employee retention Archives

Should Employers Require Unconscious Bias Training for Employees?

by Emily Pfund | Jan 11, 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 many HR professionals work toward building more inclusive and diverse workplaces, accounting and consulting firm Pricewaterhouse Coopers has announced it will mandate unconscious bias training for all of its employees. The move, initiated by Chairman Tim Ryan, came as a response to news coverage of the deaths of black men shot by police and the ensuing discussions about race.

The program will be developed by a leading researcher on unconscious bias from Harvard University to help employees understand how split-second decisions can impact their coworkers and how members of other racial or gender groups may perceive situations differently. Here’s how the company hopes the program will change its workforce.

What matters more to employees: promotions or raises? According to an October 2016 study, about two-thirds of employees (63 percent) say they would rather get a promotion with no salary increase than stay in the same position but get a raise. Here’s why.

Are managers in your company keeping secrets? A study conducted late last year found that 64 percent of employees think their leadership isn’t being completely transparent with them and many feel increased transparency would help boost their productivity. Learn how keeping secrets can slow your workforce down.

While real estate prices may stabilize slightly in 2017, housing costs are still one of the biggest sources of financial stress employees face. Employers can take small steps to help employees reduce this stress.

Say goodbye to the nine-to-five and the commute. As employers search for new perks to offer new hires, “flexible” jobs – jobs that offer flexible hours or the option to work from home – are becoming more common. But sometimes flexibility needs a more formal policy behind it.

January is a great time to think about wellness, but companies should keep this focus year-round. From tax time to back-to-school season, there are a myriad of things in and outside the workplace that can drag your team down. Watch out for and address these year-round stressors.

Company restructuring can be rough on employee retention. The stress and uncertainty of the transition can easily drive your top talent away in search of a more stable work environment. These nine strategies will encourage employees to stick around through the changes.

More companies are taking a holistic approach to employee wellness. These programs now add financial components to existing physical and emotional wellness initiatives, add technology for easier access and focus on better HR communications to increase awareness and participation.

The healthcare industry faces a lot of uncertainty in 2017 – particularly regarding the future of the Affordable Care Act – and that uncertainty is strongly felt by women. Here’s what the next year could mean for women’s healthcare in the workplace.

Heightened media attention regarding mental health issues is leading some employers to reexamine how they handle mental health issues in the workplace. Keep these three things in mind when evaluating your company’s mental health policies.

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.

How to Help Your Employees During Financial Wellness Month

by Emily Pfund | Jan 4, 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.

The holidays are over, and everyone is now heading back to work. January is typically the time for New Year’s resolutions, which means many people are looking for ways to eat healthier and exercise more.

But it’s also National Financial Wellness Month, a time to focus on the health of your finances and reevaluate your spending and saving strategies.

One of the most common financial wellness benefits offered by employers is a 401(k) plan, which encourages employees to plan for their financial stability in retirement. These nine 401(k) financial wellness best practices can help your employees better understand their retirement plans, reduce their stress and worries surrounding retirement and help them plan more effectively for the future.

When it comes to communication about employee benefits, Millennials overwhelmingly prefer in-person conversations, but the majority of benefit program managers favor email as their way to communicate with employees. Learn more about the best way to communicate with your employees about benefits.

A French court last week ruled that employees have the legal right to ignore work emails outside of their normal working hours. Union organizers say the ruling will help improve employee health and reduce stress and burnout. Learn more about how the ruling will impact employees and employers.

What’s your employees’ biggest cause of financial stress? GoBankingRates did a survey to identify the biggest sources of financial stress by state. Here’s what they found.

The new year comes with a new set of challenges for employers. In particular, many employers will struggle to retain top talent in a fiercely competitive job market this year. Here are four strategies to keep your employees from leaving.

The newly sworn-in U.S. Congress wasted no time in starting the march to repeal the Affordable Care Act this week. On the first day of the new congressional session, Republicans introduced a resolution that could allow them to repeal any parts of the law with tax or budget implications. Learn more about what comes next and how it might affect your health insurance coverage.

About 70 percent of employees spend more than 40 hours per week in the workplace, and almost half say they do it to finish work they didn’t have time to do during their normal workday. That’s a recipe for burnout and turnover. Focus on these five things to reduce burnout and help your employees be more productive.

Offering employee training programs not only improves productivity, but also encourages loyalty and job satisfaction. Unsure which training programs will work best for your employees? Start out with one of these three types.

Nonprofit organizations often have high turnover rates as a result of stressful work and low pay. Some nonprofits, however, are finding ways to reverse that trend and convince their employees to stick around. These are their five secret weapons in the battle to retain employees.

When employees feel that their managers trust them, they’re more empowered to take charge of their work and be more innovative. This means building an environment of trust in the workplace is good for business. Take these 10 steps to create a culture of trust in your workplace.

Did you find this Best Money Moves roundup useful? Please let us know. Email us at 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 Top HR Challenge of 2017? Employee Retention

by Emily Pfund | Dec 21, 2016 | 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.

Unemployment rates dropped throughout 2016 and in November hit 4.6 percent, the lowest they’ve been since August 2007. While that’s good news for the economy, it also means employers face more competition when trying to recruit top talent for their organizations. But focusing only on recruiting — and not making the effort to retain those new employees — can create a cycle where new employees don’t stay long and employers have to recruit yet more employees. This is why employee retention will be the top HR challenge of 2017.

What is the best way to raise employee performance? One recent study found that up to 70 percent of variance in employee performance can be attributed to the quality of their managers. Learn more about how the right manager can help your employees.

All work and no play makes Jack a dull boy. It also makes your employees less likely to stick around. A new study suggests that allowing employees to loosen up and have more fun at work will actually make them better at their jobs.

