New Balance Athletic Shoe, Inc. (NBAS), best known as simply New Balance, is a footwear manufacturer based in Boston, Massachusetts. It was founded in 1906 as the New Balance Arch Support Company. Eschewing expensive advertising campaigns, it has nevertheless grown to be one of the largest makers of sports footwear in the world.
New Balance is notable in that it has continued to maintain a manufacturing presence in the United States as well as in the United Kingdom for the European market—in contrast to its competitors in the same market space, such as Nike and Adidas, who design products in the US and Europe, but purchase the majority of their Footwear and Apparel from manufacturers in China, Vietnam, and other developing nations. The result of this corporate decision is that the shoes tend to be more expensive than New Balance's competitors. To offset this pricing discrepancy, New Balance differentiates their products with technical innovations, such as a blend of gel inserts, heel counters, and a greater selection of sizes, particularly for very narrow and/or very wide widths.
Your benefits are an important part of your total compensation, so we invite you to familiarize yourself with details of these plans and encourage you to seek clarification when necessary. Our goal is to empower you through this tool to meet your specific needs, as well as enhance your understanding of our benefit program. Specifically, you will have access to the various benefit summaries, forms, and links to important sites.
We understand that our people (you) are our most valuable resource. Therefore, we are committed to providing you with the richest and most cost-effective benefits programs possible. Should you have any questions regarding your benefits or any other component of your employment with us, we invite you to contact our HR department.
In recognition of tremendous growth, high employee retention and satisfaction levels, and escalating recruitment of new talent, SSOE has been named one of the nine "Best AEC (Architecture, Engineering and Construction) Firms to Work For" by Building Design & Construction Magazine.
"This honor reflects our dedication to providing the best possible workplace for our employees, who have been the engine driving SSOE's tremendous growth and success over the past few years," said Tony Damon, CEO of SSOE. "We strive to give our employees balance and opportunity to advance their careers - our national and international reach is expanding rapidly and that alone provides an extraordinary amount of opportunity for eager, skilled professionals. As SSOE continues to flourish we are heavily investing in recruiting new talent to grow our expertise and deliver fresh, innovative thinking to our clients."
Since 2004, SSOE has grown significantly, including expanding its staff by 50 percent. The firm has also added eight new offices in the last 3 years in new geographic markets and its revenue growth has topped 15 percent each of those years, including a 30 percent increase in 2006.
SSOE's employee retention is another reason behind the Building Design & Construction Magazine honor. In 2006, the company retained 94 percent of its 750 employees - 17 percent higher than the overall U.S. average. Benefits enjoyed by SSOE employees include: flex-time options, a flex-benefits system allowing employees to buy and sell up to 40 hours of vacation time as well as apply unneeded coverage credits in one area to alternative coverage options, training spending that averages 15 percent higher than the industry average per staff member, 75 percent tuition reimbursement, and a 401(k) plan that matches 50 percent of employee contributions up to six percent.
SSOE is active in recruiting new professionals to accommodate this growth, hiring an average of 100 new employees each year, with a goal of hiring 200 additional architects and engineers by the end of 2007. In order to accommodate this growth in a tight architecture and engineering labor market, SSOE was also recognized for it's commitment to providing flexible working options such as part-time status and telecommuting to working parents who want to spend more time at home, retirees seeking to stay active in the professional environment, and employees whose spouses have relocated.
SSOE recently opened a new office in the Raleigh-Durham area and has expanded its Southwest U.S. hub in Phoenix and its three offices in Michigan. There are currently openings in Arizona, California, Illinois, Michigan, Minnesota, North Carolina, Ohio, Tennessee, Texas and Washington.
The Crime Scene Investigator (CSI) shows on television have become very popular as they uncover the mystery around a homicide. The scientists look for clues and follow the evidence in uncovering the mystery surrounding how and who caused the untimely death of a victim. In the business world, savvy executives realize that employee retention is critical to the long-term health and life of their organizations. Without an adequate number of employees to do the work, organizations could become the victims of an untimely “death.” Successful organizations know that becoming an “Employer of Choice” enables them to retain high caliber employees, and this is a key to bottom line success.
