compensation

In Tight Labor Market, Employers Urged To Rethink Compensation Strategy

Employee Compensation

“In today’s competitive market, employers need to pay close attention to their employee retention rates,” says Cowden Associates CEO Elliot Dinkin, a nationally known expert in actuarial, compensation, and employee benefits issues.

PITTSBURGH (PRWEB) January 14, 2020
In November of 2019, according to the U.S. Bureau of Labor Statistics, the unemployment rate in the U.S. reached 3.5%, an 18-year low(1), while the number of job openings in the country rose to 7.267 million.(2) Meanwhile, a new report from ADP Research Institute show that employee turnover is averaging 60% annually in the U.S., with even higher rates in certain industries.(3) “In today’s competitive market, employers need to pay close attention to their employee retention rates” says Cowden Associates CEO Elliot Dinkin, a nationally known expert in actuarial, compensation, and employee benefits issues. “A high turnover and job vacancy rate can negatively impact a company’s ability to improve revenue and margins, smoothly adapt to technological change, and remain competitive in its market.”
An often-cited factor in today’s high employee turnover rate is generational behavior; in a recent study by staffing firm Robert Half, 75% of respondents in the millennial (18- to 34-year-old) group said they thought job-hopping would be beneficial to their careers, even in traditionally stable fields like finance.(4) In actuality, however, Department of Labor statistics show very little change in median job tenure with current employer for members of different age groups across 30 years: 1.5 years for 20- to 24-year-olds in 1983 vs. 1.3 years in 2014, and 3.0 years for 25- to 34-year-olds in both 1983 and 2014.5
What these figures suggest, says Dinkin, “is that people’s attitudes toward their jobs fluctuate with their needs, which tend to change at different points in their lives. Finding ways to accommodate those needs is an increasingly important factor in maintaining workforce stability in today’s tight labor market.”
Dinkin further explains, “In order to satisfy employees across all generations, it is practical—and smart—to allow employees to choose from a menu of options. Employees with young children, for example, might opt to use more PTO and reduce the level of base compensation. Younger employees might opt to reduce or opt out of medical benefits in exchange for a matching school loan payment. Employees managing their own finances might accept a bare minimum of core benefits and increase pay supplement.
Whatever options are devised, the current one-size-fits-all approach to total compensation will no longer suffice if a company truly wants to become—or remain—an employer of choice. Designing tailored total compensation could be an effective solution to the challenges posed by today’s highly competitive labor market.”
About Cowden Associates:Cowden Associates, Inc., headquartered in Pittsburgh, PA, was created in 2001 by the merger of Halliwell and Associates and MMC&P Spectrum Benefits, which was founded by Jere Cowden in 1986. Currently led by President & CEO Elliot Dinkin, Cowden Associates specializes in helping corporate clients find the best solutions, both for the enterprise and for its employees, with regard to compensation, healthcare benefits, retirement and pension issues, and Taft-Hartley fund consulting. Winning Workplaces and The Wall Street Journal have recognized Cowden Associates as a “Top Small Workplace,” a lifetime designation awarded to the executives for their ability to build and lead savvy organizations. For more information, visit http://www.cowdenassociates.com
1.    “Labor Force Statistics from the Current Population Survey,” U.S. Bureau of Labor Statistics, January 6, 2020.2.    “United States Job Openings,” Trading Economics, January 2020.3.    Gregory, Ellen, “The Age of Employment Turnover,” ADP Research Institute, August 2018.4.    “Changing Jobs: Is It Good for Your Career to Do It Often?”, Robert Half, April 5, 2018.5.    “Employee Tenure Trends, 1983-2016,” Employee Benefit Research Institute, September 20, 2017.

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The Institutes Acquire Risk & Insurance, National Workers’ Compensation and Disability Conference & Expo, and National Ergonomics Conference & ErgoExpo

“We are thrilled to welcome the Risk & Insurance, NWCDC, and ErgoExpo teams,” said Peter Miller, CPCU, president and CEO of The Institutes. “Each of these entities offers new and unique opportunities to provide knowledge and education to those interested in risk management and insurance.”