Trends in the employee benefits industry come and go with changes in technology, the economy and workers’ lifestyles. Twenty years of research by SHRM gives us a look at the trends that have come and gone and which ones may be coming to your workplace next.

How helpful is an annual performance review? Some research suggests once-a-year reviews don’t affect performance much. If your company does do annual reviews, here are the steps managers can take to make them most effective.

From election uncertainty to wearable fitness trackers to online medicine, there were a lot of changes in the employee benefits industry in 2016. Here are the 12 most influential trends.

Travel is becoming an in-demand employee perk. It boosts morale, reduces stress and encourages personal growth through exposure to new people and cultures. Here are a few ideas for incorporating it into your company’s policies.

Are your employees using all of their vacation time? A new survey from BankRate found that more than half — 52 percent — of employees won’t use all of their 2016 vacation days, and that can have a negative impact on their careers.

From tech CEO to HR professionals, here are 30 people poised to make waves in the employee benefits industry in 2017.

What’s the best way to keep your top employees from leaving? The 2016 SHRM and Globoforce Employee Recognition Survey found that companies budgeting 1 percent or more of payroll toward values-based recognition programs are two times more likely to see increased retention from the programs.

Did you find this Best Money Moves roundup useful? Please let us know. Email us at 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.

How 10 Top Companies Improved Employee Benefits This Year

by Emily Pfund | Dec 14, 2016 | 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.

2016 saw many changes to the employee benefits industry and companies have been implementing big changes to the benefits they’re offering to full-time, part-time and even contract employees.

Student loan repayment assistance was one of the most popular new employee benefits offered this past year, and programs allow employers to help reduce their employees’ financial stress by contributing dollars to help employees pay down their student loans faster. Staples and Pricewaterhouse Coopers added this benefit this year, while startup Boxed took it one step further – paying wedding expenses for their employees and college tuition for employees’ children. Learn how 10 companies raised the benefits bar this year.

The way an employee quits can tell you a lot about your company. A by-the-book, in-person resignation with a notice period is the most common, but a rash of abrupt exits could be a sign of deeper company problems. Here are the seven most common ways people quit and what they mean for your organization.

A recent study ranked Switzerland as the top country for attracting, retaining and developing talent for the third year in a row. Here’s what we can learn from the Swiss about building better workplaces.

Financial stress isn’t just about the numbers on your account statement. Financial stress can also cause physical symptoms. Learn the signs of financial-stress-induced illness.

Tuition assistance remains a popular employee benefit, but the programs need to be user-friendly for employees to take advantage of them. Here’s how to pick the program that best fits your employees’ needs.

Study abroad programs aren’t just for students anymore. A Pricewaterhouse Coopers study found that moving staff to offices abroad is good for personal career growth and the success of the business. Here’s how “employee exchange programs” can strengthen employee retention.

Employee stress is bad for business. It lowers productivity and increases turnover – both of which are situations HR managers want to avoid. These strategies can help lower stress in your workplace.

American Express is the latest company to add an extended parental leave program to its benefits package. Under the new policy, all full- and part-time employees are eligible for 20 weeks of paid parental leave starting in 2017. Here’s why they did it.

Trump’s pick to head the Department of Labor could be good for business owners but not necessarily for employees, experts say. Andrew Puzder, CEO of CKE Restaurants, opposes raising the minimum wage and has advocated repealing many of Barack Obama’s pro-labor regulations. Here’s what he could mean for the benefits industry.

What can managers do to prevent employee burnout? When employees at SpotHero started showing signs of burnout, the company took action to improve their office environment.

Did you find this Best Money Moves roundup useful? Please let us know. Email us at 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.

2016’s Top Employee Benefit? Mental and Financial Wellness

by Emily Pfund | Dec 7, 2016 | 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.

The idea of “wellness programs” in employee benefits initially focused solely on physical wellness, and included things like helping employees maintain a healthy weight or kick unhealthy habits like smoking.

However, 2016 saw an increase in the number of employers offering employee benefits like student loan repayment programs (Time predicts it will be “2017’s hottest employee benefit”) and encouraging employees to take advantage of mental and social assistance programs.

But by the end of 2016, a growing body of research started connecting physical health and financial stress, leading to an increasing number of employers including financial wellness products in their employee benefits packages. Here’s why employers are putting a growing amount of emphasis on mental and financial wellness in their benefits packages, and where we might see that trend go in 2017.

While 87 percent of HR executives rate employee engagement as one of their biggest challenges, there’s no real agreement on what employee engagement actually is. Learn what employee engagement is and how to use it to improve your company’s culture.

Gender equality in the workplace is becoming an increasingly important issue for women and men. A recent study found that more than half of employees felt gender inequality was a problem at their company and many of them plan to look for a new gig in the next six months.

The holidays are filled with potential opportunities for identity theft. Here are some ways employers can help their employees avoid this stressful holiday hazard.

President-elect Trump campaigned on the promise of reducing regulatory red tape. That could be bad news for consumers’ retirement accounts if he rolls back President Obama’s fiduciary rule, which was set to take effect in April 2017.

Can your physical office environment keep employees from leaving? It might, according to a new survey from the International Interior Design Association. Here are the features you may want to add to the office to boost employee retention.

What is the most important factor in attracting top talent? SHRM’s newest study looked at what HR executives are doing to draw in new employees and keep them with the company.

Are you working on your resolutions for 2017? What about resolutions for your business? Get yourself started with these five financial wellness resolutions for the new year.

A lack of financial knowledge is the root cause of many employees’ financial stress. But why are so many Americans financially illiterate in the first place?

Is your organization struggling with a high turnover rate? Here are some of the most common reasons employees quit and seven simple steps you can take to make them stay.

Did you find this Best Money Moves roundup useful? Please let us know. Email us at 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.