As the baby boomers (age 40-60) retire, senior executives and managers are starting to realize retention of high caliber employees is becoming a problem in their organizations. The facts tell it all: the Generation X population numbers 44 million people, while the Baby Boomer generation workforce numbered 76 million. The bottom line is simple - there are fewer workers available.
According to the Bureau of Labor Statistics, by 2010 there could be a shortage in the workforce of nearly ten million workers. Employee retention matters! Some economists have stated that perhaps as early as this year companies will begin to feel the pressure of retaining top talent.
Generation X: New Generation of Workers, New Mindset: In the late 1990’s, Generation Xers observed the long hours and work-life of their parents and older co-workers. They are saying that the workaholic lifestyle of their parents isn’t for them. According to a January 2006 article in Fortune Magazine, “If your [workforce] was born between 1964 and 1977, you probably already know all too well that Generation X, as it’s often called, just doesn’t respond to the same carrots and sticks that motivates its elders.”
Survey results conducted by the Society of Human Resource Managers (SHRM) serve as a timely warning to organizations. According to the survey, HR professionals believe that voluntary turnover will increase 41% to 53% among the Gen X work group. The report also revealed that 64% of employees in this work group said they were extremely likely to increase the intensity of their job search activities in the near future. Here are three retention strategies that you can take to help keep your key employees.
C stands for Communication: Employees want to be in the know. When you fail to communicate, you fail the employee and the organization. Employees want strong communication activities, which include feedback, group communication, and corporate communication. Feedback is communication that is given to an employee or team. Positive feedback often involves telling an employee about good performance. Negative, or what is sometimes referred to as constructive feedback, often involves telling someone about an area in performance that can be improved.
Employee surveys continually report the need for one-on-one feedback that is both timely and actionable. Feedback, either positive or negative, needs to be given immediately after the occurrence. All too often an employee receives feedback months after an action occurred, and the facts surrounding the action are obscure. Employees also complain that managers are lax in giving positive feedback - employees need to know what they are doing well.
Actionable. Successful feedback includes information or action items that an employee has control over and can do something about. Effective feedback is specific, and is focused on specific behaviors or actions that the employee can control.
The Gen Xers are reporting the need for more group communication. This includes group problem solving and strategic planning. This generation prefers working in teams and likes group involvement and being informed.
Employee surveys also report the need for meaningful communication around company issues. Employees what to know about organizational goals, and how their job is relevant to those goals and bottom line success. A very retention- focused company is successfully using employee think tanks to brainstorm ideas around corporate issues.
S stands for Supervision: Managers build teams, manage performance, and develop individuals to help them achieve success on the job. Employees don’t leave good companies – they leave bad bosses. The role of manager is changing and is becoming more important than ever. Progressive companies are teaching their managers how to coach employees. The role as manager-coach requires a different skill set then the previous managerial role. Coaching employees is a results-oriented process of open communication and feedback between manager and employee. The manager-coach acts as a strategic partner in facilitating the employee’s development process. In sports, the coach prepares the team, gives direction and helps troubleshoot problems. It is then up to the team to produce positive results on the field. The same is true with coaching a work team. The manager-coach prepares the team while the employees perform the work. One free source on coaching is from Pocket Resource. This introductory, quick tip e-book was written for managers who want quick tools and tips on coaching. Go to www.pocketresource.com to download the information. The e-book should not be confused with an in-depth business coaching program for managers.
Lastly, employees want visible managers who are out on the floor, developing rapport and working with them. They want managers who vocally appreciate the work and effort they contribute. Successful managers realize they can’t do the work without the employees, and provide positive feedback on a regular basis.
One sign of exceptional leadership is the ability to retain key employees. Managers with high turnover rates are seriously damaging their companies. If the company is going to succeed it must retain its talent. The heart beat of organizational success hinges on the retention of qualified employees. Organizations today can’t afford to lose good, qualified workers to competitors.