MALVERN, Pa. (PRWEB) December 09, 2019
The Institutes, the leading risk management and insurance knowledge provider, today announced it has acquired three valuable knowledge-sharing platforms from LRP Media Group: Risk & Insurance®, National Workers’ Compensation and Disability Conference® & Expo (NWCDC), and National Ergonomics Conference & ErgoExpo® (ErgoExpo). The deal closed on December 9, 2019.
“We are thrilled to welcome the Risk & Insurance, NWCDC, and ErgoExpo teams to The Institutes,” said Peter Miller, CPCU, president and CEO of The Institutes. “Each of these entities offers new and unique opportunities to provide knowledge and education to those interested in risk management and insurance.”
Risk & Insurance is the leading digital and print platform for risk management and insurance news and information. It is also known for its award programs, including the Power Broker award. NWCDC and ErgoExpo will expand The Institutes’ educational offerings into the area of workplace-injury mitigation. NWCDC is the largest national workers compensation exposition, and ErgoExpo is the nation’s largest and longest-running ergonomics event, focused on providing knowledge about making employees safer by mitigating workplace injuries.
“Joining The Institutes is beyond exciting for our entire team. Our shared values on the importance of knowledge and education create the core of our organizational synergies,” said Matthew Kahn, president of Risk & Insurance, NWCDC, and ErgoExpo. “Our assets will help expand The Institutes’ offerings into new topics like workers compensation and ergonomics, while The Institutes’ long-term commitment will enable us to expand our digital platforms and develop some very exciting and innovative approaches at our events.”
JEGI | CLARITY, the leading independent investment bank for the global media, events, information, marketing, software, and tech-enabled services sectors, was the exclusive financial adviser to LRP Media Group in this transaction.
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About The Institutes | Risk and Insurance Knowledge GroupThe Institutes, the leading provider of risk management and insurance knowledge solutions, offer professional designations, including the CPCU® program. In addition, The Institutes provide introductory, foundational, and leadership programs; online and continuing education courses; events and conferences; custom solutions; and assessment tools. Affiliates include CEU, Claims Pages, the Claims and Litigation Management Alliance, the CPCU-Loman Education Foundation, The Institutes CPCU Society, The Institutes Griffith Insurance Education Foundation, The Institutes RiskStream CollaborativeTM, the Insurance Research Council, the International Insurance Society, MyPath, the Pacific Insurance Conference, Risk & Insurance, NWCDC, and ErgoExpo.
CPCU is a registered trademark of The Institutes. All rights reserved.
About LRP Media GroupLRP Media Group, headquartered in Palm Beach County, Florida, since 1996, is an innovative media company serving millions of business and education professionals worldwide. Specializing in education administration, education law, education technology, federal employment, human resources, workers compensation, and disability, LRP publishes thousands of books, pamphlets, newsletters, videos, and online resources. The company also produces four industry-leading print and digital magazines for key decision-makers: District Administration, Human Resource Executive®, HRM Asia, and University Business. Additionally, LRP annually delivers top-quality training and professional development to thousands of professionals through its award-winning conferences and tradeshows in China, Singapore, and the United States. LRP currently employs more than 500 professionals in its Connecticut; Florida; Pennsylvania; Singapore; and Washington, D.C., offices.

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Empire Underwriters Strengthens its Workers Compensation Offerings with the Addition of New Carrier Partner Clear Spring Property and Casualty Company

Empire Underwriters Now Has Even More Options for classes from main-street to high hazard(PRWeb December 09, 2019)Read the full story at https://www.prweb.com/releases/empire_underwriters_strengthens_its_workers_compensation_offerings_with_the_addition_of_new_carrier_partner_clear_spring_property_and_casualty_company/prweb16771721.htm

No accident: Leading workers’ compensation firm drives flexible working for attorneys with BigHand Professional

BigHand

With BigHand Professional in place, our attorneys can dictate on the go, allowing them to focus their time on casework. Our support staff can also prioritize their workloads easier, and provide first-class service to our attorneys, which in turnensures first-class service for our clients.

