SHRM Archives

Wait Till You See the Results From SHRM’s Employee Benefits Survey

by LizStevens | May 23, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on employee benefits, retirement and workplace legislation.

The Society for Human Resource Management’s annual survey tracks trends in employee benefits. Here are our top 3 takeaways from SHRM’s 2017 report:

Wellness benefits work. Most employers agreed that their wellness program reduced healthcare costs and improved employee health.
Standing desks take the cake. Standing desks have increased 30% over the past 5 years. It is the highest increase of the 300+ benefits included in the survey!
Flexibility is attractive. More flexible work arrangements – like casual dress and telecommuting – were ranked one of the most effective recruiting strategies.

Now is the perfect time to evaluate your current benefits. Do your wellness benefits meet the needs of your employees? Do you have a financial wellness program? No time like the present to take a look at what’s working and what your employees value most.

Employers can now bar worker class-action lawsuits. The U.S. Supreme Court ruled that employers can enforce arbitration agreements signed by workers, even if those accords bar group claims. Read more about the ruling and if it’s relevant to your company.

Could zero-based budgeting work for you? Some companies are switching to a zero-based budgeting approach to sustain a lower cost structure. See if your organization could benefit from ZBB.

ROI for supporting breastfeeding moms. Employers who invested $1 on a supportive environment for breastfeeding mothers saved $3 on average. Find out why it’s worth the investment.

401(k) contributions at a record high. Information reported from the first quarter of 2018 shows just how important 401(k) benefits are to employees. How this record could be attributed to workplace managed accounts.

Amazon’s “Pay to Quit” program. Once a year Amazon offers full-time associates up to $5,000 to leave the company. Why it’s working for them.

Social media use at work lowers retention. It isn’t killing productivity like employers think it is, but instead social media use at work exposes employees to other opportunities which can lower retention. Here are some solutions.

High workplace drug use. Findings from more than 10 million drug tests showed the highest rate of drug use in the workplace in over a decade. See the full results breakdown here.

Benefits of break time. Regular downtime helps employees be more productive and think outside of the box. Find out how it works.

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

The Top HR Challenge of 2017? Employee Retention

by Emily Pfund | Dec 21, 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.

Unemployment rates dropped throughout 2016 and in November hit 4.6 percent, the lowest they’ve been since August 2007. While that’s good news for the economy, it also means employers face more competition when trying to recruit top talent for their organizations. But focusing only on recruiting — and not making the effort to retain those new employees — can create a cycle where new employees don’t stay long and employers have to recruit yet more employees. This is why employee retention will be the top HR challenge of 2017.

What is the best way to raise employee performance? One recent study found that up to 70 percent of variance in employee performance can be attributed to the quality of their managers. Learn more about how the right manager can help your employees.

All work and no play makes Jack a dull boy. It also makes your employees less likely to stick around. A new study suggests that allowing employees to loosen up and have more fun at work will actually make them better at their jobs.

Trends in the employee benefits industry come and go with changes in technology, the economy and workers’ lifestyles. Twenty years of research by SHRM gives us a look at the trends that have come and gone and which ones may be coming to your workplace next.

How helpful is an annual performance review? Some research suggests once-a-year reviews don’t affect performance much. If your company does do annual reviews, here are the steps managers can take to make them most effective.

From election uncertainty to wearable fitness trackers to online medicine, there were a lot of changes in the employee benefits industry in 2016. Here are the 12 most influential trends.

Travel is becoming an in-demand employee perk. It boosts morale, reduces stress and encourages personal growth through exposure to new people and cultures. Here are a few ideas for incorporating it into your company’s policies.

Are your employees using all of their vacation time? A new survey from BankRate found that more than half — 52 percent — of employees won’t use all of their 2016 vacation days, and that can have a negative impact on their careers.

From tech CEO to HR professionals, here are 30 people poised to make waves in the employee benefits industry in 2017.

What’s the best way to keep your top employees from leaving? The 2016 SHRM and Globoforce Employee Recognition Survey found that companies budgeting 1 percent or more of payroll toward values-based recognition programs are two times more likely to see increased retention from the programs.

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.

How Employee Benefits Changed Over 20 Years

by Emily Pfund | Sep 30, 2016 | Blog

A lot of things have changed since 1996. Cell phones are smaller and smarter, the Internet is a whole lot faster and superfoods like kale are now in everything from cookies to chocolate.

Welcome to the new age. It turns out that in the same 20 years employers have also made some big changes in the benefits they offer their employees. In its 2016 Employee Benefits research report, the Society of Human Resource Management (SHRM) looked back at some of the changes in the industry since the organization started issuing these reports in 1996.

While it doesn’t mention a change in the number of office ping pong tables or La Croix-filled refrigerators, it does illustrate some big shifts in the benefits employers choose to focus on.

