by admin | Feb 20, 2020 | Hot Topics, Retirement
If you’re like me, your social-media feeds are jammed with headlines about getting “healthy and fit” in the new year. Of course, they’re referring to diet and exercise and common resolutions to drop pounds and work out more often.
But it’s just as important to be concerned about your financial fitness—where you can also drop some baggage and get some strength training without going near a gym. (In fact, if you have a subscription to a gym membership but aren’t going, that’s one financial fix you can make right now.)
Here are some tips to consider for any age:
IN YOUR 20s:
Workout: Have a portion of each paycheck deposited into your savings account, or take advantage of bank programs that “round up” or have other automated savings features. Trust me, you won’t feel this burn.
Diet: Start making coffee at home or at the office instead of going for expensive lattes. Fewer calories, and more money in your pocket. This is a good time to consider getting life insurance (whether you are single or attached) as it is less expensive the younger and healthier you are.
You also need to consider disability insurance, which pays you a portion of your salary if you are sick or injured and unable to work—because who would pay your bills if you couldn’t? Your work may offer this as an employee benefit, so check with your HR department to find out if you have it and what it covers (short-term, long-term disability, etc.)
IN YOUR 30s:
Workout: You probably have a retirement program at work or some other preliminary retirement planning in place. If you don’t, start.
If you do, why not increase the amount you divert into retirement by a percentage point each year—equaling your company match percentage, if they have it, is a good target.
Diet: You may not have gotten life insurance beyond what you have through your workplace, but now is the time to consider an individual policy that you own. Remember, when you leave a job, you typically lose that life insurance offered through your workplace. And, given that life insurance through the workplace usually equals one or two times you salary (or a set amount like $50,000), it’s no longer going to cut it if you have a growing family.
If money’s tight, as it often is with a growing family, lingering student loans, and perhaps a mortgage, a term life insurance policy can protect you through the lean years. But don’t overlook the long-term benefits of a permanent life insurance policy. The cash value can be tapped later for needs that may arise. Plus, there’s nothing that says you can’t have a combination of both.
Also, consider an individual disability insurance policy that you personally own and follows you throughout your career. If you’re relying on work coverage, know that it goes away when you leave that job, and often these policies have bare-bones coverage.
IN YOUR 40s:
Workout: Do you have a financial professional helping you out? Navigating the ins and outs of a growing investment portfolio can be tricky as you move through your career and want to use traditional or Roth IRAs, and the tax benefits of various planning strategies. This may also be the time that you can add a permanent life insurance policy, if you haven’t before, which allows you to accrue cash value and obtain benefits that extend later into your life.
Diet: If you’re still carrying extra debt at this point, it’s time to get that paid down. Tackle higher-interest debts first, and celebrate each paid-off card or loan with … a bigger payment to the next one on the list.
IN YOUR 50s:
Workout: Max out your retirement contributions, especially once your kids are through college. This is also a good time to start researching things like long-term care insurance, and to make sure that your investment portfolio is built in such a way that you can reach your goals.
Diet: It may be very tempting to take on a new debt now: some folks want a vacation home, or the time may be right to start a business. But beware of any super-risky moves that can spell catastrophe with limited time to recoup losses, or that leave you with unexpected bills.
IN YOUR 60s and beyond:
Workout: Evaluate your Social Security situation against your retirement portfolio to determine the best time to retire. Understand the “living benefits” of your life insurance policies and how annuities may help you create a retirement income stream that you can’t outlive.
Diet: Is it time to downsize? It can be hard letting go of “stuff” so that you can go from that four-bedroom house to a two-bedroom condo. But the financial benefit of doing so may surprise you—plus there is less to clean and take care of (not to mention the ease of jetting off at a moment’s notice with no need for someone to look after your home.)
A lot depends on factors like your relationship status, your career path, whether you have kids or not, and what your long-term goals are, and these can change at any time in our lives.
The long and short of it is that just as when it comes to “health and fitness” goals, you’d get an annual physical. Need to know if you’re financially fit? Talk to an insurance professional or financial advisor today.
By Helen Mosher
Originally posted on lifehappens.org
by admin | Feb 12, 2020 | Health & Wellness, Hot Topics
Each February we focus on ways to improve our heart health in honor of American Heart Month. This year we want to help you by turning your attention to the foods you eat and how to make smart choices with our “This or That” challenge!
