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.