New Research Finds the Number of Local Governments Offering Retirement Benefits Outside of Pension Plans Increased from 11% to 19% from 2001 to 2018

PR Newswire | April 07, 2020

A new research brief documents the extent of the shift away from stand-alone defined benefit (DB) pension plans for a sample of 180 major local governments to see how it compares to the changes at the state level. In 2018, 19 percent of large localities had a defined contribution (DC), cash balance, or hybrid plan for new hires, instead of a stand-alone DB pension, up from 11 percent in 2001. These finding are contained in a new research brief, Have Localities Shifted Away from Traditional Defined Benefit Plans?, from the Center for State and Local Government Excellence (SLGE) and the Boston College Center for Retirement Research (CRR).  The analysis was conducted by CRR researchers Jean-Pierre Aubry, associate director of state and local research and Kevin Wandrei, research associate. Download the research here. The analysis indicates that retirement plan shifts at the local level are similar to states' changes in volume and geography, but not in the types of plans introduced. States tend to offer hybrid retirement plans, while localities tend to choose stand-alone defined contribution (DC) plans. Even though contributions to these new DC plans are lower than those made to the prior DB pension, the impact on government costs likely will be incremental because most of pension contributions fund benefits that are for past service, and thus are unaffected by the shift to a new plan. The research also indicates that public employees covered under the new alternative plans are at risk of receiving lower benefits than under the prior DB pension plans.

Spotlight

How has your workforce changed over the years? You’ve probably had people come and go; some of them you’ve likely missed and some of them you may have realized were not a good fit. The demographic nature of your workforce may have changed, too, as more women entered the workforce and people move into retirement and are replaced by a younger generation.


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HR ANALYTICS,WORKFORCE MANAGEMENT

VirgilHR Launches Web-Based Platform, Brings Real-Time, Self-Service Legal Guidance to HR Teams

VirgilHR | September 06, 2022

VirgilHR announces the launch of its new web-based platform, putting real-time, automated employment and labor law guidance at the HR team's fingertips. The disruptive SaaS platform empowers individual HR professionals and teams to make smart, well-informed employment and labor law decisions in the moment, without the need to research regulatory requirements. As an HR leader with experience at both public companies and growth-stage technology startups, Jocelyn King, CEO & Founder of VirgilHR, has had the privilege of supporting executives and departments in all functions across the business. "When we started building VirgilHR, we wanted to do two things - reduce the complexity and mitigate the risk of legal action from human error against companies and get HR professionals back to why they got into HR and building, growing, and nurturing great people and great cultures, With this evolution in our product, we've made it possible for every HR professional to have a real-time legal guide by their side." -Jocelyn King, CEO & Founder of VirgilHR VirgilHR hosts a proprietary database of employment and labor law requirements that helps HR professionals manage the compliance of employment decisions, including leave requests, final wages, and termination. HR team members can access real-time, prescriptive guidance across federal, state, and local employment and labor laws via the online web-based, self-service application. As part of the product launch, HR professionals are eligible for a 30 day free trial of VirgilHR with access to all employment modules and all features including: The VirgilHR chatbot built on smart, automation technology, which provides legal guidance to on labor and employment law queries in the moment, no research required Educational content, developed by experienced labor and employment attorneys Policy templates, which cover the newest labor and employment laws released across the country, to supplement employee handbooks The platform helps HR professionals navigate the complexities of employment and labor law, close the knowledge gap, and empower HR teams to make compliant employment decisions with ease and confidence. The company's early customers have come from organizations across the mid-market with small HR teams looking for efficiency gains; King sees growth for the business in manufacturing, construction, technology, government contracting, and medical services. About VirgilHR VirgilHR is the new evolution of HR compliance software, enabling HR professionals to spend more time on strategic objectives and less time on researching and tracking thousands of ever-changing employment and labor laws. Our mission is to help HR professionals navigate the growing employee complexities, close the knowledge gap and empower HR teams to make compliant employment decisions with ease and confidence.

