Emily Pfund, Author at Best Money Moves

Helping U.S. Servicemembers Fight Financial Stress

by Emily Pfund | Feb 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.

Our men and women in uniform fight for us overseas, but they too often come home to face another fight: the fight for their own financial security.

Long stints overseas keep servicemembers from dealing with financial issues like mortgages or loans at home and increase childcare costs by removing one caretaker from the home. The military also require frequent moves as servicemembers are re-assigned to military bases across the country or across the world.

That’s why the Consumer Financial Protection Bureau (CFPB) created the Office of Servicemember Affairs: to help members of our military handle the financial stresses they face and to protect them from unscrupulous financial practices designed to prey on their unique financial situation.

Learn how this added financial stress impacts our men and women in uniform.

Employees should have received their W-2s and other tax documents by Tuesday. It’s also National Tax Identity Theft Awareness Week. Here’s what your employees should know to protect themselves.

Do you ask potential employees how much money they earned at their last job? That question is now illegal in the city of Philadelphia, thanks to a new law aimed at ending the gender pay gap. Some say the measure could backfire.

Employees from different generations have different workplace needs. What was appealing to Baby Boomers may not work for Generation X or Millennials. Here’s how you can communicate across generational lines.

Worried about what your business should do if the Affordable Care act is repealed? For now, you’re best off staying the course and continuing to follow the ACA’s rules. Here’s why.

A negative workplace culture can make even the most dedicated employee hand in their two weeks’ notice. These eight mistakes are some of the most common ways companies ruin their office culture. Have you seen these in your office?

Dissatisfied employees can drag down everyone around them and hurt a business’s productivity. A mobile-based employee feedback app can help managers intervene before the situation becomes serious.

Replacing retail employees can cost a business an average of $3,400 per employee. If you have a turnover rate near the national average of 5 percent, those costs can really hurt your bottom line. These six things can help you hold on to those employees.

Can wellness programs actually help significantly lower employee stress? According to one three-year study, the answer is yes. See how much employees were able to reduce their stress.

Small businesses can’t always offer retirement plans as extensive as those offered by big corporations, but that doesn’t mean they’re not good plans. Learn how to get the most out of small business retirement plans.

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.

Protecting Servicemembers’ Financial Security While They Protect Us

by Emily Pfund | Feb 1, 2017 | Blog

Serving in the military demands a multitude of sacrifices on behalf of one’s country. Servicemembers give up time with their families and friends and have to miss birthdays, holidays and other important events many of us take for granted, not to mention the risk of the ultimate sacrifice: injury or death.

On top of all the sacrifices our servicemembers make, they shouldn’t have to sacrifice financial security as well – but in fact, they often do.

Long deployments can prevent servicemembers from dealing with financial issues like mortgages or loans at home and increase childcare costs by removing one caretaker from the home. The military also require frequent moves as servicemembers are re-assigned to military bases across the country or across the world.

We know that financial stress can reduce job performance; a study released last year by Northwestern Mutual found that 41 percent of employees say financial stress is hurting their careers. This is especially dangerous for our country’s men and women in uniform, whose jobs can put them in dangerous situations where focus on the job is essential to their safety and the safety of their colleagues. In some cases, servicemembers’ financial stress can lead them to lose their security clearances.

On top of the normal financial stresses we all face, a 2006 Department of Defense report found that “predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force.”

The Consumer Financial Protection Bureau (CFPB) established the Office of Servicemember Affairs to look out for military members and protect them from unscrupulous financial practices targeted to their unique situations.

Under CFPB Assistant Director Holly Petraeus, who led the office from its founding in 2011 until January 2017, the office has provided financial education and advice to military members and veterans and fought against improper debt collection practices, mistreatment of student loan borrowers and more.

In one such case, the office found that a lender specializing in loans to servicemembers threatened to harm borrowers’ careers or tell borrowers’ commanding officers that they were struggling to pay their debts.

Among the office’s victories are:

Strengthening the Military Lending Act to add more financial products to the types of loans covered, helping protect servicemembers’ credit.

