2017 - Page 2 of 14 - Best Money Moves

How to Make it Through the Holidays, Financially Stress-Free

by Leah Rosen | Dec 6, 2017 | Blog

The weeks and months leading up to the winter holidays are stressful enough with employees making travel plans, shopping for gifts and cramming to meet deadlines before the holidays arrive. But when financial concerns enter the mix, it’s hard to imagine that your employees are thinking about anything else during their work day. Here are five ways to keep your employees motivated, focused and engaged during the holiday season.

Think about your office’s holiday traditions in advance.
Has your company had particularly successful celebrations in the past? Such as a gag-gift exchange, a lunch at a well-loved restaurant or a bake-off? The winter holiday season is in large part about celebrating traditions. By sending out invitations for the office holiday party ahead of time and making plans for events early on, you create an exciting buzz within an atmosphere of community. Make this a special occasion for your employees to look forward to throughout the upcoming month.

Lead by example.
Money can’t buy happiness but it does buy gifts. Employees might feel the pressure to spend lavishly on coworkers and supervisors, but you can head off this extra financial stress before it starts. Make it clear that holiday celebrations in the office are about celebrating the accomplishments achieved throughout the year – not about how much money was spent on that novelty desk calendar.

A little office cheer can go a long way.
The winter months can leave employees feeling antsy, restless, and unfocused. By decorating and bringing in office treats, employees can shake off the malaise and make a final push before any upcoming time out of the office. Holding desk-decorating contests, cookie tasting events or ugly-sweater days can be a fun way to break up the day and channel some of that extra holiday excitement.

Be flexible.
Realistically, you will have employees who are either planning to travel, receive guests or both during the holiday season. Either way, they will have preparations to make in order to ready themselves and their families. Be flexible with employees’ time off. Encourage your team to communicate their plans well in advance so that you have a clear picture of everyone’s availability, to ensure that work is accounted for and projects continue as needed, even when your office is at half capacity.

Get your employees a gift that keeps on giving.
Rather than giving employees another company mug, think of increasing employee benefits packages – specifically ones that include financial wellness services – this can help your employees combat debt, increase savings, and make sound financial decisions for their futures. Financial health is integral to employee well-being and by investing in your employees, you will be investing in your company. Strength in financial security affects employee productivity and overall company retention, year-round. That gift that keeps on giving will not only surprise your employees, but the long- term rewards just may surprise you as well.

This Holiday Season, Give More Benefits – That’s What Employees Want!

by Nicole Smith | Dec 5, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Does non-cash compensation really matter? A reported 4 out of 5 employees say they would prefer a benefits increase over a pay raise. In recent years, unique and thoughtful workplace benefits have not only become more important to applicants, your current employees expect them as well.

Nobody wants to be dragging their feet all day! Your team wants to be engaged, productive and happy at work – in line with a healthy work-life balance. Providing unlimited vacation days or having a gourmet chef on premises are certainly not the only ways to keep your employees satisfied with their jobs.

During this holiday season, we all have giving on our minds but if you’re a small business, you may find that you’re simply unable to budget for additional employee contributions this year. Well, a great way to circumvent the cost of individual bonuses or gifts is to improve your employees’ overall benefits in an inexpensive way that’s sure to impress and please everyone in the office.

They say that it’s the little things that count. Well, when it comes to employee benefits, it’s perks of all sizes that will keep your team members happy, healthy, productive and coming back for more.

These five employee benefits will be gifts that keep on giving.

Open Enrollment closes December 15, 2017. Are your employees ready? Unexpected personal health care costs bring financial stress to the workplace. You care about your employees’ wellbeing and arming them with resources and assistance will not only show that you care, it can make a significant difference in their lives. 5 ways to help your employees, before it’s too late.

Open over the holidays? Make sure your employees are taken care of. When implementing holiday schedules, pay and perks, common practice varies from legal requirements. But at the end of the holiday season, it’s going to be your employees who will make note of the difference. Give your employees some cheer this holiday season.

Want to improve productivity in the office? Lower employee financial stress. Study after study shows that employees are stressed over personal finances – and it’s affecting your company’s bottom line. Helping your team find organization and relief within their own bottom lines will greatly improve workplace stress, enjoyment and productivity. Employee stress reducers inside.

Are you or someone you know under the age of 40? If so, listen up: The newly passed tax plan severely “kicks millennials in the teeth, taking from their future, to give to the richest Americans in the present.” What’s done is done. So, the best money move for you, your kids, your employees and your business is to plan for your present as well as your future, today. The new tax plan explained.

