2018 - Page 18 of 18 - Best Money Moves

How to: From Freelance Writer to Software Executive in 3 Easy Decades

by Nicole Smith | Jan 9, 2018 | Blog

Best Money Moves’ founder and CEO Ilyce Glink has had the honor of being highlighted for her success as a businesswoman and entrepreneur by colleague Liz Handlin, the CEO of Ultimate Resumes. The following editorial is pulled directly from Handlin’s holiday newsletter to her client base, with the intention of sharing “stories about how successful people achieved success and happiness.” In Ilyce’s own words, the following is a great example in “how to transition from freelance writer to software executive in three easy decades.”

Not only does the following story shine a light onto one woman’s process of perseverance, passion and success, it allows us all to learn a bit more about how and why Best Money Moves developed, why there’s nothing else like it on the market and how Best Money Moves will help bring your own company greater success in 2018.

Ilyce Glink and her family. One son at Stanford and the other at Northwestern!

Happy Holidays!

I have found that the folks who read my newsletter really want to hear stories about how successful people achieved success and happiness. If you have been reading my newsletter over the years you will recall that I have profiled individuals who have great advice for job seekers and individuals whose success we can all learn from. This news letter is the later.

In our 2017 holiday newsletter I want to tell you about good friend of mine, Ilyce Glink, who started as a freelance journalist at the Chicago Tribune and is now the CEO of a successful software company. Or as Ilyce likes to say, “How to transition from freelance writer to software executive in three easy decades.”

If you ask Ilyce about the keys to success as an entrepreneur, she’ll tell you it’s imperative to be flexible and nimble. It also crucial to remain open to new and different opportunities; some people aren’t open to new ideas and they miss great opportunities. Finally, she’ll tell you it’s okay to not only think outside the box, but just toss it away altogether.

The secret to Ilyce’s success is that she never lets a successful business go until it has run its course. Today, her primary focus is her software company, Best Money Moves, but she is about to publish the Fourth edition of her best-selling book (available February, 2018), 100 Questions Every First-Time Home Buyer Should Ask. She still writes a nationally syndicated column and has nearly than one million copies of her books in print. She is also working on a project with Northwestern University’s Kellogg School of Management to publish a private label book (her sixth).

Ilyce graduated from the University of Illinois with a degree English Literature and Rhetoric with minor in Music. In other words, she was unemployable. She spent 4 months working for a commercial property manager and got her real estate sales license. In the process, she learned a lot about real estate and the mistakes that buyers and sellers often make.

Her dream was to write for a living so she networked and pounded on doors until she was able to start doing freelance writing for the Chicago Tribune and as many small papers as she could find. From 1988 to 1998 she wrote for every department at the Tribune except Sports. She was also published in the Washington Post and became a contributing writer for Worth Magazine.

In 1998, she met a producer at WGN TV and started doing segments on personal finance and real estate for WGN TV and WSB radio in Atlanta, where she hosted her own top-rated Sunday morning talk show for 15 years. From 1994 to 2005, she published her first ten books. To this day she is on WGN radio 2 times a week. In 2001, her WGN news director handed her a packet of information about Money Smart Week at the Federal Reserve Bank of Chicago, which is how Liz and Ilyce first met!

Her media and speaking career continued to grow and in 1998, she was invited by a huge financial services company to create a lead generation program around education for home buyers and sellers. That led to many opportunities from Fortune 1000 companies to design digital and offline content programs designed to solve business problems while educating, nurturing, and engaging consumers. She created huge digital projects for Discover Card, Equifax and Humana, as well as corporate publishing projects for companies like Quill.

In 2012, Ilyce was asked to create financial wellness programs that were designed to sell things to consumers, who, in the aftermath of the Great Recession, felt they couldn’t afford to buy them. After designing three such programs, Ilyce decided to start Best Money Moves, a cloud-based, mobile-first financial wellness platform. And, as you can see, it’s the culmination of all that Ilyce has done and learned since 1988 about real estate, personal finance, consumer engagement, and publishing.

