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5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions) Read it here.

This Week’s ACA Registration Deadline Brings Changes for 2018

This Week’s ACA Registration Deadline Brings Changes for 2018

by | Dec 13, 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.

This year’s Affordable Care Act registration ends December 15th. Here’s what you need to know and why you should be helping “push” your employees across the finish line.

This year, the Affordable Care Act, also known as Obamacare, has the shortest enrollment period ever, reduced to 45 days from its previous 3 month enrollment period. This may prevent individuals from registering on time, especially those “healthy procrastinators.” As an employer, you may be penalized.

The ACA requires that employers with 50 or more full-time employees provide health insurance to all full-time employees and their dependents. With rumors afoot, there is a lot of confusion right now among employers; it’s important to know that offering benefits is still required and the Affordable Care Act is still very much in effect as “law of the land.”

2018 will bring several changes to policies and the how the ACA is enforced. Most importantly, there will be changes in processes, forms and filing dates and you may face a time crunch early in the year, which could possibly affect dealings with your employees as well your interactions with the IRS.

Additionally, those employers who may have been  noncompliant with the ACA at any point between 2015-2017 will be hearing about it soon. The IRS has been slow to address noncompliance, but they are catching up and employers might receive three years of fees at once.  

It is important for employers to know what aspects of the Affordable Care Act have changed, and which have remained the same – and you need to know by the end of this week.

2018’s changes to the Affordable Care Act: What you need to know, ASAP.

The numbers speak for themselves. A company that invests in developing a quality onboarding process is 25 percent more likely to retain its workforce and increase employee performance. Here are the top picks of the industry’s contemporary,  innovative and cutting-edge employee onboarding processes. Develop your cutting-edge onboarding process today.

Are you and your HR team ready for the upcoming year? As December mulls to a close, so does your annual checklist. Whether you’re ahead of your game or looking for a well-intentioned distraction, there’s always more to get done! From open enrollment to flexible spending, vacation days and file auditing, ‘tis the season to read-up on and start checking-off your end-of-year HR checklist.

Are the holidays causing undue financial stress in the workplace? Don’t let the winter-holiday-woes weigh heavy on your employees. Sometimes, a fun distraction is the best short-term solution there is! Here are 5 outstanding ways to recognize, celebrate and enjoy the holiday season – at work. Help your employees de-stress during the holidays.

Company benefits are amping up in 2018. Recognizing the importance of helping your employees make better financial decisions is going to pay off, in the short and long term. Studies show that employers who focus on the overall on-the-job satisfaction of their teams are seeing higher productivity and less turnover. Employee benefits trends to watch out for.

Self-Employed? Setting up a healthy retirement-savings plan is even more important for people like yourself. Unlike traditional employees, the likelihood of your having a 401(k) or pension is quite low. Did you know that 42 percent of self-employed professionals and small business owners are dangerously not preparing for their retirement?  Start planning for your retirement, today!

Should paid time off be provided in cases of extreme weather? Absolutely. Employee benefits are meant to provide flexibility and ease of mind when life intervenes with work expectations. With the massive uptick in extreme weather, “climate leave” is rising through the charts of standard, expected employee benefits. Here’s why your staff should be paid during inclement weather.  

The baby boomer brain-drain has arrived. Boomers are beginning to leave the workforce en masse. 56 percent of US leadership positions are held by boomers and 66 percent of all US companies are owned by these seasoned employees. As the wave of retirement arrives, how can companies retain the boomers’  knowledge and expertise? How to resist the brain-drain.

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

How to Make it Through the Holidays, Financially Stress-Free

How to Make it Through the Holidays, Financially Stress-Free

by | Dec 6, 2017 | Blog

The weeks and months leading up to the winter holidays are stressful enough with employees making travel plans, shopping for gifts and cramming to meet deadlines before the holidays arrive. But when financial concerns enter the mix, it’s hard to imagine that your employees are thinking about anything else during their work day. Here are five ways to keep your employees motivated, focused and engaged during the holiday season.

