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This Holiday Season, Give More Benefits – That’s What Employees Want!

This Holiday Season, Give More Benefits – That’s What Employees Want!

by | Dec 5, 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.

Does non-cash compensation really matter? A reported 4 out of 5 employees say they would prefer a benefits increase over a pay raise. In recent years, unique and thoughtful workplace benefits have not only become more important to applicants, your current employees expect them as well.

Nobody wants to be dragging their feet all day! Your team wants to be engaged, productive and happy at work – in line with a healthy work-life balance. Providing unlimited vacation days or having a gourmet chef on premises are certainly not the only ways to keep your employees satisfied with their jobs.

During this holiday season, we all have giving on our minds but if you’re a small business, you may find that you’re simply unable to budget for additional employee contributions this year. Well, a  great way to circumvent the cost of individual bonuses or gifts is to improve your employees’ overall benefits in an inexpensive way that’s sure to impress and please everyone in the office.

They say that it’s the little things that count. Well, when it comes to employee benefits, it’s perks of all sizes that will keep your team members happy, healthy, productive and coming back for more.

These five employee benefits will be gifts that keep on giving.

Open Enrollment closes December 15, 2017. Are your employees ready? Unexpected personal health care costs bring financial stress to the workplace. You care about your employees’ wellbeing and arming them with resources and assistance will not only show that you care, it can make a significant difference in their lives.  5 ways to help your employees, before it’s too late.

Open over the holidays? Make sure your employees are taken care of. When implementing holiday schedules, pay and perks, common practice varies from legal requirements. But at the end of the holiday season, it’s going to be your employees who will make note of the difference. Give your employees some cheer this holiday season.

Want to improve productivity in the office? Lower employee financial stress. Study after study shows that employees are stressed over personal finances – and it’s affecting your company’s bottom line. Helping your team find organization and relief within their own bottom lines will greatly improve workplace stress, enjoyment and productivity. Employee stress reducers inside.

Are you or someone you know under the age of 40? If so, listen up: The newly passed tax plan severely “kicks millennials in the teeth, taking from their future, to give to the richest Americans in the present.” What’s done is done. So, the best money move for you, your kids, your employees and your business is to plan for your present as well as your future, today. The new tax plan explained.

Does your Company offer Paternal Leave? It should. 83 percent of America’s largest workforce claims that receiving this family benefit would be a deciding factor when accepting a new position. And, 38 percent of employees under 38 years old offered to take a position abroad if it offered better family leave policies. Are you losing out on quality staff?  How do you measure up?

Millennials have stepped up to the plate. It turns out that Millennials aren’t job-hopping any more than anyone else. These employees want long-term employment opportunities with solid benefits including: convenient access to healthcare, flexible work hours and financial education programs.  Understand your employees’ benefits expectations.

Is your company prepared for a data breach? Cyber security is nothing new but, believe it or not, many companies are still a few steps behind the times when it comes to system integrity. A significant amount of data breaches that occur involve human resource – related information. Take the steps to prepare. Become an expert by securing your clients – and your company.

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

Planning Your Company’s Holiday Party? Prevent Legal Risk with These Steps

Planning Your Company’s Holiday Party? Prevent Legal Risk with These Steps

by | Nov 28, 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.

Although the logic of company holiday parties will be debated until the end of time, studies show that they do help boost employee morale. And that’s great! But, what about the morale of senior management? Does the idea of a potential disaster keep you up at night?

Make no mistake: we aren’t talking about how many paper plates you should buy or how much dip you will need. This is holiday party planning for the 21st century workplace. Reduce your legal liability with a smattering of timeless wisdom: Hope for the best but prepare for the worst.

From reducing employee alcohol consumption to preventing unlawful harassment (often stemming from excessive employee alcohol consumption), here are a few timeless, proactive steps that you can take to lessen post-holiday party liability.

Don’t forget, employers are employees too – and the holiday party is meant for you to enjoy as well!

(Don’t forget to do your own research, as laws do vary state by state.)

Steps to reduce your liability during this year’s holiday fun.

Your 401(k) is not your personal piggy bank for holiday spending! When you take a loan from your 401(k), you’re not just taking out cash, you’re taking out the eventual growth that goes along with it. It is recommended that you only pull funds for an emergency or a down payment on a home. Your 401(k)’s best money moves.

Ready or not! 2018 is upon us and brings us new labor and employment laws. Changes are coming to laws and policies at the federal, state and local levels. Areas affected go well beyond the realms of healthcare, employment eligibility, overtime, equal pay and background checks. Is your company ready to accommodate these changes? New laws you need to know for 2018.

A lack of savings and overall financial stress reduces employee productivity. More and more studies are showing that your team members don’t know how to save. This puts your entire company at the mercy of unexpected emergencies. Financial strain of any kind never stays out of the workplace. What can you do? Easy ways to reduce stress and raise productivity now!

Human Resources has evolved to being the most dynamic part of the workforce. HR goes well beyond hiring and firing – this department has a huge impact on employee engagement and success, along with the health and longevity of your company’s future. Are you building a great workplace experience? The future of human resources inside.

Is your company up to snuff when it comes to paid time off?  Certain workplace benefits are more highly regarded than others but PTO seems to take the cake across the board. From vacation time to sick days, personal days and family leave – how can you choose which is best for your company? Different PTO options your HR department should consider.

Will your small business be affected by the NAFTA trade changes? Small business leaders are finding that upcoming changes to the North American Free Trade Agreement may drastically affect product availability and bottom lines. With unknown changes coming to most imported and exported goods, your business could be at stake.  NAFTA’s uncertain times.

