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A GREAT EMPLOYER: PART 2 – ADVANTAGES

Posted on January 11, 2016 by Trinity HR

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In Part 1, we identified the characteristics of a great place of employment. Now in Part 2, we’ll talk about the advantages to your company – that is, what’s it in for you.

Here are some key advantages based on multiple studies:

  1. Greater profitability
  • The Great Place to Place Work Institute’s research reports its top 100 U.S. companies have stock market return about double those of S&P 500 companies overall.
  • But you don’t have to be a publically traded company to attain better financial performance.
  1. Lower voluntary employee turnover
  • For most industries, those companies that are considered to have created a highly positive work culture have voluntary turnover rates less than half of others.
  • Here are some industry examples:

employer-chart

  1. Greater talent attraction
  • Fortune magazine cited having a reputation for being a great employer as more important to prospective employees than the rest of the factors combined!
  • Just think of the advantage of being able to draw top talent to your organization.
  • Talent + Culture = Success
  1. Higher customer/client satisfaction levels
  • It’s true – when employees feel good about where they work, it’s reflected in a positive way in their interactions with customers/clients.
  • The converse is also true!

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EMPLOYER ACTION

Answer these three questions about your organization:

  1. Do we want your employees to consider you to be a great place to work?
  • Very rare is an employer that does not want this to be the case
  1. Do you have an assessment tool to measure how your organization is doing related to the characteristics of great employers?
  • If not, you probably do not have a reliable gauge.
  1. When is the last time you did a formal assessment?
  • If it’s been a year or longer, you should consider re-doing an assessment—especially if the last set of results were less than really good.

HOW TRINITY CAN HELP?

Trinity can:

arrow-bulletCustom design & administer an assessment tool
arrow-bulletProvide results analysis
arrow-bulletDevelop a detailed action plan based on the results

For more information, email Trinity at info@TrinityHR.net or visit our website at www.TrinityHR.net.

You have HR questions…Trinity has answers!

Posted in Employee & Labor Relations

A GREAT EMPLOYER: PART 1 – CHARACTERISTICS

Posted on November 30, 2015 by Trinity HR

Today there are multiple sources of lists identifying which companies are consider great employers. Examples of sources include:

  • The Great Place to Work Institute
  • Fortune Magazine
  • Workplace Dynamics’ TopWorkPlaces.com
  • Glassdoor.com

Each uses its own variation of an assessment tool/employee survey to create its list of great employers.  Regardless of the methodology used, those companies that make one of these lists have common characteristics, some examples of which are:

  1. Trust/Credibility earned from employees
  2. Values/Culture consistently demonstrated
  3. Communication is clear & open
  4. Teamwork/Collaboration
  5. Competitive pay & benefits

EMPLOYER ACTION

Answer these three questions about your organization:

  1. Do we want your employees to consider you to be a great place to work?
    • Very rare is an employer that does not want this to be the case

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  2. Do you have an assessment tool to measure how your organization is doing related to the characteristics of great employers?
    • If not, you probably do not have a reliable gauge.
  3. When is the last time you did a formal assessment?
    • If it’s been a year or longer, you should consider re-doing an assessment—especially if the last set of results were less than really good.

HOW TRINITY CAN HELP?

Trinity can:

arrow-bulletDesign an assessment tool for you
arrow-bulletAdminister it
arrow-bulletProvide results analysis
arrow-bulletDevelop a detailed action plan based on the results

For more information, e mail Trinity at info@TrinityHR.net or visit our website at www.TrinityHR.net.

Posted in Employee & Labor Relations

ARE YOU CONTRIBUTING TO LOSING VALUABLE EMPLOYEES?

Posted on November 16, 2015 by Trinity HR

quit-jobSometimes, regardless of how well you manage employees, sooner or later some are going to leave. At times, their reasons are beyond your control.  For example:

  • A spouse who is the primary wage earner gets a new position requires relocation.
  • An unbelievable opportunity presents itself.

However, here are some employment issues that are within your control and can contribute or cause you to lose a valuable employee:

1.   You aren’t paying enough.

  • Do you know what the market rates for your company’s jobs are?

2.   You don’t praise enough.

  • Everybody likes to be complimented & recognized.
  • Don’t fall into the trap of thinking employees know that you appreciate their good work.

3.   You aren’t training & developing enough.

  • Most employees want to continue to learn & develop—especially really good ones.
  • What opportunities are you providing?