Does your Company offer Paternal Leave? It should. 83 percent of America’s largest workforce claims that receiving this family benefit would be a deciding factor when accepting a new position. And, 38 percent of employees under 38 years old offered to take a position abroad if it offered better family leave policies. Are you losing out on quality staff? How do you measure up?

Millennials have stepped up to the plate. It turns out that Millennials aren’t job-hopping any more than anyone else. These employees want long-term employment opportunities with solid benefits including: convenient access to healthcare, flexible work hours and financial education programs. Understand your employees’ benefits expectations.

Is your company prepared for a data breach? Cyber security is nothing new but, believe it or not, many companies are still a few steps behind the times when it comes to system integrity. A significant amount of data breaches that occur involve human resource – related information. Take the steps to prepare. Become an expert by securing your clients – and your company.

Have something to add? Email info@bestmoneymoves.com.

Planning Your Company’s Holiday Party? Prevent Legal Risk with These Steps

by Nicole Smith | Nov 28, 2017 | Blog

Although the logic of company holiday parties will be debated until the end of time, studies show that they do help boost employee morale. And that’s great! But, what about the morale of senior management? Does the idea of a potential disaster keep you up at night?

Make no mistake: we aren’t talking about how many paper plates you should buy or how much dip you will need. This is holiday party planning for the 21st century workplace. Reduce your legal liability with a smattering of timeless wisdom: Hope for the best but prepare for the worst.

From reducing employee alcohol consumption to preventing unlawful harassment (often stemming from excessive employee alcohol consumption), here are a few timeless, proactive steps that you can take to lessen post-holiday party liability.

Don’t forget, employers are employees too – and the holiday party is meant for you to enjoy as well!

(Don’t forget to do your own research, as laws do vary state by state.)

Steps to reduce your liability during this year’s holiday fun.

Your 401(k) is not your personal piggy bank for holiday spending! When you take a loan from your 401(k), you’re not just taking out cash, you’re taking out the eventual growth that goes along with it. It is recommended that you only pull funds for an emergency or a down payment on a home. Your 401(k)’s best money moves.

Ready or not! 2018 is upon us and brings us new labor and employment laws. Changes are coming to laws and policies at the federal, state and local levels. Areas affected go well beyond the realms of healthcare, employment eligibility, overtime, equal pay and background checks. Is your company ready to accommodate these changes? New laws you need to know for 2018.

A lack of savings and overall financial stress reduces employee productivity. More and more studies are showing that your team members don’t know how to save. This puts your entire company at the mercy of unexpected emergencies. Financial strain of any kind never stays out of the workplace. What can you do? Easy ways to reduce stress and raise productivity now!

Human Resources has evolved to being the most dynamic part of the workforce. HR goes well beyond hiring and firing – this department has a huge impact on employee engagement and success, along with the health and longevity of your company’s future. Are you building a great workplace experience? The future of human resources inside.

Is your company up to snuff when it comes to paid time off? Certain workplace benefits are more highly regarded than others but PTO seems to take the cake across the board. From vacation time to sick days, personal days and family leave – how can you choose which is best for your company? Different PTO options your HR department should consider.

Will your small business be affected by the NAFTA trade changes? Small business leaders are finding that upcoming changes to the North American Free Trade Agreement may drastically affect product availability and bottom lines. With unknown changes coming to most imported and exported goods, your business could be at stake. NAFTA’s uncertain times.

Think your company’s job perks are above par? Think again. Basecamp, an ever-growing web development company views their employee benefits very simply: employees’ standard of living is top priority. It turns out that generous salaries and benefits, vacation stipends and shorter summer workdays yields higher productivity, higher profit. Life changing job perks inside.

Have something to add? Email info@bestmoneymoves.com.

Millennial Employees? Try This to Increase Engagement

by Nicole Smith | Nov 20, 2017 | Blog

Unlike generations before them, your Millennial employees are burdened with an extra load of student loans. Not surprisingly, they’re significantly more financially stressed than their colleagues.

How stressed? Your Millennial employees spend more than 12 work hours per month fretting about their personal finances.

According to new findings from Bank of America Merrill Lynch’s 2017 Workplace Benefits Report Millennial Supplement, Millennials are actively looking to you, their employer, for tools they can trust, educational resources, support and guidance across the financial wellness spectrum. They want employers to provide access to a variety of financial wellness tools, including a mobile-first technology and access to a financial professional who can offer tailored training, personalized action plans and teach financial strategy.

More employers are beginning to understand the direct connection between employees’ financial stress and lowered productivity, poor retention, unexplained absences, and higher costs of healthcare. They’re paying attention to their employees who are asking for a best-in-class solution and are providing outstanding resources. Are you listening to your employees?

Help your employees balance their financial wellness today.

