Emily Pfund, Author at Best Money Moves

Student Debt Financial Stress Haunts Millennials and Older Workers, Too

by Emily Pfund | Mar 8, 2017 | 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.

Your employees are aging. One reason your employees are working well into what would normally be considered their retirement years is student debt: theirs, their children’s and even their grandchildren’s.

While most people imagine student debt is an issue that mostly affects Millennials, their parents are also feeling the pinch of loan payments in their budgets, and struggling with financial stress as a result.

More parents are taking out Parent Plus loans to help cover the full cost of their children’s educations, and these parents are now delaying their retirement to pay off their debts.

See what impact these debts have on your older workers.

Countries with higher retirement incomes tend to have lower financial literacy rates. A survey of youth in 18 countries found the U.S. actually bucks that trend with both low retirement income replacement rates AND low financial literacy rates. What can be done to fix this?

Scheduling a doctor’s appointment is a struggle for full-time employees, especially if they work a traditional 9-to-5 that requires them to be in the office when the doctor’s office is open. Some companies are now offering concierge health benefits, bringing the doctor to employees in the workplace.

Credit card debt is a huge source of financial stress for employees, and choosing the wrong card can make it worse. Help your workers pick the best card for their finances.

Would you offer employees a choose-your-own benefits plan? This California tech company wanted to offer a student loan repayment benefit but didn’t want to leave out those employees without debt. So they gave employees their choice of three benefits.

Could the state of your finances cost you a job offer? A recent study from the National Financial Educators Council found that 4.08 percent of workers have been denied a job offer or promotion because of their finances. Do you run credit checks on your potential hires?

Showing employee appreciation matters. A whopping 78 percent of employees in a recent survey said they’d work harder if their efforts were better appreciated. How many of these seven ways to show employee appreciation have you tried?

Millennial employees are less likely to say they’re loyal to their employer than older generations. So what can businesses do to cultivate loyalty? Start by upgrading your physical office space and then pile on the perks.

Some employers think more money means more motivated employees, but that might not be the case. Employee motivation is more tied to intrinsic factors, according to a recent study. So what is more motivating than money?

Retirement continues to be one of the biggest sources of financial stress for America’s workers. A recent report by the National Institute on Retirement found that most Americans are “highly anxious about economic security in retirement.” See the report’s other worrying findings.

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

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Is Employee Training Worth The Investment?

by Emily Pfund | Mar 1, 2017 | 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.

When your company invests in employee training, you expect your employees to not only remember what they learn, but incorporate it into their every day routines. Unfortunately, that often isn’t the case.

A recent study found that 70 percent of employees admitted to forgetting what they’d learned within 24 hours of doing the training. That’s an issue for the company (which wants a return on the investment made in employee training) and the employees, who will face additional workplace stress if asked to complete tasks they don’t remember how to handle.

Here’s what you can do to help them remember their employee training and be more productive with those lessons learned.

GOP lawmakers have proposed a new type of retirement account that could come with the repeal and replacement of the Affordable Care Act: Meet the Roth HSA. If it passes, you might start seeing it pop up in your 401k plan options for 2018.

Your male and female employees have very different career expectations. Men are twice as likely to think they’ll eventually make $100,000 or own a company, while women are more than twice as likely to think they’ll never advance beyond an entry-level positions. Learn the other ways in which their career expectations differ.

A lot has changed since 1996, and the world of employee benefits is no exception. From a rise in telecommuting to the fall of employee stock purchase plans, here’s how employee benefits trends have shifted in the last 20 years.

Your Millennial employees may prioritize vacations above retirement savings. A new LendingTree survey found that while Gen-Xers put retirement savings as their second most important savings category (behind an emergency fund), it comes in fifth place for Millennials. Read the other ways these generations’ priorities differ.

Speaking of retirement, Americans are “drastically under saved” for their golden years, according to the U.S. Census Bureau. In fact, only one-third of working adults are putting money into employee-sponsored or tax-deferred savings. How can we fix this and encourage retirement savings? Here’s our suggestion .

