employee retention Archives

Looking to Improve Employee Retention? Try This One Thing

by Nicole Smith | Jan 17, 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.

Are you looking to improve employee retention and overall employee and workforce wellbeing? Try identifying subtle gender inequities in your workforce.

Nearly 50 percent of women in science, technology, engineering or math (STEM) industries have experienced gender discrimination at work, according to a nationally representative Pew Research Center survey with an oversample of people working in STEM jobs. These findings come amid heightened public debate about underrepresentation and treatment of women – as well as racial and ethnic minorities – in the fast-growing technology industry and decades of concern about how best to promote diversity and inclusion in the STEM workforce.

In the workplace, perceived inequities (being denied promotions, earning less than their male counterparts, being treated as though they are incompetent, receiving less support from senior leaders), are especially common among women in STEM fields who work mostly with men. Women in this field are much more likely to have experienced discrimination at work, which reduces overall employee and workforce wellbeing.

The study found that discrimination and sexual harassment are seen as more frequent, and gender is perceived as more of an impediment than an advantage to career success in STEM industries. Not to mention what it does for your employee retention rates.

Workplace equity in STEM fields – what is your HR team doing about it?

Financial literacy in schools helps get students on the road to financial wellness. Millennials in large numbers complain that they have financial stress and are woefully unprepared for the financial realities of life. Education secretary Betsy DeVos formally declared that financial literacy is #4 out of her department’s top 11 priorities. If financial literacy standards are adopted, it should help your future employee feel less financial stress. (Watch for Best Money Moves’ latest white paper on overall college students’ financial stress, to be released later this quarter.) Financial wellness is high priority.

Financial resolutions can be made all year long! Money is always top of the mind when New Years comes along, but you don’t have to wait another 12 months to begin that process towards your financial goals. Studies show that people with a financial plan are three times more likely to be confident in their retirement goals than those who don’t. New Year’s Financial Resolutions.

Is financial stress making your employees sick? Over 500 employers were asked to select the top medical conditions that keep company healthcare costs high. Seven of the top ten health problems listed are exacerbated by financial stress. We’ve collected the top health issues caused by financial stress and different ways you can help. Help your employees reduce financial stress.

Is your small business ready for 2018? Tax reform, ACA, paid leave, I-9 scrutiny… there are so many regulatory changes this year it’s hard to keep track. But, it’s important that you and your small business are up to date and knowledgeable on all updates, changes and possible issues that are waiting in the wings. Navigate the small business regulatory landscape with confidence.

Will medical marijuana be covered in your benefits plan? As openness to alternative medication grows, so does the possibility of it being prescribed to your employees. Company safety concerns and compliance issues need to be addressed – and internal regulations created – before laws change, in order for you to be prepared. Medical marijuana – are you ready for it?

Does your company offer healthcare coverage? After removing the requirement for individuals to have health insurance, Republicans in Congress are taking aim at the Affordable Care Act’s mandate that employers offer coverage to their employees. Here’s what you need to know.

Did you know? Filling your tax returns ASAP can help prevent identity theft. A common form of identity theft involves criminals filing phony returns using your social security number. But, the IRS can only accept one tax return for each individual. File your taxes before the criminals do it first.

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

Forget a Raise, Your Employees Want Better Benefits!

by Nicole Smith | Jan 10, 2018 | Blog

According to a new survey from the American Benefits Council, American workers would choose more generous benefits and less pay, by a two-to-one margin. Essentially, most employees would rather be handed a standard set of benefits chosen by their employer than be given the money and responsibility for choosing themselves.

On the surface, this makes no sense. It even stumps corporate benefits executives, who as a group believe employees would prefer higher pay to more generous benefits, according to the survey. After all, designing your own benefits would allow you to, say, maximize child-care contributions in your 30s and 40s and favor something like a flexible work schedule in your 60s.

Why would anyone prefer a cookie-cutter benefits package over one that is tailored to their needs and has identical economic value? In part, at least, this shows that the average American employee lacks the confidence and the knowledge to make these types of educated money decisions.

That speaks to a lack of financial education in schools and the workplace. We are turning out generation after generation of individuals who are afraid or unable to make important and personal decisions that affect their financial future.

Your employees lack financial education. Here’s how you can help.

This past holiday season, Best Money Moves’ founder and CEO Ilyce Glink had the honor of being highlighted for her success as a businesswoman and entrepreneur by colleague Liz Handlin, the CEO of Ultimate Resumes. Learn how and why Glink developed Best Money Moves, why it’s unique among its peers and how Best Money Moves will bring your own company greater success in 2018.

How to: Freelance Writer to Software Executive in 3 Easy Decades.