I stands for Interest: Employees want to know they are valued and important. Employee attitudes have changed. Gen Xers are concerned about their personal quality of life. This can be a challenge for employers. One growing problem is the inability for corporate cultures to support the work/life balance initiatives they’ve put into place. There have been several documented cases when a company has a corporate work/life policy that states a benefit, however when the employee tries to exercise the benefit, he or she is denied. For example, in one company there is a policy that allows a worker to elect a status change from full-time employment to part-time employment. However when a Gen X mother requested the change in her status from full-time to part-time, so she could be at home more with her young children, she was denied. When she reminded her manager and department director of the published benefit, she was denied again and told to seek employment elsewhere.
Solutions come in different shapes and sizes. Some work/life benefits include:
Flex-time
Job-sharing
Vacation
Leave (paternity/maternity)
Work hours
In-house store/ services
Childcare
Company gyms or gym subsidies
Eldercare
Celebrations
Telecommuting
Four day work weeks
"New Balance is not only committed to creating diverse products, but also to creating an environment that supports the well-being of our associates both at work and at home. A number of plans and programs have been developed and implemented in order to help safeguard the health and happiness of our associates and their families."
Flexibility is one of the most requested benefits to help employees balance their work and personal lives.
Kraft Foods has a flexible program called Fast Adapts for hourly employees and production supervisors who work in manufacturing facilities. (Read a related story on page 40 for more noteworthy programs for hourly workers.) It began this program in response to employee dissatisfaction, particularly among hourly workers.
The program offers shift-swapping, single-day vacations, employment of hourly retirees, tuition reimbursement for online courses, and job sharing. After implementing the program, Kraft found hourly employees reported increased satisfaction with work-life integration and increased accountability and autonomy.
PCL Construction, a general contractor with over 4,000 employees, allows employees the flexibility to set their own schedules, between 7 a.m. and 6 p.m.
Most districts have summer hours, and the company offers unlimited sick days, which can also be used for the care of sick family members. Interestingly, PCL has found that these policies rarely are abused.
Toymaker Mattel closes at 1 p.m. on Fridays, year-round, to allow employees longer weekends. It's one of the single most popular perks they offer.
New Balance is notable in that it has continued to maintain a manufacturing presence in the United States as well as in the United Kingdom for the European market—in contrast to its competitors in the same market space, such as Nike and Adidas, who design products in the US and Europe, but purchase the majority of their Footwear and Apparel from manufacturers in China, Vietnam, and other developing nations. The result of this corporate decision is that the shoes tend to be more expensive than New Balance's competitors. To offset this pricing discrepancy, New Balance differentiates their products with technical innovations, such as a blend of gel inserts, heel counters, and a greater selection of sizes, particularly for very narrow and/or very wide widths.
Your benefits are an important part of your total compensation, so we invite you to familiarize yourself with details of these plans and encourage you to seek clarification when necessary. Our goal is to empower you through this tool to meet your specific needs, as well as enhance your understanding of our benefit program. Specifically, you will have access to the various benefit summaries, forms, and links to important sites.
We understand that our people (you) are our most valuable resource. Therefore, we are committed to providing you with the richest and most cost-effective benefits programs possible. Should you have any questions regarding your benefits or any other component of your employment with us, we invite you to contact our HR department.
In recognition of tremendous growth, high employee retention and satisfaction levels, and escalating recruitment of new talent, SSOE has been named one of the nine "Best AEC (Architecture, Engineering and Construction) Firms to Work For" by Building Design & Construction Magazine.
"This honor reflects our dedication to providing the best possible workplace for our employees, who have been the engine driving SSOE's tremendous growth and success over the past few years," said Tony Damon, CEO of SSOE. "We strive to give our employees balance and opportunity to advance their careers - our national and international reach is expanding rapidly and that alone provides an extraordinary amount of opportunity for eager, skilled professionals. As SSOE continues to flourish we are heavily investing in recruiting new talent to grow our expertise and deliver fresh, innovative thinking to our clients."
