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.

Best Money Moves is growing at an incredible rate and more and more people are signing up, logging in and dialing down their financial stress. We strive day-in and day-out to provide our users access to unbiased , leading-edge financial resources – all with a single click.  

And we are getting great feedback. One user told us that her stress had gone from a 7 to a 4 because of Best Money Moves. That’s what makes it all worthwhile.

To everyone receiving the BMM Roundup every week, we wish you the best for the holidays and a prosperous 2018!

Warmest regards,

Ilyce Glink

Navigating gift-giving at work can be tricky. The seemingly simple (and fun) task of a holiday gift exchange can often feel overwhelming and overbearing: How much should you spend? Can you give a gift-card – or even cash? How personal should it be?  Choose the right gift with these tips.

Laughter can create legal liability – here’s what you should know. A poorly chosen joke or off-the-cuff remark by an employee – even if well intended – can bring serious legal troubles to your company and cause higher employee turnover. When workplace humor just isn’t funny.

Millennial employees aren’t asking the right questions about retirement, but they want to. Over one third of millennials cited saving for retirement as their number 1 source of financial stress and half have no clue how much money they’ll need to live on. Here’s how you should help.

The CVS-Aetna merger will influence how your company continues to provide healthcare benefits.  A recent Aon survey shows that top U.S. employers may start contracting healthcare benefits differently, based on this massive takeover.  Here’s how the merger could affect you.

How does your HR team handle sexual harassment complaints? All companies are held to the same standards; regardless of size, industry or location. Being prepared to properly respond involves planning and legal consultation. Be prepared to swiftly address harassment claims.

Congratulations, you’ve made it through 2017’s open enrollment! Don’t worry, you still have plenty of work to do. There are some very important items you’ll want to be on top of before the year ends, in order to avoid headaches later. Here’s your post-ACA-enrollment checkup.

Let the end-of-year vacation binge begin! Often, the stress of arranging your time off or worrying that everything will crumble while you’re gone can derail your trip-planning all together. We all need time off and worrying the entire time is not going to let you unwind. 6 tips to a stress-free break.

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

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.