In the Best Money Moves Roundup, we run down the latest news on retirement, student loan debt assistance, and retention.
Will your employees be ready for retirement?
The Federal Reserve’s recently published report shows some improvement in the economic well-being of U.S. households, but it also highlights some startling concerns. More than 60% of Americans are not on track with retirement savings. Nearly 25% skipped necessary medical care because they couldn’t afford the cost. These findings echo results from an NHP survey finding that almost 75% of Baby Boomers are delaying retirement due to unforeseen medical expenses.
What can you do about it?
Ensure that your employees fully understand any and all healthcare or retirement benefits you offer. Giving them access to an agent they can direct their questions to is helpful, but it would be even more beneficial to have company meetings with an agent to address any concerns and go over any changes in plans offered. This will alleviate some of their financial stress and in turn make for a more productive office.
Employers helping with student loan debt. Hundreds of companies are starting to offer student loan assistance benefits to lure new talent and address this $1.5 trillion national concern. Learn more about this developing trend.
Personalized support boosts retention. Employees want more than a paycheck and a benefits package, they want support from their employer that makes them feel cared for as an individual. Find what works for your employees.
Financial incentives for healthy employees. Many organizations offer financial incentives for employees who voluntarily sign up for fitness challenges because being physically active reduces absences and medical costs. Four ways to make fitness incentives work.
The untapped talent market that’s shaking up recruitment. There are 3-7 million potential employees from underserved communities that are likely to stay with a company twice as long as Millennials. Here’s the research that backs it up.
How do your employees feel about the office aesthetic? Employees who have control over the design and layout of their workspace are healthier, happier and most importantly – more productive. Give employees an office they want to be in without breaking the bank.
Are you recruiting on Facebook? LinkedIn is a great social media platform for recruiting, but Facebook might be even better. How it can be an effective strategy.
Should you give your employees cash to quit smoking? Smokers cost employers $3,000-$6,000 more per year than a non-smoker. Why it might be less costly to pay them to quit.
IRS changes 2019 HSA contribution limits. With growing concern over the costs of healthcare the IRS raised contribution levels to HSAs for 2019. What does this mean for you?
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