retirement Archives

Reach Your Company’s Goals with Financial Wellness Programs

by ryanwangman | Aug 1, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on financial wellness, business milestones and payday advances.

The research is in, and employees want financial wellness programs. A recent Bank of America study found that 91 percent of employees who participate in financial wellness programs say those resources have helped them. Similarly, 95 percent of employers who offer those programs agree that these support systems have been effective in reaching their company’s goals.

Financial wellness programs provide tangible benefits to the businesses that offer them, including greater employee satisfaction, improved productivity, lower turnover rates and potentially lower healthcare costs.

But here’s the problem — less than half of all employees are offered financial wellness plans, and when they are only 31% of those employees participate. Many employees don’t understand how to use — or even find — their programs, desire more personalized help or are too busy to utilize them. Find out how to overcome those issues below.

Here’s How to Increase Participation

What We’re Reading

Financially stressed employees are the new norm. Help Millennials find financial stability to reduce anxiety, take back productivity and lower absenteeism. Here’s how to get started.

Embrace green space in the office. Green space can help reduce mental fatigue to improve productivity and job satisfaction. Financial benefits for employers are an added bonus.

Say hello to “retirement income flooring.” This benefit offers employees an alternate strategy for retirement security that analyzes and addresses retirement needs to reduce stress. What is retirement income flooring?

Free payday advances. New apps allow employees to access their pay more quickly, with one service providing up to half of a prior day’s earnings to workers at no extra cost to them. Is it too good to be true?

Curb lost productivity. Employers say they’re helping to combat workers’ money problems by offering financial education. Here’s how financial literacy can benefit your workplace.

Milestone for women in business. This fall, the University of Southern California will set a new precedent when it enrolls more women than men in its MBA program, the first top-tier business school to reach that mark. What does that mean for other schools?

Get the pay you deserve. Know your worth before going into salary negotiations so you can receive compensation that equals your value. Three things to keep in mind.

Retirement Research Will Blow Your Mind

by LizStevens | May 30, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on retirement, student loan debt assistance, and retention.

Will your employees be ready for retirement?

The Federal Reserve’s recently published report shows some improvement in the economic well-being of U.S. households, but it also highlights some startling concerns. More than 60% of Americans are not on track with retirement savings. Nearly 25% skipped necessary medical care because they couldn’t afford the cost. These findings echo results from an NHP survey finding that almost 75% of Baby Boomers are delaying retirement due to unforeseen medical expenses.

What can you do about it?

Ensure that your employees fully understand any and all healthcare or retirement benefits you offer. Giving them access to an agent they can direct their questions to is helpful, but it would be even more beneficial to have company meetings with an agent to address any concerns and go over any changes in plans offered. This will alleviate some of their financial stress and in turn make for a more productive office.

Employers helping with student loan debt. Hundreds of companies are starting to offer student loan assistance benefits to lure new talent and address this $1.5 trillion national concern. Learn more about this developing trend.

Personalized support boosts retention. Employees want more than a paycheck and a benefits package, they want support from their employer that makes them feel cared for as an individual. Find what works for your employees.

Financial incentives for healthy employees. Many organizations offer financial incentives for employees who voluntarily sign up for fitness challenges because being physically active reduces absences and medical costs. Four ways to make fitness incentives work.

The untapped talent market that’s shaking up recruitment. There are 3-7 million potential employees from underserved communities that are likely to stay with a company twice as long as Millennials. Here’s the research that backs it up.

How do your employees feel about the office aesthetic? Employees who have control over the design and layout of their workspace are healthier, happier and most importantly – more productive. Give employees an office they want to be in without breaking the bank.

Are you recruiting on Facebook? LinkedIn is a great social media platform for recruiting, but Facebook might be even better. How it can be an effective strategy.

Should you give your employees cash to quit smoking? Smokers cost employers $3,000-$6,000 more per year than a non-smoker. Why it might be less costly to pay them to quit.

IRS changes 2019 HSA contribution limits. With growing concern over the costs of healthcare the IRS raised contribution levels to HSAs for 2019. What does this mean for you?

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

It’s Easy to Help Your Employees with Retirement Planning

by Lauren Kocher | Sep 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.

Are you ready to take an active role in your employees’ retirement planning?

Workers face a lot of challenges when it comes to saving for the future. When folks are living paycheck-to-paycheck and aren’t sure if they can make ends meet, contributing to a 401(k) plan they don’t completely understand just isn’t a priority. Employers see the financial stress their people are facing and want to do something about it, to protect their teams, increase productivity and improve retention rates.

Lots of business owners and HR departments are already doing more to improve the financial well-being of their employees by offering benefits like on-site childcare, flexible work hours and the ability to work remotely, but there’s more that can be done when it comes to retirement support.

From automatic enrollment to greater access to defined contribution plans, here are some things you can do to help your employees retire well.

Best Money Moves is a semifinalist for the title of “Next Great HR Technology Company!” We’re really thrilled to be in the running, and we need your help to make it all the way to the finals in Las Vegas next month. Vote for BMM here and spread the word!

More Americans are feeling confident about their financial situations. Unfortunately, many of them are underestimating their costs of living in retirement. Here’s what your workers need to know.

“Brownout” is affecting your employees. It might not be as serious as burnout, but disengaged workers can be problematic for your office. Learn how to turn morale around.

