my current human resources system allow my business to align my HR initiatives with the strategic opportunities and challenges my business will face?
• Do my business’s processes and data support the development of a talent pipeline to meet our future leadership needs?
• Does my current system help me get the most value for my investment in my employees?

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With innovative technology, a knowledgeable staff, and personalized attention, TANDIUM can help you evaluate your current systems and find out if elevating your human resources functions to a next-level Human Capital Management system is right for your business. TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of companies and non-profit organizations. Contact us today to schedule a free initial consultation.

10 Team-Building Activities for Work

You have probably seen “quiet quitting” all over the internet lately. It’s not a new phenomenon, but it is a new way to describe when employees have lost their passion and do the bare minimum. They may not be actively seeking other employment opportunities, but they are not actively engaged in your business either. The ten team building activities for work below can help businesses and employees improve this circumstance together.

According to a recent poll by Gallup, more than 50 percent of the workforce is not engaged. The fact is that employee engagement is at its lowest level in ten years.

When employees are disengaged, businesses may see high turnover, loss of productivity, and low morale. The workplace has changed post-covid, and many teams are fragmented and isolated. The pandemic necessitated remote work and today many employees continue to work at home for at least part of the week. The great resignation churned the workforce, and quit rates have remained at 20-year highs. Many business teams have a different makeup than before the pandemic, and with little opportunity to engage in person, new teams have not gelled. But these new teams also bring fresh perspectives and can bring new energy to your business if you increase engagement and harness their enthusiasm.

Implement These Employee Engagement Activities During Business Hours

Strong employee connections have always had a positive impact on turnover and engagement. For many, friendships at work have been a key predictor of employee retention. With new teams and remote and hybrid work, connections that would have emerged naturally over time through proximity now need a gentle push. That’s where employee engagement and team building activities for work come in. Employee engagement strategies are fun, enriching, or meaningful activities that unite employees and should complement your company culture, values, and the interests of your employees. When done right, employee engagement activities increase motivation and create a feeling of appreciation and belonging. Your team members will feel better about the company, their role, and their colleagues.

Employees continue to feel stretched around work-life balance. By scheduling employee engagement activities during business hours, you are telling employees that you value their time and acknowledge the importance of work-life balance. You are also showing your team members that your business has made a tangible commitment to employee engagement.

While planning activities for employee engagement, remember that connections and commitment develop over time. Smaller, consistent activities will impact your team more than a large-scale, one-day event. It’s also important to consider remote access and flexibility so all team members can engage.

1. Make sure that your managers and supervisors buy into the engagement strategies. If supervisors and managers believe that socializing pulls employees away from business outcomes, they will discourage the connections you are trying to foster. Make increasing engagement a companywide measurable goal.
2. Help your employees get to know each other. Provide time before meetings to let people share what’s happening in their life. Send out biographies and let people share their skills. Use workplace chat and project management apps that encourage more natural communication. Create social spaces in the office.
3. Play together! Provide opportunities to have fun together. Collaborative gaming lets employees practice leadership and teamwork without pressure and risk. As a bonus, developing these soft skills translates to better performance on the job.
4. Keep your focus on employee wellness. Offering workshops and seminars during business hours is a great way to show employees you care about their health.
5. Make a difference – together. Have team members vote on a project and have a volunteer day. Select a charity and raise funds together.
6. Working together naturally builds connections. Be strategic about group projects: empower employees and provide leadership opportunities.
7. Ask your employees for their insights when planning and brainstorming. Ask for feedback. Your employees see a side of your business that is unique. Inviting their perspective lets them know you value them and their role.
8. Host team lunches. It is easy to coordinate meals for the onsite employees but don’t forget this option for remote employees. You can schedule a DoorDash delivery so they can join in the fun.
9. Embrace continuous learning. Offer opportunities for employees to lead workshops. Operationalize knowledge sharing through mentorships or an “Ask me for help with…” section on the company portal. Bring in guest speakers.
10. Follow through and communicate. It shows you are serious about engagement.

