More employers recognize that financial wellness is table stakes for employees. What has also become apparent is that simply providing a 401(k) and retirement planning advice isn’t enough to reduce the financial stress almost all employees feel. Your employees need more.

Many employees struggle with paying down debt. They often have significant, unreimbursed, medical expenses or may be experiencing other financial hardships. This means they don’t always have the option to set aside funds for retirement, and have to “opt-out” of employer-sponsored savings plans simply because they can’t afford it..

From the employer’s point of view, adding one more benefit to an increasingly expensive pot might seem like a waste of money, especially if the employee benefits you’re providing aren’t being fully utilized.

But when it comes to financial wellness, the calculus is different. Forty-nine percent of employees feel that their workplace productivity would increase if their employer-sponsored benefits included financial planning programs in addition to existing retirement savings assistance. While retirement planning benefits are important, they don’t come close to capturing the full financial wellness needs of your workforce. Employees with financial security are much more motivated and focused at work.

In this week’s blog post, we run down the reasons that:

Financial Wellness Is About More Than Just Retirement Planning Advice

Do you feel like workplace financial wellness is out of reach? Ideally, financial wellness programs will lower health costs, enhance productivity, boost employee engagement and reduce employee absenteeism and turnover. Often, the only barrier is getting employees to try something new.

How to improve workplace financial wellness

Is your onboarding process thorough enough? If your onboarding process goes beyond basic training to include “acculturation,” then it probably isn’t. Whether it’s for new hires or internal transfers, when you consider the amount of time, staffing and money that goes into your onboarding process, shouldn’t it be fully comprehensive?

The importance of expanding your onboarding process – across the board

Positive investments in small businesses is driving economic growth. Small business investments continued to grow at the end of 2017 as payment delinquencies and defaults remained low. However, some warning signs in financial health are starting to emerge.

 Small business investments – what you need to know

How do you know if your corporate wellness program is successful? The answer is much more nuanced than simple numbers and charts although those are important as well. Beyond standard metrics, a successful program will show employees with more energy, enthusiasm, productivity, creativity, higher engagement and lower absenteeism.

Here’s why financial wellness goes beyond numbers

The Tax Cuts and Jobs Act has altered two important tax breaks for homeowners. Homeowners with large mortgages and home equity loans should be paying attention to the new tax laws, as there are new  limits on deductions for state and local taxes. There are fine details that you should read about to see how they’ll affect you – and your employees.

The new tax law may affect you more than you think

Is there a magic number that tells you how much to save for retirement? Or a magic 8-ball that tells you what to do with your retirement investments when the market drops? Unfortunately, magic won’t help you save for retirement. But, planning, saving, thinking outside of the box, doing a lot of research and speaking with an expert just might.

Your retirement savings goes beyond a market dip

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

Are you providing the financial wellness programs that your employees need?

Financial wellness programs often go overlooked by Human Resources departments because employers don’t always understand the tangible benefits of reducing employee financial stress. If you know that your team members are carrying high levels of financial stress, don’t wait any longer to create a plan – and implement a solution.

Financial stress can put a major strain on your employees’ physical and emotional wellbeing. New studies show that 7 of the top 10 health problems afflicting Americans are exacerbated by financial stress.

Financial wellness starts in the workplace. The majority of employees spend an average of 12 hours per month worrying about their personal finances while at work and they’re waiting for their employer to help them with financial education and literacy. Having resources, tools and an understanding of how to tackle their financial stress will overwhelmingly bring down their stress levels. Addressing this staggering lack of financial literacy will not only raise your employees’ financial wellness – it will increase their overall health, productivity in the workplace, their commitment to your company and will lower your company’s turnover rates.

The top five reasons why financial wellness matters.

Tax reform! It’s incredibly confusing and is complicating filing processes for individuals, families, small businesses and corporations, alike. The new tax law will largely go into effect when you file your 2018 taxes (in April, 2019). But, there are still important and new things you need to know for your 2017 tax filing – this should help.

Tax law changes and what you need to know.