Below you will see two foods to choose between. Your goal is to choose the food that is the healthier option. Answers can be found at the end of the challenge.
Diet Soda vs Carbonated Water
Skip the drink with the high levels of artificial sweeteners and choose carbonated water! Diet drinks have been linked to symptoms of metabolic syndrome. Some symptoms of this include high blood pressure, high blood sugar, and lower than normal HDL cholesterol levels. Pour yourself a glass of carbonated water and put a slice of fruit in your glass instead!
Butter vs Olive Oil
Pour on the olive oil to maintain good heart health. Butter is full of high amounts of saturated fat. Butter is also known to raise the bad cholesterol levels in your blood. Olive oil and even canola and sunflower oils contain heart healthy mono- and polyunsaturated fats.
Sweet Potato Fries vs French Fries
Warm up your new Air Fryer and start cooking sweet potato fries with a little olive oil. French fries are full of fat and salt and a study linked eating 2-3 servings of fries a week to a higher chance of an early death.
1 oz Salted Nuts vs 1 oz Potato Chips
Pass the pecans, please! When you choose nuts over chips, you are also choosing your health. Regular nut snackers are 14% less likely to develop cardiovascular disease and 20% less likely to develop coronary heart disease.
1.5 oz Dark Chocolate vs 2 Chocolate Chip Cookies
No matter how much you love Grandma’s cookie recipe, your heart needs you to choose the dark chocolate. A study has found that those people who eat dark chocolate 3 times a week reduce their risk of a heart attack or stroke by 11%.
T-bone Steak vs Grilled Salmon Fillet
Just keep swimming! Just keep swimming! Salmon is chock full of omega 3 fatty acids which reduce fat in your blood and reduces clogged arteries. Steak is famous for high levels of saturated fat and LDL cholesterol.
Coca-Cola vs Red Wine
Pop the cork, not the soda tab. Carbonated sodas are full of artificial ingredients and sugar. Red wine has been shown to increase your good cholesterol levels and has many antioxidants that can help protect the lining of the blood vessels in your heart.
You are now a “This or That” Food Challenge winner! Go celebrate with a grilled salmon dinner, a glass of red wine, and a handful of dark chocolate!
Sources:
https://www.webmd.com/heart-disease/ss/slideshow-foods-bad-heart
https://www.hopkinsmedicine.org/health/wellness-and-prevention/5-hearthealthy-food-swaps
https://www.mayoclinic.org/diseases-conditions/heart-disease/in-depth/red-wine/art-20048281
by admin | Jan 14, 2020 | Hot Topics, Human Resources
In today’s business world, there is more pressure than ever to maintain a high rate of growth and reach new revenue goals. And growth usually means hiring.
The work of HR is an important part of that work, especially where fast-growing companies are concerned. There are many reasons why going beyond borders and hiring talent internationally can help a company reach its objectives.
Why International Hiring?
Growing globally Grab Market Share
Over the last ten years or so, companies have seen huge growth, but they’re starting to exceed their size regionally. As a result, companies are hiring internationally to take advantage of new markets and job applicant pools.
Debbie Millin is the Chief Operating Officer for Globalization Partners, the organization behind the Global Expansion PlatformTM. Millin says one popular way companies kickstart their expansion is by hiring sales people in new countries where they want to expand. At the end of the day, companies need to grab global market share and hiring those workers is a good way to start.
Competitive Advantage
Millin says companies are going global earlier and faster than they used to, because if they don’t, someone else can use the idea and set up an in-country competitor. One example: Didi and Uber. Uber didn’t get into the market quickly enough and lost out to Didi.
Accessing a larger applicant pool
Millin says you must go to the talent. As the world continues to develop, it’s going to feel much smaller than it does now. Organizations must start looking outside their current regional offices to scout the best talent available. Unemployment rates are low, and hiring is competitive so staying in your own backyard could severely limit the talent pool.
The Contractor Trap
But acquiring international talent does not necessarily mean hiring contractors. This is one of the common mistakes companies make. Leaders identify great talent in a place like Brazil or France and attempt to hire those workers. The only problem? International contractor laws are the same as those in the United States; if the person acts like an employee, they are an employee. Following this action opens the company up to significant legal risk and financial penalties.
