2018 - Page 7 of 18 - Best Money Moves

What You Need to Know About Age Discrimination

by LizStevens | Aug 7, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on unemployment, age discrimination, hiring tech and retention.

The July jobs report from the Labor Department shows that unemployment has dropped to 3.9 percent. Employers will need to develop new strategies to build successful workforces with unemployment is at its lowest rate since 2000.

The latest study from AARP gives employers some insight into a key demographic – older workers. AARP found that most experienced employees enjoy or feel useful doing their work, but more than 60 percent of them have witnessed or experienced age discrimination in the workplace. Over 40 percent of older job seekers are still asked for age-related information from potential employers.

Older employees are talented, tested and want to stay in the workforce. Employers who value experienced workers might have the advantage in today’s increasingly competitive labor market.

How to Stay Competitive

What We’re Reading

New Tech Improves Hiring Practices. Several new platforms help employers eliminate hiring bias and connect employers with quality hires for their industry. What are the apps and how do they work?

Avoid Turnover Disasters. Turnover can cost 6 to 9 months’ of an employee’s salary, and coupled with low unemployment it could take even longer to find a valuable replacement. Try these 7 helpful tips to improve retention.

Find the Right Talent. It’s no secret that the way people hunt for jobs has changed and it’s critical to get on potential candidates’ radars. Use these 10 strategies to reach job seekers in the digital age.

Healthcare Expenses for Emergencies. A supplemental health program that aims to speed up the payment of unforeseen medical claims can help the 40 percent of Americans that can’t afford an unexpected expense of $400. How does it work?

Implicit Bias Workshops Don’t Solve the Problem. Implicit bias isn’t something that can be fixed with one workshop, it’s something that requires continued awareness. What that looks like.

Soft Skills Your Employees Need. Competition can be good for morale, but empathy can be even better. Learn how to spot emotional intelligence and promote empathy in leadership.

What Can You Do to Stop Age Discrimination in the Workplace?

by LizStevens | Aug 7, 2018 | Blog

Older employees offer immense talents but often face age discrimination and high unemployment rates. Here’s how employers can help.

The July jobs report from the Labor Department shows that unemployment has dropped to 3.9 percent. Employers will need to develop new strategies to build successful workforces with unemployment is at its lowest rate since 2000.

The latest study from AARP gives employers some insight into a key demographic – older workers. AARP found that most experienced employees enjoy or feel useful doing their work, but more than 60 percent of them have witnessed or experienced age discrimination in the workplace. Over 40 percent of older job seekers are still asked for age-related information from potential employers.

Older employees are talented, tested and want to stay in the workforce. Employers who value experienced workers might have the advantage in today’s increasingly competitive labor market.

“With rich work histories, varied experiences and expertise, older workers want to work, they’re ready to work, and they need to work,” said AARP Vice President of Financial Resilience Susan Weinstock. “More employers are looking for qualified candidates and experienced workers should have the opportunity to be judged on their merits, rather than their age.”

The majority of experienced workers strongly support strengthening age discrimination laws, but until those laws are passed and implemented employers can help by addressing age discrimination within their own organizations.

If HR hasn’t received a complaint about age discrimination that doesn’t mean it isn’t happening. Less than five percent of older employees make a formal complaint to a supervisor, HR representative, another organization or a government agency.

Commit to developing diverse, high-performing organizations by leveraging workers of all ages and join 650 employers who are doing the same by signing AARP’s Employer Pledge. Review and refine hiring practices so potential applicants can be confident their age won’t be the deciding factor in whether or not they get the job. Establish a policy against age discrimination in the workplace for the quarter of older workers who report being subjected to negative comments about their age from a boss or co-worker.

More than 90 percent of workers see age discrimination as somewhat or very common. It’s up to employers to tackle this issue directly until legislature catches up with appropriate age discrimination policies. Those employers that are up to the task will be in the best shape to face off with the lowest unemployment since the turn of the century.

Reach Your Company’s Goals with Financial Wellness Programs

by ryanwangman | Aug 1, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on financial wellness, business milestones and payday advances.

The research is in, and employees want financial wellness programs. A recent Bank of America study found that 91 percent of employees who participate in financial wellness programs say those resources have helped them. Similarly, 95 percent of employers who offer those programs agree that these support systems have been effective in reaching their company’s goals.

Financial wellness programs provide tangible benefits to the businesses that offer them, including greater employee satisfaction, improved productivity, lower turnover rates and potentially lower healthcare costs.

But here’s the problem — less than half of all employees are offered financial wellness plans, and when they are only 31% of those employees participate. Many employees don’t understand how to use — or even find — their programs, desire more personalized help or are too busy to utilize them. Find out how to overcome those issues below.

Here’s How to Increase Participation

What We’re Reading

Financially stressed employees are the new norm. Help Millennials find financial stability to reduce anxiety, take back productivity and lower absenteeism. Here’s how to get started.

Embrace green space in the office. Green space can help reduce mental fatigue to improve productivity and job satisfaction. Financial benefits for employers are an added bonus.

Say hello to “retirement income flooring.” This benefit offers employees an alternate strategy for retirement security that analyzes and addresses retirement needs to reduce stress. What is retirement income flooring?

Free payday advances. New apps allow employees to access their pay more quickly, with one service providing up to half of a prior day’s earnings to workers at no extra cost to them. Is it too good to be true?

