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Millennials Want an Employee Benefits Package With This ‘Boring’ Benefit

Millennials Want an Employee Benefits Package With This ‘Boring’ Benefit

by | May 24, 2017 | Blog

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.

Looking to attract young talent? You’d better review your employee benefits package.

A recent survey by the Anthem Life Insurance Company found that one in three millennial workers has turned down a job because it offered less-than-stellar health insurance. Across all age groups, 27 percent of U.S. workers have turned down job offers because of the company’s poor or nonexistent insurance benefits.

Despite generational stereotypes, not all millennials are looking for a foosball table, office keg or lunchtime volleyball league. The employee benefits they want are much more practical.

In addition to healthcare and dental insurance, many older millennials say they want disability insurance.

Are your company’s employee benefits up to snuff?

More than half of Americans don’t count saving for retirement among their long-term financial goals. Unsurprisingly, one-third are also worried they won’t have enough saved to retire when they want to. Why aren’t your employees saving?

Your employees want financial stability. When asked whether they’d prefer economic mobility or financial stability, 92 percent of workers say they want stability. Employers can help them get there.

Does your company have a policy for grieving employees? Does the office send flowers? How long is the standard bereavement leave? Here’s how some HR pros handle these delicate situations.

Loan defaults make already-difficult financial situations worse and hurt employees’ retirement preparedness. Can employers help protect workers’ retirement savings?

Your employees are more likely to leave than you think. A study by staffing company Robert Half found that 42 percent of workers say they’re somewhat or very likely to look for a new job in the next 12 months.

Setting aside money for the future can be hard – really hard. It turns out that our brains are hardwired against savings behaviors. Behavioral economists offer five tips you can pass on to help your employees save more.

Too many workers don’t take advantage of their employee benefits packages, and they could be missing out on thousands of dollars. Make sure your employees use these seven benefits.

Young employees save more than past generations, but many aren’t saving for retirement. Instead, they’re focusing on “financial freedom.” What does that mean for their golden years?

 

Have something to add? Email info@bestmoneymoves.com.

Retirement Planning: What Employees Don’t Know Could Hurt Them

Retirement Planning: What Employees Don’t Know Could Hurt Them

by | May 17, 2017 | Blog

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 much do your employees (or you, for that matter) know about retirement planning?

Probably not as much as you think.

According to Fidelity Investments’ Retirement IQ survey, most American employees struggle to understand basic retirement planning concepts. For example, two-thirds of respondents significantly underestimated how much money they’ll need to fund their retirement years, setting themselves up for significant financial stress.

Overall, the average grade on the retirement survey was only 30 percent – an F.

But employers can help their employees understand and improve their retirement planning. The authors of the survey suggest that financial education – particularly in the workplace – is a great step toward reducing retirement planning stress.

Which retirement concepts are confusing your employees?

Your older workers are sticking around longer to pay for retirement. The number of workers ages 65 and older in the workforce is at its highest level since 1962 because many lack the savings they need to retire.

Offering financial wellness benefits doesn’t help employees if they never use them. So how can you get them to take advantage of the benefits you offer? Learn five ways to encourage enrollment.

Not every money move is a good one, and some can come back to haunt you. Here’s how to help your employees avoid three big financial mistakes.

Should you review your employees’ company emails? If you suspect your employee is using their company email, computer or other resources for personal business, you’ll want to find evidence of this misuse. Know when you can (and can’t) monitor employees’ emails.

Nothing lowers employee engagement and feeds unhappiness like a bad company culture. Don’t let your managers make these eight morale-killing mistakes.

Millennials are now the biggest segment of the workforce, but they approach work differently than previous generations. Check out three ways to engage your young employees.

Benefits brokers are looking at company culture as a new employee benefit. Culture is essential for employee retention, and brokers see this as an opportunity to offer more benefits services.

Which has a better ROI: student loan repayment or employee training programs? Some argue that employers won’t see as much return from paying off loans as they will from teaching employees new skills, but it all depends on the demographics of your office.

Dental insurance is just as important as basic health insurance to many employees. Many smaller businesses don’t offer dental plans, but 70 percent of employees say this benefit is essential for deciding whether they take a job.

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

5 Ways the AHCA Could Change Healthcare Benefits for Employees

5 Ways the AHCA Could Change Healthcare Benefits for Employees

by | May 10, 2017 | Blog

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.