“Mental toughness” is a phrase often used by sports coaches, but it should apply to your office team, too, as mentally tough employees can be better leaders. Here are six ways to cultivate mental toughness on your team.

How tough are your company’s interview questions? Glassdoor’s chief economist found that the tougher the interview questions, the more satisfied the employee is in the job later on. Check out 27 of the toughest interview questions on Glassdoor.

When a manager leaves, morale among your remaining employees (or the manager’s direct reports) can take a hit, regardless of whether one of them isn’t chosen to move up in the ranks. A recent study found that 59 percent of employees say their productivity is “somewhat” to “significantly” impeded by the absence of a boss. Why you should fill management vacancies ASAP.

Your employees are looking for new opportunities. An Indeed study found that 71 percent of employees are actively seeking or open to new job opportunities. Follow these three tips to build a winning employee retention strategy.

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

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Employee Turnover: This is Why Your Employees Quit

by Emily Pfund | Feb 22, 2017 | 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.

Why do employees quit? Employee turnover is costly for employers, so jobs site Glassdoor studied 5,000 job transitions to figure out what makes an employee more likely to head for the door. The study found that employers with high overall company ratings and high ratings for workplace culture and values have better employee retention rates.

According to the study, employees were less likely to quit if they’d received a raise, but were more likely to quit if they’d been stuck with the same job title for too long and were unable to advance within the company.

What can your company do to keep top talent from looking for other opportunities? Read the rest of Glassdoor’s findings.

How does your company handle mental health in the workplace? A recent study by the International Foundation of Employee Benefit Plans found that about a quarter of employers are unsure if their employees are impacted by substance abuse or mental health issues. Learn what you can do to help struggling workers.

Do you have a “work spouse?” Having a platonic “work wife” or “work husband” in the office to confide in and offer moral support can help boost job satisfaction. Here’s why 70 percent of office workers have a work spouse.

Why are employees struggling to pay their bills and save for the future? Almost half of Americans say they don’t have any money to save after taking care of their expenses. Here’s how employers can help.

Recent surveys found that employees are engaged with their work about 30 to 35 percent of the time. That means that your employees are disengaged for up to 70 percent of their day. Here’s how to wake up your office culture and increase engagement.

Which workplace stressors are impacting your employees? According to a new CareerCast survey, deadline pressure is the biggest cause of workplace stress. See the other 10 top stressors.

Many non-profit organizations struggle to compete with for-profit companies when recruiting new employees. While they can’t often compete on salary offerings, they can leverage Millennials’ desire to see their work having a positive social impact.

Small steps on the company level can keep your employees healthy. From offering flexible hours so employees can fit in a trip to the gym to having walking meetings, these low-cost benefits can have big health payoffs.

Gone are the days when employees had to work 40 hours per week to be included in company benefits plans. A growing number of employers are offering full benefits to part-timers to encourage loyalty and reduce job-hopping.

As more of the Baby Boomer generation hits retirement age, retirement programs worldwide are struggling to keep up. According to the Bloomberg Sunset Index, there’s now a smaller ratio of younger workers supporting the world’s retirees. Here’s how pension funds and other programs are coping.

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

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Would You Offer Pet Insurance as an Employee Benefit?

by Emily Pfund | Feb 15, 2017 | 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.

Benefits managers want to offer their workers the highest quality and most in-demand employee benefits. After all, about 57 percent of job seekers say the benefits package is one of their biggest considerations in choosing a new job.

Jobs site Glassdoor used its thousands of employee benefits reviews to compile a list of 20 companies “offering benefits that go beyond the basics and enter legendary status.”

These aren’t just offices with volleyball tournaments or unlimited vacations.

Scripps Health, for example, extends its health care coverage to employees’ furry family members with pet health insurance for dogs and cats.

Facebook, known for its more fun perks, made the list this year for its benefits for interns, including healthcare coverage, free housing and pay that can exceed $7,000 per month.

Check out the rest of the list from Glassdoor to see which employer pays for gender reassignment surgery, which will pay for a bachelor’s degree and which offers 40 hours of paid time off for volunteering.