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Fostering deep employee engagement can be a critical factor in your business’s success. TANDIUM Corporation’s team of human resources experts can help you develop an employee engagement strategy tailored to meet your business’s and your employees’ needs.

TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Contact us today to schedule a free initial consultation.

What Is a Non-Compete Agreement?

Non-compete agreements outline an employee’s obligation not to compete with their employer for a specific time after the employer/employee relationship terminates. From an employer’s point of view, they can seem like a great idea, and they reduce the likelihood an employee will join your field of competitors. Some businesses approach the non-compete with a broad brush and have every employee sign a boilerplate non-compete agreement. What could go wrong? To answer that question, we have to dig deeper.

Non-Compete Agreements Explained

Most non-compete agreements include provisions that prevent the employee from taking a position with a competitor, opening a business that competes with the employer, developing products or launching services that compete, and, sometimes, prohibitions on recruiting former colleagues and soliciting customers. The intent is to protect the business from unfair competition that uses the business’s assets.

Non-compete agreements benefit employers, but there are few benefits to employees, except they are often necessary for employment.

Non-compete agreements can be difficult to enforce. If your industry does not have a lot of proprietary information or processes, there is little risk for an employee working with a competitor. While retail may be the same from one brand to another, IT, manufacturing, and research fields often have proprietary information.

Non-compete agreements offer significant benefits to the company and little rewards to current and former employees. Because they are one-sided to the advantage of the employer, non-compete agreements are highly regulated on federal, state, and local levels. The regulations vary widely, with some states seeing non-compete agreements as enforceable only under the narrowest circumstances.

You can avoid non-compete agreement pitfalls if the agreements are essential to protect your information assets and your business. Avoid drafting overly broad non-compete agreements, and take the time to determine what is vital to protect the business’s proprietary and confidential business information. You want to protect trade secrets, proprietary processes, key customers, and vendors.

Ensure that the time limit is reasonable. The landscape in business is constantly changing. Expecting a former employee to not work for several years is unreasonable; by that time, the proprietary information would have changed. Ensure that the geographic limitations are reasonable and match your market. If you have a regional market, your interests may be protected if your former employee seeks employment in a different region.

When competition would create serious business harm, sweetening the agreement with “consideration” or incentive is a good practice. Monetary compensation, stock options, or other incentives that recognize the value of the former employee’s adherence to non-compete agreements increases the likelihood that the agreement will not be challenged and your interests will be protected.

The best non-competes are employees and roles specific to your business. Not all employees have access to proprietary information that would damage the business. Focusing on key roles strengthens your non-compete agreements, and broad-brush overly restrictive contracts are often not enforceable. They also adversely impact employee movement and limit their options to change jobs which can be detrimental to their livelihood.

In 2021, President Biden signed an Executive Order on Promoting Competition in the American Economy. In that order, the President requested that the FTC set limits on non-compete agreements. Many states have limited or restricted the use of non-compete clauses. A few states do not recognize them; others have requirements around communication and limits around length, the salary level for employees required to sign non-compete clauses, and strict limits on what information they protect.

Reviewing your use of non-compete agreements with experienced professionals is a good idea. And like most employee practices, good communication and solid relationships with employees are your best course of action to protect your business.

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The regulatory landscape around non-compete agreements is complex and varies by location. TANDIUM Corporation can help you design a program that protects your proprietary business information while staying in compliance with federal, state, and local requirements.

TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Contact us today to schedule a free initial consultation.

How to Negotiate Salary

You have crafted an offer, presented that offer, and the candidate has countered. You have moved into the negotiation phase of the hiring process.

How to negotiate salary is a challenging topic for many hiring managers and human resources staff. By the time you have gotten to the offer, you have an emotional and financial investment in the candidate. You have envisioned the candidate in your organization helping your company achieve its goals. You have imagined your team gelling around the new hire and morale and teamwork improving. You also know that starting the search over again has a real bottom-line impact. Recruitment is expensive, and the longer a position is vacant, the longer those essential functions are not helping your business meet its goals.