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TALENT MANAGEMENT

BairesDev Giveback Program Provides Access to Tech Training and Resources to More Than 1,500 Talented People

BairesDev | August 09, 2022

BairesDev, a leading technology solutions company, announced the conclusion of the latest edition of its Giveback Program, focused on promoting diversity and inclusion in the technology industry by investing in the tech talent of tomorrow. In this opportunity, BairesDev partnered with its clients to make 224 donations to 29 different NPOs, 60% more compared to the previous edition. Twice a year, the company selects a list of NPOs that share its vision of building a more inclusive tech industry and teams up with clients to allow them to choose causes for BairesDev to donate funds. In this edition, BairesDev donated funds to Womxn in Power, EveryoneOn, NPower, Close the Gap, and LaunchCode, among other NPOs, which focus on closing the digital breach faced by many talented people around the world. Beneficiaries highlighted the relevance of these programs in supporting underrepresented communities and addressing unequal access to opportunities in the tech industry. With BairesDev donations, more than 1,500 talented people from diverse backgrounds will have access to industry certifications, computers, digital training, among others. "We at BairesDev know firsthand the importance of a diverse and inclusive tech industry and are committed to providing equal opportunities for talented people, wherever they may be, It's inspiring to partner with so many of our clients who are committed to helping close the digital gap facing underrepresented communities." -Nacho De Marco, CEO and co-founder of BairesDev BairesDev donations have provided enough to underwrite industry certification testing for all of the women in the next Silicon Valley training cohort. This will give roughly 40 women the industry-recognized certification essential to landing their first job in tech, Said NPower Inc. Thanks to BairesDev, Close the Gap can fully equip a computer lab in Africa with 30 computers and offer training to local personnel of a school that is in need of ICT devices. The hardware will be installed in a dedicated computer room where on average 20 individual students will make use of each computer. Thanks to your contributions, 600 students who would otherwise be excluded from digital education will now gain digital literacy, said Close the Gap. The BairesDev Giveback Program, formerly called B-Grants, recently won a Stevie® Award for Corporate Responsibility Program of the Year. Through the program, the organization shows its commitment to helping create opportunities for the tech talent of tomorrow. The next edition of the program will be launched before the end of 2022. About BairesDev BairesDev is a leading nearshore technology solutions company that architects and engineers scalable and high-performing software solutions to meet all kinds of business challenges. Using its deep tech expertise and cross-industry experience, BairesDev evolves digital transformation into digital acceleration. The ultimate goal is to create lasting value throughout the entire digital transformation journey. With 5,000+ seasoned engineers in 36 countries, BairesDev provides time zone aligned services to empower Fortune 500 companies and leading brands. Working for clients like Google, Rolls-Royce, Johnson & Johnson, Pinterest, and ViacomCBS, the company has been reimagining the tech landscape for over a decade.

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EMPLOYEE BENEFITS,WORKERS COMPENSATION

