Retirement Literacy Quiz: Are You Really Prepared?

Retirement Literacy Quiz: Are You Really Prepared?

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.

Retirement literacy is lower in this country than most people think.

Each day, about 10,000 people hit the magical retirement age of 65. But most people have no idea how much money to set aside for the future.

In a recent retirement literacy survey conducted by the American College of Financial Services, only 5 percent of respondents got a grade higher than a “C.”

A lack of savings is one of the biggest sources of financial stress, and there are few things more stressful than worrying about running out of money too early in your golden years. To know how much money you’ll need for a financially stable retirement, it’s good to understand some basic (and often uncomfortable) facts – like how long you can expect to live.

Think you know how to build a nest egg that will last? Test your retirement literacy with this six-question quiz.

Baby boomers aren’t saving enough for retirement. While they expect to need about $658,000 in their retirement accounts, they’re only averaging $263,000 — less than half of what they’ll need.

Job insecurity makes employees more likely to get sick. A new study from Ball State University found people who reported job insecurity were more susceptible to a number of physical and mental health problems. Help your employees feel more secure during times of workplace transition.

How much should 20-somethings be saving for retirement? It can be hard to focus on a retirement that’s decades away. Here’s what millennial employees want to know about retirement planning.

How can you build a better employee training program? Focus on the areas where your employees struggle most. Learn how to identify where your team could improve.

Which benefits bring in top talent? A top-notch benefits package can help a company attract and retain workers. Check out 11 benefits for which employees will leave.

Retirement plans are leaking money, jeopardizing your employees’ retirement security. The culprit? Loans and early withdrawals. Help your employees save more.

Uber’s workplace struggles offer a great example of what not to do. How can you build a culture of diversity and inclusivity in your workplace? Take a hard look at your office culture.

Employees don’t quit out of the blue. There are usually signals visible long before they put in their two weeks’ notice. Seven signs your employees are leaving.

Building a new well-being program for your employees? Make sure you’re getting the most impact from your investment. Three traits of successful well-being programs.

 

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

Your Employees Understand Financial Stress. Do You?

Your Employees Understand Financial Stress. Do You?

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.

A lack of savings is one of Americans’ top sources of financial stress. And it’s easy to see why: Forty-eight percent of people say their monthly expenses are greater than or equal to than their income, according to a report from the Center for Financial Services Innovation (CFSI).

This means there’s a good chance many of your employees aren’t saving much (if any) money for emergencies or retirement and they may be digging themselves into debt – another top cause of financial stress.

How can your employees better manage their money?

Are your employees missing out on free money for retirement? A new study found one in five employees don’t contribute enough to their retirement accounts to get the full employer match. Don’t let your workers pass up this money. 

Six out of 10 millennials say they’re looking for new employment opportunities. How can you retain your young employees? By building a high-trust culture.

Members of our armed services are especially susceptible to financial stress. Long deployments and frequent moves make it difficult for them to manage their finances efficiently. Here’s what’s being done to help.

Have you checked in on your remote workers lately? Employees who telecommute report feeling more resentment toward their employers and say they’re facing higher rates of burnout. What’s the fix?

Is sitting the new smoking? Spending 40 hours a week sitting at a desk could lead to a number of health problems, from back pain to colon cancer. Encourage your employees to take a break.

Be honest: How much work do you get done on Friday afternoon? More companies, noting a lack of productivity on sunny Friday afternoons, are embracing “summer Fridays” and giving their employees the afternoon (or entire day!) off.

No one really wants to sit in an office all summer. In addition to considering a summer Friday policy, try these eight strategies for keeping employees happy during the summer months.

Your employees want help with financial wellness. More than half of employees in a recent study said they’d like their employers to offer more financial wellness resources.

Is there a secret to employee retention? Motivated, engaged workers are more likely to stick with their current employers. How to inspire your team.

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

Struggling With Employee Retention? Offer Better Incentives

Struggling With Employee Retention? Offer Better Incentives

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.

If your company is struggling with employee retention, the solution may be much simpler than you think.

It starts with verbally recognizing your employees when they do a good job. Then, it doesn’t hurt to offer incentives that encourage them to continue performing at their best.

An effective incentives program rewards employees who are engaged, thriving and doing great work. People appreciate when employers value their contributions, and incentives (such as gift cards or travel) could help reinforce the sentiment. Employees who feel like they are contributing to a company’s larger goals and culture are much more likely to stick around.  

Ready to boost your employee retention rates with an incentives program? Here are four tips to get you started.

Can you stop your employees from quitting? It’s not always possible, but you can make an effort if you know an employee is searching for other opportunities. Here are 25 signs your employees are about to leave.

Millennials really want more financial education. The vast majority of them (about 81 percent) are saving for retirement, but many say they need more help getting their financial lives in order. That’s where employee financial wellness programs come in.

Is financial stress putting a damper on your summer fun? It doesn’t have to. Try these three simple budget saves.

Nearly one-third of companies have increased their benefits offerings in the last year, according to a recent SHRM survey. The top reason for the boost is to stay competitive and recruit new talent.