Are you providing employer savings plans? Providing your employees access to retirement savings plans allows them to strengthen their long term financial outlook. It also benefits your company’s bottom line – by raising their personal levels of financial literacy and wellness, it raises productivity and lowers turnover.

Simple ways you can help your employees save.

Are you on top of the 15 biggest HR challenges for 2018? With a constantly evolving workforce and the need to offer access to employee financial wellness, well being and mental health, employers have a serious responsibility to step up and provide the best possible work environment that they can.

The 15 biggest trends to look out for this year.

The new tax law: beneficial impacts for your company. Thanks to the Tax Cuts and Jobs Act, corporate tax rates are dropping from 35 percent to 21 percent. Companies are already beginning to see a windfall of extra cash at their fingertips – but how will that money be spent?

Companies are saving, big time.

This is America’s number one financial worry in 2018. Between having little to no savings, quickly climbing debt and an unclear vision for future retirement, there’s plenty to worry about. Seventy three American adults say that their most pressing financial concern is improving their credit score.

Here are steps you can take to improve that credit.

Do you have $1,000 to cover an emergency? Nearly 69 percent of Americans don’t. And, digging into your retirement savings to cover the costs of an emergency is not ideal, to say the least. Without an emergency fund, you take from your savings, you let problems fester and you add to your credit card debt.

Read about how one family planned and paid off their debt – ahead of schedule.

Believe it or not, it’s still only the beginning of 2018! You are still in the prime adjustment period between last year’s operations and this year’s best practices. If  you haven’t already, now is the time to reflect on 2017 and make the necessary changes to ensure your company is compliant with

2018’s HR best practices and latest employment laws.

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

Financial stress in the workplace is real.

Employees spend an average of 12 hours per month stressed out about personal finances at work. This translates into billions of dollars in lost productivity annually. Lost time  at work isn’t the only way that your employees’ financial stress can negatively impact your company.  Financial stress can weigh so heavily on an individual, it can cause emotional strain, lost sleep and even significant health problems. A 2017 survey shows that two thirds of Americans are losing sleep at night due to anxiety over their money worries – everything from health insurance concerns, confusion and stress related to retirement savings, heavy educational expenses and the struggle to cover rent and mortgage payments.

Employees who are spending significant amounts of time worried about their financial stress at work are also losing sleep over these same stressors at home. This can quickly turn an effective team member into an ineffective financial strain for your company. But, there is good news. Nearly 50 percent of the Millennial population wants their employer to provide access to financial wellness tools in order to create a financial wellness strategy to help downsize their financial stress levels.  Given that by 2020, 50 percent of the workforce will be Millennials, it’s a real need.

The loss of a good night’s sleep and productivity in the workplace have the same source. The culprit? Personal financial stress. But, there’s an easy way to resolve these symptoms and it starts with you, the employer.

Financial stress is affecting your employees’ health.  Here’s what you can do about it.

48 percent of job seekers say that a “debt reduction” benefit would convince them to work for you. The value of specific employee benefits varies from employee to employee but these 5 offerings are requested by job seekers and workers alike – across different industries, locations and age groups. Employee benefits: What you should be offering.

Tax Reform is changing the taxability of your employee’s perks. The Tax Cuts and Jobs Act, which limits tax deductions businesses claim for employee benefits, is likely to cause employers to revisit their offerings. From family leave to commuting benefits, retirement contributions to bonuses, employee benefits and your company’s taxes are about to change drastically.

Do your employees request certain benefits and then not use them? You aren’t alone. Studies show that employees miss the mark when it comes to knowing what benefits they have and lack understanding on how to use them. Make sure your employees aren’t missing out on their provided benefits – and know what you should do, if they are.  5 reasons employees ignore their benefits.

Does your company offer Financial Wellness benefits? Studies show that your employees wish you did. EBN’s research tells us that the main reason employers aren’t providing financial wellness is simply not knowing where to begin. We don’t think that’s a good enough reason. Financial wellness benefits everyone. See how you can gain the competitive edge with your employees.