Salary.com Named to Constellation ShortList for Compensation Management

Salary.com | August 25, 2022

Salary.com® today announced it was named to the Constellation ShortList™ for Compensation Management in Q3 2022. The technology vendors and service providers included in this program deliver critical transformation initiative requirements for early adopters and fast-follower organizations. "Receiving the Constellation ShortList award is a testament to how our data and software innovations are powering advancements in mission critical workforce objectives, including achieving pay equity and transparency, Today's labor dynamics make it clear that maintaining the status quo is not an option. We're proud of our work with thousands of forward-thinking companies who are committed to getting pay right. We are especially proud to have achieved this honor for the fourth year in a row." -Salary.com CEO Kent Plunkett Salary.com's market leading CompAnalyst® SaaS platform accelerates compensation workflows, delivers real-time data, provides job description management, and powers accurate, equitable and competitive compensation. In allowing for deep analysis with a few clicks, CompAnalyst helps organizations quickly identify equity issues, flight risks, and other real-time talent intelligence insights that play a key role in winning the war for talent. Organizations must reconsider how they balance business models, work/life priorities, and new market conditions during the uncertain climate of the Great Refactoring, Constellation's ShortLists reflect the top vendors that matter most to our network of buy-side clients. We publish ShortLists to expedite the decision-making process for leaders making critical vendor selections, so they can find the right partners to enable their business success,said R "Ray" Wang, chairman and founder at Constellation Research. Constellation Research advises leaders on leveraging disruptive technologies to achieve business model transformation and streamline business processes. Products and services named to the Constellation ShortList meet the threshold criteria for this category as determined through client inquiries, partner conversations, customer references, vendor selection projects, market share, and internal research. The portfolio is updated at least once per year as the analyst team deems necessary based on market conditions. ABOUT SALARY.COM Salary.com® is the leading provider of compensation market data, software, and analytics, bringing more of the trusted data and intuitive software organizations need to get pay right. The industry's fastest-growing compensation management company, Salary.com serves over 30,000 survey participant organizations, over 8,000 business-to-business software subscribers, and over 45 million employees globally. HR professionals rely on Salary.com's 360° view of their compensation practices so they can efficiently and accurately achieve internal pay equity and adapt to market changes. Salary.com's state-of-the-art CompAnalyst® accelerates compensation workflows, delivers real-time data, and powers accurate, equitable, and competitive compensation through one intuitive platform.

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TALENT MANAGEMENT

Cooleaf Launches New Survey Tool to Measure eNPS (Employee Net Promoter Score)

Cooleaf | July 14, 2022

Cooleaf, the leading employee experience platform for high-performing teams, has introduced a new feature to help customers measure and boost their employee engagement. With Cooleaf's pulse survey tool, customers will now be able to easily schedule and deploy eNPS surveys to measure employee loyalty and collect actionable insights. What is eNPS? NPS, or Net Promoter Score, is a key metric to measure brand experience. NPS measures the likelihood of employees, customers, or to recommend your business to others with a one-question survey. For the employee experience, Employee Net Promoter Score, or eNPS, is measured by asking, "How likely is it that you would recommend our company to a friend or colleague?" Survey respondents are sorted into Promoters, Detractors, or Passives based on their answer, and eNPS is calculated by subtracting the percentage of Detractors from the percentage of Promoters. The shortness and simplicity of the eNPS survey makes it ideal for setting goals around employee engagement. "Employee Net Promoter Score is the quick and standard way to track employee loyalty and satisfaction within an organization, Now that the eNPS survey is built into the Cooleaf platform, we can help our customers deploy the survey on a regular basis and benchmark results over time. Organization leaders and HR teams can filter that data by team or department, and use it to drive their engagement strategy. When you combine that data with the engagement initiatives and tactics that Cooleaf provides, eNPS becomes a very powerful tool for improving company culture." -Jess White, Senior Director of Customer Success How it works HR leaders can access the eNPS survey tool within Cooleaf's Manager Dashboard. It only takes a few seconds to set up the survey, review the questions, and select your survey timeframe. To improve your survey participation score, teams can also choose to award Cooleaf Reward Points for anonymous survey completion. Watch this video to learn more. Once the survey has been deployed, managers can see the results, download reports, and track trends over time. As part of Cooleaf's engagement strategy, Cooleaf's Customer Success team will help identify opportunities and recommend engagement tactics during quarterly business reviews. About Cooleaf- Cooleaf is the leading solution for companies looking to drive extraordinary experiences for their employees, customers, and prospects. Through Cooleaf's platform, forward-thinking brands are empowered to listen to sentiment and signals through pulse surveys and SaaS platform integrations, take action to engage stakeholders through recognition, incentives, and virtual experiences and glean data insights through a powerful suite of analytics tools.

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Spotlight

How has your workforce changed over the years? You’ve probably had people come and go; some of them you’ve likely missed and some of them you may have realized were not a good fit. The demographic nature of your workforce may have changed, too, as more women entered the workforce and people move into retirement and are replaced by a younger generation.

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