Curb lost productivity. Employers say they’re helping to combat workers’ money problems by offering financial education. Here’s how financial literacy can benefit your workplace.

Milestone for women in business. This fall, the University of Southern California will set a new precedent when it enrolls more women than men in its MBA program, the first top-tier business school to reach that mark. What does that mean for other schools?

Get the pay you deserve. Know your worth before going into salary negotiations so you can receive compensation that equals your value. Three things to keep in mind.

Research Says Employees Want Financial Wellness Programs

by ryanwangman | Aug 1, 2018 | Blog

A recent study from Bank of America shows employees and employers agree that financial wellness programs have positively impacted them and their companies.

The research is in, and employees want financial wellness programs. A recent Bank of America study found that 91 percent of employees who participate in financial wellness programs say those resources have helped them. Similarly, 95 percent of employers who offer those programs agree that these support systems have been effective in reaching their company’s goals.

Financial wellness programs provide tangible benefits to the businesses that offer them, including greater employee satisfaction, improved productivity, lower turnover rates and potentially decreased company healthcare costs.

Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch, said companies are increasingly providing these programs to their employees because they realize it’s the right thing to do. Financial wellness, she said, is becoming more comprehensive.

“Financial wellness is more than just planning for retirement,” Margeson said. “It is really becoming more of a holistic conversation with employers and employees about all of the financial priorities that individuals can benefit from understanding, being educated on and planning for.”

But here’s the problem — less than half of employees are offered financial wellness plans, and when they are, only 31% of those employees participate. Employees don’t take advantage of these resources for a variety of reasons. Some don’t understand how to use or find their programs, desire more personalized help than the platforms offer or are simply too busy to utilize them.

The best way to increase participation, according to the study, is to offer cash incentives or discounts to participants.

Participation in these programs is key for many members of the workforce, as nearly 40 percent of employees report feeling financially unwell. These workers say they’re prevented from achieving fiscal wellness because they’re afraid of making mistakes, or are uncomfortable thinking about finances, among other barriers.

“Employees who don’t feel they’re financially well are most concerned about short-term goals…like managing their immediate debt or budgeting skills,” Margeson said. “Employees who do feel financially well are most concerned about longer-term goals, so preparing for retirement and good savings habits.”

Employees agree that the most helpful resource in improving financial wellness is advice from a professional, which is included in some programs. But specificity is key. Employees want these programs to address their specific goals, and offer a way to evaluate their unique financial health. Seventy percent say they would be comfortable sharing financial info as a part of an employer-offered financial assessment.

The report recommends offering financial wellness programs as a distinct benefit separate from other benefits such as 401(k) plans and health plans. To drive engagement, it recommends employers provide tangible rewards or incentives for employee participation, establish baseline engagement levels and measure improvement. You can bring financial wellness to your workplace with Best Money Moves. Best Money Moves is a mobile-friendly, online financial wellness platform that offers comprehensive financial education to employees of all ages. Our nationally-certified Money Coaches provide personalized advice to your employees about a myriad of financial situations. We run contests with cash rewards to incentivize your employees to use our system, and offer budgeting tools and calculators to help them manage their financial wellbeing. Click here to learn more about Best Money Moves and whether or not it might be right for your company.

What You Need to Know About Employee Burnout

by LizStevens | Jul 25, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest HR news on retention, mobility and pollution.

Employee engagement drives productivity and retention, but it’s not all good news.. Research from Yale University revealed 50 percent of moderately to highly engaged employees are burnt out. They’re passionate about their work and show high skills acquisition, but they’re also the employees most at risk for turnover.

Dr. Jochen Menges, a co-author of the study, claims his research can help employers. “By shedding some light on some of the factors in both engagement and burnout, the study can help organisations identify workers who are motivated but also at risk of burning out and leaving.” A shortfall of Menges and his colleagues’ research is its inability to pinpoint when engagement stops being productive and starts exhausting valuable employees.

The challenge is to find the fine line between engagement and burnout. It’s different for everyone. One way to tell is to watch for signs like frustration and anxiety.

How to Find the Right Balance

What We’re Reading

Women appointed to boards at a record high. Close to 40 percent of vacant board seats at Fortune 500 companies went to women in 2017. Learn more about this rising trend and its implications.

New LinkedIn research. It’s no surprise that attracting and retaining top talent is imperative with unemployment at a low, but how do you do it? Use these strategies to stay competitive.

Focus on mobility and stability. If you’re in an industry with high turnover consider offering opportunities to move into different positions and benefits that support employees and their families. See what ROI on employee investments looks like.

WeWork bans meat. In a bold move WeWork announced it won’t serve or reimburse meals that include red meat, poultry or pork. Why they’re doing it and more importantly, can it work?

What are stay interviews? Instead of waiting for an exit interview to get some feedback start conducting stay interviews to find out why employees stick around. How this can help you retain more employees.

Are you using the 20/60/20 rule? Instead of trying to win over 100 percent of your team, use this rule to strategically focus your attention on your most valuable team members. What the 20/60/20 rule is and how to use it.

Digital distractions. Employees can’t get a full 30 minutes of work in without being distracted by work instant messages and emails or personal text messages and notifications. How to deal with communication overload.

Job insecurity and sexual harassment. Three separate studies found that sexual harassment is driven by the harasser’s fear of being called out for inadequate job performance. Now that we know, what can we do about it?