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Which Benefits Do Millennials Want? Health Insurance, For One

Which Benefits Do Millennials Want? Health Insurance, For One

by | Aug 23, 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.

Forget ping pong tables and nap pods. Millennial workers want health insurance.

Millennial turnover is a challenge for many businesses. They’re the generation most likely to change jobs, Gallup found, with a whopping 60 percent of millennial workers open to new job opportunities. But luckily, your company doesn’t need to invest in an on-site kombucha bar to attract young talent.

As it turns out, the number one benefit millennials want is health insurance. Data shows that half of millennials have been hit with unexpected medical bills. This relatively traditional offering could be what sets your company apart.

Already offer health insurance? Here are four other employee benefits millennials want.

Credit cards have changed the way we pay for everything, but 50 percent of Americans can’t understand their credit card agreements and many of them are drowning in debt. Here’s how you can help.

Open enrollment is still a few months away, but that doesn’t mean workers can’t start preparing to get the most out of their benefits. Learn where to focus.

Focusing on financial wellness boosts retention. The vast majority of financial executives (82 percent!) believe their company would benefit from having a financially secure workforce. What are you waiting for?

Unlimited vacation doesn’t work for everyone. Global aviation strategy company SimpliFlying implemented a mandatory vacation policy instead that increased creativity, happiness and productivity.

Your employees need a financial plan. In fact, according to a Schwab Center for Financial Research survey, 54 percent of people with a written financial plan increased their 401(k) contributions in the past year. Help them get started.

The key to workplace wellness is empathy. That means offering benefits that recognize the different backgrounds and needs of your employees. Family health and financial wellness are good places to begin.

U.S. employee engagement programs are falling short. According to Gallup, only 33 percent of U.S. employees are engaged at work and there are two reasons why.

Is your office going to the dogs? With more than one-third of Americans owning pets, it’s not surprising that some companies are using pet-friendly benefits to attract employees. Here are some pros and cons.

Graduates have more student loan debt that ever before. While only 4 percent of employers currently offer student loan repayment assistance, these benefits could help attract and retain talent. Are they right for your employees?

 

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

Trump’s Insurance Plan, Employee Happiness By State, Financial Stress Reaches PTSD Levels

Trump’s Insurance Plan, Employee Happiness By State, Financial Stress Reaches PTSD Levels

by | Nov 30, 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.

President-elect Donald Trump wants to allow cross-state insurance sales, a move he says will give consumers and employers more choices and create a “dynamic market.” Proponents of the move say consumers or companies could save money by buying insurance from states that have less expensive insurance requirements. However, industry experts say the move could be a lot of time and effort spent on something that wouldn’t make much of a difference, especially due to the Affordable Care Act’s influence in making insurance policies more uniform in their coverage of expensive conditions like autism and infertility. Of course, that could all change as well with Trump’s repeated promises to repeal and replace the ACA.

Do you think people in your state are happy with their jobs? They are in Hawaii, West Virginia and Maine, but less so in New Mexico, Pennsylvania and Washington.

How serious is your financial stress? A new study found that nearly a quarter of employees report acute financial stress so severe it could qualify as PTSD.

Student loans are a major source of financial stress for America’s workforce, but it doesn’t look like the problem will be solved anytime soon. A recent ProPublica study took a state-by-state look at college tuition costs and income growth – and found they don’t line up.

Is your financial stress hurting your performance at work? According to a new study, about 29 percent of Americans say they’ve skipped work to deal with their money problems.

What does it take to hang on to your company’s best employees? Here’s a four-ingredient recipe for employee retention.

You don’t necessarily need a big company budget for big employee perks. Here are five ways small businesses can offer big employee perks and better retain top talent.

Millennials view employee benefits differently than previous generations of workers, which means companies need to approach benefits for these employees differently. Here’s how HR departments can most effectively reach their millennial employees.

Employers around the country were already preparing for the Department of Labor’s new overtime rules to take effect when a federal court blocked them last week. Should employers now stop what they were doing or continue preparations in case the injunction is overturned? Here’s what the experts say.

Is your office hemorrhaging employees as they move on to other opportunities? Here are five big reasons people leave their jobs – and how to recognize the signs.

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.