Financial confidence is key to overall financial wellness. This finding is changing the financial education landscape at many companies and helping people make educated decisions about their money. Financial confidence directly correlates with financial wellbeing – here’s what you need to know as you set a course for your employees to manage their money. Financial confidence inside.

Hiring in 2018? Of course you are! The new year is starting off in a great economy with a low unemployment rate. However, the hiring process seems to be more difficult than ever. Hiring practice laws vary state-to-state and larger companies are increasing automation practices, while company ethical reviews are increasing in importance. 7 things to consider when hiring in 2018.

43 Million Americans live with unpaid medical debt. This is causing major damage to credit reports and inevitably, causing serious financial stress at home and at work. The 3 major US credit bureaus have launched a new protocol: a 6 month grace period before debt knocks credit reports. Here’s how you can help protect your employees’ credit – and maybe your own, as well.

Job Candidates are Getting Choosier. With the unemployment rate at an 18-year low and jobseeker confidence near an all-time high, HR and talent acquisition leaders are finding themselves having to hustle to attract qualified candidates. What kind of employees do you really want?

Employment and Compliance laws are changing. Legal protections for employees are expanding at the state level and shrinking under federal law. The Department of Labor (DOL) will be much more “employer friendly,” with state lawmakers picking up slack. 2018’s new employment laws.

Tax Reform – Get ready to relearn your onboarding process. Coming sometime in January 2018, the IRS will issue new paycheck withholding tables as well as revised W-4 forms. As of now, there is a lot of speculation as to exactly how this will affect HR. 2018 income tax rates and brackets.

These top 10 tech trends will create a competitive advantage for your company. Are you ready for it? Everything from AI (Artificial Intelligence) to bots. Predictive software and apps that manage every aspect of your life are becoming more mainstream. These tools will not only dominate your life at home, they’ll dominate your work life as well. Top HR tech trends for 2018.

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

10 Simple Ways to Improve Employee Retention in 2018

by Leah Rosen | Jan 8, 2018 | Blog

New Year’s resolutions often prioritize the old adage “out with the old and in with the new,” so it may feel odd to focus on employee retention this year. But, knowing how to keep the right people leads to better workplace morale, higher economic growth and can even enhance future recruitment efforts.

Here are some ways to make employee retention your number one resolution in 2018.

1. Reevaluate company culture.
Be honest about what you want your company’s culture to be. If your workplace has one too many dysfunctional teams, redundant projects or a general sense of low morale, it may be time to restructure. With input from your employees, you’ll have access to better understand the natural ebbs and flows of day-to-day activities. But, it’s your job to keep an eye on your company’s vision and be aware of how you, your employees and your company are in line with it.

2. Create a stable environment in times of change.
You can’t anticipate every change that will happen in your company but you can choose to be the face of collected calm and leadership during transition. Let your employees know their jobs are secure during times of flux by sharing your progress on the road to stabilization. Encourage open communication from your employees and provide transparency back to them. Acknowledge specific challenges they may face and provide relevant resources to help them overcome potential setbacks. A sense of stability will come from the top and it’s the job of company leadership to provide this.

3. Revitalize your hiring strategy.
In order to cut down on turnover, the first step is to ensure that the individuals you’re hiring actually want to be there. Front-load information about your company’s culture during the interview process. If you need team members to be available and on call late into the night, your new hires should know to expect a 10:00 pm phone call. Have your team keep a list of their own daily tasks (also a great way for you to better manage them) and have outgoing employees write descriptions for their empty positions – allowing for more detailed expectations for new staff members. Offering employee referral benefits is another great way to revitalize your hiring strategy.

4. Improve your training processes.
New employees should receive training conducted by experts in each department. You can either use in-house talent or hire an outside professional to lead on-the-job learning. This should introduce employees to new information, allow them to demonstrate their skills and knowledge and give them a tangible method to monitor their own improvement. Many successful training programs offer cloud-based components providing employees access to additional materials, allowing them to invest in self-directed learning.

5. Create room to grow.
Employees won’t stay with your company if they can’t imagine their future there. New hires should understand their potential for advancement. Meet annually to discuss their growth, encourage training programs and remain flexible to new challenges they might want to take on. Promote from within the company (rather than externally hiring for leadership positions) – it’s a great way display that your employees have a path forward and you want to help lead them there.

6. Welcome employee feedback.
Regular surveys are a great way to gauge what employees need in order to be successful – and to learn where you can step up, as an employer. Exit interviews are equally important. Don’t ask for feedback just for show. Let your employees know their problems are heard and that you want to resolve them by making changes based on their recommendations.

7. Build trust between employees and managers.
Management is often an employee’s first point of contact when they are experiencing a problem. Encourage an open door policy to ensure that employees come to management when issues first arise, not when they’ve reached a point-of-no-return. Management should be transparent with their expectations of all employees and offer positive reinforcement and support.