Part of the reason so many people are uncomfortable with how to negotiate salary is that they frame the encounter as a conflict between a winner and a loser. The best salary negotiations are a discussion about impact and value. During this conversation, whether you agree or not, you have information about the position, your company, and the market.

You can implement strategies at every stage of the hiring process that will help you successfully negotiate salary.

15 Strategies to Consider

Before the Offer Phase

• Research and plan. Some of the strategies take place before you even make an offer.
• Benchmark your current salaries against the market. Does your company lead, match, or lag? This knowledge will provide a foundation for your salary negotiations.
• Understand your current workforce, experience, and roles. Look for gaps, responsibility, and job title alignment. Assess internal equity.
• Establish a salary range for the position and benchmark against the market. Know what the true ceiling is.
• Know the value of your total compensation package and the components.
• Understand the value of your company culture, position in your industry, and reputation.

At the Offer Phase

• Keep an open mind about your other top candidates for the position.
• Evaluate this candidate against the other candidates. Is this candidate uniquely qualified, and do they possess skills or experience that would bring additional value to the organization?
• Offer a fair market value but leave a little room for negotiations so stay below your absolute ceiling.

Negotiating

• Approach the negotiation with an attitude of curiosity and openness. Listen to the candidate’s values and aspirations. The relationship between employer and employee is about more than salary. It’s a mix of compensation, culture, and growth opportunities. Find out more about what factors led to the counteroffer. Identify the candidate’s priorities for compensation, work-life balance, benefits, career advancement, and skill development.
• Assess the gap between your initial offer and the counteroffer. If the counteroffer is within the ballpark and at or below your ceiling, you might best serve your organization by accepting the offer.
• If the counteroffer is above your ceiling, work with the candidate to explore alternatives to the base salary. If you offer exceptional fringe benefits, share the value so that total compensation is considered. Can you keep the base salary at or below your ceiling but offer a performance-based bonus to close the gap based on meeting key outcomes?
• Find out if you sweeten the deal by providing noncash incentives like flexible time or additional PTO.
• Explore the impact of meeting the counteroffer. Will it create internal equity issues? Is there an opportunity to add value to the role that would align better with the counteroffer? Adding responsibilities and high-performance targets could offset the higher salary.
• Allow some time for both parties to consider.
• Know when to withdraw the offer or end the negotiation. Sometimes you can’t agree. Take the long view: this candidate wasn’t the right fit at this time. It’s a small world, and this prospective employee may be a better match for a future vacancy. A positive candidate experience is excellent for your company whether or not the negotiation ends in a hire.

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TANDIUM Corporation meets the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Our team of experienced Human Resources Specialists can help you implement the strategies for recruiting and hiring the right staff at the right salary. Contact us today to schedule a free initial consultation.

What are the Benefits of Outsourcing Corporate Payroll Services?

Managing payroll in-house is often a time-consuming and expensive part of doing business for small and medium enterprises.

As a small and medium business owner, you have probably weighed the pros and cons of in-house payroll versus outsourcing corporate payroll services.

At the most basic level, your payroll process must meet the following.

• Setting up a system to collect hours worked.
• Calculating the appropriate payment amount after withholding and taxes.
• Managing direct deposit or mailing checks.
• Maintaining payroll records.
• Submitting necessary tax forms and information to the IRS and state tax offices.
• Managing unemployment reporting and taxation.
• Handling withholding payments to retirement plans and other entities.
• Providing W-2 forms and other annual tax documents to employees.

Payroll clerks fulfill many functions for in-house payroll services within this bare-bones approach to payroll management. The payroll clerk is usually a human resources or finance department member, with low direct costs for this entry-level position. However, if your small or medium-sized business is comparing the costs of in-house and outsourced payroll, making a comparison using direct costs is misleading. Processing payroll is just one component of your company’s payroll management process, and you will also need to consider many other indirect costs.