Falling into “the contractor trap” really is a trap, because it’s not always easy to get out. If the relationship with the contractor begins to deteriorate, they could easily expose the working arrangement to the authorities, and you could potentially owe back taxes, fines, unpaid benefits and more.
When companies are truly ready to go after the best global talent, hiring full-time makes the most sense. The best talent wants a full-time role, with benefits, and opportunities for growth.
Where’s the growth?
Based on data from Globalization Partners, Millin says the following 10 countries are at the top when it comes to expansion.
- Canada
- UK
- Singapore
- Mexico
- China
- Australia
- Brazil
- Germany
- India
- South Korea
The UK tends to be the first stop after Canada 90% of the time, but that’s changing with Brexit. Companies are more hesitant to enter the UK of with the uncertainty of what Brexit will bring, showing how important it is for companies to be aware of the social and political issues in a country as you plan your global expansion.
Millin says for HR professionals at companies that have decided to take advantage of the many opportunities associated with global growth, the next step is to figure out how to make it happen.
The Process
Decide whether to set up shop in another country
Opening a compliant business entity in any country is challenging – and some are much harder than others. If the company chooses to set up a branch office or wholly-owned subsidiary, it can take six months to a year, or longer, before the company is legally able to operate in the region, not to mention several thousands of dollars.
Plus, leaders will need to know about local registrations, bank accounts, corporate/tax filings, administering compliant payroll and benefits in country, and more. Some of the “gotchas” to look out for include bank account setup – it can take months. And some countries require in-person signatures. It’s not always feasible to be physically in-country throughout the entity set-up process.
Lack of At-Will Employment
In the United States, companies can hire and fire at will – as long as the reason for termination isn’t illegal. Outside of the U.S., this is an unknown concept. Employers must prove that an employee dismissal is legally justified, and in many countries, that is difficult to do, and evidence must be documented.
If legal process aren’t followed properly, the company can open itself up to a wrongful termination lawsuit, which can be vastly more expensive, and take years to resolve.
No One-Size-Fits-All Solution
Benefits vary from country-to-country and from individual-to-individual. A global company must adhere to the idiosyncrasies of each country’s laws and customs and still offer “equal” benefits to all employees.
On the plus side, so many countries have statutory benefits plans that in some locations your company may not need to provide supplementary benefits at all.
Understanding the local market norms can help you stand out as an employer of choice.
For global teams, HR should shape equitable benefit offerings around perks that maximize the quality of life for the company’s employees within the context of their own culture. Research what benefits are most valued in a particular location, and what other employers are offering in that market beyond what is required. This helps the company stay competitive, and gives the candidate confidence from the very first interaction with your company.
But all of this takes time, as well as local knowledge and expertise, which can put additional burden on in-house HR teams who are managing the process alone.
Going Forward
So what are the options? One solution to expanding internationally is to use a Global Employer of Record. An employer of record is an organization that serves as the employer for tax purposes, while the employee performs their work at a different company.
Specifically, an Employer of Record such as Globalization Partners helps:
- Onboard employees in over 170 countries
- Manage payroll and taxes – compliantly
- Navigate the complexities of local benefits, PTO, and bonus structures
Working with a Global Employer of Record provides a quick time-to-market, until you reach a critical mass in country, or you can continue with this model indefinitely depending on your business.
By Mason Stevenson
Originally posted on hrexchangenetwork.com
by admin | Jan 8, 2020 | Hot Topics, Human Resources
Today’s workforce looks markedly different than it did just 10 years ago. 1 in 3 workers in the US are millennials and this makes them the largest generation in our current workforce. The way this generation communicates makes it necessary for the office to adjust its messaging strategy. What was seen as top-notch communication tech in the early 2000’s has been replaced by new options. As we peer into 2020, let’s take a look at some new ways to communicate effectively with employees both in an office setting and across the globe.
Video Conferencing
Utilizing tech to communicate in your workplace is essential. Office spaces that were previously filled with people who interacted with one another daily now house screens and common space workstations. Because of this, video conferencing has become a necessity to build a sense of unity and community within a department. Employees that are in the office are able to see and interact with their coworkers that may be at their home office or even across the globe in a different country via video services like Zoom, GoToMeeting, and Skype. Collaborating on projects no longer requires you to sit across the table from your team as you can sit in front of a computer screen and share ideas and update progress.
