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.
How can you use employee data to boost benefits usage, financial wellness, productivity and your overall bottom line?
The proper utilization of employee data can be your company’s most powerful tool to reveal company vulnerabilities – everything from employee financial wellness and retirement plans to underutilized employee talent and time wasting practices; it can help evaluate your hiring and training programs and highlights trends in overall employee productivity. These all translate into the same thing: streamlining time, boosting manpower and saving money for your business.
In today’s data-driven economy, it’s vital that your company understands how to capitalize on its existing (and incoming) employee data. This will allow you to make smarter, more cost effective decisions – about everything.
America Saves Week is coming to a close – but that doesn’t mean that you can’t reap the rewards of good saving behavior. As of December 2017, Americans’ rate of savings dropped to 2.4 percent – its lowest level since 2005. The American Savings Council plans to reverse this downward spiral, starting now. Every day this week (February 26 – March 2) represents a different savings strategy or savings theme that you can adopt.
It doesn’t matter if you’re an expert saver or your savings account looks like the Sahara: Everyone can benefit from free savings advice. And this advice is top-notch.
How can you help your employees boost their financial health? You should use America Saves Week as your impetus to start exploring the answers to this question. Four in five employers are aware that that their company will benefit from a financially secure workforce, yet less than a quarter actually provide that necessary financial wellness program. Here are the first steps.
African American employees feel less financially secure than other employees. Unfortunately, earning more money doesn’t always equal less stress. Forty-five percent of African American workers are making more than $75,000 annually but feel higher levels of financial insecurity and are less prepared for retirement. Here’s more on how employer-provided benefits can make a major difference in financial wellness for the African American community.
Gender inequality is a gap in financial security – it’s not just a pay gap, anymore. American women make approximately 79 cents to the dollar of their male colleagues – and often, less. But, economic inequality means much more than just income. It means being equally economically prepared for retirement, as well. However, research shows that women’s retirement funds are nearly one-third lower, social security benefits are significantly less and life expectancies are higher.
How can older employees improve their financial security in retirement? Turns out, the answer is simple. Working longer – if even for a few more months – makes a much greater impact on your ultimate retirement income than saving more or achieving a higher rate of return on savings.
Can the new tax law help you boost your retirement? The Tax Cuts and Jobs Act of 2017 casts a wide net of changes to current tax law and with that, comes planning. Here are areas you can focus on to reinvigorate those financial New Year’s resolutions that’ll pay dividends for years to come.
Are you confident in your ability to plan for your post-retirement healthcare? Most Americans aren’t. Did you know that women are 80% more likely to be impoverished after 65? Successfully planning for your retirement healthcare comes down to your realistic life expectancy, your personal and family health history as well as your previous, current and future wellness factors.
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