Healthcare benefits for employees could look very different very soon, and the anticipation has many benefits pros wringing their hands. Last week, the House of Representatives passed the GOP’s American Health Care Act. Now it’s headed to the Senate, where the bill is likely to face heated debate.

The AHCA is a big step toward fulfilling Republicans’ longstanding promise to repeal and replace the Affordable Care Act. Among its other provisions, the AHCA would remove the ACA’s mandate that employers provide healthcare benefits for employees.

These are the top five ways the American Health Care Act could impact the healthcare benefits your company provides to employees.

An increasing number of employers now offer financial education to employees, but does it work? The International Foundation of Employee Benefits conducted and in-depth study of workplace financial education initiatives and the effect they have on workers. How does your company’s plan stack up?

Employee wellness programs are highly regulated and employers are always working hard to ensure their companies are in compliance with the law. Need a quick refresher on the rules? Here’s what you can (and can’t) do with your company’s employee wellness program.

Financial stress distracts employees from the task at hand. That distraction can turn deadly for servicemembers working in conflict zones. Here’s why military members are so vulnerable to financial stress.

Can your company’s office improve employee wellness? “Wellness architecture” – designing workspaces with health and productivity in mind – is changing the way Americans work. Learn how to upgrade your space.

How much will millennials need for retirement? The number is higher than you think: Experts place it between $1.8 and $2.5 million (though of course it’s different for everyone). Why will your young employees need that much?

Employee error is the most common cause of corporate data breaches, and those employees are probably making the same mistakes with their personal data. Help protect them from identity theft in and out of the workplace.

Is your budget preventing you from investing in benefits technology? A new study found many employers let the price tag keep them from adopting more efficient, streamlined systems. Learn why the companies that adopt HR tech really seem to like it.

It’s never too early to start saving for retirement. Even though they’re not yet part of the full-time workforce, many Gen Z-ers under the age of 18 are already putting money away to set themselves up for a secure retirement.

You don’t want your employees to leave and work for a competitor, but how can you get them to stay? With a proactive focus on employee engagement.

 

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Debt Stress Kills Employee Engagement. But You Can Fix It.

Debt Stress Kills Employee Engagement. But You Can Fix It.

by | May 3, 2017 | Blog

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.

Debt is one of the biggest sources of employee financial stress and when workers are stressing out over their latest credit card bill, you can bet employee engagement in the office will suffer.

In a consumption-oriented society that values the instant gratification of a big purchase and encourages us to go into debt to live the “good life,” it’s no wonder employees are struggling.

That’s where employers can step in. Teaching basic money management and savings strategies helps them dial down their financial stress and focus on other things — like their jobs.

Here’s how reducing debt-related stress can improve employee engagement at work.

Financial stress has additional consequences for women. A new study by the Institute for Behavioral Medicine Research at The Ohio State University Wexner Medical Center found that pregnant women who faced higher levels of financial stress were more likely to have a baby with a low birth weight – which often brings additional medical issues and stressful medical bills.

What drives employee retention? Good leaders. But how can you tell if the leaders in your company are helping or hurting your effort to hang onto your best employees? Look for these 10 red flags.

Spring cleaning applies to your finances, too. But many Millennial employees struggle with basic financial practices. Are your employees asking these questions about budgeting?

You just found out your new hire stole trade secrets from their last employer. Now what? Read on for three tips to avoid this situation from the outset and four steps to take when you discover the theft.

LinkedIn is a great resource in the search for new hires. These profiles are like digital resumes, but they can also drop hints that a candidate isn’t right for you. 10 LinkedIn red flags to avoid.

Flexible scheduling is a hot employee benefit this year, but many employees feel that taking advantage of it makes them look lazy. Ending the flexible scheduling stigma.

Companies benefit from having a financially secure workforce. A survey of financial industry CEOs found 82 percent think a financially secure workforce helps their bottom line. Why financial wellness is key to employee retention.

Only about 30 percent of employees are engaged at work, which means a stunning 70 percent are disengaged. What can you do to help employees find meaning in their jobs and re-engage? 15 actionable ways to make work more meaningful.

The pain of getting fired can follow you for a long time. In fact, the heartbreak that comes with losing a job may be worse than divorce. Why pain and stress follow fired employees.