Payroll management is a complex part of any business that requires expertise and training, and it is more than just recording hours worked and issuing payments. Laws and regulations change often, and your business must remain in compliance. According to a study by ADP, one-third of midsized companies incurred penalties for noncompliance, and companies processing payroll in-house were three times more likely to incur penalties.

Top Reasons to Outsource Your Corporate Payroll Services

• Tax laws and labor regulations are complex and change regularly. Businesses must comply with state, federal, and local regulations. When you process payroll in-house, you either must invest resources to keep payroll staff up to date or run the risk of costly errors. When you outsource, you have confidence that your business’s payroll complies with all regulations, including taxes, ADA, hiring paperwork including I-9 documentation, termination, and protected leaves.
• The skill set and expertise to stay abreast of these regulations are often higher than that of the staff required to process payroll. When you process payroll in-house, you either risk not staying abreast or allocating time from higher-level managers and executives.
• Outsourcing payroll may save your company money. Research shows that in-house teams cost small and medium businesses twenty percent more than the costs of outsourcing payroll.
• Outsourcing payments reduces or eliminates many indirect costs relating to overheads such as office space, software, equipment, and consults and training.
• When you outsource payroll, you implement streamlined payroll management workflows and use accessible and secure software and apps. These LEAN workflows impact every employee, freeing up time for revenue-generating tasks.
• Payroll providers utilize state-of-the-art Human Resources Information Systems (HRIS). When you outsource, you upgrade your HSIS systems.
• Employee payroll data is sensitive and a target for cybercriminals. Breaches are damaging to the employees and your business. When you outsource payroll, you mitigate the risks of data breaches by implementing secure HRIS systems.
• When outsourcing payroll, you have a team available when your employees have questions. You also gain business continuity for one of your company’s most essential functions.
• Employees tend to be highly satisfied with outsourced payroll. HSIS systems increase self-service capabilities, including benefits management, and allow remote and hybrid employees to securely and efficiently report hours from wherever they work. That is essential –  74% of companies plan on making hybrid work permanent.
• Advanced HR compensation and payroll reporting are usually built right in, supplying metrics to executives and managers to support budgeting and planning for growth and innovation.
• Businesses that outsource payroll gain agility and scalability. Payroll management can respond to growth and seasonal workforce changes. You have the resources you need when you need them.

Outsourcing payroll is a game changer for many small and medium-sized businesses. With time to allocate to growth and innovation, streamlined processes, risk reduction, and cost savings, outsourcing payroll can drive your business towards your aspirations.

Contact Us Today

TANDIUM Corporation provides a full range of Human Resources Services to small and medium-sized businesses, including payroll services. TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Our team of experienced Human Resources Specialists can help determine if outsourcing payroll is right for your business. Contact us today to schedule a free initial consultation.

What to Look for When Choosing a PEO in Maryland

Choosing a Professional Employer Organization (PEO) in Maryland can help small businesses and their employees thrive in this economically vibrant state. In 2015, Maryland was ranked third in the nation in “Innovation & Entrepreneurship” by the U.S. Department of Commerce in its annual Enterprising States and first for businesses and jobs in science, technology, engineering, and mathematics (STEM). More than 400,000 small businesses choose Maryland as their home.

Small businesses are very attractive to workers because employees can see firsthand their impact. In small businesses, employees often have opportunities to cross-train and learn new skills. They build relationships with people at all levels of the organization, from entry-level workers to executives and owners.

The creativity and flexibility found in small businesses appeal to many workers, especially Millennials and Gen Z workers.

But there are two critical areas that small businesses are at a disadvantage. Small businesses often do not have the buying power to compete with larger ones on benefits packages and do not have access to higher-end human resource information systems.

There is a way to even the playing field. Professional Employer Organizations (PEOs) can help small businesses compete with large ones by leveraging their buying power and implementing systems that would typically be out of reach.

You enter a co-employer relationship when you contract with a Professional Employer Organization. You retain the hiring and development of your employees while the PEO becomes the employer of record for tax purposes. Your workforce is enrolled in benefits through the PEO, which has access to world-class benefits due to the high number of employees. Your small business gains the buying power of a large employer while retaining the agility and close connection of small businesses. This arrangement is a highly attractive combination for many job seekers.