Project Management
Since it is no longer commonplace to have all employees in the same office each day, managing workflow digitally is a necessity. Sites like Basecamp allow projects to be created and teams assigned to jobs within the project. As tasks are completed, team members update their progress online and everything stays organized. Information is easily shared because anyone can log on and read the latest update or ask for help. Emails aren’t lost in an inbox or spam box as the communication happens on one platform. It’s a great way to manage both a physical or virtual office.
Sharing is Caring
There are so many options for sharing files across platforms and with team members. Dropbox, Google Drive, and OneDrive are just a few examples of online tools to assist your team with sharing data, storing information and files in the cloud, and syncing files across multiple devices. These options can range from very basic and free to very secure and costly depending on your needs. Some services only offer small file storage and sharing capabilities and so you’ll want to do your homework to find an option should you have a large image file or data file that needs to be shared.
TXT 2 TLK
According to a survey with OpenMarket, 76% of millennials say texting is more convenient and allows them to communicate on their own schedule. 19% of them say they never check their voicemails. Why is this important to you? With millennials comprising the largest percentage of of the current workforce, you need to make sure you are communicating with them the best way possible. Texting to communicate upcoming events, meetings, reminders, or even to conduct employee surveys is a great option for relaying information to your staff. One thing to remember is that when sending a message via text, the context or heart behind the message is somewhat harder to convey than when delivering it verbally. Make sure the message is not open to interpretation so that the end result isn’t skewed.
As we ring in the new year, take the time to consider new ways to communicate and conduct business in your physical and virtual offices. Test out the methods mentioned here and maybe you’ll find a great new avenue for connecting with your employees!
by admin | Dec 17, 2019 | Hot Topics, Human Resources
Last year’s 2018 Holiday Party Survey by Challenger, Gray & Christmas found that just 65 percent of companies were holding holiday festivities last year, the lowest rate since the 2009 recession, and this trend is expected to continue into the 2019 holiday season (the 2019 report has not yet been released). While in 2009, holiday parties were skipped for financial reasons, today’s causes are more complex. Andrew Challenger, VP of Challenger, Gray & Christmas, speculated that the two biggest factors are #MeToo and an increase in the number of remote employees.
If your company is among those celebrating the holiday season this year, what can you do to avoid liability from sexual harassment, alcohol consumption, and other categories of risk?
Risk: Harassment Allegations
- Communicate behavior expectations to employees ahead of time. Consider using this language to set standards of conduct. You may even choose to redistribute your sexual harassment policy. Be sure to emphasize that all employee policies apply at the party, even if it is off-site or after work hours. Racial or sexual jokes, inappropriate gag gifts, gossiping about office relationships, and unwelcome touching will not be permitted during the holiday party, just as they are not allowed in the office.
- Do not allow employees to get away with bad behavior. Remind your supervisors to set a good example and keep an eye out for employee behavior that needs managing at the event.
- Follow up immediately on allegations of inappropriate behavior and conduct a thorough investigation of the facts, even if the alleged victim does not file a complaint and you only hear about the behavior through the grapevine. If corrective action is warranted, apply it promptly.
- Invite significant others or families. Employee behavior tends to improve at company events when spouses or partners and children are present. If your budget allows, include the entire family in the celebration. Be sure to review your liability coverage with your broker first.
- Avoid incidents related to relaxed inhibitions by following the tips for reducing alcohol-related risks (see below).
Risk: Alcohol-Related Incidents
- Take steps to limit alcohol consumption. If alcohol will be served, provide plenty of food rich in carbohydrates and protein to slow the absorption of alcohol into the bloodstream. You can also have a cash bar, limit the number of drink tickets, or close the bar early to deter over-consumption. Also have a good selection of nonalcoholic beverages or a tasty signature “mocktail” available. Make sure water glasses are refilled frequently.
- Get bartenders on board. If you have underage workers or invite children of employees, be sure that servers ask for ID from anyone who looks under age 30. Ask servers to cut off anyone who appears to be intoxicated.
- Make sure employees get home safely. Offer incentives to employees who volunteer to be designated drivers, offer to pay for ride shares or taxis, or arrange group transportation or accommodations. Planning for safe transportation can potentially minimize your liability if an employee causes an accident while driving under the influence.
