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 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.
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.
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.
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 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?
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.
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.
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
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