employee benefits Archives

5 Industries That Desperately Need Financial Wellness Solutions

by Tyler Kuligowski | Jul 12, 2018 | Blog

With the pension era over and Social Security projected to be tapped out within two decades, employers in every industry are stepping up efforts to help ease financial stress on employees by providing desperately needed financial wellness solutions.

This is smart: The majority of Americans report that money is a “somewhat or very significant” source of stress, with parents and younger adults reporting high levels of financial stress, according to the American Psychological Association.

The issue is bleeding into the workplace as nearly half of employees report that financial challenges cause the most significant stress in their lives, according to the 2017 Employee Financial Wellness Survey. “Stressed employees are found to be less productive, take more time off to deal with financial matters, are more likely to leave the company for higher compensation, and are more likely to cite health issues caused by financial stress,” the survey reported. This shows “a direct correlation between an employee’s financial well-being and a company’s bottom line.”

That’s why savvy companies are adding and boosting financial wellness benefits as a win-win. Nearly 60 percent of employers are “very likely” to and another third are “moderately likely” to focus on the financial well-being of workers beyond retirement decisions, according to Aon’s 2017 Hot Topics in Retirement and Financial Well-being report. While the subject has been on the radar for several years, more than half of employers say the importance has increased in the last two years.

Here are some fields where adding financial well-being programs can be particularly effective:

Healthcare. These professionals may be struggling with large amounts of debt while juggling nontraditional hours. In some cases, student loan bills can equal or top a mortgage.
Nonprofits. This sector has a bottom line focused on change, so employees may be paid less, grapple with modest resources and be asked to juggle tasks beyond their job description. Meanwhile, many nonprofits constantly seek new and additional funding, which can make the future unstable.
Startups. Building a startup is hot, but keeping them running can be stressful. What’s more, employees may need to figure out stock options and, in some cases, how to properly manage a sudden windfall.
Retail. These workers largely deal with wages lower than $10 an hour and sporadic schedules. With average rental rates nationwide topping $1,200 a month, paying the rent requires significant work.
Manufacturing. This sector’s employers may be stressed about looming automation and the increased need for college degrees. Factories also continue to close nationwide, creating additional concerns.

Dawn Wotapka is a financial writer.

What Are the Latest Trends in Benefits Strategies?

by LizStevens | Jun 6, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news including digitized benefits programs, the best 401(k) plans and tips for retention.

Are your benefits keeping up?

Most employers agree that managing benefits is increasingly complex, which explains the tremendous growth in outsourced technology for HR.

The 5th annual Guardian Workplace Benefits Study found that 8 in 10 employers outsource at least 1 benefits-related function. Roughly 40% of employers plan to expand cloud applications, use a new platform/software, or integrate more functions to their current technology in the next 3 years.

There’s no sign that digitized outsourcing of employee benefits is going to slow down anytime soon. Review your benefits program to make sure it stays competitive as technology continues to transform HR functions.

Digital transformation is critical. Learn about the technological growth reshaping business management. Ready for more?

How does your 401(k) plan measure up? The best 401(k) plans do 5 things to boost employee retirement savings. See if your plan holds up.

Effects of the opioid epidemic on the American labor force. Employers are hit hard with diminished labor forces, compromised productivity and higher healthcare costs. What can you do about it?

Boost employee loyalty. By focusing employee investments you can increase retention and job satisfaction. Read about the three things that matter most.

Make the most of exit interviews. Take advantage of exit interviews to improve retention strategies. Questions to ask.

Keep a great company culture. One of the toughest retention challenges employers face is maintaining a culture that employees want to be a part of. Here are 3 tips to help.

Should you foot the bill? Walmart is the newest company to offer a tuition program for relevant degrees. See how it correlates to retention and engagement.

Set new employees up for success. It’s important to build trust between your team and a new employee. Avoid these 5 pitfalls.

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

Retirement Research Will Blow Your Mind

by LizStevens | May 30, 2018 | Blog

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?

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

Wait Till You See the Results From SHRM’s Employee Benefits Survey

by LizStevens | May 23, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on employee benefits, retirement and workplace legislation.

The Society for Human Resource Management’s annual survey tracks trends in employee benefits. Here are our top 3 takeaways from SHRM’s 2017 report:

Wellness benefits work. Most employers agreed that their wellness program reduced healthcare costs and improved employee health.
Standing desks take the cake. Standing desks have increased 30% over the past 5 years. It is the highest increase of the 300+ benefits included in the survey!
Flexibility is attractive. More flexible work arrangements – like casual dress and telecommuting – were ranked one of the most effective recruiting strategies.

Now is the perfect time to evaluate your current benefits. Do your wellness benefits meet the needs of your employees? Do you have a financial wellness program? No time like the present to take a look at what’s working and what your employees value most.

Employers can now bar worker class-action lawsuits. The U.S. Supreme Court ruled that employers can enforce arbitration agreements signed by workers, even if those accords bar group claims. Read more about the ruling and if it’s relevant to your company.

Could zero-based budgeting work for you? Some companies are switching to a zero-based budgeting approach to sustain a lower cost structure. See if your organization could benefit from ZBB.

ROI for supporting breastfeeding moms. Employers who invested $1 on a supportive environment for breastfeeding mothers saved $3 on average. Find out why it’s worth the investment.

401(k) contributions at a record high. Information reported from the first quarter of 2018 shows just how important 401(k) benefits are to employees. How this record could be attributed to workplace managed accounts.

Amazon’s “Pay to Quit” program. Once a year Amazon offers full-time associates up to $5,000 to leave the company. Why it’s working for them.

Social media use at work lowers retention. It isn’t killing productivity like employers think it is, but instead social media use at work exposes employees to other opportunities which can lower retention. Here are some solutions.

High workplace drug use. Findings from more than 10 million drug tests showed the highest rate of drug use in the workplace in over a decade. See the full results breakdown here.

Benefits of break time. Regular downtime helps employees be more productive and think outside of the box. Find out how it works.

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

Reaching Out With Mental Health Awareness Month

by Nicole Smith | May 2, 2018 | 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.

May is National Mental Health Awareness Month, and it’s a great time to raise awareness of the impact that mental health has on the physical, emotional and overall well-being of your employees.

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?
Email us at: info@bestmoneymoves.com.