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

The Opioid Epidemic: How Employers Can Help

The Opioid Epidemic: How Employers Can Help

by | Apr 26, 2017 | Blog

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.

As lawmakers battle over how to fight America’s opioid epidemic, employers are struggling to help their employees in this battle, as well.

About 70 percent of employers surveyed by the National Safety Council said that prescription narcotics have impacted their business.

Employers’ standard health and wellness programs are often unequipped to handle this particular health crisis which, according to the Department of Health and Human Services, claims an average of 78 lives in opioid-related overdoses per day.

Read on for five steps employers can take to fight opioid abuse among employees.

Financial Literacy Month is drawing to an end, but employers can offer financial education to help employees manage their money year-round. Four ways to help reduce financial stress.

Millennials’ financial stress is decreasing and is now more in line with their Gen-X colleagues, according to Pricewaterhouse Coopers’ 2017 Employee Financial Wellness Survey. However, these employees face new financial responsibilities and stressors. Millennials’ newfound financial maturity.

But that doesn’t mean Millennials are satisfied with their financial situation. A study by FiServ found only 20 percent are satisfied with their financial health, compared to 36 percent of the overall population.

Wishing for a shorter work day? It could save your company money. An experiment in the Swedish city of Gothenburg found long-term savings from a shorter work day included decreased healthcare costs and fewer sick days used.

What keeps you awake at night? If your financial situation is costing you precious hours of sleep, you’re not alone. A new study found that “financial insomnia” is at its highest rate since the Great Recession. Which financial issues are the biggest causes of financial insomnia?

Your competitors are trying to steal your best workers. CNBC reports that 68 percent of high-performance employees are contacted about new job opportunities at least once a month. What can you do to keep your best people from leaving?

Your employees’ healthcare data is a valuable target for hackers. But your employees themselves may be the biggest obstacle to keeping their own information secure. Learn how you can protect employees from themselves.

Relocating for work can come with a lot of additional expenses and tax headaches for your workers. Helping your employees sort through these financial issues early on will save your HR department from headaches down the road.

Workplace flexibility is all the rage. A new study found that 76 percent of companies offer some sort of alternative work arrangement, whether it’s a work-from-home program or flexible scheduling.

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Why Millennials’ Financial Health is Stressing Them Out

Why Millennials’ Financial Health is Stressing Them Out

by | Apr 26, 2017 | Blog

Millennials are less satisfied with their overall financial health and face more financial stress than other generations, a new study found.

Only 20 percent of Millennials are satisfied with their financial health, according to financial services technology company Fiserv’s Expectations and Experiences Survey.

That’s significantly lower than the overall population, in which 36 percent of people are satisfied with their financial health.

Some of Millennials’ financial stress comes from the economic environment that was in place when they first entered the workforce, while other aspects stem from financial concerns previous generations didn’t face, said Matt Wilcox, senior vice president of marketing and strategy innovation at Fiserv.

“I think when you think about this financial crisis in ‘07, ‘08 [and] ‘09, that was during a time where a lot of the Millennials were in school or getting out of school,” Wilcox said. “I think that created an unease in the marketplace for them.”

This makes Millennial consumers less likely to make big purchases and go into debt, although they’re already carrying significant debt, Wilcox noted.

“Student loans are a big component [of their financial lives],” he said. “I think they’re starting in a bit of a hole, whereas other generations didn’t have that concern. It’s not necessarily that they don’t know how to manage their finances, as it is they’re starting from a negative perspective.”

Still, the overall population isn’t doing so great when it comes to financial health. If 36 percent are satisfied with the state of their finances, that means 64 percent – almost two-thirds – aren’t.

Fiserv also found that 39 percent of people surveyed would have trouble coming up with the cash to pay back a $500 loan today. If they got an unexpected $1,000 windfall, almost half (47 percent) would use it to repay a debt.

So what can be done to reduce these feelings of financial stress and insecurity?

“In my opinion it’s about more education,” Wilcox said. “The mindset is, if they get a check for $500 then they have $500 to spend and they don’t understand that that has to last for, say, two weeks.”

“They just haven’t had that core [financial literacy] foundation,” he added. “I think you’re gonna see more and more financial literacy programs and required courses take shape at the junior high, high school and college level. We’re all better off if we have a better understanding of how to manage our finances.”