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.
Are you looking to improve employee retention and overall employee and workforce wellbeing? Try identifying subtle gender inequities in your workforce.
Nearly 50 percent of women in science, technology, engineering or math (STEM) industries have experienced gender discrimination at work, according to a nationally representative Pew Research Center survey with an oversample of people working in STEM jobs. These findings come amid heightened public debate about underrepresentation and treatment of women – as well as racial and ethnic minorities – in the fast-growing technology industry and decades of concern about how best to promote diversity and inclusion in the STEM workforce.
In the workplace, perceived inequities (being denied promotions, earning less than their male counterparts, being treated as though they are incompetent, receiving less support from senior leaders), are especially common among women in STEM fields who work mostly with men. Women in this field are much more likely to have experienced discrimination at work, which reduces overall employee and workforce wellbeing.
The study found that discrimination and sexual harassment are seen as more frequent, and gender is perceived as more of an impediment than an advantage to career success in STEM industries. Not to mention what it does for your employee retention rates.
Financial literacy in schools helps get students on the road to financial wellness. Millennials in large numbers complain that they have financial stress and are woefully unprepared for the financial realities of life. Education secretary Betsy DeVos formally declared that financial literacy is #4 out of her department’s top 11 priorities. If financial literacy standards are adopted, it should help your future employee feel less financial stress. (Watch for Best Money Moves’ latest white paper on overall college students’ financial stress, to be released later this quarter.) Financial wellness is high priority.
Financial resolutions can be made all year long! Money is always top of the mind when New Years comes along, but you don’t have to wait another 12 months to begin that process towards your financial goals. Studies show that people with a financial plan are three times more likely to be confident in their retirement goals than those who don’t. New Year’s Financial Resolutions.
Is financial stress making your employees sick? Over 500 employers were asked to select the top medical conditions that keep company healthcare costs high. Seven of the top ten health problems listed are exacerbated by financial stress. We’ve collected the top health issues caused by financial stress and different ways you can help. Help your employees reduce financial stress.
Is your small business ready for 2018? Tax reform, ACA, paid leave, I-9 scrutiny… there are so many regulatory changes this year it’s hard to keep track. But, it’s important that you and your small business are up to date and knowledgeable on all updates, changes and possible issues that are waiting in the wings. Navigate the small business regulatory landscape with confidence.
Will medical marijuana be covered in your benefits plan? As openness to alternative medication grows, so does the possibility of it being prescribed to your employees. Company safety concerns and compliance issues need to be addressed – and internal regulations created – before laws change, in order for you to be prepared. Medical marijuana – are you ready for it?
Does your company offer healthcare coverage? After removing the requirement for individuals to have health insurance, Republicans in Congress are taking aim at the Affordable Care Act’s mandate that employers offer coverage to their employees. Here’s what you need to know.
Did you know? Filling your tax returns ASAP can help prevent identity theft. A common form of identity theft involves criminals filing phony returns using your social security number. But, the IRS can only accept one tax return for each individual. File your taxes before the criminals do it first.
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