There are many benefits to partnering with a PEO. Companies that contract with PEOs are more likely to stay in business and grow at higher rates than their other organizations. Turnover is reduced, and there is peace of mind that your practices are in compliance and risks are reduced.

It’s no wonder many businesses thrive in PEO relationships. They can focus on the core value, know that their teams have access to world-class benefits thanks to the buying power of their partner, and relax knowing they have taken a significant step towards risk reduction.

Consider These Tips When Looking for a PEO

• Identify potential Professional Employer Organizations with a history of doing business in your region or state. Employment regulations can vary widely from state to state. You will want a PEO familiar with your state’s laws and regulations.
• Check out the benefits that will be offered to employees. Does the PEO offer a full range of benefits, including medical, dental, and vision coverage, a healthcare flexible spending account, and life and disability benefits? Do they sponsor a 401(k) plan?
• Look for a PEO that offers initial consultations and will be able to individualize your plan of service. Your business is unique, and you will want a partner who can design services with your individual needs in mind.
• Make sure your PEO has the resources to meet current and future needs. Don’t be afraid to ask for information on their growth and pinch points.
• Assess the PEO from the point of view of a business similar to yours. In addition to testimonials and references, ask if you can interview current and former clients.
• Make sure there is good alignment between your business’s values and that of the PEO. This partnership should be lasting. Good alignment is good for your employees.
• Find out about their team. What is the team’s expertise? How long have they been in business?
• Make sure that the Professional Employer Organization is large enough to offer your team competitive benefits but small enough to provide your company with the individual attention you need.

Contact Us Today

If you are searching for PEO services in Maryland, TANDIUM Corporation is a Maryland-based company specializing in meeting the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Our team of experienced Human Resources Specialists can meet with you to help determine if a PEO will help your business grow. Contact us today to schedule a free initial consultation.

Notable Perks for Higher Employee Retention

You’ve hired a great team and invested in training. Employee satisfaction is high. You have nothing to worry about. Or do you?

Your employees may not actually be actively looking, but there’s a threat on the horizon. In today’s tight labor market, your competitors may be reaching out to employees who are not officially in the market for a new position. That makes every employee a potential passive job seeker. You could lose valuable employees if the right offers are presented. On average, one in four employees has been contacted by a recruiter in the last three months. The cost of replacing an employee can run from one and a half to two times their annual salary. Cutting corners on investing in employer retention will cost you. Retention needs to be a high priority.

Add Value to Your Workplace with These Employee Retention Tips

The workplace has been transformed, and employee expectations have changed. The first step to adding value to your workplace is understanding what your employees want and what your competition offers.

Inflation concerns have soared six-fold in 2022. Rising costs have eaten away at raises and employees’ discretionary income has been reduced. They are concerned. Retention strategies that either increase income or reduce costs are highly attractive. Here are some strategies.

• Retention raises. As employers competed to fill vacancies, new hires benefitted from the labor market shortage. Consider retention raises to keep the salaries of your existing employees competitive.
• Equipment, Technology, and Phone Reimbursement. Help your employees stretch their dollars by reimbursing them for equipment, technology, and cell phone use.
• Offer your employees generous discounts for goods and services from your company.

But it’s not all about the money. Lack of flexibility and work-life balance is a key factor in an employee’s desire to quit. These perks increase employee satisfaction and retention.

• Work-life balance. When employees know they can focus on their personal and family needs when a situation arises, they are less likely to job shop. Unlimited PTO is one practice that supports work-life balance. but flexible schedules and remote or hybrid locations all provide employees with the time they need.
• Floating holidays. Allowing employees to choose holiday time off in alignment with their cultural and spiritual traditions sends a message of inclusivity.

Employees are worried about the future. The COVID-19 pandemic and rising inflation have shaken up employees’ outlook when looking ahead. Here are perks and benefits that help them take the long view in improving employee loyalty and retention.