8. Be more flexible.
Work-life balance is crucial for managing stress, promoting creativity and generating enthusiasm for work. Giving employees the option to telecommute, offering a flexible schedule and allowing for “personal days” can show employees you are invested in their well-being, not just their bottom line.

9. Buff up your benefits package.
Offer benefits that your employees want – as well as what they need. Currently, the most requested benefits are: better healthcare coverage, flexible hours, work-from-home options, mental and physical health perks (like “personal” days, yoga classes and gym memberships), tuition assistance programs and making financial wellness education a priority. Employees are looking for benefits that make their lives outside (and inside) the office more enjoyable. When employees are more secure in their personal lives, they are more likely to feel satisfied in their work.

10. Invest in employee wellbeing.
Employees will stay at a company longer when they feel that they’re being challenged and respected. Benefits packages providing employees with avenues for self-improvement such as: financial management tools, on-the-job training programs and tuition reimbursement – can be even more attractive than salary increases. No one likes to feel stagnant in their career. Providing opportunities for growth inside and outside of work is essential for your employees, and their retention.

How to Raise Productivity and Employee Wellbeing in One Shot

by Nicole Smith | Jan 3, 2018 | Blog

Financial stress in the workplace is real.

Employees spend an average of 12 hours per month stressed out about personal finances at work. This translates into billions of dollars in lost productivity annually. Lost time at work isn’t the only way that your employees’ financial stress can negatively impact your company. Financial stress can weigh so heavily on an individual, it can cause emotional strain, lost sleep and even significant health problems. A 2017 survey shows that two thirds of Americans are losing sleep at night due to anxiety over their money worries – everything from health insurance concerns, confusion and stress related to retirement savings, heavy educational expenses and the struggle to cover rent and mortgage payments.

Employees who are spending significant amounts of time worried about their financial stress at work are also losing sleep over these same stressors at home. This can quickly turn an effective team member into an ineffective financial strain for your company. But, there is good news. Nearly 50 percent of the Millennial population wants their employer to provide access to financial wellness tools in order to create a financial wellness strategy to help downsize their financial stress levels. Given that by 2020, 50 percent of the workforce will be Millennials, it’s a real need.

The loss of a good night’s sleep and productivity in the workplace have the same source. The culprit? Personal financial stress. But, there’s an easy way to resolve these symptoms and it starts with you, the employer.

Financial stress is affecting your employees’ health. Here’s what you can do about it.

48 percent of job seekers say that a “debt reduction” benefit would convince them to work for you. The value of specific employee benefits varies from employee to employee but these 5 offerings are requested by job seekers and workers alike – across different industries, locations and age groups. Employee benefits: What you should be offering.

Tax Reform is changing the taxability of your employee’s perks. The Tax Cuts and Jobs Act, which limits tax deductions businesses claim for employee benefits, is likely to cause employers to revisit their offerings. From family leave to commuting benefits, retirement contributions to bonuses, employee benefits and your company’s taxes are about to change drastically.

Do your employees request certain benefits and then not use them? You aren’t alone. Studies show that employees miss the mark when it comes to knowing what benefits they have and lack understanding on how to use them. Make sure your employees aren’t missing out on their provided benefits – and know what you should do, if they are. 5 reasons employees ignore their benefits.

Does your company offer Financial Wellness benefits? Studies show that your employees wish you did. EBN’s research tells us that the main reason employers aren’t providing financial wellness is simply not knowing where to begin. We don’t think that’s a good enough reason. Financial wellness benefits everyone. See how you can gain the competitive edge with your employees.

Currently engaged in branding your company? Personal branding is like any form of marketing and requires knowledge about yourself as well as your audience. Successful branding will position your company as a credible industry expert and thought leader. Your branding to-do list, here.

What happens when HR is outsourced… to a robot? Amber is an AI (Artificial Intelligence) chatbot and it’s taking the office place by storm. In just 1 year, 37 companies have implemented this AI to take care of their “people management,” keeping tabs on employee issues, without using actual people – or employees – to do so. Can this AI technology save billions in “people problems?”

People leave managers, not companies. You’ve heard it before: 50 percent of employees have quit otherwise reasonably satisfying jobs in order to get away from their manager. Actions of a poor manager can negate millions of dollars spent on employee wellness and benefits packages. Here’s what you should know about the No. 1 employee benefit that you don’t even know about.