Do your employees’ eyes glaze over in benefits meetings? It’s time to break away from the PowerPoint presentations and try a new medium. Upgrade your benefits presentation.

Employees who take vacations are more productive, according to a new study. The study found that low-performing employees take an average of five fewer vacation days than their high-performing colleagues. So go ahead, take a break.

Wellness programs catch on when company higher-ups lead by example. Visible signs of support from executives – such as participating in the company’s wellness or exercise classes – make employees more likely to participate.

Ping pong tables are fun, but you need more than that for a great company culture. Here’s how one company established a workplace ecosystem that made absenteeism and turnover almost non-existent.

Financial wellness programs are hugely popular right now. Could you improve what your company offers? Check out these 10 tips.

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

Why Employees Don’t Use Employee Assistance Programs

Why Employees Don’t Use Employee Assistance Programs

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.

Do your employees use the employee assistance programs (EAPs) you provide?

Probably not.

A recent study found less than 7 percent of employees use their company’s EAPs, which are designed to help them deal with stress, substance abuse and other personal issues. Why aren’t they using these benefits? It turns out that many employees don’t even know they’re available.

One expert said that managers often fail to direct struggling employees to the appropriate EAPs and, even if they do, some employees feel there’s a stigma associated with asking for help.

What can you do to encourage employees to use these important stress-reducing benefits?

It’s time to plan your 2018 benefits strategy. Are you going to try something new next year? Read five tips for starting or refining your wellness program.

Employee burnout is a big cause of turnover. Inbound marketing and sales company HubSpot’s manager of culture shares six tips to help managers and their employees kick burnout to the curb.

Is reducing employee financial stress on your 2018 to-do list? Best Money Moves Founder and CEO Ilyce Glink is hosting two more webinars on how to reduce workforce financial stress and increase employee engagement. The first is at 1:30 p.m. CDT tomorrow, June 23, and the second is at 10:30 a.m. CDT on Wednesday July 12. Register now!

How much should workers save for retirement? That’s a tricky question that many people struggle to answer, especially with all the contradictory advice out there. Help your employees sort through the noise.

Balancing work and a busy home life is stressful, and employers can help reduce that stress by offering more flexibility. Whether it’s providing work-from-home options or flexible time off, here’s what you can do.

It’s sad to see employees leave, but their feedback on the way out is valuable. Conducting an exit interview is a great opportunity to learn what works (and what doesn’t) at your company. Six tips for exit interviews.

What is your company’s employee experience like? A positive, engaging culture helps cut down on turnover. How one tech company builds a better employee experience.

American businesses lose $1 trillion each year to employees’ unaddressed chronic diseases. While some workplaces shift these costs onto their employees (and kick their financial stress into high gear), experts say employers can do more to promote employee wellness.

When employees complain, supervisors should listen. They should take the time to give the complainant their full attention, so they can really understand the problem and fix it.

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

How HR Can Clear Up Employees’ Summer Office Dress Code Stress

How HR Can Clear Up Employees’ Summer Office Dress Code Stress

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.

As the temperatures soar, employees face a stressful question each morning: Which clothes will keep me cool without violating the office dress code?

Most employees recognize that a tank top and shorts would be a blatant office dress code violation, but can they get away with a t-shirt? What about a sleeveless dress? Can they wear sandals?

This summer, clear up the office dress code confusion before it starts. Send out a memo listing the types of attire that are appropriate and inappropriate to wear to work, and spell out the company policy for handling violations.

Read on for tips to help you handle the sometimes-awkward conversations about office dress code violations.

After many delays, the Department of Labor’s fiduciary rule took effect last week. The rule requires financial advisers working with retirement plans to act in the best interest of their clients – rather than making recommendations that will earn them the highest commission. Here’s how that may impact your company’s retirement plan.

Everyone has some financial stress, but certain personal finance topics hit harder at different ages. For many millennials, debt ranks highest on the list of money stressors. What else do they worry about?

Financial wellness is the hottest employee benefit of the year. Most employers – 92 percent – say they’re at least moderately likely to focus on financial wellness benefits beyond basic retirement products in 2017. Here’s why.

A simple “thank you” has a huge impact on employee morale. A new study found that 70 percent of workers think morale would improve “massively” if managers thanked employees more, and nearly half would leave if they felt they weren’t appreciated enough.

Building a company culture takes more than just offering free lunches. While these perks can be fun, they just scratch the surface. Consider three more meaningful employee perks.

What’s the biggest threat to your employees’ retirement security? A new study found the rising cost of health care and long-term care is one of investors’ biggest concerns about funding retirement.

Memphis is the first city to help its employees tackle their student debt. The city will contribute $50 per month to the student loan accounts of any city employees who’ve worked there for at least a year.

Recruiting new employees can be hard. Putting together a job application to screen employees without violating state and federal employment laws is also difficult.  Avoid these 10 company job application mistakes.

Are your employees skipping doctor visits because they can’t pay? A quarter of respondents in a recent survey said they’ve skipped needed medical attention because of the cost. Help employees get the care they need.

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