• Partner with employees on their long-term career goals. Career path planning helps employees map their future based on their goals, interests, and aspirations. This individualized process is more than just coaching and development for their current position. It’s a deeply connected process that supports an employee’s long-term growth with the training, education, and stretch experiences that demonstrates your investment in their vision for the future.
• Educational assistance/loan reimbursement. Many employees have a desire to commit to furthering their education, but finances make that cost-prohibitive. Educational assistance programs and student loan reimbursement sends a message to employees that you are willing to invest in their education.
• Financial planning services. Concerns about finances are the number one stress that employees report. Most employees are unprepared for major expenses and economic downturns. By partnering with your employees to build their financial literacy and adopt new behaviors, you can help reduce a major stressor.

Sixty-six percent of US employees said that culture is more important than salary. Shared purpose, shared values, positive relationships with their manager, and recognition increased loyalty. Here are some ideas.

• Train and develop your supervisors and managers on how to deepen engagement through excellent leadership. More than half of exiting employees said their supervisor could have done something to retain them.
• Shared values and deeper connections. Supporting causes that are meaningful to employees increases satisfaction. Donation matching programs and paid time for volunteer projects are perks that increase the sense of shared values.
• Encourage connection. Ensure there is space and time for employees to be social with each other. A couple of comfortable chairs and a room screen can signal that your organization supports and values friendships. In a remote work environment, virtual gathering spaces can foster social connections.
• Have fun together. Sporting and entertainment events, outings, and gaming deepen bonds with other employees and increase employee satisfaction.

Contact us Today

TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Our team of experienced Human Resources Specialists can help you develop a plan to enhance employee engagement, so you retain your talented employees and keep your business on track. Contact us today to schedule a free initial consultation.

Creative Recruiting Strategies

While April’s job report shows a modest drop in vacancies, the labor market remains extremely tight. This news is excellent for job seekers but creates a challenge for employers seeking to recruit the best candidates. Recruitment strategies and hiring practices that had once been effective are no longer successful. Too often, companies are not getting qualified candidates to apply for vacancies, and when they do, they find that the most qualified candidates have already accepted employment elsewhere.

Savvy businesses are transforming their hiring practices to stand out from the crowd with creative recruiting strategies that attract the best candidates.

Attract Candidates Quickly with These Tips

• Leverage your brand during recruitment. For many businesses, the best employees are already familiar with your company. Attracting new employees from your pool of fans and customers is a terrific way to bring in new hires that already appreciate your corporate culture.
• Transform the typical job posting page on your website to a career page. Supercharge content with employee testimonials, engaging metrics, statistics, and employee awards. Feature content that demonstrates a commitment to your employees’ professional growth.
• Adopt a mindset that you are always looking for great candidates. The old process of initiating recruitment once you have a new vacancy will leave your business understaffed and will impact your company’s ability to deliver goods and services. With inbound recruiting, your company proactively and continually markets to potential candidates.
• Don’t overlook the importance of a positive candidate experience. In the old HR mindset, the resumes of the candidates you did not select went into a paper file. Take your candidate relationship management to the next level. Engage with every candidate with the goal of delivering a positive experience. This helps you develop a talent pool and pipeline. Candidates are talking to each other. Most candidates will share their experience with other job seekers, whether it was positive or negative.
• Social media is not just for marketing your goods and services. Smart human resources professionals are active on social media and create excitement to increase the pool of candidates. Platforms like LinkedIn, Instagram, Facebook, and Twitter are effective for getting visibility about employment opportunities at your organization. Ensure your website and apps are all mobile device optimized so job seekers can easily move from social media interest to making contact.
• Let your existing employees share how great it is to work for your company. Feature your employees and let them tell candidates why your company is a great place to work. Reward employees who refer great candidates. Referred candidates take the shortest time to hire and onboard.
• Reduce barriers to applying, interviewing, and hiring. Using dated recruitment and hiring strategies takes time. The typical job seeker thinks an offer should be made within one to two weeks; the average company takes 5.5 weeks. Closing that gap could mean getting the candidate you want. Initiate conversations digitally. Make it easy for people offering references to complete the process. Consider instant hire and on-demand interviews for some positions in your company.
• Use technology to streamline your workflow. Reducing the time to move from recruitment to hiring is essential. AI-powered tools like resume parsers help find the most qualified candidates. Chat-Bot screeners can get the conversation started and provide valuable screening. Recruitment automation like applicant tracking systems and recruitment marketing software reduces the administrative burden for HR professionals and shortens the time from recruitment to offer.
• Give your potential new hires an insider view of what it’s like to work for your company. Invite them in or use video.
• Fully commit to a truly diverse and inclusive workplace. Seek out networks and partners to bring in talent from a wide range of candidates. Many recruiters are committed to DEI but rely on networks and practices that do not attract or appeal to diverse candidates. Expand your networks, experiment with new outreach platform forms, write inclusive job ads, and train all staff involved in recruitment and hiring to identify and eliminate unconscious bias.
• Make your process fun and games. Recruitment games are a fun way to assess skills, build a brand, introduce candidates to your form, and enhance the candidate experience.

