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4 Modern Office Design Trends to Watch

4 Modern Office Design Trends to Watch

by | Mar 12, 2019 | Blog

4 Modern Office Design Trends to Watch in 2019. The future of office design will focus on sustainability, incorporating artificial intelligence and mobilizing the global workforce.

The digital revolution is changing the priorities of office design.

Forget the long-fought battle between the open office and the cubicle. The future of office design will focus on sustainability, incorporating artificial intelligence and mobilizing a global workforce, according to Future Offices.  

Artificial Intelligence is the Top Office Design Trend

Artificial intelligence (AI) can enable improved modeling capabilities and optimize building construction, but it will also change the goals of office design. Offices will increasingly need virtual technology, like touchscreens and other interfaces, to facilitate human/bot interactions as workers across all industries and functions start to work closely with artificial intelligence each day.

Ambient Technology in Office Design Trends

AI-powered ambient intelligence will be used to identify where employees are in the office, what they’re working on, and then adapt to their needs. Future Offices uses this example to explain: “If a person is working on a complex task, the system will automatically adjust the lighting and temperature to promote deep concentration. If a lively meeting is going on, the room will adjust its settings to promote alertness.”

Ambient intelligence has benefits well beyond productivity and wellness. In potentially hazardous workspaces, like factories and hospitals, it could identify workers who violate safety rules or are at risk for injury and alert them.

How Office Design Will Support Globalized Workforce

The rise of wireless devices, shared interfaces, and collaborative software means the traditional conference room has become obsolete. Coupled with the rise of flexible work arrangements and remote work options, offices will require less space in general. Workers will transition in and out of the physical office and workspaces will need to have the agility to accommodate them.

Sustainable Office Design Trends

Environmentally friendly office design is good for business. It’s a potential differentiator when it comes to winning the war for talent and eco-friendly choices such as natural lighting, Biophilia, and non-toxic building materials have been scientifically proven to increase worker productivity. Energy efficient savings add up in business, between 2015 and 2018, LEED-certified buildings in the U.S. are estimated to have $1.2 billion in energy savings.

Filings for green construction related patents (i.e. renewable energy sources, “green” lighting, energy efficient HVAC systems) have tripled over the past decade and are expected to become the norm by 2030.

More on Office Trends:

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How Bad Is the Student Loan Crisis?

How Bad Is the Student Loan Crisis?

by | Mar 5, 2019 | Blog

How bad is the student loan crisis? Student loan assistance is becoming a popular employee benefit for employers who want to help workers reduce financial stress from student loan debt. 

Over 70 percent of Millennials say they’ve delayed decisions like buying a home or having children because of their student loan debt, according to a recent survey by Bankrate.

“There’s a huge toll being taken on individuals and the U.S. economy from the growing burden of student loan debt,” said Bankrate’s Senior Economic Analyst Mark Hamrick. “For the huge slice of the American population with debt, it is necessary to juggle competing goals including saving for emergencies and retirement as well as major life decisions.”

Student Loan Debt Regret

Nearly 80 percent of Millennials would have approached their college finances differently in hindsight. More than half of Millennials would have applied for more scholarships than they did. Others would have attended a cheaper university, opted for community college or trade school, or majored in a different field.

“Many families are now striking out to investigate college campuses as they begin studies this fall,” said Hamrick. “For those prospective students and their families, many of who will help them to pay for their secondary education, we’d urge them to investigate all possible options for financial aid including scholarships to limit their borrowing.” He goes on to suggest: “Their options also include attending a lower-cost school such as those in-state as well as more economical trade schools and community colleges.”

Families can help children approaching college make better decisions about student loans now, but what about the Americans splitting the $1.5 trillion in student loan debt the U.S. has already generated who aren’t meeting milestones or saving for retirement?

Employee Student Loan Assistance 

Employers are coming up with solutions to help employees pay down student loan debt and get back on track with saving for retirement. Some companies are allowing workers to transfer up to five days of paid time off for payments against student loan debt. Other programs offer student loan refinancing or allow employers to match employee 401(k) contributions with student loan repayments.  

Lawmakers are working to expand existing legislation that allows companies to offer up to $5,250 in tax-free tuition reimbursements to include $5,250 in tax-free student debt relief for workers in an attempt to further motivate employers to offer student loan assistance benefits.

Student loan debt assistance is still a new benefits offering, but it’s developing rapidly to meet the need to address the $1.5 trillion issue that’s stressing Americans out and keeping them from financial security.

More on Employee Student Loan Debt:

Employee Student Loan Debt: 10 Things You Need To Know, Part One

Employee Student Loan Debt: 10 Things You Need To Know, Part Two

Student Debt Financial Stress Haunts Millennials and Older Workers, Too

What Tops Financial Stress for Employees?

The Student Debt Crisis is Growing and Affecting Your Workforce. What Can You Do?

