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.
Open enrollment has officially begun. Chances are, you’re a little overwhelmed and your employees are a little confused — but the news isn’t all bad. Making open enrollment easier (and hopefully a bit more fun) for your employees means finding a way to engage your team in meaningful conversations about their needs and show them all the exciting benefits you have to offer.
Try getting creative to juice the “fun” part of the month!
- Host a benefits fair in the last afternoon or early evening and encourage your employees to bring their significant others so they can get their questions answered and make important benefits decisions togther.
- Create posters and flyers, and then hang them around the office.
- Don’t just post information on your company’s website; bring your message into the physical work environment.
- Incorporate your important and popular benefits, like health insurance and retirement options into presentation but spend time on new or unique perks you offer, such as flex time, free snacks, wellness (or financial wellness!) programs, pet-friendly spaces and student loan repayment plans.
Open enrollment is also a good time to see how your employees are utilizing and responding to the benefits they already use. Take a look at which benefits are doing well and which are underutilized Pay attention to your employees’ suggestions, and consider refining their feedback for the future.
Here are some other suggestions that can help you make open enrollment easier and more fun.
Which benefits do your millennial employees really want? Millennials have been entrenched in the workforce for quite a while now, but many employers can’t figure out how to convince them to stick around longer than a year or so. Here’s what Vlad Gyster, Founder and CEO of Airbo and Janet McNichol, HR Director of ASHA, had to say.
Your employees don’t feel financially secure about their retirement. A recent study by Northwestern Mutual found that 58 percent of U.S. adults cited health care as their chief retirement concern, which is a 13 percent increase from the previous year. Learn more.
Many millennials don’t understand how to build a budget. That’s a big problem, especially since people in this generation are frequently saddled with thousands of dollars in student loan debt. Regardless of age, studies show most workers want help from their employers learning about money. Here are some financial questions your young employees might ask.
News on 401ks! As tax reform winds its way through Congress, 401k are said to be targeted for significant changes. One proposal reduces the amount of money an employee can stash away in a 401k plan tax-free from $18,000 per year ($24,000 if you’re over the age of 50) to less than $3,000. Best Money Moves believes that maximizing a 401k, which is a benefit most employers are already providing, is one of the best things employees can do to stabilize their finances and reduce financial stress around retirement. We’ll keep you updated on the latest discussions around 401k plans in the upcoming tax reform bill.
How can a digital and holistic wellness program help you improve the lives of your team members? When employees have 24/7 access to tools and information right in the palm of their hands and employers are getting real-time data, everyone wins. See the other ways digital wellness solutions are changing things for the better.
Why is financial wellness more important than ever? According to Bill Chetney, founder of GRP Advisor Alliance, it’s because 64 percent of workers couldn’t even cover a $1,000 emergency without going into debt. Learn how financial advisors are joining this important conversation.
Your employees want help coping with stress. More than 75 percent of workers in a recent Harris Poll online survey said they consider resiliency programs valuable, but only 25 percent of workers said their employers offer them. Could a stress reduction program work for your people?
People aren’t spending enough time considering their benefits. In fact, according to a recent Prudential study, 23 percent of employees spend less than 30 minutes thinking about the perks offered by their employers. Here are five ways to change that.
Are your employees fighting anxiety? Often overlooked, anxiety can have a major effect on your employees’ stress levels, negatively impacting productivity, health care costs and employee retention. Here’s how you can help.
Are you using the latest HR Tech? Technology is always changing, but some trends were everywhere at the annual HR Tech Conference in Las Vegas. Check out the top 10 HR tech trends.
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