- Do not serve alcohol if your party is at the office and your policies do not permit drinking on company premises or during work hours. Deter employees from an informal after-party at a bar or restaurant where the alcohol could flow.
Risk: Workers’ Compensation Claims
- Keep the party voluntary and social. Typically, workers’ compensation does not apply if the injury is “incurred in the pursuit of an activity, the major purpose of which is social or recreational.” If the carrier determines that the company party was truly voluntary and not related to work, you may not be liable for injuries sustained at the party.
- Go offsite. Hosting your holiday party at an offsite location is a smart idea. Your employees will be thankful for the change in setting, and this could reduce insurance liabilities for your company, especially when it comes to third-party alcohol and injury policies.
- Check with your broker before the party. Review your insurance policies and party plans to make sure you do everything you can to avoid risk and know how to handle any incidents that result from the party.
Risk: Perceptions of Unfairness
- Determine how to handle pay issues in advance of the party. You’re not required to pay employees who voluntarily attend a party after hours. However, nonexempt employees need to be compensated if they are working the party or if attendance is mandatory. If the party is held during regular work hours, then all employees must be paid for attending the party.
- Decide in advance whether and how to include remote employees, independent contractors, temporary employees, or agency workers. Be consistent in sending invitations, and if a category of workers will not be invited to the party, consider other ways to reward them for their hard work throughout the year, such as gifts.
- Do not penalize employees who choose not to attend. The message may be misinterpreted and could create employee relations concerns. Be considerate of those who do not attend the event due to religious beliefs, sobriety, mental health issues, family obligations, child care conflicts, or any other reasons. Avoid religious symbols or themes as they could offend individuals of different faiths.
By Rachel Sobel
Originally posted on thinkhr.com
by admin | Dec 10, 2019 | Hot Topics
Having just wrapped up Thanksgiving, we are now only 2 ½ weeks out from Christmas! While we start planning the perfect gifts for everyone special in our lives, we are also thinking of traveling to visit family and friends. Whether you go by car, bus, or plane, traveling during the holidays needs to be safe. Follow these tips to help you get to your holiday destination safely this season.
Car Travel Safety
- Make sure you get plenty of sleep the night before you travel. Being sleep deprived results in slower reaction times and distracted driving.
- Buckle everyone up in your car—not just those in child-safety seats. If you are riding, you need to be buckled in.
- Put your phone away. That text or that phone conversation can wait. If you need to communicate while traveling, have your passenger handle your phone.
- Make a roadside emergency kit. Include essentials like jumper cables, phone chargers, flashlights, batteries, water, snacks, and blankets. Make sure your spare tire is undamaged and you have a jack and tire iron in your vehicle should you need to change a tire.
Apps to Help with Holiday Travel
- Hotel Tonight—If you find yourself getting tired as you drive, consider stopping and getting some sleep. Hotel Tonight helps you find last minute hotel openings near you.
- GasBuddy—Don’t spend your time driving around in unfamiliar areas to find the cheapest gas prices. Use GasBuddy to find the cheapest gas in your immediate vicinity.
- Waze—Most everyone knows about Waze by now. This community-driven navigation tool allows you to see where slowdowns are happening near you as well as road debris, accidents, and alternate routes.
- iExit—Trying to remember all the food places listed on the highway exit signs is hard! iExit gives you a list of what’s near each highway exit from food to hotels to gas stations.
- SitOrSquat—One of the top complaints of holiday car travel is finding clean bathrooms when you need them. This app rates public bathrooms by their cleanliness. Brilliant!
Air Travel Safety
- This goes without saying, but listen to your flight attendants. They give valuable information to passengers in case of an emergency. Pay attention to the pre-flight instructions including where to locate emergency exits.
- Get up and walk around a little during long flights. This keeps the blood moving in your legs that are probably cramped into the tiny space between seats.
- Skip the next drink of alcohol. You want to be clear-headed in case an emergency happens. Wait and have that glass of wine once you land and are safely at your destination.
- Put the oxygen mask on yourself first. If there happens to be an emergency mid-flight, you need to first place the mask on your face and then help others around you. This ensures that you are able to clearly hear instructions and are able to help someone nearby who may not be able to get the mask on themselves.
Following these simple travel tips will help get you to your destination safely this holiday season. Remember, surrounding yourself with the ones you love and value is the goal. Get to those loved ones safely and your holiday will be memorable!
