Hiring software engineers has become increasingly difficult this year, particularly in New York. If you’re like many of the startups we’ve worked with, there seems to be a widening divergence in hiring-manager target pay and candidate expectations, leaving both recruiters and startup leaders wondering how to respond. Should you raise pay to compete with major tech firms? By how much? What about internal equity for the employees already at the company?
Drug development entails risk. Clinical trials are elaborate and expensive experiments, and unfortunately sometimes promising hypotheses prove false. This can be frustrating and even painful at times, but ultimately such are risks worth taking, since new and improved medicines can mean the difference between life and death for patients with serious diseases. At Roivant, we embrace taking calculated risks that have the potential to meaningfully benefit patients. We tend to focus on disease areas where the magnitude of investment from industry is disproportionately low relative to societal medical needs. This approach pushes us to develop therapies in a great diversity of illnesses including Parkinson’s disease, diabetes, prostate cancer, sickle cell anemia, ultra-rare fatal pediatric conditions, and several others where the current standard of care is insufficient.
For the average organization, employee benefits can consume up to 30% of payroll. This spend is one of the largest on a company’s income statement. Yet, this area is often the least aligned with organizational objectives. Put simply, benefits are often not managed like a business. That doesn’t mean there isn’t thought or effort put into the construct. But it does mean that the processes used to manage a business are not found, or at least are not as robust, within the management of a benefits program. The result is a misalignment between effort and results as well as missed directed funds or, even worse, wasted cash.
Hiring the right people at the right time can make or break a business. Unfortunately, most businesses wait to hire until it’s almost too late. This makes it essential to bring new hires on quickly and efficiently. You don’t want to waste time with long, drawn out negotiations when you needed someone to start yesterday. Having worked with clients in a variety of fields from manufacturing to collections, I’ve discovered that these five steps to good negotiations remain the same in any field, including hiring.
It’s open enrollment season again, and if your benefits are changing considerably, it could cause an engagement dip! A Towers Watson benefits study found – perhaps not surprisingly – that employee health and retirement plans are strongly correlated with engagement and retention. In fact, a Luntz Global paper on American health insurance plans estimated that 78% of employees claim employer-provided health insurance impacts their choice to stay at their current job.
Does your employee benefits education program consist of handing out dusty benefits manuals and sending a single novel-length email from HR? If so, you could be severely missing the mark when it comes to truly educating your workforce.
Ping-pong tables, nap-pods, endless snacks and beer on tap are the hallmark perks of trendy start-ups, tech companies and creative agencies, but what value do they really hold? Sure, they rank high on the cool meter, but how tangible are they when it comes to attracting and retaining top talent?
Note: This is the final article of a 4-part series on compensation practices for small companies. In this series Margaret O’Hanlon shows how a small company typically deals with compensation, discussing each of a few key practices and what problems these may create as the company grows. She offers her insights on how to improve these practices to avoid difficulties as the company expands from under 100 employees to 1,000. Links to the previous sections are here.
With open enrollment approaching, you’ve probably spent a lot of energy creating the right blend of benefits for employees. Naturally, you want to give your people a great employee experience by helping them understand their options and make the best choices. Except, that can’t happen if employees ignore communications, miss enrollment deadlines, and fail to participate effectively.