2017 - Page 2 of 9 - Best Money Moves

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

by Nicole Smith | Nov 28, 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.

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.

Can Exercise Make You Rich?

by Nicole Smith | Nov 15, 2017 | Blog

In 2016, the Lincoln Financial Group set out to the identify common factors of people who consider themselves on to be on the financial “right track.”

Of all workers surveyed, nearly 80% exercise at least once a week, a whopping 98% of these “right trackers” say that they’re focused on the future and over half are enrolled in more than three non-medical workplace benefits.

Does your company’s benefits package help provide mental, physical and financial wellness programs for your employees? According to the numbers, it absolutely should. Get yourself and your employees on the right track now.

Matching skills to assignments. One of the most challenging aspects of HR is moving people into the right jobs. Not understanding how an employee’s job skills transfer from role A to role B can significantly impact employee engagement, productivity, and the employee’s overall shelf-life with the company.

But how can you be sure of an applicant’s skillset when often employees themselves are unable to quantify their own skills and experience?

Turns out there are so many tools that recruiters can use to identify the right skillset in order to pair your applicant with the right job and often, incredibly qualified applicants may be applying to role A when role B would be a much better fit. How can you know if and when it’s time for an internal transfer? When should an internal transfer supersede an external applicant? Here are some resources to help you better understand your employees’ and applicants’ abilities.

Is your small business at risk? Your new business needs money to grow but it’s way too easy to get overburdened with debt. Here are some great tips and a printable infographic to help you manage your small business debt, before it’s too late. Practical tips to manage your company’s debt.

Helping employees with open enrollment is good for business. Financial wellness and physical health go hand in hand. It is important to create a plan that caters to your in-office team as well as to your remote employees. Here’s how to help your employees with their benefits selections.

Virtual access has become the standard expectation for almost all roles within the workforce. Learn about new tools that the savvy HR professional can use to keep up with technology and embrace state-of-the-art digital solutions. Tips to boost your digital game.

Will open discussion of workplace sexual harassment bring change? As more employees step forward to share their experiences, companies and lawmakers are implementing sweeping changes to policies and resources. Help prevent and address sexual misconduct in the workplace.

Are your employees eligible for the “saver’s credit?” Also known as the Retirement Savings Contributions Credit, this tax credit can offset all or part of the first $2,000 employees voluntarily contribute to an employer- sponsored retirement plan or IRA. Help your employees save here.

If it feels like you keep losing your best employees, you probably are. Great employees require great work environments in order to stay challenged, engaged and productive. Try out these at-work morale boosters. The most important not-to-do list that you’ll ever read.

Studies show that 80% of employees would prefer add-on benefits over a pay raise. Perhaps it’s time to update your current employee perks and benefits package. Check out this slideshow for some great ideas on how to attract and keep the best employees.

Is your structured payday becoming obsolete? Another new smartphone-app-as-employee-perk will allow your employees to choose when they get paid – and how much. Often, employees need their already earned salaries before payday arrives. Are you ready for the switch?

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

Making Open Enrollment Easier for Your Employees

by Kathlene Boone | Nov 1, 2017 | Blog

Open enrollment has officially begun. Chances are, you’re a little overwhelmed and your employees are a little confused — but the news isn’t all bad. Making open enrollment easier (and hopefully a bit more fun) for your employees means finding a way to engage your team in meaningful conversations about their needs and show them all the exciting benefits you have to offer.

Try getting creative to juice the “fun” part of the month!

Host a benefits fair in the last afternoon or early evening and encourage your employees to bring their significant others so they can get their questions answered and make important benefits decisions togther.
Create posters and flyers, and then hang them around the office.
Don’t just post information on your company’s website; bring your message into the physical work environment.
Incorporate your important and popular benefits, like health insurance and retirement options into presentation but spend time on new or unique perks you offer, such as flex time, free snacks, wellness (or financial wellness!) programs, pet-friendly spaces and student loan repayment plans.

Open enrollment is also a good time to see how your employees are utilizing and responding to the benefits they already use. Take a look at which benefits are doing well and which are underutilized Pay attention to your employees’ suggestions, and consider refining their feedback for the future.

Here are some other suggestions that can help you make open enrollment easier and more fun.

Which benefits do your millennial employees really want? Millennials have been entrenched in the workforce for quite a while now, but many employers can’t figure out how to convince them to stick around longer than a year or so. Here’s what Vlad Gyster, Founder and CEO of Airbo and Janet McNichol, HR Director of ASHA, had to say.

Your employees don’t feel financially secure about their retirement. A recent study by Northwestern Mutual found that 58 percent of U.S. adults cited health care as their chief retirement concern, which is a 13 percent increase from the previous year. Learn more.