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

10 Easy Ways to Improve Your Office Culture

by Leah Rosen | Dec 26, 2017 | Blog

You can usually tell during the interview process whether or not a candidate will be a “good fit” for your team and office culture. But building a positive office culture is about more than just hiring people with a certain je ne se quois. Your company culture is made up of the values, beliefs and behaviors of everyone in your office – both management and employee – and is also reflective of your company’s overall goals. Culture defines both how employees see themselves as contributors as well as how outsiders perceive your business. Pinpointing exactly what you want your office culture to be will help you to hire the best possible applicant while also showcasing what makes your office an enriching and enticing place to work.

These ten tips will help you identify and improve your company’s culture.

1. Align your office culture with your company’s goals.
Before you can make improvements to your company’s existing culture, it’s a good idea to identify the kind of environment you hope to encourage at work. Do you need your employees to wear a suit and tie into the office all week, or is every day “casual Friday?” Does your business require a small, tight-knit staff working toward expansion or some friendly competition to boost sales? Make sure that the culture you’re building actively benefits the overall goals of your business. Be transparent with your team about what the company is trying to accomplish – and how.

2. Help your team get on the same page.
Are your company goals as clear to your employees as they are to you? If you don’t have one already, create a list of core-values ranging anywhere from the day-to-day mission of your business to the more lofty, long-term goals of your company. Employees who see their own beliefs mirrored in the company’s mission will feel more motivated and satisfied in their role than those who don’t enjoy their work or believe in the organization they work for.

3. Embrace transparency.
Culture is made up of things that are hard to see, but that doesn’t mean the way your employees feel in the office should be invisible to management. Providing space for employees to share their personalities, stories and inspirations is crucial to developing a tight-knit and communicative team. Similarly, employees should be provided with an avenue to interact with management and privately air concerns. Overall, general employees have a different day-to-day experience at work than middle or senior management, providing unique and insightful perspectives that management doesn’t always see. Promoting an office culture that values sharing and encourages problem solving is crucial to building trust, balance and productivity among your team.

4. Create a collaborative environment.
The benefits of a collaborative workplace are well known, but building that environment doesn’t happen overnight. Collaboration requires trust from the top down, from the bottom up and laterally, at all levels. Your team should feel comfortable taking risks and confident that their mistakes will not be held against them indefinitely. Creating mentorship opportunities for new employees can help build that trust from day one. But, developing these relationships over the long term requires that employees are not treated like numbers – they need to feel appreciation, support, and a sense of belonging from their colleagues as well as from their higher-ups.

5. Learn to say “thank you” (and teach your employees to do the same).
Actively showing gratitude isn’t just a trend, it’s incredibly beneficial. Studies show that a simple “thank you” goes a long way in making people feel listened to, respected and valued. Sending a thank you note to an employee who has gone above-and-beyond or successfully finished a particularly challenging project is an easy way to make your employees know that their work matters and is valuable to you.

6. Be flexible.
Flexible hours and schedules are one of the most sought-after employee benefits. Providing flex hours helps employees know they will be able to be more present in their lives outside of work. Flex time tells your employees that you see them as individuals and not only do you value the work they do for you, but you respect their personal lives as well. Identify when it’s crucial for employees to be in the office, what kind of work can be done from home and which employees would benefit most from flexible schedules.

7. Acknowledge that your employees have lives outside the office.
The employees who are most successful at work also feel that they can maintain a fulfilling, separate home life. Encourage employees to have a positive work-life balance by promoting personal and family time, encouraging the development of interests outside of the office and offering wellness activities and continuing education. This will show your employees that you care for their wellbeing but will also actively prevent burnout and promote creative thinking – which, in the long run, is beneficial to everyone involved.

8. Invest in financial wellness.
Seven out of ten employees suffer from financial stress. That means, whether you know it or not, nearly three quarters of your staff is stressed about their finances. Financial stress leads to lower productivity due to distracted employees, high levels of absenteeism and higher healthcare costs. Offering services that help employees reduce stress by tackling debt, learning how to balance finances and reorganizing their financial lives is a great way to improve employee morale, thus, employee productivity and your company’s bottom line.

9. Seek out employee feedback.
An important part of understanding and improving office culture is listening to how your employees feel about their interpersonal relationships at work, learning their individual capacities to take on new projects and asking about their overall work experience. Having quarterly interviews (check-ins) not only makes employees feel that their input matters, but it will also help you gauge what changes to the office environment could be made.

10. Don’t be shy about treating your staff.
Work shouldn’t be a place where a person loses their individuality. Celebrate your employees’ unique accomplishments, milestones and personal achievements. Regular acknowledgements and personalized birthday gifts can let employees know their work is noticed and appreciated. Impromptu staff lunches and catered breakfasts are great ways to show your entire staff that you appreciate their hard work and loyalty. People want to be employed in an environment where their efforts are acknowledged and rewarded. It’s never a bad time say thank you to your employees that work hard in order to make your company the best it can be.