In the wake of the financial crisis, she believes employers are beginning to recognize that financial stress eats away at an employee’s ability to focus, engage, and be productive. Best Money Moves, launched in January 2016, is a low-cost way for employers to reduce financial stress, by giving the best information, tools, and resources, along with live Money Coaches, who are experts in debts, budgeting, credit issues, housing issues, student loans, and bankruptcy. The product is brandable and customizable to a surprising degree.

One of her flagship technologies is the Stressometer™. It measures financial stress in 15 categories, then uses machine learning to push relevant and personalized content to individual employees with tools they can act on. The pricing is inexpensive for employers and solves myriad problems with one product. Companies that utilize Best Money Moves report that 45% to 65% of employees are logging in, using the product, and getting help. Best Money Moves was a finalist for the Next Great HR Technology Company at the HR Tech Insiders Conference in 2017.

If you’d like to connect with Ilyce on LinkedIn you can do it here.

Ilyce’s website is: https://bestmoneymoves.com

Ultimate Resumes‘ mission is to write resumes that position our clients to obtain the jobs of their dreams. A great resume has to represent you when you aren’t there to do it yourself so it needs to be written masterfully in order to present you and your accomplishments in a way that resonates with recruiters and hiring managers. Ultimate Resumes is not the least expensive resume writing service you can hire but it is the best.

Liz Handlin, CEO, Ultimate Resumes LLC

10 Simple Ways to Improve Employee Retention in 2018

by Leah Rosen | Jan 8, 2018 | Blog

New Year’s resolutions often prioritize the old adage “out with the old and in with the new,” so it may feel odd to focus on employee retention this year. But, knowing how to keep the right people leads to better workplace morale, higher economic growth and can even enhance future recruitment efforts.

Here are some ways to make employee retention your number one resolution in 2018.

1. Reevaluate company culture.
Be honest about what you want your company’s culture to be. If your workplace has one too many dysfunctional teams, redundant projects or a general sense of low morale, it may be time to restructure. With input from your employees, you’ll have access to better understand the natural ebbs and flows of day-to-day activities. But, it’s your job to keep an eye on your company’s vision and be aware of how you, your employees and your company are in line with it.

2. Create a stable environment in times of change.
You can’t anticipate every change that will happen in your company but you can choose to be the face of collected calm and leadership during transition. Let your employees know their jobs are secure during times of flux by sharing your progress on the road to stabilization. Encourage open communication from your employees and provide transparency back to them. Acknowledge specific challenges they may face and provide relevant resources to help them overcome potential setbacks. A sense of stability will come from the top and it’s the job of company leadership to provide this.

3. Revitalize your hiring strategy.
In order to cut down on turnover, the first step is to ensure that the individuals you’re hiring actually want to be there. Front-load information about your company’s culture during the interview process. If you need team members to be available and on call late into the night, your new hires should know to expect a 10:00 pm phone call. Have your team keep a list of their own daily tasks (also a great way for you to better manage them) and have outgoing employees write descriptions for their empty positions – allowing for more detailed expectations for new staff members. Offering employee referral benefits is another great way to revitalize your hiring strategy.

4. Improve your training processes.
New employees should receive training conducted by experts in each department. You can either use in-house talent or hire an outside professional to lead on-the-job learning. This should introduce employees to new information, allow them to demonstrate their skills and knowledge and give them a tangible method to monitor their own improvement. Many successful training programs offer cloud-based components providing employees access to additional materials, allowing them to invest in self-directed learning.

5. Create room to grow.
Employees won’t stay with your company if they can’t imagine their future there. New hires should understand their potential for advancement. Meet annually to discuss their growth, encourage training programs and remain flexible to new challenges they might want to take on. Promote from within the company (rather than externally hiring for leadership positions) – it’s a great way display that your employees have a path forward and you want to help lead them there.