Since 2004, SSOE has grown significantly, including expanding its staff by 50 percent. The firm has also added eight new offices in the last 3 years in new geographic markets and its revenue growth has topped 15 percent each of those years, including a 30 percent increase in 2006.
SSOE's employee retention is another reason behind the Building Design & Construction Magazine honor. In 2006, the company retained 94 percent of its 750 employees - 17 percent higher than the overall U.S. average. Benefits enjoyed by SSOE employees include: flex-time options, a flex-benefits system allowing employees to buy and sell up to 40 hours of vacation time as well as apply unneeded coverage credits in one area to alternative coverage options, training spending that averages 15 percent higher than the industry average per staff member, 75 percent tuition reimbursement, and a 401(k) plan that matches 50 percent of employee contributions up to six percent.
SSOE is active in recruiting new professionals to accommodate this growth, hiring an average of 100 new employees each year, with a goal of hiring 200 additional architects and engineers by the end of 2007. In order to accommodate this growth in a tight architecture and engineering labor market, SSOE was also recognized for it's commitment to providing flexible working options such as part-time status and telecommuting to working parents who want to spend more time at home, retirees seeking to stay active in the professional environment, and employees whose spouses have relocated.
SSOE recently opened a new office in the Raleigh-Durham area and has expanded its Southwest U.S. hub in Phoenix and its three offices in Michigan. There are currently openings in Arizona, California, Illinois, Michigan, Minnesota, North Carolina, Ohio, Tennessee, Texas and Washington.
The Crime Scene Investigator (CSI) shows on television have become very popular as they uncover the mystery around a homicide. The scientists look for clues and follow the evidence in uncovering the mystery surrounding how and who caused the untimely death of a victim. In the business world, savvy executives realize that employee retention is critical to the long-term health and life of their organizations. Without an adequate number of employees to do the work, organizations could become the victims of an untimely “death.” Successful organizations know that becoming an “Employer of Choice” enables them to retain high caliber employees, and this is a key to bottom line success.
As the baby boomers (age 40-60) retire, senior executives and managers are starting to realize retention of high caliber employees is becoming a problem in their organizations. The facts tell it all: the Generation X population numbers 44 million people, while the Baby Boomer generation workforce numbered 76 million. The bottom line is simple - there are fewer workers available.
According to the Bureau of Labor Statistics, by 2010 there could be a shortage in the workforce of nearly ten million workers. Employee retention matters! Some economists have stated that perhaps as early as this year companies will begin to feel the pressure of retaining top talent.
Generation X: New Generation of Workers, New Mindset: In the late 1990’s, Generation Xers observed the long hours and work-life of their parents and older co-workers. They are saying that the workaholic lifestyle of their parents isn’t for them. According to a January 2006 article in Fortune Magazine, “If your [workforce] was born between 1964 and 1977, you probably already know all too well that Generation X, as it’s often called, just doesn’t respond to the same carrots and sticks that motivates its elders.”
Survey results conducted by the Society of Human Resource Managers (SHRM) serve as a timely warning to organizations. According to the survey, HR professionals believe that voluntary turnover will increase 41% to 53% among the Gen X work group. The report also revealed that 64% of employees in this work group said they were extremely likely to increase the intensity of their job search activities in the near future. Here are three retention strategies that you can take to help keep your key employees.
C stands for Communication: Employees want to be in the know. When you fail to communicate, you fail the employee and the organization. Employees want strong communication activities, which include feedback, group communication, and corporate communication. Feedback is communication that is given to an employee or team. Positive feedback often involves telling an employee about good performance. Negative, or what is sometimes referred to as constructive feedback, often involves telling someone about an area in performance that can be improved.
Employee surveys continually report the need for one-on-one feedback that is both timely and actionable. Feedback, either positive or negative, needs to be given immediately after the occurrence. All too often an employee receives feedback months after an action occurred, and the facts surrounding the action are obscure. Employees also complain that managers are lax in giving positive feedback - employees need to know what they are doing well.