A $60 million settlement with student loan servicers for running a “years-long scam” to overcharge military families on their student loans. The settlement included refunds to 78,000 servicemembers

A $28.5 million settlement with Navy Federal Credit Union for improper debt collection actions and freezing customers out of their own accounts.

The Office of Servicemember Affairs also provides veterans and members of the armed forces the opportunity to submit complaints if they feel they’ve been targeted by unfair practices and offers resources to help them answer some of the frequent questions they may face.

Our servicemembers already make sacrifices to protect the United States. Their financial security shouldn’t be on that list.

How Will Trumpcare Change Your Employee Benefits Package?

by Emily Pfund | Jan 25, 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.

President Trump has been clear about his plans to repeal the Affordable Care Act – otherwise known as Obamacare – and replace it. But what will Trumpcare look like and what will it mean for the thousands of American businesses who provide healthcare benefits to their employees?

Trump has been vague so far about what his plan would entail and how it would differ from current healthcare industry regulations. This means employers can’t plan ahead for any changes the administration may put into place which would affect their employee benefit offerings.

On his first day in office, Trump made his first move to weaken Obamacare by signing an executive order for government agencies to “waive, defer, grant exemptions from, or delay the implementation of” any part of the law that imposes a financial burden on government.

Here are five ways Trump’s healthcare policies could impact the employee benefits industry.

New year, same financial problems. Many Americans resolved to get their finances in order in 2017, but three-quarters still report feeling financially stressed, according to Center for Retirement Research at Boston College. Other studies show more than one in four Americans feel threatened by debt collectors. Learn how severe the problem is for your employees.

A federal judge ruled Monday that healthcare giant Aetna lied last year when the company said its decision to pull out of the Obamacare exchanges was strictly a business decision. Judge John D. Bates wrote in his ruling that the move was a ploy to dissuade the Department of Justice from filing suit to block Aetna’s controversial merger with Humana. That merger – which would reduce competition among health insurance providers in many areas – is now in trouble.

It also signaled a possible problem with the Anthem/Cigna merger, which is under review by a different judge.

Do you know how all of the fees on your credit cards work? If not, you’re not alone. About 50 percent of Americans don’t understand everything in their credit card agreements, and that can lead to financial stress that spills over into the workplace.

What in the world is a “bleisure trip”? Also known as a “bizcation” or “workcation,” these are business trips that also include some personal time, as opposed to vacations where employees spend time checking email or finishing assignments that didn’t get done during regular working hours. Encouraging bleisure trips may help employees avoid burnout, especially if they’re otherwise reluctant to take a vacation.

While many companies think a fridge full of snacks and a few bean bag chairs will attract Millennial employees, that may be changing. The oldest Millennials are settling down, getting married and having children, which means they’re becoming more interested in their healthcare coverage and life insurance than healthy snacks and lunchtime foosball tournaments. Here’s how you can rework your company’s benefits package to fit these changing needs.

How expensive is employee turnover? According to a recent survey from Quinlan & Associates, some banks are incurring turnover costs of up to $1 billion per year as employees walk out the door. What can they do to stem the tide of leaving talent?

Some employers offer student loan repayment as an employee benefit, while others help students avoid debt in the first place. Companies including Starbucks and Chipotle are teaming up with colleges to help their employees earn a degree without racking up insurmountable student debt burdens. Learn how these programs could help your workforce.

A recent study found that 95 percent of HR executives think burnout is the biggest thing hurting employee retention, so 2017 is all about improving employees’ experiences at work. Here are four management trends we’ll see this year in the fight against burnout.

Corporate wellness programs are shifting focus from physical to mental health with things like financial stress management and mindfulness taking top priority. Read more about the top 10 corporate wellness trends for 2017.

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.

Do Employees Understand Their Benefits Package?

by Emily Pfund | Jan 18, 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.

Do employees understand their benefits package? A new study from The Guardian Life Insurance Company of America found that less than half of workers have a good understanding of how their employee benefits work and how to best use them.

As a result, 79 percent of working Americans surveyed said they feel serious concerns related to their finances. This in turn makes them more distracted and less productive at work because their minds are on their own financial stress rather than the task at hand.

So what can employers do to help their employees reduce financial stress and build financial confidence? Read on for four ways businesses can help improve employees’ financial outcomes and lower their level of financial stress.