4.   You aren’t challenging enough.

  • Your best employees want new problems to solve & new opportunities to contribute.

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5.   You overload them.

  • While this can be true with any employee, it is most likely to occur with those employees who are your best– because you know you can count on them.

6.   You don’t ask for enough input.

  • It’s surprising how many good ideas employees have, but they don’t get asked to offer.

7.   You don’t seek to know how employees really feel.

  • It necessitates your having earned their trust enough to believe they can share their feelings openly & honestly without fear of negative consequences.

HOW TRINITY CAN HELP? 

arrow-bulletAssessing your work environment
arrow-bulletConducting market analysis of your pay rates

For more information, e mail Trinity at info@TrinityHR.net or visit us at www.TrinityHR.net.

You have HR challenges…Trinity has solutions!

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention

ARE YOU AT RISK OF LOSING A KEY EMPLOYEE?

Posted on November 3, 2015 by Trinity HR

keyWe all know that one of the keys to business success is people. Consequently, every organization (regardless of its size or industry) has certain executives, managers and other employees who represent an important reason for its success.

  • The loss of one or more key employees can have serious negative consequences in terms of such things as:
  • A weakening in an important customer/client relationship
  • Their taking with them specialized knowledge or skills
  • A void in leadership
  • A decline in the modeling of your culture

EMPLOYER ACTION
Here are three important questions to ask yourself:

  • Do I know if our organization has key employees who may be considering leaving?
  • Have I recently taken the time to do an assessment of our key employees to consider our vulnerability to losing one or more of them?

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  • How do we address the specific reason or reasons the individual may be seeking another opportunity or be susceptible to being recruiting away from us?

HOW TRINITY CAN HELP?
Trinity has created a KEY EMPLOYEE VULNERABILITY ASSESSMENTTM. This fast and easy-to-use tool enables you to evaluate the vulnerability of each key employee, based on six employment elements that impact an employee’s satisfaction – and thus her/his likelihood for choosing between staying or leaving.

In addition, Trinity’s Team of Consultants have a proved record of being able to help organizations significantly improve their ability to improve employee retention, especially with key employees.

You have HR challenges…Trinity has solutions!

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention

DO YOU WANT YOUR EXECUTIVES & KEY EMPLOYEES TO TREAT YOUR COMPANY LIKE IT’S THEIR OWN?

Posted on October 19, 2015 by Trinity HR

phantom-stockIf your company is privately-owned, there is a mechanism by which the owners can make its executives and other key employees act as though they own the company—without the owners giving away any company stock.

  • The mechanism is a phantom stock plan, which sometimes is also referred to as a shadow stock plan or a simulated stock plan.

A phantom stock plan (“PSP”) is a form of long-term incentive plan used by businesses to recruit and motivate individuals financially without creating any stock dilution. In effect, it is a type of deferred bonus—the value of which is ultimately determined by the company.

There is no formal or statutory definition of the term “phantom stock plan”, and therefore the term is used by some companies in a narrow context and by other companies in a broad sense of the term.

  • When used narrowly, it indicates a plan that is intended to mirror restricted stock awards or stock option grants. In this usage, the company creates “phantom shares” that may resemble actual stock shares, but are actually a commitment to pay the employees cash upon fulfillment of certain conditions.
  • In its broader use, the term is used to denote any type of plan in which employees must wait until a future date to receive the financial value of a promise given today.

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When it comes to PSPs, an organization’s legal structure is of little or no significance. That’s due to the fact that PSPs can be adopted by an S Corporation, a C Corporation, a Limited Liability Company (LLC) and even a Partnership.

A PSP may be used by publically traded companies as well as by private companies. However, it is particularly attractive to privately held companies for two primary reasons. This vehicle:

  • Does not create any dilution of stock
  • Enables a privately held company to structure the plan in a way so as to preclude having to disclose confidential financial information.

HOW TRINITY CAN HELP?
If your organization is interested in learning more about how a Phantom or Shadow Stock Plan may be advantageous, e mail Trinity at info@TrinityHR.net.

Posted in Benefits Management, Strategy, Management & Leadership

NLRB’s Recent Ruling & How It Could Affect You

Posted on September 28, 2015 by Trinity HR

contractorsIn a potentially game-changing decision in Browning-Ferris Industries of California, Inc., the National Labor Relations Board (NLRB) cast aside its long-standing joint employer test in favor of a highly union-friendly standard. There is virtually no disputing that this new standard is likely to expand greatly the number of employers subject to collective bargaining and other obligations under the National Labor Relations Act (NLRA).