  • Think about your office’s holiday traditions in advance.
    Has your company had particularly successful celebrations in the past? Such as a gag-gift exchange, a lunch at a well-loved restaurant or a bake-off? The winter holiday season is in large part about celebrating traditions. By sending out invitations for the office holiday party ahead of time and making plans for events early on, you create an exciting buzz within an atmosphere of community. Make this a special occasion for your employees to look forward to throughout the upcoming month.
  • Lead by example.
    Money can’t buy happiness but it does buy gifts. Employees might feel the pressure to spend lavishly on coworkers and supervisors, but you can head off this extra financial stress before it starts. Make it clear that holiday celebrations in the office are about celebrating the accomplishments achieved throughout the year – not about how much money was spent on that novelty desk calendar.
  • A little office cheer can go a long way.
    The winter months can leave employees feeling antsy, restless, and unfocused. By decorating and bringing in office treats, employees can shake off the malaise and make a final push before any upcoming time out of the office. Holding desk-decorating contests, cookie tasting events or ugly-sweater days can be a fun way to break up the day and channel some of that extra holiday excitement.
  • Be flexible.
    Realistically, you will have employees who are either planning to travel, receive guests or both during the holiday season. Either way, they will have preparations to make in order to ready themselves and their families. Be flexible with employees’ time off. Encourage your team to communicate their plans well in advance so that you have a clear picture of everyone’s availability, to ensure that work is accounted for and projects continue as needed, even when your office is at half capacity.
  • Get your employees a gift that keeps on giving.
    Rather than giving employees another company mug, think of increasing employee benefits packages – specifically ones that include financial wellness services – this can help your employees combat debt, increase savings, and make sound financial decisions for their futures. Financial health is integral to employee well-being and by investing in your employees, you will be investing in your company. Strength in financial security affects employee productivity and overall company retention, year-round. That gift that keeps on giving will not only surprise your employees, but the long- term rewards just may surprise you as well.
Millennial Employees? Try This to Increase Engagement

Millennial Employees? Try This to Increase Engagement

by | Nov 20, 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.

Unlike generations before them, your Millennial employees are burdened with an extra load of student loans. Not surprisingly, they’re significantly more financially stressed than their colleagues.

How stressed? Your Millennial employees spend more than 12 work hours per month fretting about their personal finances.  

According to new findings from Bank of America Merrill Lynch’s 2017 Workplace Benefits Report Millennial Supplement, Millennials are actively looking to you, their employer, for tools they can trust, educational resources, support and guidance across the financial wellness spectrum. They want employers to provide access to a variety of financial wellness tools, including a mobile-first technology and access to a financial professional who can offer tailored training, personalized action plans and teach financial strategy.

More employers are beginning to understand the direct connection between employees’ financial stress and lowered productivity, poor retention, unexplained absences, and higher costs of healthcare. They’re paying attention to their employees who are asking for a best-in-class solution and are providing outstanding resources. Are you listening to your employees?

Help your employees balance their financial wellness today.

Should you allow holiday shopping at work? The experts say “yes.” This year’s Cyber Monday (the internet’s version of Black Friday) is set to be the most lucrative shopping day in history. Instead of policing, try providing practical guidelines for your team. Create a realistic security and productivity plan.

Virtual reality is already at an office near you. Are you and your employees ready for the impact of 100% immersion? From non-profits to real-estate, customer service calls to job interviews – VR technology will become commonplace before you know it. See how VR technology can benefit your company.

Reverse mentoring just may save your career. Whether formal or informal, reverse mentoring is exactly as it sounds and is meant to expand people’s skill sets and networks. Bring a thought leader on board, pair mentors and mentees appropriately and get to work!  Learn how to start your new program here.

Is work stressing you out? The symptoms of stress can appear suddenly and seemingly without cause. There are over 50 diagnosable signs and symptoms to watch out for and  having a basic understanding and awareness can help you and your employees feel better while working better.  Help your employees be happier, healthier and more productive.

Are you up to snuff on the local culture of your international teams? Bilingual does not always translate to bi-cultural. Don’t underestimate the importance of having cultural awareness in the global workplace and how it can benefit your company. Learn how to implement intercultural competence here.

Disaster preparedness goes well beyond emergency exits. Climate change affects not just the weather around us but also the ability to safely commute to and from work. If your team can’t trek through unexpected floodwaters or 5 feet of snow, should their salary be deducted? What would you do?

Open floor plans are a sign of  hip, hi-tech and elite office culture – and are making your employees miserable.  A new study by the BBC claims that “free range” employees are more likely to be unhappy, get sick, be less productive and miss more work. Facilitate productivity and reduce distraction here.

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

It’s a Team Effort: How Engaging Employees Boosts Financial Wellness

It’s a Team Effort: How Engaging Employees Boosts Financial Wellness

by | Oct 18, 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.

Are you getting the most out of your financial wellness program?  New research shows that engagement rates are a better indicator of success than ROI.

