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Quick look: It’s National Retirement Security Month, making it the perfect time for brokers to equip clients with the tools and resources needed to help their employees plan for a secure financial future. Retirement is a hot topic for all staff. workers is reaching retirement age. workers is reaching retirement age.
Luckily there are lots of options for doing this, so let’s discuss a handful of strategies to spread the word on benefits to all employees. Image by Freepik Emphasizing the Value of Benefits during Onboarding During the onboarding process , it’s essential for HR to highlight the value of employeebenefits.
Our weekly recap of funding, mergers & acquisition, and partnership news from the human resource, recruitment and employeebenefits marketplace is below. Acorns to launch new retirement accounts after buying Portland fintech startup, Vault. Happy Friday. This week’s Fundings: $425M+. Sign up now. M&A Friday!
(Editor’s Note: Today’s post is sponsored by Massachusetts Mutual Life Insurance Company (MassMutual), a leading provider of insurance, annuities, retirement plans, and other employeebenefits. The highlight of the webinar will be a live question and answer period with small business owners. Many congratulations to them.
DEI & Financial Wellness: Bridging the retirement race gap. Learn how the retirement race gap affects your workforce, and how your company can prevent retirement insecurity by addressing it head-on. Start with a focus on employee financial wellness and equity. What is the retirement race gap?
Now more than ever, employeebenefit packages are considered important for the unwieldy terrain of today's job market. Only those organizations that understand how to use this most powerful approach to their advantage by including comprehensive benefits in kind do well in the market for acquiring and retaining key brainpower.
And, apart from better retirement preparedness, employers continue to have a lot to gain by supporting employees’ financial wellness. We found a lot of employers started people off with automatic contributions of 3% but we learned it’s a real struggle for them to accumulate enough for retirement that way,” says Trefethen.
What keeps your company’s employees awake late into the night and dominates their thoughts throughout the workday isn’t the state of the nation’s economy but their retirement savings, children’s college funds, credit card debt, and the next housing payment or grocery bill. Older employees have their eyes on retirement.
Our webinars on demand have over 50 podcasts, webcasts and webinars available for HRCI and SHRM recertification credits. International Association of EmployeeBenefit Plans Certification. The CEBS (Certified EmployeeBenefits specialist) certification program offers four highly renowned designations in the U.S.
Working with a PEO partner is beneficial for both employers and their employees to ensure everyone is well-informed and set up for future financial success. Costly medical expenses and confusion about benefits language are leaving employees feeling discouraged about their healthcare and retirement options. Yes and no.
Helps improve employee confidence in their selections. Host a Short OE Webinar Instead of an In-Person Meeting Do This: Conduct brief, on-demand webinars that employees can watch anytime. Webinars give their viewers information in a succinct format. Not That: Require employees to attend lengthy, in-person meetings.
According to PwC’s 2020 Annual Employee Financial Survey Report , 54% of employees stated that financial challenges are the primary cause of their stress. EmployeeBenefit Trends 2020 Study shows that 52% of employees are more concerned with their financial health than their physical, mental, and social health. .
According to PwC’s 2020 Annual Employee Financial Survey Report , 54% of employees stated that financial challenges are the primary cause of their stress. EmployeeBenefit Trends 2020 Study shows that 52% of employees are more concerned with their financial health than their physical, mental, and social health. .
In recent months, employee financial stress has risen through the ranks of HR’s priorities, given the economic impacts of the pandemic, but it’s far from a new issue. In fact, it’s long been a major challenge for many employees no matter their position or salary range, says Kristina P.
Thanks to record-high inflation last year, rising interest rates, flat wage growth and other economic factors, employers now say their top concern about employee financial wellness is the high cost of living, according to a recent survey by the EmployeeBenefit Research Institute. “It’s the No. 1 position.
Voya Financial Webinar: Reimagining How Benefits Work Together. Research shows the popularity and value of supplemental benefits. In fact, a recent SHRM study found nearly 70% of workers considered supplemental benefits and perks at least as important as employer-based health insurance and retirementsbenefits.
elections potentially leading to significant shifts in employment laws and employeebenefits, its crucial for employers to stay ahead of changes to maintain compliance. New regulations could affect everything from healthcare policies and labor laws to tax laws, all of which play a key role in benefits administration.
Since the passage of the Stabilization Act of 1942 which temporarily limited employers from raising wages to combat inflation amid World War II, health benefits have been at the core of incentivizing potential employees to choose one company over another. All of this comes at a price tag but what do employees actually want?
Instead, there is a growing need for HR professionals to develop a deep understanding of diverse employee needs, particularly regarding healthcare and retirement planning. Medicare expertise within HR departments can bridge the gap between traditional employeebenefits and the need for comprehensive retirement planning advice.
In the battle for talent, especially amid shifting workforce dynamics and economic uncertainties, benefits play a pivotal role in not only attracting employees, but also retaining and engaging them long-term. Lets dive deeper into the benefits most likely to drive job satisfaction, employee engagement , and loyalty.
How can you make online benefits enrollment easier and more efficient? Open enrollment sessions or meetings for employees are typically very information-heavy, which is necessary given health insurance, retirement plans and other benefits are not simple subjects!
