by admin | Jul 14, 2022 | Hot Topics, Human Resources
American workers are notorious for being workaholics. In fact, The Center for Economic and Policy Research has gone so far as to call the U.S. the “No Vacation Nation.” Deciding you need a vacation may feel indulgent but in reality, it is a crucial key to our overall health.
Why do you need to take a vacation?
Simple.
As much as we all need to work and do our jobs, the mind and body also need to be refreshed.
So put down your phone, tuck away your laptop and enjoy these five reasons why vacations are necessary for your health:
Decrease in Heart Disease – Going on a vacation gives you overall health benefits that can impact your life for years to come. Taking regular vacations could help reduce the risk for metabolic syndrome – a cluster of health issues including high blood sugar, high blood pressure, excess belly fat and abnormal cholesterol levels. All of these symptoms raise the risk for heart disease, stroke and type 2 diabetes.
Relieves Stress – Stress can have a negative effect on all aspects of your health–physically, mentally and emotionally. Headaches, back pain, anxiety, irritability, lack of concentration and frustration are just a few of the harmful effects of stress. Taking a vacation helps relieve the built-up anxiety, which can lower your blood pressure, help you sleep better and build up your immune system. Holidays will not only help you relieve stress but can help you manage it better when you get back to the real world.
Increases Productivity – It may seem counterintuitive to leave work and take a relaxing vacation to increase your productivity, but it’s surprisingly effective. Numerous studies reveal taking vacations is closely linked to productivity. Employees who take long, regular vacations return more energized, productive, and positive.
Enriches Your Personal Life – U.S. children with working parents report that their parents are bringing their work-related stress home with them. Additionally, kids have significant stress of their own. Vacations offer all family members time to relax, decompress, and the opportunity to connect with one another.
Quality of life is dependent on how you appreciate yourself and those who are around you. It could be with yourself, family or friends; but only vacations from a busy schedule can offer you time to appreciate the people around you.
Builds Your Immune System – A busy life wears you down. You can fight it all you want, but eventually everything will be too much and exhaustion will set in. When you’re tired and stressed from work and your home life, you’re more susceptible to catching the cold and flu. Vacations help relieve stress, allowing your immune system to build back up.
It is important to be selfish sometimes. As the old saying goes, “all work and no play makes Jack a dull boy.” Getting out of your comfort zone and experiencing something new is good for your body, mind and those around you.
by admin | Jul 5, 2022 | Human Resources
Payroll works the same way in almost every full-time job. Employees earn money by working, and they all receive their earnings on a set date: payday. However, in an era of same-day shipping, on-demand movies, and unlimited mobile access, individuals are increasingly expecting prompt access to nearly anything they need. For employees, this also means getting quicker access to their paychecks.
What is On-Demand Pay?
On-demand pay, or earned wage access (EWA), is an employee payment method in which employees can access wages already earned and owed before the traditional bi-weekly or monthly paycheck.
As Americans face rising costs for everyday essentials, health care and other needs, on-demand pay provides employees with more control over their finances. Did you know that fewer than four in 10 Americans could afford an unexpected $1,000 expense? And we all know that expenses don’t occur on a neat two or four-week cycle!
Growing Payroll Trend
Financial wellness is the new “must-have” employee benefit . According to recent data, 64% of Americans are living paycheck to paycheck. Financial stress can lead to unproductive, disengaged or absent employees. On-demand pay can offer employees access to some or all of their earned wages to help pay bills on time and better manage their living expenses. Additionally, Millennials and Gen Zers are asking for on-demand pay and they’re willing to limit their job searches to employers that offer that option.
Financial Wellness
People show up to work each day because of their desire for long-term financial wellness. Often, financial wellness has been approached with contributions to a 401(k) plan and other benefit-related compensation. But what about everything between now and retirement? Things go wrong. Cars break down, houses need repairs and there are unexpected medical bills. For many workers, waiting 2 weeks or more to get their paychecks leaves them in a bind. In the past, employees have turned to credit cards and payday loans to make ends meet when needed. However, these options are notorious for having high interest rates and hefty fees.