The NLRB recently redefined Board the word “employer,” concluding that both a company and its subcontractor serve as “joint employers” of a contractor. For any business that subcontracts workers through a third party, this news could mean big changes to the way they operate.

Each can be held liable not only for its own labor violations but also the other entity’s.
Joint employers can also be forced to participate in collective bargaining, regardless of which employer may be considered the primary employer.

As the dissenting Board members emphasized, this ruling is almost certain to have a dramatic impact on all employers.  This is especially true for those who use contractors, including from staffing agencies.

EMPLOYER ACTION

  1. Obtain legal advice on how this new ruling specifically applies to you.

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  2. In the meantime, to be safe, businesses that use contractors should be careful in assigning and requirements. Deadlines and specific outcomes are to be expected, but requiring projects be completed in a certain way during certain work hours can put a business in a position where it is seen as trying to bypass its tax and insurance obligations.

HOW TRINITY CAN HELP?

As an HR management consulting firm, Trinity does not practice law. However, we have relationships with several law firms that are considered to be outstanding in the practice if Employment Law.

Posted in HR Legal & Compliance

SO YOU THINK YOU KNOW WHAT CONSTITUTES WORK TIME FOR PAY PURPOSES!

Posted on September 10, 2015 by Trinity HR

The typical employer answer is “employees must be paid for all hours they work.”

  • Good news – That answer is right!
  • Bad news – That answer is very incomplete!

Here’s why that answer is very incomplete.  It needs to address how employees are to be paid under the following situations, which are very much determined by the specifics:

1. Waiting Time

  • Under what circumstances is an employee who is not performing work in the normal sense but is waiting to perform work required to be paid?

2. On-Call Time

  • Is the employee required to remain on call on the employer’s premises is working while on call?
  • Is the employee free to be wherever she/he desires, but is required to be reachable while on call?

3. Rest and Meal Periods

  • Is a rest period considered to be work time?
  • Under what circumstances is a meal period paid time?

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  • Do you know the four criteria that determine when these are paid or unpaid time?

5. Travel Time

  • Does your company know under what circumstances travel time must be treated as paid time?

Your company needs to know the answers to these questions!

➡ If you do not, you’re most likely either paying employees too much or too little – either way, you lose.

RECOMMENDED EMPLOYER ACTION

  1. Review how you are currently handling all of these circumstances.
  2. Ensure what you are doing aligns with what you are required to do.
    • You are free to be generous by paying employees for circumstances than you are not required to.
    • You MAY NOT fail to be employees for circumstances for which pay is required.
  3. Have pay/payroll policies & processes in writing that clearly spell out under what circumstances hours can as work time for which employees will be paid.

HOW TRINITY CAN HELP?

If your organization needs assistance on this often complex & confusing subject, Trinity’s Consultants can help you at a very competitive fee.

  • For more information, e mail Trinity at info@TrinityHR.net or visit our website at www.TrinityHR.net.
    You have HR questions…Trinity has answers!

Posted in Compensation & Performance Management

FINDING GREAT TALENT: A CORE COMPETENCY?

Posted on August 24, 2015 by Trinity HR

recruit-talent

Why is finding the right talent so important?  Simply stated, the quality of your organization’s products or services starts & continues with quality people.

  • Quality is all about the people who are performing the work!

So why then do some companies choose to do their own searches when it is something way outside their core competencies? The most common reason an organization chooses to do their search for talent is the cost of using a headhunter that specializes in executive searches and management searches.

  • There is clearly no denying that the cost in using an executive search firm is not insignificant.
  • However, there are factors that may lead that an organization to conclude that using an executive search consultant produces a sound return on investment:

These factors include:

1. There is no loss of focus internally.

  • There is commonly a loss of attention to other important matters due to the time spent by an internal person doing the search.

2.  Successful executive and management searches require advanced, specialized skills that may not be possessed internally.

  • A search consultant is a highly skilled interviewer, who has often conducted thousands of interviews.
  • They know how to ask probing questions.
  • Their evaluative skills enable them to determine which candidates are the best matches.

