2020 - Page 6 of 11 - Best Money Moves

How Do You Stay Connected with Coworkers While Working From Home?

by LizStevens | Jun 9, 2020 | Blog

How do you stay connected with coworkers while working from home? Effective communication while working from home is key to keeping the team on track.

Over 60 percent of employees have spent less time socializing with coworkers since they began working remotely due to the COVID-19 pandemic, according to research by Clutch.

It’s a problem because close work friendships can increase job satisfaction by 50 percent and encourage more creative, collaborative and innovative teamwork.

Nearly 70 percent of companies have hosted virtual events and 26 percent have given employees more access to communication technology to boost morale and give employees an opportunity to reconnect with one another.

How Do You Stay Connected with Coworkers While Working From Home?

Virtual Events

Virtual events give employees a brief break from work to come together as a team. The most common types of virtual events that employers are hosting include:

Professional development sessions (19 percent)
Happy hours (13 percent)
Activities and games (9 percent)
Meals (5 percent)

George Kuhn, the president of Drive Research, a market research firm, told Clutch about two ways his company is bringing coworkers together. During their “Social Coffee Hours” employees are welcome to make casual, office-type conversation in a shared video call while they work. Drive Research also hosts trivia and scavenger hunts as a fun, competitive alternative to the standard small talk of happy hours and virtual meals.

Shivbhadrasinh Gohil, co-founder and chief marketing officer at Meetanshi, a Magento development company, brings employees together with a daily activity called “Photos at 4” where employees respond to a prompt by sharing a photo (examples include favorite quarantine snack, unique household item and dream vacation).

Communication Technology

Many employers used communication technology long before COVID-19. Messenger platforms like Slack have streamlined communications about everything from company announcements to general work discussions since 2009. Task management tools such as Asana have kept teams on track to meet deadlines since 2008. Organizations have come to rely on tools like these to continue working as a team while working from home during the coronavirus pandemic.

Employers also need reliable technology to successfully host virtual events for employees. Zoom, a video conferencing application, saw it’s daily users jump from 10 million to more than 200 million in March when much of the U.S. was under orders to shelter-in-place.

When reviewing video conferencing platforms like Zoom, Google Hangouts and Microsoft Teams employers should consider how many participants will be attending virtual events, if there are any security concerns that need to be mitigated and what features are most important to them.

Returning to Work After the Coronavirus Pandemic

by LizStevens | Jun 2, 2020 | Blog

Returning to work after the coronavirus pandemic. Employees who have been working remotely are eager to get back to work and expect employers to keep them safe when they do.

Most employees (72 percent) are eager to get back to the office after working remotely during the pandemic, according to a new survey by Glassdoor.

More than 80 percent of employees trust senior leaders to make an informed decision about reopening the workplace and 45 percent of them expect to return to the company’s office in some capacity this summer.

“There’s no one-size-fits-all model for employers preparing to reopen their offices. While many workers are eager to return to the office, employers considering reopening offices should clearly communicate that the workplace is going to look very different and keep employees informed on what that means for them. Now more than ever, employers must closely monitor local guidelines and listen to their employees to ensure they are meeting the needs of the people that fuel their business,” said Glassdoor Chief People Officer, Carina Cortez.

Returning to Work After the Coronavirus Pandemic

Employees are most excited about socializing with coworkers and resuming in-person collaborations, but they also expect their employers to make changes for health and safety while the threat of Covid-19 still looms:

79 percent of employees expect their employer to provide a disinfectant or hand sanitizer.
54 percent expect their employer to require employees to wear masks or gloves in the office.
45 percent expect their employer to space out workstations at least six feet from coworkers.
38 percent expect their employer to check employees’ temperatures upon arriving at work.

Employees would also like more flexibility post-pandemic. More than 60 percent of employees would continue to work from home full-time even after Covid-19 restrictions are lifted if given the option. When looking for a new job, 60 percent of employees would now consider applying for a position that is entirely remote.

Preparing to Return to Work When Covid-19 Restrictions Are Lifted

Employers should monitor local Covid-19 restrictions, follow guidelines from organizations that prioritize the health and safety of workers and consider innovative office design solutions as they prepare for employees to return to the workplace.

The Centers for Disease Control and Prevention (CDC) has released guidelines to help employers limit the spread of the coronavirus and the Occupational Safety and Health Administration (OSHA) also has a primer with information on how to protect workers from potential exposures.

Plastic manufacturers are racing to produce items marketed as workplace solutions like face shields, sneeze guards and plexiglass cubicle partitions, but employers should be wary of their efficiency and test solutions before buying in bulk.