What’s in:

Telecommuting. In 1996, only 20 percent of companies offered employees the opportunity to work remotely. Thanks to the internet, that number has tripled to 60 percent, giving employees more flexibility.

Professional development opportunities and memberships. Three quarters of companies offered to cover additional training and education for their employees in 1996. Now 86 percent of employers offer this benefit, encouraging more workers to continue learning and adding to their skill sets. In addition, 88 percent of today’s employers cover the cost of membership to professional organizations and trade groups for their employees, up from 65 percent in 1996.

Health Wellness benefits. Over half (54 percent) of employers offered some form of health wellness program in 1996. Now, 72 percent of employers offer such programs. Popular plans include giving discounts on insurance premiums or adding cash to health savings accounts (HSA) plans if certain health goals are met, such as reducing cholesterol and giving up smoking. In addition, nearly a third (31 percent) offer weight loss programs, up slightly from 29 percent in 1996.

What’s out:

Employee stock purchase plans. Very few companies – just 9 percent – offer employees stock purchase plans in 2016, but more than a quarter (28 percent) did in 1996.

Credit union membership. Employers in 1996 loved credit unions (they often offer lower interest rates and fees than other banks) and 70 percent offered credit union membership as an employee benefit. Today, only 23 percent offer these memberships.

Health care premium flexible spending accounts. The health insurance industry has changed drastically since 1996, especially with the 2010 Affordable Care Act, and fewer employers are offering flex spending accounts to help employees cover their healthcare expenses. Only 39 percent of employers offer the benefit now, compared to 54 percent in 1996.

What’s next:

Most companies offer a handful of financial wellness programs, notably a 401(k) account. And, many employers will contribute to the employee’s account, usually in the form of a match or profit-sharing. But employers know that matching contributions doesn’t mean that employees will take advantage of what is essentially free money.

That’s why more than 90 percent of employers are looking to add to their financial wellness programs. Because while the programs are being offered, employees don’t have the cash leftover at the end of the month to participate.

At Best Money Moves, we believe employees are under tremendous financial pressures. So, we focus on helping employees take a deeper look at what’s causing their financial stress. And, then we dial it down by pushing relevant information, tools and calculators that can help solve the problems.

Here’s the good news for employers: If your workforce has less financial stress, they’ll be more productive and engaged, retention will rise and absenteeism will go down.

We can help. Email us at info@bestmoneymoves.com for a free trial and to learn how we can help your employees be happier, healthier and more productive.

Making Labor Day Meaningful For Employees

by Ilyce Glink | Aug 31, 2016 | Blog

We’re a few days out from Labor Day – the celebration of all the work employees do – so let’s talk about making Labor Day meaningful for employees and their bosses.

One of the top biggest reasons workers leave their jobs is because they don’t feel their work is appreciated. Whether they feel they’re underpaid or that their work goes unnoticed, it leads to the same chain reaction: anger, stress and eventually giving their two weeks’ notice.

But that isn’t what employees want – and it isn’t what employers want either. The uncertainty of the job market causes a huge amount of financial and emotional stress for employees. Meanwhile, employees don’t want to feel forced back into the uncertainty of the job market, and employers have don’t want to scramble to find new hires and they’ll have an agitated workforce filled with unsatisfied workers.

So, what’s the fix?

First, put yourself in your employees’ shoes. You have to understand what your employees feel they deserve and then identify what you can do to make them feel more valued. This isn’t as easy as giving everyone a raise, as the budget may not allow it, but you may find that not everyone is solely interested in making more money.

According to a recent report by the Society for Human Resource Management, the biggest drivers of employee satisfaction are, in order, respectful treatment of the employees in the workplace, compensation, benefits and job security.

If you want to increase employee satisfaction and you’ve heard concerns about job security or the treatment of employees around the office, that’s where you should start. Or, if your employee reviews reveal that your workers are interested in new perks – like working remotely or a more flexible time-off policy – think about how you can implement these ideas without affecting productivity.

While you’re putting your new plans into action, remember that an employee’s age and experience may affect what perks they appreciate at work. According to the study, millennials reported the lowest levels of job satisfaction, while Boomers and those close to retirement were the happiest with their jobs. Think about what this means for the benefits you offer and the environment you’re creating. Everyone appreciates a day off, but some workers will value consistent raises while others want more vacation time.

If you’re unsure where to start, just ask your employees. No one knows what your employees want more than they do. It’s important to know your limits on what you can and cannot offer, but don’t let these barriers keep you from making any changes or improvements. Your workers will notice your efforts to address their concerns, whether it’s through new perks, raises or a combination of benefits.

So, on this Labor Day, understand that your show of appreciation doesn’t have to be an enormous change-of-management demonstration or once-in-a-lifetime bonus as long as it’s consistent, authentic and relevant to what your employees want. But putting in the effort to make your employees feel valued and appreciated will juice workplace profits over time.