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.
About one in 5 employees in the U.S. has a mental illness, but hasn’t disclosed the information to their employer, according to Employee Benefits News. The stigma attached to mental health issues in this country means employees are afraid to talk about this particular aspect of their health. The problem is, the mental health of your employees doesn’t just affect their personal lives, it significantly impacts their workplace experience, and that of your other employees.
What can you do? Start by providing your HR team with the resources they need to help them handle mental health issues in the workplace and provide your employees with the necessary resources to teach them how to prevent – and handle – life’s stressors (especially financial stress) that are most commonly linked to mental health issues. Remind your employees what steps they can take if they need to reach out for help. A healthy workforce is a happy workforce – show your employees you care.
This week is Small Business Week. Led by the Small Business Administration, from April 30 – May 5, outstanding small business owners and entrepreneurs throughout the country will be recognized during livestreamed ceremonies (you can follow along on social media via @sba.gov and #smallbusinessweek). These national events culminate on Friday, May 4 with a Twitter chat about tips for starting and growing a small business.
Your employees may not be as financially competent as they think. In honor of April’s Financial Literacy Month, First National Bank of Omaha released the results of its 2018 Financial Literacy and Lifestyle Survey. While 93 percent of respondents considered themselves financially literate, nearly 50 percent don’t regularly contribute to a 401(k) and 75 percent don’t stick to a budget. Your employees are struggling with their financial wellness and may not even know it.
Students struggle with medical debt – and are bringing their financial stress into the workplace. The University of Washington studied its student population and found troubling statistics. Nearly 15 percent of students carried medical debt and almost 40 percent delayed necessary healthcare because of related costs. Some Universities are beginning to offer free student financial wellness workshops. How can HR be prepared for this coming influx of indebted, entry-level employees?
Which HR tech trends are gaining traction this year? HR needs to stay on top of the latest tech trends in order to attract top talent and stay competitive in the marketplace. Watch for blockchain technology, gamification and continuous performance management tools to streamline HR operations management in a major way. Which of these trending technologies will your company use?
Don’t offer a 401(k)? Help your employees explore other options. Employees with access to a work-sponsored retirement plan are 15 times more likely to save for their golden years. But for those without, the cost of starting to save later in life versus early on is significant. And when people approach retirement without enough savings, they face the financial stress and uncertainty of outliving their money – stress and uncertainty that will impact their place of work, as well.
A Millennial’s dream come true? Their reputation as “job hoppers” precedes them and, it’s forcing employers to become more creative in order to attract and retain the millennial employee. Software-maker Qualtrics offers this over-the-top company perk: in 2018, they started providing each employee with $1,500 to spend on an experience they “wouldn’t normally be able to have,” allowing some employees to swim with sharks, ski the alps and trek the Great Wall of China.
Are you in need of 5 important guidelines to increase your HR Values? Human Resources has grown from its traditional role of hiring and retaining top talent to a much more strategic one: HR is now a significant part of an organization’s overall processes including corporate culture, employee engagement, performance evaluation and operational efficiency.
Have something to add? Do you have any questions, comments or concerns?
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