2018 - Page 11 of 18 - Best Money Moves

What Are the Latest Trends in Benefits Strategies?

by LizStevens | Jun 6, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news including digitized benefits programs, the best 401(k) plans and tips for retention.

Are your benefits keeping up?

Most employers agree that managing benefits is increasingly complex, which explains the tremendous growth in outsourced technology for HR.

The 5th annual Guardian Workplace Benefits Study found that 8 in 10 employers outsource at least 1 benefits-related function. Roughly 40% of employers plan to expand cloud applications, use a new platform/software, or integrate more functions to their current technology in the next 3 years.

There’s no sign that digitized outsourcing of employee benefits is going to slow down anytime soon. Review your benefits program to make sure it stays competitive as technology continues to transform HR functions.

Digital transformation is critical. Learn about the technological growth reshaping business management. Ready for more?

How does your 401(k) plan measure up? The best 401(k) plans do 5 things to boost employee retirement savings. See if your plan holds up.

Effects of the opioid epidemic on the American labor force. Employers are hit hard with diminished labor forces, compromised productivity and higher healthcare costs. What can you do about it?

Boost employee loyalty. By focusing employee investments you can increase retention and job satisfaction. Read about the three things that matter most.

Make the most of exit interviews. Take advantage of exit interviews to improve retention strategies. Questions to ask.

Keep a great company culture. One of the toughest retention challenges employers face is maintaining a culture that employees want to be a part of. Here are 3 tips to help.

Should you foot the bill? Walmart is the newest company to offer a tuition program for relevant degrees. See how it correlates to retention and engagement.

Set new employees up for success. It’s important to build trust between your team and a new employee. Avoid these 5 pitfalls.

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

Retirement Research Will Blow Your Mind

by LizStevens | May 30, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on retirement, student loan debt assistance, and retention.

Will your employees be ready for retirement?

The Federal Reserve’s recently published report shows some improvement in the economic well-being of U.S. households, but it also highlights some startling concerns. More than 60% of Americans are not on track with retirement savings. Nearly 25% skipped necessary medical care because they couldn’t afford the cost. These findings echo results from an NHP survey finding that almost 75% of Baby Boomers are delaying retirement due to unforeseen medical expenses.

What can you do about it?

Ensure that your employees fully understand any and all healthcare or retirement benefits you offer. Giving them access to an agent they can direct their questions to is helpful, but it would be even more beneficial to have company meetings with an agent to address any concerns and go over any changes in plans offered. This will alleviate some of their financial stress and in turn make for a more productive office.

Employers helping with student loan debt. Hundreds of companies are starting to offer student loan assistance benefits to lure new talent and address this $1.5 trillion national concern. Learn more about this developing trend.

Personalized support boosts retention. Employees want more than a paycheck and a benefits package, they want support from their employer that makes them feel cared for as an individual. Find what works for your employees.

Financial incentives for healthy employees. Many organizations offer financial incentives for employees who voluntarily sign up for fitness challenges because being physically active reduces absences and medical costs. Four ways to make fitness incentives work.

The untapped talent market that’s shaking up recruitment. There are 3-7 million potential employees from underserved communities that are likely to stay with a company twice as long as Millennials. Here’s the research that backs it up.

How do your employees feel about the office aesthetic? Employees who have control over the design and layout of their workspace are healthier, happier and most importantly – more productive. Give employees an office they want to be in without breaking the bank.

Are you recruiting on Facebook? LinkedIn is a great social media platform for recruiting, but Facebook might be even better. How it can be an effective strategy.

Should you give your employees cash to quit smoking? Smokers cost employers $3,000-$6,000 more per year than a non-smoker. Why it might be less costly to pay them to quit.

IRS changes 2019 HSA contribution limits. With growing concern over the costs of healthcare the IRS raised contribution levels to HSAs for 2019. What does this mean for you?

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

Wait Till You See the Results From SHRM’s Employee Benefits Survey

by LizStevens | May 23, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on employee benefits, retirement and workplace legislation.

The Society for Human Resource Management’s annual survey tracks trends in employee benefits. Here are our top 3 takeaways from SHRM’s 2017 report:

Wellness benefits work. Most employers agreed that their wellness program reduced healthcare costs and improved employee health.
Standing desks take the cake. Standing desks have increased 30% over the past 5 years. It is the highest increase of the 300+ benefits included in the survey!
Flexibility is attractive. More flexible work arrangements – like casual dress and telecommuting – were ranked one of the most effective recruiting strategies.

Now is the perfect time to evaluate your current benefits. Do your wellness benefits meet the needs of your employees? Do you have a financial wellness program? No time like the present to take a look at what’s working and what your employees value most.

Employers can now bar worker class-action lawsuits. The U.S. Supreme Court ruled that employers can enforce arbitration agreements signed by workers, even if those accords bar group claims. Read more about the ruling and if it’s relevant to your company.

Could zero-based budgeting work for you? Some companies are switching to a zero-based budgeting approach to sustain a lower cost structure. See if your organization could benefit from ZBB.