2 Simple Strategies to Improve Office Culture

2 Simple Strategies to Improve Office Culture

by | Feb 26, 2019 | Blog

2 simple strategies to improve office culture. Poor company culture is one of the main reasons employees look for new job opportunities. Improve workplace culture and boost job satisfaction and retention in the process.

8 in 10 employees are likely to search for a new job after just one bad day at work, according to a study by Addison Group, a professional services and staffing firm.

Over 80 percent of workers say poor office culture is the main reason they would look for new job opportunities.

“With the job market being as competitive as it is, those who are currently employed know they can go elsewhere to find something better if they aren’t happy with their current situation,” said Tom Moran, CEO of Addison Group.

“We all have our good and bad days, but what employers can control is how they are treating and interacting with employees, how much they’re investing in their career progression plans, and how they are choosing to accurately match their salary and benefits packages to mirror what their employees want.”

Where Do Office Culture Problems Start?

Research by PwC identified the tones set by the executive team and middle management as the primary drivers of poor workplace cultures. More than 60 percent of directors use gut feelings to evaluate company culture, but only 30 percent of directors believe it to be a useful approach. Hearing from employees through employee engagement survey results, exit interview debriefs, or 360-degree feedback results for executives are the most useful metrics for evaluating office culture.

2 Strategies to Improve Office Culture

Consider Office Culture Fit When Hiring

When new employees are hired there’s an inevitable shift in the company culture as everyone adjusts. Certain personalities work well together and others simply don’t. It’s impossible to determine with certainty whether or not a new hire will be a good fit, but there are a few ways employers can evaluate candidates during the interview process. For example, by including questions for them from the team, or by having candidates spend a few minutes conversing with their potential workers as a part of their interview, employers can get a snapshot of how they might interact on the job.

Limit Focus on Short-Term Results

Excessive focus on short-term performance and hitting performance targets in compensations plans can contribute to poor company culture, according to PwC. Employees can feel pressured and overwhelmed when there’s an excessive focus on short-term performance, lowering their job satisfaction, risking burnout, and potentially causing them to look for other job opportunities. Short-term results are valuable, but zooming out a bit might be a better strategy if it means improving long-term retention.

More on Improving Office Culture:

10 Easy Ways to Improve Your Office Culture

You Need to Focus on Improving Retention. Here’s How:

Is Rehiring a Former Employee a Good Idea?

How to Improve Gender Diversity in the Workplace

How to Make Traditional Work Better for Freelancers

How Can Financial Wellness Be Improved?

How Can Financial Wellness Be Improved?

by | Feb 19, 2019 | Blog

How can financial wellness be improved? Overspending and credit card debt is pulling employees further away from building savings and financial security.

Financial stress is getting worse, making financial wellness programs a critical benefit offering for employers.

74 million Americans have more credit card debt than emergency savings, according to a new survey by Bankrate. “Consumers should make hay while the sun shines. Now is the time – with unemployment low and wages rising – to right-size the equation by paying off high-cost credit card debt and adding to emergency savings. Sadly, it looks like we’re collectively moving in the wrong direction,” says Greg McBride, Chief Financial Analyst for Bankrate. “The sharp deterioration in the relationship between credit card debt and emergency savings is an ominous indicator of the financial health among American households.”

Overspending is a Barrier to Financial Wellness

A ValuePenguin survey found more than two-thirds of Americans overspend by at least $100 each month and close to 60 percent admit that they don’t (or can’t) pay off their full credit card bill each month. More than 40 percent of Americans have credit card debt over $2,000.

Americans overspend most on food, online shopping, clothing, social events, and alcohol. A separate Bankrate survey found Americans spend an average of $2,944 each year on financial vices like takeout, drinks, and lottery tickets. The typical American buys restaurant or takeout food at least two times a week and close to 40 percent dine out at least three times a week.

Late Payments Impede Financial Wellness

7 million Americans are 90 days or more behind on auto loan payments, a new record reported by the Federal Reserve Bank of New York. “The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market,” economists wrote in a blog post for the Federal Reserve Bank of New York.

Late payments are often associated with late fees and growing unpaid interest, making it all the more difficult for an individual to catch up once they’ve fallen behind.

How Can Financial Wellness Be Improved?

The good news is, Americans want to improve their financial wellness. Nearly 90 percent of Americans are actively trying to decrease their debt, according to ValuePenguin.

McBride recommends Americans, “come up with a realistic plan for paying off the amount owed [on high-interest credit cards] during the interest-free period.” It sounds simple enough, but the reality is almost 60 percent of Americans find tracking and budgeting expenses to be more stressful than activities like opening a new savings account or trying a new work out.

Financial wellness programs, like Best Money Moves, provide the guidance, tools, and support Americans need to reduce their financial stress.

More on Financial Wellness:

How Do Employees Pay for Unexpected Expenses?

What Tops Financial Stress for Employees?

Which Basic Need Are Your Employees Struggling to Afford?

What Percentage of Americans Spend More Than They Earn?

Reduce Financial Stress with This Type of Insurance

Financial Wellness Research Warrants Worry

Buyers Remorse: Is It a Bargain or a Bad Idea?