Think your company’s job perks are above par? Think again. Basecamp, an ever-growing web development company views their employee benefits very simply: employees’ standard of living is top priority. It turns out that generous salaries and benefits, vacation stipends and shorter summer workdays yields higher productivity, higher profit. Life changing job perks inside.

 

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

Millennial Employees? Try This to Increase Engagement

Millennial Employees? Try This to Increase Engagement

by | Nov 20, 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.

Unlike generations before them, your Millennial employees are burdened with an extra load of student loans. Not surprisingly, they’re significantly more financially stressed than their colleagues.

How stressed? Your Millennial employees spend more than 12 work hours per month fretting about their personal finances.  

According to new findings from Bank of America Merrill Lynch’s 2017 Workplace Benefits Report Millennial Supplement, Millennials are actively looking to you, their employer, for tools they can trust, educational resources, support and guidance across the financial wellness spectrum. They want employers to provide access to a variety of financial wellness tools, including a mobile-first technology and access to a financial professional who can offer tailored training, personalized action plans and teach financial strategy.

More employers are beginning to understand the direct connection between employees’ financial stress and lowered productivity, poor retention, unexplained absences, and higher costs of healthcare. They’re paying attention to their employees who are asking for a best-in-class solution and are providing outstanding resources. Are you listening to your employees?

Help your employees balance their financial wellness today.

Should you allow holiday shopping at work? The experts say “yes.” This year’s Cyber Monday (the internet’s version of Black Friday) is set to be the most lucrative shopping day in history. Instead of policing, try providing practical guidelines for your team. Create a realistic security and productivity plan.

Virtual reality is already at an office near you. Are you and your employees ready for the impact of 100% immersion? From non-profits to real-estate, customer service calls to job interviews – VR technology will become commonplace before you know it. See how VR technology can benefit your company.

Reverse mentoring just may save your career. Whether formal or informal, reverse mentoring is exactly as it sounds and is meant to expand people’s skill sets and networks. Bring a thought leader on board, pair mentors and mentees appropriately and get to work!  Learn how to start your new program here.

Is work stressing you out? The symptoms of stress can appear suddenly and seemingly without cause. There are over 50 diagnosable signs and symptoms to watch out for and  having a basic understanding and awareness can help you and your employees feel better while working better.  Help your employees be happier, healthier and more productive.

Are you up to snuff on the local culture of your international teams? Bilingual does not always translate to bi-cultural. Don’t underestimate the importance of having cultural awareness in the global workplace and how it can benefit your company. Learn how to implement intercultural competence here.

Disaster preparedness goes well beyond emergency exits. Climate change affects not just the weather around us but also the ability to safely commute to and from work. If your team can’t trek through unexpected floodwaters or 5 feet of snow, should their salary be deducted? What would you do?

Open floor plans are a sign of  hip, hi-tech and elite office culture – and are making your employees miserable.  A new study by the BBC claims that “free range” employees are more likely to be unhappy, get sick, be less productive and miss more work. Facilitate productivity and reduce distraction here.

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

Can Exercise Make You Rich?

Can Exercise Make You Rich?

by | Nov 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.

In 2016, the Lincoln Financial Group set out to the identify common factors of people who consider themselves on to be on the financial “right track.”

Of all workers surveyed, nearly 80% exercise at least once a week, a whopping 98% of these “right trackers” say that they’re focused on the future and over half are enrolled in more than three non-medical workplace benefits. 

Does your company’s benefits package help provide mental, physical and financial wellness programs for your employees? According to the numbers, it absolutely should. Get yourself and your employees on the right track now.

Matching skills to assignments. One of the most challenging aspects of HR is moving people into the right jobs. Not understanding how an employee’s job skills transfer from role A to role B can significantly impact employee engagement, productivity, and the employee’s overall shelf-life with the company.

But how can you be sure of an applicant’s skillset when often employees themselves are unable to quantify their own skills and experience?

Turns out there are so many tools that recruiters can use to identify the right skillset in order to pair your applicant with the right job and often, incredibly qualified applicants may be applying to role A when role B would be a much better fit. How can you know if and when it’s time for an internal transfer? When should an internal transfer supersede an external applicant?  Here are some resources to help you better understand your employees’ and applicants’ abilities.

Is your small business at risk? Your new business needs money to grow but it’s way too easy to get overburdened with debt. Here are some great tips and a printable infographic to help you manage your small business debt, before it’s too late. Practical tips to manage your company’s debt.

Helping employees with open enrollment is good for business. Financial wellness and physical health go hand in hand.  It is important to create a plan that caters to your in-office team as well as to your remote employees. Here’s how to help your employees with their benefits selections.

Virtual access has become the standard expectation for almost all roles within the workforce. Learn about new tools that the savvy HR professional can use to keep up with technology and embrace state-of-the-art digital solutions. Tips to boost your digital game.

Will open discussion of workplace sexual harassment bring change? As more employees step forward to share their experiences, companies and lawmakers are implementing sweeping changes to policies and resources. Help prevent and address sexual misconduct in the workplace.

Are your employees eligible for the “saver’s credit?” Also known as the Retirement Savings Contributions Credit, this tax credit can offset all or part of the first $2,000 employees voluntarily contribute to an employer- sponsored retirement plan or IRA. Help your employees save here.

If it feels like you keep losing your best employees, you probably are. Great employees require great work environments in order to stay challenged, engaged and productive. Try out these at-work morale boosters. The most important not-to-do list that you’ll ever read.

Studies show that 80% of employees would prefer add-on benefits over a pay raise. Perhaps it’s time to update your current employee perks and benefits package. Check out this slideshow for some great ideas on how to attract and keep the best employees.

Is your structured payday becoming obsolete? Another new smartphone-app-as-employee-perk will allow your employees to choose when they get paid – and how much. Often, employees need their already earned salaries before payday arrives. Are you ready for the switch?

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