Contact us Today

TANDIUM Corporation meets the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. Contact us today to schedule a free initial consultation to find out how our team of experienced Human Resources Specialists can help you design creative recruiting strategies that give you a competitive advantage and enhances your candidate experience.

Forecasting 2022 Pay Raises

Employers are responding to inflation and competition for talent with higher employee salaries. In 2022, forecasters project pay raises to be one percent higher than last year, averaging around 4%, the highest growth rate since 2008. More than half of human resources specialists surveyed said that companies were planning pay raises of 5% or more.

The labor market continues to be tight. Entry-level and low-income workers are in demand, and while every sector is impacted, retail, finance, insurance, and manufacturing saw the greatest wage increases. The pay increases have been significant for low-income workers, whose wages have lagged for decades.

The great resignation is not over. According to a survey by Credit Karma, 45% of employees were exploring new job opportunities. Employers increased starting salaries for new hires to stay competitive in the labor market. The first wave of wage growth began in 2021, with employees who switched jobs in the past year seeing more significant salary gains. Payroll compression became an issue as these new hires often came in at higher rates than their more experienced peers. Retention of existing talent has become a priority, and employers are responding by ensuring their 2022 pay raises are attractive to employees.

Inflation and Pay Expectations Rising

By the last quarter of 2021, we began seeing rising inflation’s impact on wage growth. Current 2022 inflation rates are at 8%. Analysts and consumers alike expect this period of inflation to be short-lived as pandemic disruptions are being resolved and actions at the federal level such as interest rate increases are being implemented. Consumers have made adjustments to their spending patterns to stretch the dollar.

Typically, there is a relationship between inflation and pay expectation. Pay raises have outpaced inflation by a percentage or two for many years. When inflation rates rise, employees expect higher compensation, which starts as a gnawing dissatisfaction that they are working harder for less purchasing power. For the time being, employees still feel that this high inflation is temporary and are waiting it out, but this confidence could wane. If inflation rates remain high and the labor market remains tight, 2022 pay raises may top projections.

While employers need to respond to higher inflation and a tight labor market, across-the-board increases have drawbacks. They reduce the reward differential for your highest performing employees and can make these employees feel undervalued. Across-the-board wage and salary increases also cut into budgets for future years.

Four Steps To Navigate Pay Raises

Employers can take a few steps to stretch their budget for 2022 pay raises and be in a competitive position to recruit new employees while retaining existing ones.

• Employers should review market surveys for positions to tie their salary ranges to the labor market.
• Compensation increases should include a healthy mix of across-the-board increases, one-time bonuses, and promotion and merit increases. One-time bonuses do not increase the base salary as part of the total compensation strategy. This approach helps employees when needed the most and gives time for the labor market and inflation to stabilize without the long-term impact of across-the-board raises.
• Management should assess employees to identify high performers who may be ready to add more value to your organization and determine if there is the potential to promote the employee, increase their salary and allow them to increase their impact.
• Businesses should keep abreast of trends in the labor market and inflation. They should develop a contingency plan in case additional increases are required in 2022 to stay competitive.