In today’s fast-paced culture – where Americans can get anything with the click of a button – it’s not surprising that on-demand pay appeals to many workers who don’t have savings to handle unexpected expenses. On-demand pay is projected to grow quickly. Three years ago, very few companies had even heard of it. Today, it’s not a question of whether a company will adopt the benefit but when.
On-Demand Pay Execution
Of course, this means that companies might need to update their payroll infrastructure because on-demand pay would require some changes with the payroll department. However, there are various automated solutions that offer systems that can easily integrate with most payroll software. These solutions enable employees to check how much they have earned and withdraw a percentage of their earnings without putting stress on the payroll team. When employees access their net pay before their regular pay date, the wages they access are deducted from the total earnings they’d receive on pay day.
Methods to Provide On-Demand Pay:
- Direct Deposits – Employers provide immediate wages to an employee’s bank account.
- Prepaid Debit Cards – Employers provide a prepaid or payroll card for employees who wish to avoid banks.
In tough economic times, the companies that take the best care of their employees are the ones that emerge stronger. While on-demand pay is a newer concept, it’s one that is worth serious consideration – especially because it shows all signs of staying around for the long haul.
by admin | Jun 30, 2022 | Human Resources
As HR leaders work hard to retain talent during a historic labor shortage, they are trying to show employee appreciation. At the HR Exchange Network Employee Engagement and Experience online event, Mary Shelley, Chief People Officer at Tango Card, shared best practices for rewarding employees to inform them of their value to the organization.
In the session, 5 Questions to Ask When Building an Employee Appreciation Strategy to Last, Shelley admitted there are challenges to creating a rewards program. In fact, a poll revealed that 31% of audience participants feel their inadequate budget is an obstacle. Nearly 30% said no organizational engagement was prohibitive when trying to launch a rewards program. Other problems included being time intensive (12.1%), too complicated (13.8%), or something else (13.8%).
Discover how to launch an employee appreciation program:
Start Small
Shelley suggests HR leaders come up with one thing they can do right now to move the needle. For instance, they could talk to employees to determine what kinds of rewards would motivate individuals on the team. The reward should be meaningful or else it won’t produce that sense of incentive.
“Learn about what each person finds motivating,” says Shelley.
Balance Informal and Formal Recognition
Sometimes people mistakenly believe that they have to invest a lot of money or time into offering a reward. But there are simpler ways to recognize colleagues for their hard work and dedication. For instance, some companies leave thank you cards out in the office, so peers can write them and deliver them to each other’s desk. It’s a small cost in time and money, and it can reap great rewards as Shelley, who has done this, attests.
Diversify Rewards
Offer different kinds of rewards to appeal to a larger group of people. To keep people engaged in the process, there should be different prizes to try and attain. As companies diversify rewards options, however, they should also be transparent.
“Employees and managers should know how to give and receive rewards,” says Shelley.
In other words, they should know exactly what is expected of them if they want to win rewards XYZ. Employees should also know how they could offer recognition to a colleague who has impressed them with their work.
Build in Anticipation
“Anticipation is everything,” says Shelley. In fact, some employees say the anticipation can be greater than the reward itself, she adds. Talk about what it will be like if a team or individual achieves the requirements to win the reward. Discuss the experiences of those who have won before to help others dream about it.
Automate
Automation is a great way to integrate rewards programs in hybrid and remote workplaces. For example, some companies have a “givekudos” Slack channel, where teammates can give shout outs to those who have done well or helped them, and they automatically get a $10 gift card.
Avoid Pitfalls
HR leaders can easily fall into common traps when doling out rewards. A big mistake is to just hand out rewards as a means of “checking the box,” warns Shelley. After all, people realize when something is given to them ingenuously.
Another error is making the program overcomplicated. Shelley shared the story of a colleague who created a rewards program with different levels and lots of qualifications. It was too cumbersome, and no one understood how to give or receive rewards. So, they had to pare it down and simplify.
Being one-dimensional without giving thought to all the possibilities is a pitfall that HR leaders can avoid by thinking outside the box. Overcompensating to make up for low appreciation scores is another way to defeat the purpose of a rewards program. Employees should feel special and appreciated.
Finally, employers should assess whether they are rewarding the correct behaviors. Shelley shares the story of a previous employer, who handed out awards to hard workers who had been burning the midnight oil. But the company included a value about maintaining work-life balance. It didn’t match with their mission, and it sent the wrong message.