Tech-savvy Millennials can bring a fresh perspective to a company, but their tendency to job-hop can also bring HR headaches. A recent study found that two-thirds of Millennials plan to leave their current gigs in the next four years. Try these three strategies to make your company a place where young workers will want to stay.

Got an open executive position at your company? You don’t want to hire just anyone to fill important leadership roles. This is why many companies look beyond submitted resumes and start recruiting potential candidates who already have another position. Here’s how you can poach (and keep!) top talent in your industry.

While the improving housing market is great for homeowners, millions of potential buyers are finding themselves priced out of the market. Help your employees combat housing-related financial stress.

Are your company’s employees happy with their benefits plans? They may not be, according to a new study by the Transamerica Center for Health Studies. Learn why the study found a communication disconnect between employers and their workers regarding benefits satisfaction.

Everyone loves to be told they’re doing a good job, and getting kudos from a coworker may be even more impactful than hearing it from a manager. Here’s how coworker recognition programs can help improve your bottom line.

Employee wellness programs can be a big investment with great payoffs over time, but only if the program is a good fit for your company culture and employees. Make sure you don’t forget these four often-overlooked steps when building your wellness program.

Keeping employees engaged in the workplace is essential for retention. If they don’t feel connected to their company and coworkers, they’ll be more likely to jump ship if another offer comes along. These are the factors most likely to boost employee engagement this year.

We use self-service portals to do everything from online banking to buying concert tickets. But did you know these online portals can also be time- and money-saving tools for your employee benefits programs? Read up on seven ways these tools can simplify your HR processes.

Which perks are most appealing to today’s employees? Top employers are branching out to entice talent with everything from corporate outings to house-cleaning services to “Whiskey Fridays.” Steal these ideas from Facebook, Google and Netflix.

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.

Should Employers Require Unconscious Bias Training for Employees?

by Emily Pfund | Jan 11, 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.

As many HR professionals work toward building more inclusive and diverse workplaces, accounting and consulting firm Pricewaterhouse Coopers has announced it will mandate unconscious bias training for all of its employees. The move, initiated by Chairman Tim Ryan, came as a response to news coverage of the deaths of black men shot by police and the ensuing discussions about race.

The program will be developed by a leading researcher on unconscious bias from Harvard University to help employees understand how split-second decisions can impact their coworkers and how members of other racial or gender groups may perceive situations differently. Here’s how the company hopes the program will change its workforce.

What matters more to employees: promotions or raises? According to an October 2016 study, about two-thirds of employees (63 percent) say they would rather get a promotion with no salary increase than stay in the same position but get a raise. Here’s why.

Are managers in your company keeping secrets? A study conducted late last year found that 64 percent of employees think their leadership isn’t being completely transparent with them and many feel increased transparency would help boost their productivity. Learn how keeping secrets can slow your workforce down.

While real estate prices may stabilize slightly in 2017, housing costs are still one of the biggest sources of financial stress employees face. Employers can take small steps to help employees reduce this stress.

Say goodbye to the nine-to-five and the commute. As employers search for new perks to offer new hires, “flexible” jobs – jobs that offer flexible hours or the option to work from home – are becoming more common. But sometimes flexibility needs a more formal policy behind it.

January is a great time to think about wellness, but companies should keep this focus year-round. From tax time to back-to-school season, there are a myriad of things in and outside the workplace that can drag your team down. Watch out for and address these year-round stressors.

Company restructuring can be rough on employee retention. The stress and uncertainty of the transition can easily drive your top talent away in search of a more stable work environment. These nine strategies will encourage employees to stick around through the changes.

More companies are taking a holistic approach to employee wellness. These programs now add financial components to existing physical and emotional wellness initiatives, add technology for easier access and focus on better HR communications to increase awareness and participation.

The healthcare industry faces a lot of uncertainty in 2017 – particularly regarding the future of the Affordable Care Act – and that uncertainty is strongly felt by women. Here’s what the next year could mean for women’s healthcare in the workplace.

Heightened media attention regarding mental health issues is leading some employers to reexamine how they handle mental health issues in the workplace. Keep these three things in mind when evaluating your company’s mental health policies.

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.