First Look at the Future of Financial Wellness

Reduce Financial Stress with This Type of Insurance

Reduce Financial Stress with This Type of Insurance

by | Feb 12, 2019 | Blog

Reduce financial stress with this type of insurance. Research by Life Happens shows most Americans with life insurance experience less financial stress knowing their family is financially protected.

Americans say feeling financially secure adds the most meaning to their lives, even more than being in love or owning a home, according to recent research by Life Happens, a nonprofit organization dedicated to educating the public about important insurance planning topics like disability, long-term care, and life insurance.

Almost 80 percent of Americans agree that preparing financially for life’s unknowns is a way to show loved ones that you care and more than 60 percent of Americans think that having life insurance is the key to taking care of their family financially.

How Life Insurance Reduces Financial Stress

“Let’s look at the example of the government shutdown,” says Marv Feldman, CEO of Life Happens. “All of a sudden we’re seeing government employees who can’t afford to go to the grocery store or go to the doctor because they missed one or two paychecks. What if one person is gone forever? How do they replace that paycheck? Through life insurance. It brings to the forefront that people need to plan for these types of events when the payroll disappears.”

Reducing financial stress is a top priority for close to 80 percent of Americans. Nearly 70 percent of Americans with life insurance say they are less financially stressed. More than 60 percent of people with life insurance say they’re able to enjoy life more knowing their loved ones are financially protected with life insurance.

How Employer-Sponsored Life Insurance Can Reduce Financial Stress

“One of the things we saw after the recession in 2008 was many companies were so financially stressed that they started cutting their benefits. Some companies even eliminated group term life insurance. For those same employees to go out into the marketplace and replace those benefits is much more expensive than what they could get from an employer’s plan,” says Feldman. “It’s really important for individuals to work with HR departments and maximize their benefits, and determine how they can enhance what they replaced or lost.”

Employers who offer life insurance know their employees are getting coverage at a lower cost than if they were to seek coverage on their own. Money that would have been spent on life insurance can then go towards paying down debt or saving for emergencies or retirement, lessening their overall financial stress.

How Employers Can Communicate Value of Life Insurance

“Employers, in general, do a very poor job of communicating the value of the benefits employees receive from the company that they don’t pay for,” says Feldman. He says it’s important to communicate that cost comparison so employees know what they’re getting. “An example would be if you go to a Hyatt or a Marriott and used to get free parking, now it could cost up to $50 per day. A lot of employers pay for parking which adds up to a significant benefit.”

Total compensation statements are annual statements that list an employee’s compensation as well as their benefits and those employer costs. It might make sense to include with benefits offerings a market cost comparison of organizational costs versus individual costs to underscore how much an employee can save by participating in a group plan.

Hiring Employees with Criminal Backgrounds: What You Need to Know

Hiring Employees with Criminal Backgrounds: What You Need to Know

by | Feb 6, 2019 | Blog

Hiring employees with criminal backgrounds: what you need to know. More than 650,000 people are released from prison each year and companies are committing to changing recruiting practices to include opportunities for those with criminal backgrounds.

The Society for Human Resource Management (SHRM) recently launched Getting Talent Back to Work, a national pledge for business leaders to commit to giving opportunities to qualified people with criminal backgrounds. It follows January’s passing of the First Step Act, which improves rehabilitation and re-entry opportunities for the more than 650,000 people released from prison each year.

“This is a group we, as business leaders, cannot afford to overlook as 1 in 3 adults in the United States currently has a criminal background,” said Johnny C. Taylor Jr., CEO of SHRM. “Not only is it the right thing to do—to give a deserving person a second chance—but it is becoming imperative as businesses continue to experience recruiting difficulty at an alarming rate.”

More than 80 percent of hiring managers indicated workers with a criminal background are a high-quality hire equal to or even more effective than those without a criminal history, according to research by SHRM and the Charles Koch Institute. More than 70 percent of those same hiring managers found extreme value hiring those with a criminal background because of diminished costs associated with hiring from within that population, as well as mitigating risk to effective operations.

Hiring managers are able to see beyond the organizational benefits of hiring people with a criminal background and point out larger societal benefits, like the opportunity to improve the community around them and the intrinsic value of giving people second chances at employment.

Associations and companies representing more than 60 percent of the U.S. workforce have already joined SHRM in taking the Getting Talent Back to Work pledge. Competition for talent is tight and employers can’t afford to overlook a third of the population because they have criminal backgrounds. A strong recruiting process will ensure only the most qualified candidates from a truly diverse pool, regardless of background, are considered for open positions.

“Our nation just took a major first step toward helping people who want an opportunity to transform their lives—now we’re pledging to take the next step,” said Mark Holden, senior vice president and general counsel of Koch Industries. “Koch is incredibly proud to offer second chances to qualified people with a criminal record and now, thanks to SHRM, more businesses will have the tools needed to hire these individuals. By taking this next step, we can create stronger families, a more robust workforce, and safer communities for all.”