These days, it’s common for companies to have some sort of financial wellness program in place. But the existing programs aren’t always effective at improving retention, increasing productivity and lowering healthcare costs. Benefits executives are starting to see why: Many employees don’t know these programs are available, and when they do, they don’t always find them relevant or engaging enough to use regularly.  

So what can you do?

“Maximizing ROI starts with knowing your employee base – age, career stage and income ranges,” says a new report by market research firm Ernst and Young. “But fostering engagement depends on more than demographics. It requires a deeper understanding of workforce psychographics [such as] how employees think and feel about money.”

By taking the time to consider employees’ emotional and intellectual responses to financial stress as well as their demographic information, employers put themselves in a better position to address the unique financial stressors their people are facing. Holistic solutions aren’t just better for employees, they’re also ultimately better for your business.

See what else Ernst and Young had to say.

Do your employees feel valued? The 2017 Getting Paid in America survey revealed that employee access to pay and benefits information could help. Read more about empowering your people.

Your employees want meaningful work. According to a new study, that means employers need to clearly communicate the company’s mission, provide opportunities for growth and foster coworker relationships. Learn how integrity and transparency impact employee experience.

Budgeting doesn’t have to be complicated, even if we are getting into the holiday gift-giving season. In fact, helping your workers simplify the way they approach their money will reduce their financial stress in the long run. Here are 3 simple budget saves employees can put into place today.

How happy are your hourly workers? Successful businesses know what causes workers to leave, and work to keep their employees. Check out these five ways to boost employee retention.

American workers don’t understand their benefits. In fact, 76 percent make benefits decisions without understanding their plans, according to the 2017 Aflac WorkForces Report, and it’s getting worse. See the data.

Which benefits are at the top of your employees’ wish list? Forty percent of workers told Glassdoor that affordable healthcare is the number one perk. Here are four more.

Who are your company’s rising stars? As companies prepare for year-end performance reviews and think about goals for 2018, these emerging leaders are waiting in the wings hoping to show off what they can do. Look for employees with these four qualities.

More than half of employees with access to financial wellness programs say the initiatives have improved their health. But, according to a recent study from UnitedHealthcare, some employers aren’t stopping there. Read these five tips for starting a program that really works.

HR professionals are always looking for ways to optimize day-to-day tasks. Tech startups are actively responding to these needs, and providing innovative solutions that benefit employers and their teams. Keep an eye on these 10 HR tech companies.

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

Engagement Will Prove the Value of Your Financial Wellness Program

Engagement Will Prove the Value of Your Financial Wellness Program

by | Sep 20, 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.

Is your financial wellness program paying off?

Some companies look at the price of financial wellness programs to decide which service to offer, but it’s more complicated than that. A recent survey by Ernst and Young reveals that employee engagement is a better indicator of whether a financial wellness program is “worth it.”

It starts with understanding your workforce’s diverse demographics, since most workforces span multiple generations, as well as how people think and feel about money. In this case, the survey results were clear: Companies that invested in financial wellness plans saw a direct and positive impact on employee well-being, retention and productivity.

Financial wellness can’t be measured effectively using short-term metrics, but by taking a calculated risk to support employees, companies are seeing results that really matter. Check out the full report to see the benefits of an engagement-focused approach.

Best Money Moves is a Next Great HR Tech Company finalist! We are incredibly grateful for your support and can’t wait to take the stage at the HR Technology Conference in October. See the full list of finalists.

Men and women experience work differently. That means your company’s efforts to boost employee engagement can’t be one-size-fits-all. Here are some solutions.

What’s the trick to keeping millennial employees around? This ex-Google employee thinks student loan repayment has something to do with it. Read her solution.

How are employers addressing the rise in healthcare costs? By looking at which health conditions are hitting their employees hardest and helping them better manage their symptoms. Here are the 10 biggest culprits.

Gen Z is ready to disrupt the workforce. This generation, comprised of people born in 1994 or later, are entering the workforce with a new approach to diversity, communication, technology and benefits. Learn how to keep up.

Work-life balance is pushing older workers into retirement. Sudden health shocks, caregiving responsibilities and other obligations often cause workers to retire earlier than they might have otherwise. What can employers do to help?

Open enrollment isn’t just about health insurance. This year, employers are likely to offer more voluntary benefit options than in the past, including expanded financial wellness programs. See what else is in store.

How do you know if your employees are engaged? Surveying employees is a typical strategy, but what if you’re asking the wrong questions? Build a better engagement survey.

Telehealth is an employee benefit on the rise. According to the Large Employers’ 2018 Health Care Strategy and Plan Design Survey, 96 percent of employers will offer telehealth services next year in states where it is permitted. Learn more.

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