As an employer or HR manager, you’re constantly seeking ways to enhance your employeebenefits package, ensuring it not only attracts top talent but also supports their financial well-being throughout their careers and into retirement. One often-overlooked gem in the world of benefits is the Health Savings Account (HSA).
Aflac also found that 83% of organizations believe their benefits package positively impacts employee productivity, while 84% reported that it enables them to recruit top talent. They maintain communication with insurance providers, monitor payroll deductions, and revise benefit packages according to employee needs.
Whether your employees need help with day-to-day budgeting, debt management, planning for their financial future or something in-between, our resource library can help. Best Money Moves users have access to over 900 unique articles, videos, webinars and calculators across a range of financial topics. Are you planning for retirement?
About one in five (21%) organizations has made changes to its open enrollment procedures because of the pandemic, and nearly all the changes involve shifting from in-person to virtual, according to research from the International Foundation of EmployeeBenefit Plans. Betty Thompson.
These include navigating tax laws related to withholding taxes, payroll taxes, and reporting requirements in the areas where remote employees reside. Income from bonuses and stock options, especially bonuses based on prior years of service, might need to be allocated to different states based on where the employee lives.
In fact, according to a survey conducted by ConsumerAffairs , 42% of employees stated they would likely leave their jobs for another position with better benefits. Why are employeebenefits important to small businesses? Employeebenefits are forms of compensation outside of a traditional salary or wage.
Financial Wellness programs are the must-have benefit for 2022. Financial wellness is 2022’s must-have employeebenefit. According to Corporate Insight’s Workplace Finance Monitor Report, 85% of employees without a financial wellness program want one. . Each one of your employees has to navigate their financial health ?
In particular, hospitality and retail workers have more choices than ever about where they work, and companies need to understand people’s priorities and reexamine their employee value propositions to compete. What Is a Benefits Package? How to Evaluate Your Benefits Package. Flexibility. appeared first on Payactiv.
Prior to Ellucian revamping its financial wellness plan, Magness said the plan was heavily focused on retirement. Stacey Magness, director of global benefits at software company Ellucian, and Marthin De Beer Debeer, founder and CEO of Brightplan, present at the 2021 HR Technology Conference & Exposition.
If you didn’t have a chance to attend our HRA VEBA Webinar Series, you’re in luck. Where does an HRA VEBA fit into retirement and benefit strategies? So how do those two pieces, the HRA and the trust, impact how an HRA VEBA fits into retirement and benefit strategies?
Since 401(k) retirement savings plans first appeared in the early 1980s, they have grown rapidly. Today, they are one of the most popular and widespread employeebenefits. To allow employees to supplement their future retirement income. To enable employees to take advantage of income tax deferral.
Benefits Administrator : Administers employeebenefits programs, such as health insurance, retirement plans, and other perks, ensuring employees receive and understand their benefits. Answer all company-related questions The Onboarding Specialist is typically a new employee’s first point of contact.
Generation X – a group now reaching the ages of 38 to 53, is right in between the wave of baby boomers set to retire and the influx of millennials now maturing in their career. EmployeeBenefit Trends Study, Gen X employees have been long overlooked by organizations. How Do Top-Tier Employers Manage Their Benefits?
However, if an employee’s spouse receives coverage through your plan as a dependent, and the spouse retires but the employee continues to work, your plan will typically act as the Primary Payer for the retired spouse, and Medicare will be the Secondary Payer. Click here to reserve your spot today!
Employees get to select a new plan for their health insurance and opt into other employeebenefits for the next year. HSA benefit plans: A health savings account lets employees set aside money on a pre-tax basis to pay for qualified medical expenses. Webinars or meetings can be helpful.
Being well-informed means gleaning data from several channels and outlets, including everything from industry publications to expert webinars. Engaging with other professionals is also helpful as it provides additional insight into emerging trends and inspires creative benefit solutions.
This means offering financial wellness benefits which give equal attention to both money and value. Companies have long supported 401(k) retirement accounts for employees as part of a comprehensive compensation package. When narrowing down which financial wellness benefits to offer, here’s a good place to get started.
From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employeebenefits trends that will take lead in the near future. Financial well-being support : Include benefits like retirement plans, financial counseling, and assistance programs to address diverse financial situations.
Termination is a broad term that simply means the employee-employer relationship has ended. The former is when the employee makes the choice to end their employment—to retire, to pursue another job, or for other reasons. A termination can be voluntary or involuntary. Offer a severance package.
For instance, 70 percent of employees who received financial education reported having a personal budget, but only 55 percent of employees who did not receive financial education reported having a personal budget.
If you are part of the traditionalist or baby boomer generations, you are more likely to be focused on saving for retirement. Many employees don’t realize the variety of services readily available to them from their employer beyond the standard medical and dental programs. Why invest in benefits if no one knows about them?
GoCo is a platform that offers a comprehensive suite of employeebenefits solutions to businesses of all sizes. One of the key benefits of GoCo is its ease of use. The platform integrates with various HR systems and payroll providers, making the process of benefits administration and tracking seamless for HR departments.
One choice that sticks out in the ever-changing world of employeebenefits for both employers and employees is a Health Savings Account (HSA). Leveraging HSA funds can be a game-changer for organizations looking to improve benefits packages and encourage financial wellness among employees.
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