Implementing higher pay raises during this high inflation period will signal employees that we are all in this together. Still, retention has always been about more than money, and businesses that continue to focus on employee engagement will fare better during tight labor markets. This period is an opportune time to look at ways to engage employees and attractive low-cost benefits that are proven to have a big impact on employee satisfaction.

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TANDIUM Corporation has several years of experience meeting the human resources needs of businesses and nonprofits. TANDIUM’s knowledgeable staff can partner with you to develop services tailored to the unique needs of your business. Contact us today.

10 Inexpensive Benefits Your Employees Will Thank You For

The competition for talent remains fierce. Inflation and a tight labor market have sparked an increase in wages while, at the same time, business costs are growing. Your margin may be slimmer, but retaining top employees is still a number one priority for businesses. Pay is important, but many other factors will increase employee satisfaction. These ten inexpensive employee benefits are attractive and will not break the bank.

Simple Benefits that Make a Big Difference

• Enhance learning opportunities and employee development plans. Take the development conversation to a new level. Too often these important conversations are embedded in the performance review. Augment your annual review with career planning and ongoing coaching, mentoring, and professional development conversations. Your employee will know that you are invested in their future. Your company will benefit from the deep employee engagement and the leadership skills that come from mentoring and helping employees plan and develop for their growth. Consider providing more training and offering tuition reimbursement.
• Provide employees with flexibility. More than half of employees would choose flexibility over a salary increase. It is not about punching the clock, but about impact and outcomes. Flexibility is not only an inexpensive employee benefit, but it can also boost productivity. Employees do their best work when they are focused.
• Relax your dress code. The pandemic has changed people’s perception of work wear, whether it’s casual Fridays or casual every day. Giving your employees more flexibility around the dress code is a no-cost benefit.
• Make work from home and hybrid options permanent. While most employees enjoy returning to the office at least part of the time, 79 % reported that flexibility was important, and 40% said they would look for work elsewhere if required to be in the office full-time.
• Leverage your business’s buying power to reduce costs for your employees. Many companies you do business with will extend the same discounts to your employees. Apple Computer, many mobile phone carriers, and your insurance company are good places to start. Contact local businesses for team discounts. Building partnerships with local businesses to save money for your employees is a win-win. Employees love movie, theater, and sporting event tickets which can often be secured at low business rates to fill empty seats.
• Add onto your health benefit options. Many low-cost health plan add-ons like prescription drug discount programs are highly attractive to employees. Wellness apps for the phone bring fitness, mindfulness, nutrition, and mental health employees wherever they are. Reimbursing the costs of wellness apps allows employees to choose programs that match their interests and wellness needs.
• Time off is a low-cost benefit that prevents burnout and is highly attractive to employees. Offer extra days off as a reward for a job well done. Ensure that people have the time off they need for health and personal needs to encourage work-life balance.
• Enrich your organization. Invite speakers for lunch and learn. Bring in fitness instructors for onsite classes. Encourage walking groups in a “walk on the clock” program. Provide ways for employees to organize groups. Raise money for a charitable cause or volunteer as a team for a shared sense of purpose. These culture-building activities reinforce a sense of belonging.
• Providing snacks and meals is an inexpensive employee benefit that everyone loves. Stock up the fridge and cupboards with healthy snacks, including fruit and grains. Make sure to have hot and cold beverages on hand. Host employee luncheons. Not only are snacks and meals high appreciated, but eating together can foster a close bond between employees.
• Reduce employee professional costs. Pay for public transportation or parking. Pay for telecommuting expenses like high-speed internet. Increase reimbursement for business travel. Pay for professional dues and memberships.

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With over 20 years of experience, TANDIUM Corporation specializes in serving the Human Resources, Payroll, and Benefits needs of businesses and non-profit organizations. TANDIUM’s highly specialized team will tailor solutions to your business’s needs. Contact us today to find out more.