Milliman professionals recently published the latest results of the Puget Sound and Portland Area Compensation Surveys. In this webinar, Milliman’s Larry Daniels and Lauren Busey provide current pay and benefits information within the context of the ongoing COVID-19 pandemic and social justice movement. In addition, Heidi tenBroek share ideas for effectively communicating your safe work plans, policy updates, and more.
In this Milliman webinar, consultants Lauren Busey, Heidi tenBroek, and Larry Daniels discuss results from the recent Milliman Northwest Healthcare COVID-19 Pulse Survey. The survey summarizes key actions local healthcare employers are taking to address employee benefits and compensation issues as a result of the current pandemic.
For more perspective on the survey, read Lauren’s article “Managing benefits and compensation for healthcare workers in the time of COVID-19.”
With unemployment in the United States at near a 50-year low, employers need to find novel ways to attract new employees and keep their workforce engaged. Creating competitive compensation packages that ensure employee satisfaction must reach beyond pay to more comprehensive views of what workers want from their companies and jobs.
What are seven trends that are key for employers to consider
in the current labor market?
Research has consistently shown that keeping employees
engaged is the key to running a successful business.
6. Corporate social responsibility
Workers want to work for a company that supports their
5. Pay equity
Perceptions of pay equity can erode employee engagement and trust in management.
4. Minimum wage
In recent years, the effective minimum wage in some areas in the United States has outpaced inflation and grown even faster than typical wages.
3. Hot jobs
Salaries for hot jobs are moving at a more rapid pace than
the rest of the market.
2. Employee financial wellness/well-being
Employee financial wellness and well-being initiatives stand to benefit a large number of employees.
1. Total rewards
A company’s ability to attract and retain the best employees
depends to a large extent on other pay components in the total rewards package.
To read more about these seven trends in compensation, read this Milliman Insight article by Lauren Busey and Larry Daniels.