3.      Search firms are “hunters of talent”.

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  • They know how to find candidates who are not necessarily actively pursuing a new opportunity. Often such individuals are other organizations’ “stars”.
  • You get the best talent available, not just someone who happened to learn of your opening — or a handful of resumes who happen to have or get from some connection you have.

4.      How much is your time worth?

  • A search firm will typically bring you a slate of 3-5 candidates who have been researched, interviewed, and screened for success.

5.      The success rate of a hire from a search firm is higher.

  • This reduces the likelihood of the emotional energy expended, momentum lost & lack of progress made due to a bad hiring decision.

➡ Plus the financial expense typically associated with exiting a bad hire.
• Typically, a search firm offers a guarantee the candidate hired will remain with the organization for a period of time or it will replace the person at no additional cost.

EMPLOYER ACTION
Perhaps it’s time for you to re-evaluate your past approach of the search for talent being a “do it yourself” activity.

HOW TRINITY CAN HELP?
If your organization has a talent acquisition need, Trinity can conduct an effective, highly professional search on your behalf & at a very competitive fee.

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention

HOW MUCH WILL NEW OVERTIME REGULATIONS COST YOU?

Posted on August 10, 2015 by Trinity HR

overtime

It is virtually a certainty that the Department of Labor will in 2016 enact its proposed new Fair Labor Standards Act (FLSA) regulations. One key change that will adversely affect all or almost all employers will be which employees will continue to qualify as being classified as “exempt” from overtime pay.

  • It is estimated that almost 5 million employees who are currently exempt will become eligible for mandatory overtime pay.

NOW
There are two parts to the test to determine whether or not an employee meets the qualifications to be classified as exempt.

  1. Salary
    • The salary must be $455 per week ($23,660 per year) or greater.
    • The government’s contention is that this threshold is far too low.
  2. Duties
    • Using the nature of the work (for example, how much independent judgment is involved) & the amount of time employee engages in various duties

NEW
The duties test will not change, but the compensation minimum is increasing dramatically.

  • A minimum of $970 per week ($50,440 per year)—more than 2x the current threshold.

Employers who now treat as employees as exempt but they make less than $50,440 will have 2 options — both of which will increase labor costs:
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  1. Increase their salary to this minimum level
  2. Re-classify them as non-exempt and begin paying them at time and ½ their regular rate of pay for all hours worked in excess of 40 in any given week.

RECOMMENDED EMPLOYER ACTION

  1. Make sure you have a formal, written process in place to determine in a position truly qualifies as exempt based on the duties and salary tests—and the process includes identification of which of the FLSA’s multiple exempt categories is met.
    • If you don’t have a process in place, establish it now.
    WHY THIS STEP?
    • The Department of Labor has already increased its FLSA compliance audits, and it is expected to increase its enforcement efforts.
  2. Do an analysis to determine which employees currently treated as exempt make less than $50,440 and how many hours are they working more than 40 in a given week.
    • This analysis will enable you to calculate the financial impact.

HOW TRINITY CAN HELP
Trinity’s Team has the experience and expertise to provide assistance expertly and affordably.

Posted in HR Legal & Compliance

STRATEGIC PLANNING…THE ROADMAP TO A SUCCESSFUL FUTURE

Posted on July 13, 2015 by Trinity HR

road-sign

We all know that strategic planning is an important aspect of business success. It is the “bridge” or road map between where the organization is now and where you want it to be.

But did you know that, according to one study, businesses that are committed to strategic thinking & planning show an increase of:

  • 12% to the bottom line
  • 11% to the top line in comparison to those that don’t do strategic planning.

Strategy planning almost always requires:

  • Strategic thinking
  • Sound goal setting, decision making & problem solving
  • Setting standards to measure the effectiveness of the strategy
  • Seeing how the people aspects impact its success—or can cause it to fail

It’s been said that there are three types of companies:

  1. Those that make things happen

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  2. Those that watch things happen
    and
  3. Those that wonder what happened

Those in the “make things happen” category are organizations that:

  • Are nimble
  • Have well-established, effective goal setting, decision making & problem solving processes

HOW TRINITY CAN HELP
Trinity’s Team can provide assistance expertly & affordably to help your organization to:

  • improve its decision making & problem solving processes
  • more readily embrace change
  • integrate its overall strategies with its people-related strategies

For more information, e mail Trinity at info@TrinityHR.net or visit our website at www.TrinityHR.net.

Posted in Strategy, Management & Leadership