Should you allow holiday shopping at work? The experts say “yes.” This year’s Cyber Monday (the internet’s version of Black Friday) is set to be the most lucrative shopping day in history. Instead of policing, try providing practical guidelines for your team. Create a realistic security and productivity plan.

Virtual reality is already at an office near you. Are you and your employees ready for the impact of 100% immersion? From non-profits to real-estate, customer service calls to job interviews – VR technology will become commonplace before you know it. See how VR technology can benefit your company.

Reverse mentoring just may save your career. Whether formal or informal, reverse mentoring is exactly as it sounds and is meant to expand people’s skill sets and networks. Bring a thought leader on board, pair mentors and mentees appropriately and get to work! Learn how to start your new program here.

Is work stressing you out? The symptoms of stress can appear suddenly and seemingly without cause. There are over 50 diagnosable signs and symptoms to watch out for and having a basic understanding and awareness can help you and your employees feel better while working better. Help your employees be happier, healthier and more productive.

Are you up to snuff on the local culture of your international teams? Bilingual does not always translate to bi-cultural. Don’t underestimate the importance of having cultural awareness in the global workplace and how it can benefit your company. Learn how to implement intercultural competence here.

Disaster preparedness goes well beyond emergency exits. Climate change affects not just the weather around us but also the ability to safely commute to and from work. If your team can’t trek through unexpected floodwaters or 5 feet of snow, should their salary be deducted? What would you do?

Open floor plans are a sign of hip, hi-tech and elite office culture – and are making your employees miserable. A new study by the BBC claims that “free range” employees are more likely to be unhappy, get sick, be less productive and miss more work. Facilitate productivity and reduce distraction here.

Have something to add? Email info@bestmoneymoves.com.

Millennials Turn To Employers For Financial Wellness

by Ilyce Glink | Nov 16, 2017 | Blog

Who cares most about money? Millennials do. And in a twist, they’re turning to their employers for financial wellness information and tools they can trust.

According to new findings from Bank of America Merrill Lynch’s 2017 Workplace Benefits Report Millennial Supplement, Millennials spend more time at work worrying about their personal financial wellness than their older counterparts, and they are actively looking to their employers for tools, education, support and guidance.

Around 40 percent of employees say they would like their employer to provide additional help with financial matters, but an even higher proportion of Millennials are asking for help.

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent).

The report also found that:

More than 40 percent of Millennials say that they left high school and college unprepared for the real world
43 percent want more help with investing
40 percent wanting more information on how to do their taxes
21 percent of Millennials say they want more help with saving for a home
18 percent want help with their student loans

Nearly half of Millennials want their employer to provide access to a variety of financial wellness tools, including a financial professional who can help create a personalized financial strategy. Forty-six percent of Millennials want their employer to bring in financial experts to provide additional training and education about financial matters. And, 45 percent want their employer to provide education and tailored training that is tailored to specific age groups or that is customized to financial issues they’re currently facing.

Financial stress is a huge issue for employers and employees. Mercer recently released a study that concluded that $250 billion is lost to financial stress each year, with employees spending an average of 12 work hours each month focused on their financial issues. PwC’s 2017 Employee Financial Wellness Survey found that 53 percent of employees are stressed about their finances.

Millennials, who are burdened with the weight of student loans, are more financially stressed than any other generation, so it’s not surprising they spend more work hours than average focused on their personal financial issues.

One of the surprising findings of the Bank of America Merrill Lynch report is that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors. However, more than 60 percent of Millennials are spending an average of four work hours each week on personal financial matters, the study found.

Changing the Financial Wellness Paradigm at Work

Thirty years ago, employees would have never dreamed of asking their employer for help in reducing financial stress and solving big financial problems. And, employers wouldn’t have thought to offer.

Today, more employers have made the connection between financial stress and lower levels of productivity and retention, higher absenteeism and health care costs, and their related outcomes. They’re listening to their employees who are asking for a best-in-class solution that identifies the underlying causes of financial stress and proffers personalized solutions to dial it down.

But providing reading material doesn’t help employees reduce financial stress. Measuring financial stress and then creating personalized action plans based on deeply specific, personal insights is what Best Money Moves does best.

Best Money Moves is an award-winning, cloud-based, mobile-first platform+coaching program that provides unique insights about money and financial stress to employees and employers, and uses machine learning to drive personalized information and solutions.

Find out how we can help you reduce financial stress for your employees, customers, faculty and students. Visit BestMoneyMoves.com for details or email info@bestmoneymoves.com.

Ilyce Glink is the Founder/CEO of Best Money Moves, an award-winning financial journalist, radio talk show host and the author of 14 books on personal finance and real estate topics.