Coronavirus: Early Retirement Withdrawals and Savings by Generation

by LizStevens | May 27, 2020 | Blog

Coronavirus: early retirement withdrawals and savings by generation. New research examines how the COVID-19 pandemic has impacted retirement planning.

Initially, the coronavirus pandemic highlighted how unprepared people were for a financial disaster, putting a spotlight on the lack of emergency savings and an overreliance on credit cards. New research shows COVID-19 has also had a significant impact on long-term financial planning.

The majority of workers (52 percent) now expect to work past age 65 or don’t plan to retire at all, according to a new study by the Transamerica Center for Retirement Readiness. In light of the coronavirus pandemic, 23 percent of workers say their confidence in their ability to retire comfortably has declined.

“The long-term implications of the coronavirus pandemic and recession on retirement security have yet to be fully realized,” said Catherine Collinson, CEO and president of Transamerica Institute® and TCRS. “However, the financial vulnerabilities among workers across all generations are becoming clear.”

Coronavirus: Early Retirement Withdrawals and Savings by Generation

Millennials Retirement Withdrawals, Savings and Financial Stress

22 percent of Millennials have already taken out a loan and/or early withdrawal.
20 percent plan to take out a loan and/or early withdrawal.
Millennials have an estimated median of $23,000 saved for retirement.
26 percent of Millennials have student loan debt.
Millennials have saved an estimated median of $3,000 for emergencies.

Generation X Retirement Withdrawals, Savings and Financial Stress

15 percent of Gen Xers have already taken or plan to take out a loan and/or early withdrawal.
Gen Xers have an estimated median of $64,000 saved for retirement.
52 percent of Gen Xers have credit card debt.
Gen Xers have saved an estimated median of $5,000 for emergencies.

Baby Boomers Retirement Withdrawals, Savings and Financial Stress

10 percent of Baby Boomers have already taken or plan to take out a loan and/or early withdrawal.
Baby Boomers have an estimated $144,000 saved for retirement.
25 percent of Baby Boomers are debt-free.
Baby Boomers have saved an estimated $15,000 for emergencies.

“Although our research paints a sobering picture, it also surfaces some opportunities that can help mitigate the negative economic effects of the pandemic and improve retirement prospects,” Collinson said.

Providing financial wellness benefits, offering flexible work arrangements and on a larger scale, collaborative efforts with policymakers and industry leaders can increase awareness of relief programs like unemployment insurance and alert employees to potential alternatives to making early withdrawals from retirement accounts.

“Workers’ ability to achieve a secure retirement highly depends on a robust employment market, the availability of retirement, health, and welfare benefits, the preservation of safety nets such as Social Security and Medicare,” Collinson said. “Even amid the pandemic and current hardships, we are presented with an opportunity to come together to reimagine our world — including how we live, work, retire, and age with dignity.”

Who Qualifies for Paid Leave Under the New Coronavirus Law?

by LizStevens | May 20, 2020 | Blog

Who qualifies for paid leave under the new coronavirus law? How to determine employee eligibility for paid sick leave under the Families First Coronavirus Response Act.

The U.S. Department of Labor released information on eligibility for new workplace protections offered by the Families First Coronavirus Response Act (FFCRA).

The emergency paid leave program established by the FFCRA helps employees who don’t have paid leave benefits through their employer. Nearly 80 percent of employees live paycheck to paycheck and over 30 percent couldn’t come up with $3,000 if an unexpected expense arose in the next month. Now, employees showing symptoms of the coronavirus will be able to take the time off they need to recover without worrying about being unable to support their families.

Employees who work at a private employer with fewer than 500 employees might be eligible for paid sick leave and/or paid family leave under the FFCRA due to COVID-19 if they meet certain requirements.

Who Qualifies for Paid Leave Under the New Coronavirus Law?

The Department of Labor notes that paid sick leave and/or paid family leave under the FFCRA is capped at specific maximum amounts per worker and that while it applies to some, paid family leave does not apply to all public sectors.

Who Qualifies for Paid Sick Leave Under the FFCRA?

Employees qualify for paid sick leave for up to two weeks or 80 hours at the employee’s regular rate or the minimum wage (whichever is higher) if one of the following conditions apply:

If the employee is under a government quarantine or stay-at-home order.
If the employee has been advised by a health care provider to self-quarantine.
If the employee is seeking a diagnosis for COVID-19 symptoms.

Employees qualify for paid sick leave up to two weeks or 80 hours at 2/3 of the employee’s regular rate or the minimum wage (whichever is higher) if one of the following conditions apply:

If the employee is caring for somebody under quarantine or a stay-at-home order.
If the employee is caring for their child whose school or child care provider is unavailable due to COVID-19.