Employers around the country have voiced concerns about President Trump’s travel restrictions and the impact they’ll have on employees. Here’s how 11 top companies responded.

In recent weeks, judges have blocked two major insurance company mergers that would have consolidated the nation’s five largest insurers into three companies. Learn why the judges ruled against the insurance giants.

Are your company’s employees having trouble saving money? They’re not alone. Multiple studies have found that the majority of Americans have less than $1,000 in savings. Here’s how employers can help.

Workplace stress is taking a toll on employees. In a new survey by staffing firm Accountemps, 60 percent of employees say work-related pressure has increased in the last five years. How can employers help tackle workplace stress?

Exit interviews can be a great tool for identifying your company’s weaknesses and making positive changes. Figuring out why employees left can help you hang on to your remaining talent. Here are six tips for getting the most out of your employees’ exit interviews.

Facebook announced it’s upping its benefits game by doubling bereavement leave and adding paid family sick time, with three days to take care of a sick immediate family member, like a child with the flu. Learn how this fits with the company’s other benefits.

Employee happiness drops after the first year at a new job, according to a study by staffing firm Robert Half. While some employees recover from their “sophomore slump,” others may look for a new job to find that honeymoon feeling again.

Half of Millennials have retirement accounts, but that doesn’t mean their finances are in order. A recent study from George Washington University found that while 69 percent of Millennials think they’re knowledgeable about financial matters and 51 percent have retirement accounts, only 24 percent can answer simple financial questions. This highlights a need for more financial education.

It’s a good time to be in the benefits business. HR jobs are on the rise and, according to the Bureau of Labor Statistics, unemployment for HR professionals is less than half the national unemployment rate. Here’s why HR pros are in such demand.

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

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

When Will President Trump Repeal the Affordable Care Act?

by Emily Pfund | Feb 8, 2017 | 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.

After Donald Trump’s election last November, many employers and benefits providers worried about updating their employees’ health insurance plans to comply with new health insurance regulations.

After all, Trump proclaimed loudly and often on the campaign trail that one of his first actions in office would be to repeal the Affordable Care Act – AKA Obamacare – and replace it with something else.

Now, it appears that may not happen until 2018.

The president told Fox News’ Bill O’Reilly in a televised interview on Sunday, Feb. 5, that he hopes to unveil a plan “by the end of the year, at least the rudiments, but we should have something within the year and the following year.”

Here’s the latest on the President’s quest to repeal and replace the ACA.

Workplace stress is on the rise. A new study found 60 percent of workers say their workplace stress has increased in the last five years. Learn what’s stressing them out.

Is your company hoping to hire an information security analyst or a truck driver this year? If so, you may have trouble finding qualified candidates. These are two of the 10 toughest jobs to fill in 2017.

Helping your employees lower their financial stress doesn’t have to involve a complete financial overhaul. Sometimes the smallest changes have the biggest impacts. Three budget saves that will improve employees’ financial situations.

Are your employees saving enough for retirement? Without a crystal ball, it’s difficult to figure out exactly how much money you’ll need in the future. Learn how to help employees estimate their future needs.

95 percent of HR professionals say burnout is hurting their companies’ employee retention. So how do you combat the workplace stresses that lead to burnout? Start at the top.

When your employees are financially stressed, they may feel tempted to raid their retirement plans for extra cash. This is a bad idea because in addition to owing taxes and penalties on the money they withdraw, they’re also setting themselves up to retire with less money than they’ll need. Here’s how to discourage early withdrawals.

The Department of Labor’s fiduciary rule, set to take effect in April, is meant to protect people’s retirement savings. President Trump has asked the DOL to review the rule, hoping to delay or replace it. What does that mean for your employees’ retirement accounts?

Looking for a way to incentivize your employees? Offering rewards for a job well done is a great way to boost productivity and increase employee loyalty. Here are the top 10 employee incentives.

The employee benefits industry is constantly changing. You want to stay on top of it and offer the best, most up-to-date benefits packages possible. Read 10 tips for staying relevant in this industry.

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

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.