ROI for supporting breastfeeding moms. Employers who invested $1 on a supportive environment for breastfeeding mothers saved $3 on average. Find out why it’s worth the investment.

401(k) contributions at a record high. Information reported from the first quarter of 2018 shows just how important 401(k) benefits are to employees. How this record could be attributed to workplace managed accounts.

Amazon’s “Pay to Quit” program. Once a year Amazon offers full-time associates up to $5,000 to leave the company. Why it’s working for them.

Social media use at work lowers retention. It isn’t killing productivity like employers think it is, but instead social media use at work exposes employees to other opportunities which can lower retention. Here are some solutions.

High workplace drug use. Findings from more than 10 million drug tests showed the highest rate of drug use in the workplace in over a decade. See the full results breakdown here.

Benefits of break time. Regular downtime helps employees be more productive and think outside of the box. Find out how it works.

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

Help Your Employees Get More Sleep!

by LizStevens | May 16, 2018 | Blog

A toxic workplace creates insomniacs.

A recent study from the American Psychological Association found that workplace incivility – like verbal abuse – increases insomnia in employees.

Since 98% of U.S. employees have experienced some form of hostile behavior in the workplace, it’s a serious problem. Lack of sleep is also linked to health issues like cardiovascular disease, increased blood pressure and fatigue. To address unnecessary drama at work employers should tackle it on both a company level and an individual level. Processes should be in place that foster a positive work environment and that address workplace hostility directly when it happens. At the individual level, training that improves emotional resilience and mindfulness will help employees recharge and learn how to communicate more effectively.

Employees that are fully rested are healthier, less likely to make mistakes and more productive overall.

IRS Enforces Employer ACA Mandate. The individual Affordable Care Act mandate is dead, but the employer mandate is still active and thousands of businesses are receiving penalties. Will your company be affected?

Commercial Insurance Rates on the Rise. With the exception of workers compensation most commercial insurance lines saw an increase in premiums. See the full stats here.

Success Strategies for a Remote Workforce. Since 2005 remote work has grown 115%, but employers are still struggling to find strategies that make it effective. Here are some solutions.

More Company Benefits Over Raises. Research shows some employees would rather have more work-life balances than a raise. See more survey results here.

Shake Up Your Interview Process. Interviews are awkward for everyone involved. The traditional method might be masking potential employee’s true strengths. Here’s why.

Financial Stress is Still Increasing for Americans. The American Psychiatric Association released the results of their annual poll showing a 5 point spike in national anxiety. More poll results here.

Upskill Your Employees. As technology continually develops forcing changes in job functions companies should consider helping employees gain skills versus onboarding new employees. Find out why.

Does Your Company Offer Mental Health First Aid? In addition to expanding on employee wellness programs some companies are also taking the initiative to give employees skills to help others in a mental health crisis. See if it’s something you should consider.

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

Helping Employees Get Smarter About Money

by LizStevens | May 9, 2018 | Blog

Your employees need help!

When asked to grade their financial literacy on a recent Equifax consumer survey 33% of consumers 18-29 gave themselves a ‘C.’ Ninety percent agreed there was a need for more personal finance education.

The results of this survey indicate that your employees lack confidence in their ability to manage their own money. By providing resources employees can utilize to improve their financial know-how you accomplish more than just boosting morale – you improve productivity. And by demonstrating you’re sensitive to the issues they face which improve retention.

Resources that help employees understand financial topics like credit scores, credit cards, debt repayment, budgeting, and student loans can make a big difference to your employees and to your company.

FSA and HSA Use Increases to Meet Employee Financial Wellness Needs. Flexible spending accounts (FSA) and health savings accounts (HSA) help employees prepare and pay for healthcare expenses. Here are their benefits and differences.

Rethinking Internal Memos in Social Media Age. Before you hit send on any internal communication consider how the public might react. See the list of what not to do.

Employee Wellness Expansion. In the next 3-4 years 67% of companies plan to expand employee wellness programs to include stress management and financial wellness. See what else is in store.

Self-Funded Health Insurance. Smaller employers are reducing costs, gaining plan flexibility, and keeping employees happy by self-funding health insurance. See if it’s a viable option for you.

Lowest Unemployment Since Clinton Administration. The April jobs report indicates that unemployment might soon fall below 4%, the lowest it’s been since 2000. Here’s what the experts say.

Legislature Proposed in NYC to Give Employees Right to Disconnect. Most employees have access to their work from their devices and as a result often find themselves doing work from home. A bill proposed in NYC aims to limit communications after work hours to maintain separation between work and home life. Find out more.

Include Managers in Wellness Program Decisions. Employee engagement in company sponsored wellness programs remains low. Research suggests managers are the key to increasing employee engagement. Here’s how.

Is your employee compliance training effective? Harassment and discrimination compliance training is shifting towards an ongoing process that is evaluated and refined so that it becomes an active part of cultivating company culture. Learn more.

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