Who Qualifies for Paid Family Leave Under the FFCRA?

Employees qualify for paid family leave up to 10 additional weeks at 2/3 of the employee’s regular rate if both of the following conditions apply:

If the employee is caring for their child whose school or child care provider is unavailable due to COVID-19; and
If the employee has been employed at least 30 calendar days.

How Can Eligible Employees Access Paid Leave Under the FFCRA?

Eligible workers can access paid leave under the FFCRA by checking with their employer, requesting the leave and letting their employer know which of the qualifying conditions applies.

The U.S. Department of Labor notes the Wage and Hour Division has already completed more than 400 cases for workers denied leave and has conducted hundreds of outreach events to educate workers and employers about the benefits and protections of this new law.

For more information about how much leave covered employees can take, resources for workers and employers, and answers to commonly asked questions check dol.gov/FFCRA.

Supporting Mental Health in the Workplace During COVID-19

by LizStevens | May 13, 2020 | Blog

Supporting mental health in the workplace. New research highlights how employees are struggling during the coronavirus pandemic and how employers can better support mental health.

May is Mental Health Awareness Month and the coronavirus pandemic has left almost everyone feeling anxious and stressed out about the future.

Nearly 1 in 4 feel employees report feeling down, depressed or hopeless often and over 40 percent feel burnt out, drained, or exhausted from their work, according to research by the Society for Human Resource Management (SHRM). Almost 40 percent of them haven’t done anything to cope with these feelings and only 7 percent have reached out to a mental health professional.

“It’s a timely reminder that there’s more to this crisis than new cases and economic costs,” said SHRM President and CEO, Johnny C. Taylor, Jr., SHRM-SCP. “COVID-19 is taking a toll on our minds and emotions in a million little ways. Now, more than ever, employers should double down against stigmas and guarantee employees know of the resources, benefits, and accommodations available.”

Supporting Mental Health in the Workplace During COVID-19

The first step to supporting employee mental health is acknowledging it directly. Harvard Business Review found it shocking that 40 percent of employers hadn’t asked employees how they’re doing since the pandemic began. They suspect it’s because employers want to respect the privacy of their employees, but 40 percent of employees want their manager to be the one to broach the subject of mental health.

Letting employees know you’re aware of the mental and emotional challenges they’re facing during the coronavirus pandemic starts to wear down the stigma that there’s something wrong with being depressed, anxious, or struggling with mental health. It’ll make them feel more supported and they’ll be more likely to reach out and ask for help if they’re having a hard time.

When an employee opens up about something they’re struggling with it’s important to listen before reacting. Then, remind them of the mental health resources your organization has available and follow up with them in the next few weeks to see how they’re doing.

Nearly 60 percent of employees struggling with mental health said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand, according to a survey by MetLife.

Reassess your organization’s mental health benefits offerings, observe usage rates and if they’re low, determine if it’s an issue of benefits communications or if the benefits themselves don’t fit the needs of workers. But first, if you haven’t already, ask your employees how they’re doing as the coronavirus pandemic continues.

How Do You Stay Connected with Coworkers While Working From Home?

How Do You Stay Connected with Coworkers While Working From Home?

Virtual Events

Communication Technology

More on Topics Related to Staying Connected with Coworkers and Working From Home

Returning to Work After the Coronavirus Pandemic

Returning to Work After the Coronavirus Pandemic

Preparing to Return to Work When Covid-19 Restrictions Are Lifted

More on Topics Related to the Covid-19 Pandemic and Returning to Work

Coronavirus: Early Retirement Withdrawals and Savings by Generation

Coronavirus: Early Retirement Withdrawals and Savings by Generation

Millennials Retirement Withdrawals, Savings and Financial Stress

Generation X Retirement Withdrawals, Savings and Financial Stress

Baby Boomers Retirement Withdrawals, Savings and Financial Stress

More on Topics Related to Retirement Planning, Financial Stress and Financial Wellness

Who Qualifies for Paid Leave Under the New Coronavirus Law?

Who Qualifies for Paid Leave Under the New Coronavirus Law?

Who Qualifies for Paid Sick Leave Under the FFCRA?

Who Qualifies for Paid Family Leave Under the FFCRA?

How Can Eligible Employees Access Paid Leave Under the FFCRA?

More on Topics Related to Coronavirus Relief and Paid Leave Programs

Supporting Mental Health in the Workplace During COVID-19

Supporting Mental Health in the Workplace During COVID-19

More on Topics Related to Supporting Mental Health During COVID-19

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