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Why Employers Want Unique Financial Wellness Solutions

Why Employers Want Unique Financial Wellness Solutions

by | Aug 9, 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.

Employee financial wellness is the top initiative employers are focusing on this year, according to Aon Hewitt’s annual Hot Topics in Retirement and Financial Wellbeing survey. In fact, 59 percent of organizations are very likely to expand their programs this year.

Why should your company be one of them? Your employees are financially stressed. Aging workers are struggling to retire, and young workers are so burdened by student loan debt that they can’t begin to think about saving for retirement. At all stages of life, your workforce is stressed about money.

It’s important to find the right financial wellness program that can address the unique needs of your employees. Here are five steps to take.

Can your employees retire at 65? Sixty-nine percent of employers don’t think so, according to a new Transamerica Center for Retirement Studies survey. Learn these four ways employers can help.

Flexible work policies top many employees’ wish lists. Studies show working remotely does increase employee engagement, but that flexibility works best in moderation.

Internships are on the rise, and believe it or not, compensation isn’t the top priority for potential candidates. Here’s what is.

How’s your gender gap? The Pew Research Center found that 51 percent of women said being a working mother made it difficult to advance in their careers. Remote work makes a difference.

Millennials are looking for a strong career path. If they are not presented with development opportunities, they’re more likely to jump ship. Attract young talent.

Workers have competing financial priorities that prevent them from taking full advantage of company retirement matches. Financial wellness programs can help.

Poor communication is bad for employee retention. A new EmployeeChannel, Inc. survey found that frequent and effective communication are the top two behaviors that create a positive work experience.

How motivated are your employees? There are competing theories about the best ways to increase employee motivation and productivity. Find what works for you.

 

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

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.”

How Will Trumpcare Change Your Employee Benefits Package?

How Will Trumpcare Change Your Employee Benefits Package?

by | Jan 25, 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.

President Trump has been clear about his plans to repeal the Affordable Care Act – otherwise known as Obamacare – and replace it. But what will Trumpcare look like and what will it mean for the thousands of American businesses who provide healthcare benefits to their employees?

Trump has been vague so far about what his plan would entail and how it would differ from current healthcare industry regulations. This means employers can’t plan ahead for any changes the administration may put into place which would affect their employee benefit offerings.

On his first day in office, Trump made his first move to weaken Obamacare by signing an executive order for government agencies to “waive, defer, grant exemptions from, or delay the implementation of” any part of the law that imposes a financial burden on government.

Here are five ways Trump’s healthcare policies could impact the employee benefits industry.

New year, same financial problems. Many Americans resolved to get their finances in order in 2017, but three-quarters still report feeling financially stressed, according to Center for Retirement Research at Boston College. Other studies show more than one in four Americans feel threatened by debt collectors. Learn how severe the problem is for your employees.

A federal judge ruled Monday that healthcare giant Aetna lied last year when the company said its decision to pull out of the Obamacare exchanges was strictly a business decision. Judge John D. Bates wrote in his ruling that the move was a ploy to dissuade the Department of Justice from filing suit to block Aetna’s controversial merger with Humana. That merger – which would reduce competition among health insurance providers in many areas – is now in trouble.

It also signaled a possible problem with the Anthem/Cigna merger, which is under review by a different judge.

Do you know how all of the fees on your credit cards work? If not, you’re not alone. About 50 percent of Americans don’t understand everything in their credit card agreements, and that can lead to financial stress that spills over into the workplace.

What in the world is a “bleisure trip”? Also known as a “bizcation” or “workcation,” these are business trips that also include some personal time, as opposed to vacations where employees spend time checking email or finishing assignments that didn’t get done during regular working hours. Encouraging bleisure trips may help employees avoid burnout, especially if they’re otherwise reluctant to take a vacation.

While many companies think a fridge full of snacks and a few bean bag chairs will attract Millennial employees, that may be changing. The oldest Millennials are settling down, getting married and having children, which means they’re becoming more interested in their healthcare coverage and life insurance than healthy snacks and lunchtime foosball tournaments. Here’s how you can rework your company’s benefits package to fit these changing needs.

How expensive is employee turnover? According to a recent survey from Quinlan & Associates, some banks are incurring turnover costs of up to $1 billion per year as employees walk out the door. What can they do to stem the tide of leaving talent?

Some employers offer student loan repayment as an employee benefit, while others help students avoid debt in the first place. Companies including Starbucks and Chipotle are teaming up with colleges to help their employees earn a degree without racking up insurmountable student debt burdens. Learn how these programs could help your workforce.

A recent study found that 95 percent of HR executives think burnout is the biggest thing hurting employee retention, so 2017 is all about improving employees’ experiences at work. Here are four management trends we’ll see this year in the fight against burnout.

Corporate wellness programs are shifting focus from physical to mental health with things like financial stress management and mindfulness taking top priority. Read more about the top 10 corporate wellness trends for 2017.

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.

Do Employees Understand Their Benefits Package?

Do Employees Understand Their Benefits Package?

by | Jan 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.

Do employees understand their benefits package? A new study from The Guardian Life Insurance Company of America found that less than half of workers have a good understanding of how their employee benefits work and how to best use them.

As a result, 79 percent of working Americans surveyed said they feel serious concerns related to their finances. This in turn makes them more distracted and less productive at work because their minds are on their own financial stress rather than the task at hand.

So what can employers do to help their employees reduce financial stress and build financial confidence? Read on for four ways businesses can help improve employees’ financial outcomes and lower their level of financial stress.

Tech-savvy Millennials can bring a fresh perspective to a company, but their tendency to job-hop can also bring HR headaches. A recent study found that two-thirds of Millennials plan to leave their current gigs in the next four years. Try these three strategies to make your company a place where young workers will want to stay.

Got an open executive position at your company? You don’t want to hire just anyone to fill important leadership roles. This is why many companies look beyond submitted resumes and start recruiting potential candidates who already have another position. Here’s how you can poach (and keep!) top talent in your industry.

While the improving housing market is great for homeowners, millions of potential buyers are finding themselves priced out of the market. Help your employees combat housing-related financial stress.

Are your company’s employees happy with their benefits plans? They may not be, according to a new study by the Transamerica Center for Health Studies. Learn why the study found a communication disconnect between employers and their workers regarding benefits satisfaction.

Everyone loves to be told they’re doing a good job, and getting kudos from a coworker may be even more impactful than hearing it from a manager. Here’s how coworker recognition programs can help improve your bottom line.

Employee wellness programs can be a big investment with great payoffs over time, but only if the program is a good fit for your company culture and employees. Make sure you don’t forget these four often-overlooked steps when building your wellness program.

Keeping employees engaged in the workplace is essential for retention. If they don’t feel connected to their company and coworkers, they’ll be more likely to jump ship if another offer comes along. These are the factors most likely to boost employee engagement this year.

We use self-service portals to do everything from online banking to buying concert tickets. But did you know these online portals can also be time- and money-saving tools for your employee benefits programs? Read up on seven ways these tools can simplify your HR processes.

Which perks are most appealing to today’s employees? Top employers are branching out to entice talent with everything from corporate outings to house-cleaning services to “Whiskey Fridays.” Steal these ideas from Facebook, Google and Netflix.

 

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.

Should Employers Require Unconscious Bias Training for Employees?

Should Employers Require Unconscious Bias Training for Employees?

by | 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.