Human Resource Solutions

 

 

9628787_sThe evolution of human resources from its predecessor, personnel administration and ever-changing workforce dynamics demand innovative human resources solutions. Solutions for compensation, benefits, recruiting and flexibility require forward-thinking ideas from human resources managers. The desired outcomes for human resources innovations are increased profitability, productivity and worker satisfaction.

Compensation

  • Innovative solutions for compensation and benefits range from variable pay practices to employee incentives and performance awards. Variable pay can include pay for performance, which ties salary increases to employee job performance. Employee incentives and performance awards are somewhat different because they are one-time awards that don’t have the same cumulative effect of pay-for-performance increases. Employers who consider additional alternatives in compensation practices might use profit-sharing as another method of innovate solutions. Profit-sharing, as the name suggests, means companies share profits with employees through cash bonuses and other monetary rewards.

Benefits

  • Health care reform laws and employer obligations may also require innovative human resources solutions to maintain the level of benefits available to employees. Employers seek options to curb the expense of employee group health insurance while providing the same or better levels of coverage and accessibility to employees. Lowering the costs of providing several options to employees may also be part of an employer’s retention strategy. Outsourcing benefits administration can help companies achieve this goal. With benefits being one of the primary reasons job seekers choose prospective employers, the availability of benefits is important for employers to retain their employees or lose them to competitors. Outsourcing benefits administration is an innovative solution to reducing administrative costs for both large and small employers.