Currently engaged in branding your company? Personal branding is like any form of marketing and requires knowledge about yourself as well as your audience. Successful branding will position your company as a credible industry expert and thought leader. Your branding to-do list, here.

What happens when HR is outsourced… to a robot?  Amber is an AI (Artificial Intelligence) chatbot and it’s taking the office place by storm. In just 1 year, 37 companies have implemented this AI to take care of their “people management,” keeping tabs on employee issues, without using actual people – or  employees – to do so. Can this AI technology save billions in “people problems?”

People leave managers, not companies. You’ve heard it before: 50 percent of employees have quit otherwise reasonably satisfying jobs in order to get away from their manager. Actions of a poor manager can negate millions of dollars spent on employee wellness and benefits packages. Here’s what you should know about the No. 1 employee benefit that you don’t even know about.

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

This year’s Affordable Care Act registration ends December 15th. Here’s what you need to know and why you should be helping “push” your employees across the finish line.

This year, the Affordable Care Act, also known as Obamacare, has the shortest enrollment period ever, reduced to 45 days from its previous 3 month enrollment period. This may prevent individuals from registering on time, especially those “healthy procrastinators.” As an employer, you may be penalized.

The ACA requires that employers with 50 or more full-time employees provide health insurance to all full-time employees and their dependents. With rumors afoot, there is a lot of confusion right now among employers; it’s important to know that offering benefits is still required and the Affordable Care Act is still very much in effect as “law of the land.”

2018 will bring several changes to policies and the how the ACA is enforced. Most importantly, there will be changes in processes, forms and filing dates and you may face a time crunch early in the year, which could possibly affect dealings with your employees as well your interactions with the IRS.

Additionally, those employers who may have been  noncompliant with the ACA at any point between 2015-2017 will be hearing about it soon. The IRS has been slow to address noncompliance, but they are catching up and employers might receive three years of fees at once.  

It is important for employers to know what aspects of the Affordable Care Act have changed, and which have remained the same – and you need to know by the end of this week.

2018’s changes to the Affordable Care Act: What you need to know, ASAP.

The numbers speak for themselves. A company that invests in developing a quality onboarding process is 25 percent more likely to retain its workforce and increase employee performance. Here are the top picks of the industry’s contemporary,  innovative and cutting-edge employee onboarding processes. Develop your cutting-edge onboarding process today.

Are you and your HR team ready for the upcoming year? As December mulls to a close, so does your annual checklist. Whether you’re ahead of your game or looking for a well-intentioned distraction, there’s always more to get done! From open enrollment to flexible spending, vacation days and file auditing, ‘tis the season to read-up on and start checking-off your end-of-year HR checklist.

Are the holidays causing undue financial stress in the workplace? Don’t let the winter-holiday-woes weigh heavy on your employees. Sometimes, a fun distraction is the best short-term solution there is! Here are 5 outstanding ways to recognize, celebrate and enjoy the holiday season – at work. Help your employees de-stress during the holidays.

Company benefits are amping up in 2018. Recognizing the importance of helping your employees make better financial decisions is going to pay off, in the short and long term. Studies show that employers who focus on the overall on-the-job satisfaction of their teams are seeing higher productivity and less turnover. Employee benefits trends to watch out for.

Self-Employed? Setting up a healthy retirement-savings plan is even more important for people like yourself. Unlike traditional employees, the likelihood of your having a 401(k) or pension is quite low. Did you know that 42 percent of self-employed professionals and small business owners are dangerously not preparing for their retirement?  Start planning for your retirement, today!

Should paid time off be provided in cases of extreme weather? Absolutely. Employee benefits are meant to provide flexibility and ease of mind when life intervenes with work expectations. With the massive uptick in extreme weather, “climate leave” is rising through the charts of standard, expected employee benefits. Here’s why your staff should be paid during inclement weather.  

The baby boomer brain-drain has arrived. Boomers are beginning to leave the workforce en masse. 56 percent of US leadership positions are held by boomers and 66 percent of all US companies are owned by these seasoned employees. As the wave of retirement arrives, how can companies retain the boomers’  knowledge and expertise? How to resist the brain-drain.

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