Actionable. Successful feedback includes information or action items that an employee has control over and can do something about. Effective feedback is specific, and is focused on specific behaviors or actions that the employee can control.
The Gen Xers are reporting the need for more group communication. This includes group problem solving and strategic planning. This generation prefers working in teams and likes group involvement and being informed.
Employee surveys also report the need for meaningful communication around company issues. Employees what to know about organizational goals, and how their job is relevant to those goals and bottom line success. A very retention- focused company is successfully using employee think tanks to brainstorm ideas around corporate issues.
S stands for Supervision: Managers build teams, manage performance, and develop individuals to help them achieve success on the job. Employees don’t leave good companies – they leave bad bosses. The role of manager is changing and is becoming more important than ever. Progressive companies are teaching their managers how to coach employees. The role as manager-coach requires a different skill set then the previous managerial role. Coaching employees is a results-oriented process of open communication and feedback between manager and employee. The manager-coach acts as a strategic partner in facilitating the employee’s development process. In sports, the coach prepares the team, gives direction and helps troubleshoot problems. It is then up to the team to produce positive results on the field. The same is true with coaching a work team. The manager-coach prepares the team while the employees perform the work. One free source on coaching is from Pocket Resource. This introductory, quick tip e-book was written for managers who want quick tools and tips on coaching. Go to www.pocketresource.com to download the information. The e-book should not be confused with an in-depth business coaching program for managers.
Lastly, employees want visible managers who are out on the floor, developing rapport and working with them. They want managers who vocally appreciate the work and effort they contribute. Successful managers realize they can’t do the work without the employees, and provide positive feedback on a regular basis.
One sign of exceptional leadership is the ability to retain key employees. Managers with high turnover rates are seriously damaging their companies. If the company is going to succeed it must retain its talent. The heart beat of organizational success hinges on the retention of qualified employees. Organizations today can’t afford to lose good, qualified workers to competitors.
I stands for Interest: Employees want to know they are valued and important. Employee attitudes have changed. Gen Xers are concerned about their personal quality of life. This can be a challenge for employers. One growing problem is the inability for corporate cultures to support the work/life balance initiatives they’ve put into place. There have been several documented cases when a company has a corporate work/life policy that states a benefit, however when the employee tries to exercise the benefit, he or she is denied. For example, in one company there is a policy that allows a worker to elect a status change from full-time employment to part-time employment. However when a Gen X mother requested the change in her status from full-time to part-time, so she could be at home more with her young children, she was denied. When she reminded her manager and department director of the published benefit, she was denied again and told to seek employment elsewhere.
Solutions come in different shapes and sizes. Some work/life benefits include:
Flex-time
Job-sharing
Vacation
Leave (paternity/maternity)
Work hours
In-house store/ services
Childcare
Company gyms or gym subsidies
Eldercare
Celebrations
Telecommuting
Four day work weeks
"New Balance is not only committed to creating diverse products, but also to creating an environment that supports the well-being of our associates both at work and at home. A number of plans and programs have been developed and implemented in order to help safeguard the health and happiness of our associates and their families."
Flexibility is one of the most requested benefits to help employees balance their work and personal lives.
Kraft Foods has a flexible program called Fast Adapts for hourly employees and production supervisors who work in manufacturing facilities. (Read a related story on page 40 for more noteworthy programs for hourly workers.) It began this program in response to employee dissatisfaction, particularly among hourly workers.
The program offers shift-swapping, single-day vacations, employment of hourly retirees, tuition reimbursement for online courses, and job sharing. After implementing the program, Kraft found hourly employees reported increased satisfaction with work-life integration and increased accountability and autonomy.
PCL Construction, a general contractor with over 4,000 employees, allows employees the flexibility to set their own schedules, between 7 a.m. and 6 p.m.
Most districts have summer hours, and the company offers unlimited sick days, which can also be used for the care of sick family members. Interestingly, PCL has found that these policies rarely are abused.
Toymaker Mattel closes at 1 p.m. on Fridays, year-round, to allow employees longer weekends. It's one of the single most popular perks they offer.