Local Manufacturers Gear Up for Compensation & Benefits Challenges
Published on by Barnes Dennig in Manufacturing
Barnes Dennig, USI Insurance and Custom Design Benefits recently hosted a Roundtable discussion with local manufacturers to discuss challenges in today’s marketplace, specifically addressing the retention of employees, the rising cost of health care, and company culture.
The first topic of discussion revolved around what tools and resources are being used to retain employees beyond salary and base pay. During the discussion, the following were highlighted:
- Providing competitive 401(k) match and insurance benefits with individual meetings to discuss options
- Flexible scheduling and the ability to work remotely
- Mentoring programs and regular company state of the firms
- Health and wellness programs
- Attendance premiums
The next topic discussed was the rising cost of health care and strategies being used by manufacturers to minimize the rising cost, while retaining employees. Strategies included, but were not limited to, the following:
- Annual health and biometric screenings onsite, including onsite health coaches
- Prescription drug consultants
- Joining captive insurance
- Using HSAs and contributing towards them for each employee
- Moving to a self-funded plan with a stop loss
Lastly, the companies were asked what one change they would make to their compensation approach to impact employee retention and recruitment. A few common themes were mentioned:
- Updating the bonus structure to connect employees with company results
- Adding an attendance bonus
- More frequent employee surveys to adjust to changing workplace needs
- Flexible scheduling and the ability to work remotely
- Wellness initiatives, including reimbursement for wellness expenses
As the workplace continues to change in today’s rapid marketplace, manufacturers were on common ground that the hiring and retention of quality employees remains a key issue facing them today.
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Visit our website to view the entire Roundtable using our seminar playback feature to learn more about the covered topics.
If you have any additional questions or would like to learn how to obtain a copy of the 2017 Manufacturing Compensation & Benefits Benchmarking Study, please contact a Barnes Dennig Representative here.