6. Welcome employee feedback.
Regular surveys are a great way to gauge what employees need in order to be successful – and to learn where you can step up, as an employer. Exit interviews are equally important. Don’t ask for feedback just for show. Let your employees know their problems are heard and that you want to resolve them by making changes based on their recommendations.

7. Build trust between employees and managers.
Management is often an employee’s first point of contact when they are experiencing a problem. Encourage an open door policy to ensure that employees come to management when issues first arise, not when they’ve reached a point-of-no-return. Management should be transparent with their expectations of all employees and offer positive reinforcement and support.

8. Be more flexible.
Work-life balance is crucial for managing stress, promoting creativity and generating enthusiasm for work. Giving employees the option to telecommute, offering a flexible schedule and allowing for “personal days” can show employees you are invested in their well-being, not just their bottom line.

9. Buff up your benefits package.
Offer benefits that your employees want – as well as what they need. Currently, the most requested benefits are: better healthcare coverage, flexible hours, work-from-home options, mental and physical health perks (like “personal” days, yoga classes and gym memberships), tuition assistance programs and making financial wellness education a priority. Employees are looking for benefits that make their lives outside (and inside) the office more enjoyable. When employees are more secure in their personal lives, they are more likely to feel satisfied in their work.

10. Invest in employee wellbeing.
Employees will stay at a company longer when they feel that they’re being challenged and respected. Benefits packages providing employees with avenues for self-improvement such as: financial management tools, on-the-job training programs and tuition reimbursement – can be even more attractive than salary increases. No one likes to feel stagnant in their career. Providing opportunities for growth inside and outside of work is essential for your employees, and their retention.

How to Raise Productivity and Employee Wellbeing in One Shot

by Nicole Smith | Jan 3, 2018 | 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.

Financial stress in the workplace is real.

Employees spend an average of 12 hours per month stressed out about personal finances at work. This translates into billions of dollars in lost productivity annually. Lost time at work isn’t the only way that your employees’ financial stress can negatively impact your company. Financial stress can weigh so heavily on an individual, it can cause emotional strain, lost sleep and even significant health problems. A 2017 survey shows that two thirds of Americans are losing sleep at night due to anxiety over their money worries – everything from health insurance concerns, confusion and stress related to retirement savings, heavy educational expenses and the struggle to cover rent and mortgage payments.

Employees who are spending significant amounts of time worried about their financial stress at work are also losing sleep over these same stressors at home. This can quickly turn an effective team member into an ineffective financial strain for your company. But, there is good news. Nearly 50 percent of the Millennial population wants their employer to provide access to financial wellness tools in order to create a financial wellness strategy to help downsize their financial stress levels. Given that by 2020, 50 percent of the workforce will be Millennials, it’s a real need.

The loss of a good night’s sleep and productivity in the workplace have the same source. The culprit? Personal financial stress. But, there’s an easy way to resolve these symptoms and it starts with you, the employer.

Financial stress is affecting your employees’ health. Here’s what you can do about it.

48 percent of job seekers say that a “debt reduction” benefit would convince them to work for you. The value of specific employee benefits varies from employee to employee but these 5 offerings are requested by job seekers and workers alike – across different industries, locations and age groups. Employee benefits: What you should be offering.

Tax Reform is changing the taxability of your employee’s perks. The Tax Cuts and Jobs Act, which limits tax deductions businesses claim for employee benefits, is likely to cause employers to revisit their offerings. From family leave to commuting benefits, retirement contributions to bonuses, employee benefits and your company’s taxes are about to change drastically.

Do your employees request certain benefits and then not use them? You aren’t alone. Studies show that employees miss the mark when it comes to knowing what benefits they have and lack understanding on how to use them. Make sure your employees aren’t missing out on their provided benefits – and know what you should do, if they are. 5 reasons employees ignore their benefits.