Many millennials don’t understand how to build a budget. That’s a big problem, especially since people in this generation are frequently saddled with thousands of dollars in student loan debt. Regardless of age, studies show most workers want help from their employers learning about money. Here are some financial questions your young employees might ask.

News on 401ks! As tax reform winds its way through Congress, 401k are said to be targeted for significant changes. One proposal reduces the amount of money an employee can stash away in a 401k plan tax-free from $18,000 per year ($24,000 if you’re over the age of 50) to less than $3,000. Best Money Moves believes that maximizing a 401k, which is a benefit most employers are already providing, is one of the best things employees can do to stabilize their finances and reduce financial stress around retirement. We’ll keep you updated on the latest discussions around 401k plans in the upcoming tax reform bill.

How can a digital and holistic wellness program help you improve the lives of your team members? When employees have 24/7 access to tools and information right in the palm of their hands and employers are getting real-time data, everyone wins. See the other ways digital wellness solutions are changing things for the better.

Why is financial wellness more important than ever? According to Bill Chetney, founder of GRP Advisor Alliance, it’s because 64 percent of workers couldn’t even cover a $1,000 emergency without going into debt. Learn how financial advisors are joining this important conversation.

Your employees want help coping with stress. More than 75 percent of workers in a recent Harris Poll online survey said they consider resiliency programs valuable, but only 25 percent of workers said their employers offer them. Could a stress reduction program work for your people?

People aren’t spending enough time considering their benefits. In fact, according to a recent Prudential study, 23 percent of employees spend less than 30 minutes thinking about the perks offered by their employers. Here are five ways to change that.

Are your employees fighting anxiety? Often overlooked, anxiety can have a major effect on your employees’ stress levels, negatively impacting productivity, health care costs and employee retention. Here’s how you can help.

Are you using the latest HR Tech? Technology is always changing, but some trends were everywhere at the annual HR Tech Conference in Las Vegas. Check out the top 10 HR tech trends.

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

Upgrade Your HR Tech and Switch to the Cloud

by Kathlene Boone | Oct 25, 2017 | Blog

Why should you shift your HR tech to the cloud? Because it could make your life easier.

Cloud-based platforms offer HR (and often employees) much more flexibility, so it’s no wonder that 40 percent of the 300 companies recently surveyed by PricewaterhouseCoopers have already switched. But for the 60 percent that haven’t quite taken the plunge, PwC consultants had some advice.

For starters, the firm said in its report, companies need to consider whether cloud providers can meet their individual needs. Software functionality is important, but at the end of the day individual organizations must allow their unique practices and policies to take center stage when choosing a vendor. Security is also a concern for HR departments, which handle sensitive employee data like addresses, dates of birth and Social Security numbers. What else does PwC recommend? Take a look at this slideshow.

Why are your millennial employees so stressed? Only 20 percent of them are satisfied with their financial health, according to financial services technology company Fiserv’s Expectations and Experiences Survey. Read more from Fiserv’s senior vice president of marketing and strategy innovation.

The right employee benefits will make your people want to stick around. In fact, according to Glassdoor, four out of five people would prefer having great benefits to getting a pay raise. See why employees prefer perks to cash incentives.

Your employees are not saving enough for retirement. Could a financial wellness program help them dial back their stress and create the future they want? Only if the program helps address the pain points of each individual. Learn how to get started.

What’s the best way to attract and keep millennial employees? One survey found that 85 percent of millennials, both in the workforce and in school, are more willing to work and stay with a company that has a student loan assistance program in place. See the data here.

Physical fitness and good nutrition aren’t the only things keeping your employees healthy. In a PwC survey of working Americans, 45 percent said dealing with their finances is stressful. Here are four reasons people need financial wellness in the workplace.

Sometimes it’s hard to tell which HR trends are meaningful. While some advancements can dramatically improve workplace processes, others can seem like unnecessary disruptions. How can you tell which trends will stand the test of time? Here’s what the pros say.

Your employees are thinking about their money at work. According to the American Psychological Association, 46 percent of people admit to spending two to three working hours per week on personal financial matters. See what you can do to help your workers focus.

Employees want more than a competitive salary. Understanding which benefits to offer your team could mean the difference between keeping them for the long haul and losing them to a competitor. Content marketing agency Fractl’s recent employee benefits survey asked participants to rank 17 perks from most to least important. Check out the top four.

Many Baby Boomers are struggling with rising healthcare costs. That means more older employees are working well into what could have been their retirement years. What does that mean for employers? It’s time to be proactive.

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