In the Best Money Moves Roundup, we run down the latest news on financial wellness, business milestones and payday advances.
The research is in, and employees want financial wellness programs. A recent Bank of America study found that 91 percent of employees who participate in financial wellness programs say those resources have helped them. Similarly, 95 percent of employers who offer those programs agree that these support systems have been effective in reaching their company’s goals.
Financial wellness programs provide tangible benefits to the businesses that offer them, including greater employee satisfaction, improved productivity, lower turnover rates and potentially lower healthcare costs.
But here’s the problem — less than half of all employees are offered financial wellness plans, and when they are only 31% of those employees participate. Many employees don’t understand how to use — or even find — their programs, desire more personalized help or are too busy to utilize them. Find out how to overcome those issues below.
Here’s How to Increase Participation
What We’re Reading
Financially stressed employees are the new norm. Help Millennials find financial stability to reduce anxiety, take back productivity and lower absenteeism. Here’s how to get started.
Embrace green space in the office. Green space can help reduce mental fatigue to improve productivity and job satisfaction. Financial benefits for employers are an added bonus.
Say hello to “retirement income flooring.” This benefit offers employees an alternate strategy for retirement security that analyzes and addresses retirement needs to reduce stress. What is retirement income flooring?
Free payday advances. New apps allow employees to access their pay more quickly, with one service providing up to half of a prior day’s earnings to workers at no extra cost to them. Is it too good to be true?
Curb lost productivity. Employers say they’re helping to combat workers’ money problems by offering financial education. Here’s how financial literacy can benefit your workplace.
Milestone for women in business. This fall, the University of Southern California will set a new precedent when it enrolls more women than men in its MBA program, the first top-tier business school to reach that mark. What does that mean for other schools?
Get the pay you deserve. Know your worth before going into salary negotiations so you can receive compensation that equals your value. Three things to keep in mind.