Does your company offer Financial Wellness benefits? Studies show that your employees wish you did. EBN’s research tells us that the main reason employers aren’t providing financial wellness is simply not knowing where to begin. We don’t think that’s a good enough reason. Financial wellness benefits everyone. See how you can gain the competitive edge with your employees.

Currently engaged in branding your company? Personal branding is like any form of marketing and requires knowledge about yourself as well as your audience. Successful branding will position your company as a credible industry expert and thought leader. Your branding to-do list, here.

What happens when HR is outsourced… to a robot? Amber is an AI (Artificial Intelligence) chatbot and it’s taking the office place by storm. In just 1 year, 37 companies have implemented this AI to take care of their “people management,” keeping tabs on employee issues, without using actual people – or employees – to do so. Can this AI technology save billions in “people problems?”

People leave managers, not companies. You’ve heard it before: 50 percent of employees have quit otherwise reasonably satisfying jobs in order to get away from their manager. Actions of a poor manager can negate millions of dollars spent on employee wellness and benefits packages. Here’s what you should know about the No. 1 employee benefit that you don’t even know about.

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

A New Policy is Here to Provide Relief for Employees with Medical Debt

by Leah Rosen | Jan 2, 2018 | Blog

According to the CFPB, 43 million Americans live with unpaid medical debt on their credit reports, and as of June 2017, more than $127 billion in medical debt was reported to be in collections. Due to the incredibly complicated ways medical expenses are being billed, collected and reported, debtors inevitably incur damage to their credit report.

Fortunately, as of September 15, 2017, the three major credit bureaus – Experian, Equifax and TransUnion – have launched a new policy in order to provide temporary, yet significant relief to those with medical debt. There is now a 180-day grace period (6 months) before unpaid medical bills show up on an individual’s credit report. Make sure that you understand these three important facts about medical debt and how to access this grace period. It can provide your employees not only peace of mind, but will help protect your employees’ credit scores – and maybe your own as well.

1. Medical Debt is Very Common
Not only does medical debt make up two-thirds of all debt in collections, but it’s also virtually impossible to avoid in the instance of an unexpected illness or injury, no matter the size. Over 60 percent of households with medical debt report that the debtor was covered by health insurance at the time of injury – meaning that their overwhelming medical debt is likely a post-insurance-coverage balance. Those who are Insured, often find themselves in the dilemma of being expected to pay the balance of their medical bills upfront while waiting for reimbursements from their insurer, which can take months to years. In the meantime, these large, unpaid expenses (bills often reach into the five and six-figure mark) seriously harm credit scores. Those who are uninsured, have a chronic illness or have a disability – or have a family member who does – have even more of a problem paying back medical debt due to the high, accumulating costs and interest rates.

2. The New Policy Can Help Your Employees
In addition to the 180-day grace period (not adding medical debt to credit reports until the 6 month mark), this new policy will remove any existing or added medical debt from a person’s credit report once the debt has been paid by the insurer. FICO and VantageScore, two credit-scoring companies that create models for calculating credit, have updated their formulas to reflect the reality that medical debt is not an accurate representation of a person’s credit risk. Moreover, individuals whose only debt is medical debt will receive a smaller penalization than those with combined debts – it has been shown that these individuals are much less likely to default on payments. Although this six month period of time will allow consumers to access their insurance reimbursements and pay back bills, keep in mind that many banks and other lenders have not adopted this new scoring model. Which, means that individuals may find that they have different credit scores based on where they look – and there is no way to control which credit score will be used by whom.

3. Awareness is The First Step of Relief
To ensure that your employees reap the benefits of this new policy, make sure that they are aware of the changes. Previous medical debt will not be affected and will only be removed from credit reports seven years after it has become delinquent. Remind employees to check their credit report and monitor it regularly for inconsistencies – whether they have medical debt or not. Knowing the state of your credit report is the first defense against unwarranted debts, fraudulent accounts and other threats to your credit score.