Are you responsible for your employees’ financial know-how? Legally no, but financial wellness programs are integral to employee happiness and retention. Read this, and then get started.

Mental health programs help employees. Since 20 percent of millennial workers (and 16 percent of baby boomers and Gen Xers) report being depressed, it’s your responsibility to help destigmatize mental illness in your workplace. Acknowledge what your people are going through.

Serious illnesses such as cancer are difficult to manage, especially in the workplace. Each case is unique, but there are some tried-and-true methods for helping your employees through health challenges. Learn how to have a compassionate conversation.

Opioid addiction is officially a national emergency. It’s one of the major reasons men ages 25 to 54 have dropped out of the workforce, and companies in certain parts of the country are feeling the effect. Here’s what this could mean for you.

Americans have a problem with financial literacy. Questions related to long-term financial planning (like preparing for healthcare in retirement, claiming Social Security and buying life insurance) appear to be the biggest hurdle, according to a new survey. It’s clear financial wellness is more important than ever.

Focusing on holistic wellness programs works. Covering physical, mental and financial health, these programs boost employee engagement and loyalty, says the latest Business of Healthy Employees survey. See how your company could benefit.

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

Retirement Literacy Quiz: Are You Really Prepared?

by Emily Pfund | Jul 12, 2017 | Blog

Retirement literacy is lower in this country than most people think.

Each day, about 10,000 people hit the magical retirement age of 65. But most people have no idea how much money to set aside for the future.

In a recent retirement literacy survey conducted by the American College of Financial Services, only 5 percent of respondents got a grade higher than a “C.”

A lack of savings is one of the biggest sources of financial stress, and there are few things more stressful than worrying about running out of money too early in your golden years. To know how much money you’ll need for a financially stable retirement, it’s good to understand some basic (and often uncomfortable) facts – like how long you can expect to live.

Think you know how to build a nest egg that will last? Test your retirement literacy with this six-question quiz.

Baby boomers aren’t saving enough for retirement. While they expect to need about $658,000 in their retirement accounts, they’re only averaging $263,000 — less than half of what they’ll need.

Job insecurity makes employees more likely to get sick. A new study from Ball State University found people who reported job insecurity were more susceptible to a number of physical and mental health problems. Help your employees feel more secure during times of workplace transition.

How much should 20-somethings be saving for retirement? It can be hard to focus on a retirement that’s decades away. Here’s what millennial employees want to know about retirement planning.

How can you build a better employee training program? Focus on the areas where your employees struggle most. Learn how to identify where your team could improve.

Which benefits bring in top talent? A top-notch benefits package can help a company attract and retain workers. Check out 11 benefits for which employees will leave.

Retirement plans are leaking money, jeopardizing your employees’ retirement security. The culprit? Loans and early withdrawals. Help your employees save more.

Uber’s workplace struggles offer a great example of what not to do. How can you build a culture of diversity and inclusivity in your workplace? Take a hard look at your office culture.

Employees don’t quit out of the blue. There are usually signals visible long before they put in their two weeks’ notice. Seven signs your employees are leaving.

Building a new well-being program for your employees? Make sure you’re getting the most impact from your investment. Three traits of successful well-being programs.

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

Retirement Planning: What Employees Don’t Know Could Hurt Them

by Emily Pfund | May 17, 2017 | Blog

How much do your employees (or you, for that matter) know about retirement planning?

Probably not as much as you think.

According to Fidelity Investments’ Retirement IQ survey, most American employees struggle to understand basic retirement planning concepts. For example, two-thirds of respondents significantly underestimated how much money they’ll need to fund their retirement years, setting themselves up for significant financial stress.

Overall, the average grade on the retirement survey was only 30 percent – an F.

But employers can help their employees understand and improve their retirement planning. The authors of the survey suggest that financial education – particularly in the workplace – is a great step toward reducing retirement planning stress.

Which retirement concepts are confusing your employees?

Your older workers are sticking around longer to pay for retirement. The number of workers ages 65 and older in the workforce is at its highest level since 1962 because many lack the savings they need to retire.

Offering financial wellness benefits doesn’t help employees if they never use them. So how can you get them to take advantage of the benefits you offer? Learn five ways to encourage enrollment.

Not every money move is a good one, and some can come back to haunt you. Here’s how to help your employees avoid three big financial mistakes.

Should you review your employees’ company emails? If you suspect your employee is using their company email, computer or other resources for personal business, you’ll want to find evidence of this misuse. Know when you can (and can’t) monitor employees’ emails.

Nothing lowers employee engagement and feeds unhappiness like a bad company culture. Don’t let your managers make these eight morale-killing mistakes.

Millennials are now the biggest segment of the workforce, but they approach work differently than previous generations. Check out three ways to engage your young employees.

Benefits brokers are looking at company culture as a new employee benefit. Culture is essential for employee retention, and brokers see this as an opportunity to offer more benefits services.

Which has a better ROI: student loan repayment or employee training programs? Some argue that employers won’t see as much return from paying off loans as they will from teaching employees new skills, but it all depends on the demographics of your office.

Dental insurance is just as important as basic health insurance to many employees. Many smaller businesses don’t offer dental plans, but 70 percent of employees say this benefit is essential for deciding whether they take a job.

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.