CHICAGO (PRWEB) December 04, 2019
Martin Law is one of the leading workers’ compensation law firms in Pennsylvania, with over 40 years of experience and 8 attorneys certified as a specialist in the practice of workers’ compensation law by the Pennsylvania Bar Association’s Section on Workers’ Compensation Law as authorized by the Pennsylvania Supreme Court. The firm is relied upon for its industry knowledge, with its attorneys having co-authored multiple editions of the Pennsylvania Workers’ Compensation Practice and Procedure Handbook.
As part of a larger efficiency drive, the firm decided to replace its previous on-premise dictation technology and hand-held devices, with BigHand’s cloud-based digital dictation solution, BigHand Professional.
Christopher Jones, Chief Technology Officer at the firm explains, “We work in a very competitive area of law, and in order to stay ahead we have to ensure we offer leading industry knowledge as well as first-class client service delivery.”
“We identified an area of improvement with our attorneys’ dictation turnaround. Previously, the attorneys would have to wait until they were at home or in the office to upload dictations and send to their support staff for transcription. This could sometimes take days, as our attorneys spend most of their time on the road visiting clients.”
With BigHand Professional, attorneys can create dictations via the BigHand Go app on their mobile phone, and send to their support staff straight away, when out of the office. They can also select different priority levels when sending dictations, so support staff can focus on urgent work first, and better manage their workloads.
Christopher continues, “The fact that BigHand Professional is hosted in the cloud, really appealed to us. From a business continuity standpoint, our attorneys can continue to do their job, even if the office happens to be closed.”
“After an initial demonstration, we decided to trial the solution with a couple of attorneys, who were impressed with how easy the technology is to use, and how streamlined the dictation-to-transcription process is. We have since rolled out BigHand Professional to all our attorneys, who are benefiting from reduced turnaround times and increased flexibility, and not having to worry about carrying a dictaphone around with them – which in turn has reduced our hardware costs.”
He concludes, “With BigHand Professional in place, our attorneys can dictate on the go, allowing them to focus their time on case work. Our support staff can also prioritize their workloads easier, and provide first-class service to our attorneys, which in turn ensures first-class service for our clients.”
About BigHand ProfessionalBigHand Professional makes dictation easy, cost effective and secure on your desktop, smartphone, or tablet. It is the ideal solution for small and medium organizations due to the combination of subscription pricing, minimal IT requirements, smart workflow options and mobility benefits. Learn more here.

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SIG Announces Partnership with PeopleTicker for Global Compensation Data

Sourcing Industry Group (SIG), the network for sourcing executives, announces a new partnership with PeopleTicker.

Our members regularly tell us that talent management and access to benchmarking data are two of the biggest issues that they face. Having a partnership with a company that sheds light on both issues will be an outstanding asset for SIG members.

JACKSONVILLE, Fla. (PRWEB) December 03, 2019
SIG, the premier membership organization for sourcing, procurement and outsourcing executives, today announces a new partnership with PeopleTicker, a company that provides real-time salary and labor rate data in 160 countries.
This partnership gives SIG members access to PeopleTicker’s products and solutions, which provide procurement professionals with real-time labor rates to help them negotiate savings, increase retention and decrease time to fill.
PeopleTicker’s proprietary technologies provide procurement professionals, HR, and hiring managers with a unique view into workforce supply and demand analytics for both contingent and salaried employees. In addition to its data technologies, PeopleTicker performs a broad range of consulting services for corporate enterprises and commercial businesses as well as MSP, VMS, Staffing and other service providers seeking unbiased, expert analysis of job markets and tracking of fluctuations in human capital management.
“We are excited to announce this partnership,” said Dawn Tiura, President and CEO of SIG. “Our members regularly tell us that talent management and access to benchmarking data are two of the biggest issues that they face. Having a partnership with a company that sheds light on both issues will be an outstanding asset for SIG members.”
“We are honored to receive the endorsement of SIG, a world-class organization providing thought leadership to their members,” adds Joseph Musacchio, PeopleTicker’s CEO and President. “This partnership helps SIG members working in procurement and human resources to effectively manage their labor spend by providing instant access to salary and contingent labor rates, benchmarks and analysis for hiring permanent and contract workers in any industry worldwide.”
Through the partnership, SIG members have complimentary access to a real-time global labor rate index of nine sourcing, procurement and risk job functions in 17 select cities across the United States and Canada. In addition, SIG and PeopleTicker are also providing SIG members with a 25% discount to the PeopleTicker online job store to support the management of a large and growing labor commodity at their organizations. To learn more about the details and benefits of this partnership, visit https://sig.org/peopleticker-partner-portal.
About SIGSIG, https://sig.org/ is a membership organization that provides thought leadership and networking opportunities to executives in sourcing, procurement and outsourcing from Fortune 500 and Global 1000 companies and the advisors who serve them. SIG is widely known as a forum for sharing “next” practices and thought leadership through live networking events, virtual forums and a comprehensive online SIG resource center (SRC), which was developed by and for professionals in sourcing and outsourcing. The organization is unique in that it blends practitioners, service providers and advisory firms in a non-commercial environment. SIG is also the parent organization for SIG University, a one-of-a-kind certification and training program for professionals and executives seeking deep expertise in sourcing and governance for themselves or their teams, as well as Future of Sourcing, a digital publication that provides unrivaled content for the opinion-formers and decision-makers at the heart of the industry.
About PeopleTickerPeopleTicker, http://www.peopleticker.com is the global standard for independent market rate data. Strengthened by over 15 years of wage research, our data management and analytics are unmatched in the industry today. Procurement, HR and SOW Project leaders using PeopleTicker are empowered with knowledge to take control of negotiations and effectively manage their labor spend. Skills Village, a global ecosystem of 500+ professionals was developed to work in conjunction with PeopleTicker in an advisory capacity.

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