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Jun 20, 2022 | Human Resources
U.S. President Joe Biden recently laid out his plans to combat inflation and the high cost of living. The average family is spending an additional $327 per month compared to pre-pandemic costs, according to a CNN broadcast May 10. At the time, the national average price of gas was $4.37. While the Federal Reserve can do more to influence inflation than the President, his announcement is welcome because people are suffering and some economists believe a recession is looming.
Under normal circumstances, the economy can cause burdens for HR leaders. In this case, businesses are still confronting uncertainty that comes from an ongoing pandemic, war in Europe, and a labor shortage. This is not to mention a mental health crisis and increased obligations for employers when it comes to employee engagement and experience.
The first step in addressing the negative impact of the economy is being realistic about the current situation and understanding how it impacts HR:
Some Can’t Afford RTO
Many companies are finally deploying their return to office (RTO) plans from 2020. Employees and leadership are at odds, in many cases, about whether to return or continue to work from home. One of the arguments workers have about WFH is that it is cheaper.
Some employees are quitting because they cannot afford the commute or lunch costs that come with returning to the office. Childcare, which has always been a problem for working parents, is another huge expense. In some cases, people end up paying to work, and it becomes more affordable to quit. HR must keep this in mind when considering wages and salaries.
Compensation and Benefits Packages
During this time of historic labor shortage, HR leaders are reassessing their compensation and benefits packages because they want to be competitive. Employees have leverage and higher wages has been one of the most requested benefits for obvious reasons.
“The talent shortage has boosted pay, but not enough to keep up with inflation,” according to The New York Times. “Wages grew 5.6% in the last year.”
Another obstacle for HR professionals is that increasing offers for new hires ended up creating an uneven divide between them and their veteran counterparts. Now, in some cases, loyal employees who stayed with their employers are earning less than new hires. With this kind of inflation, they may be lured by the prospect of higher pay elsewhere, which could continue the cycle of the Great Resignation.
Budget Concerns
Money is obviously not going as far as it used to go. Therefore, HR professionals should worry that this economic reality could cause budget cuts. For now, 79% of corporate finance executives say their budgets will be larger in 2022 than in 2021, according to Billing Platforms annual 2022 Trends in Finance Survey. With inflation as high as it is, they should prepare for cuts at some point. This could mean fewer resources for learning and development, employee engagement and experience initiatives, compensation and benefits packages, and more.
Travel Constraints
At the moment, most headlines point to Americans’ desire to get back on the road and see people face to face for personal and professional meetings. However, with gas prices and inflation this high, many budget conscious employers may pull back on travel budgets.
The United States is also preparing to confront another surge in COVID-19 cases. RTO poses risks, especially for vulnerable employees with comorbodities or those who live with at-risk people. In addition, parents of children under 5, who are not yet eligible for vaccination, have expressed concerns about both RTO and having to travel for work.
Solutions
Every department in every business must face the reality of inflation and higher costs. HR is no exception. In the case of HR leaders, rising costs is a people problem. Employees will need more money to support their families and to make work valuable to them. In addition, the business itself will have to constrain spending in areas like travel and perks. Maybe those free lunches will have to stop.
Still, there are some solutions available to HR. Promoting people from within the company as opposed to hiring new employees is a way to save money and improve retention. Being transparent about the limitations on wage increases and offering other less expensive benefits to compensate are other ways to address the problem.
Of course, travel can be replaced with videoconferencing and digital events that can be conducted from home. HR leaders have had to stretch resources before and will certainly have to do it again in the future.
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Jun 7, 2022 | Employee Benefits, Human Resources
Companies spend a large amount of time and money creating valuable benefits plans for employees. But after all that work, they often get low participation. Good benefit choices require an effort from employers to ensure that employees have help in understanding their benefits options. To make things even more complex, employers are having to consider options for a span of 4 generations in the workplace which can look very different. Providing benefits for a multigenerational workplace can be challenging but it is important for employers to simplify the process by delivering education through the right channels while avoiding a one-size-fits-all approach.
Understanding your audience and how to effectively communicate with them is the first step in creating your benefits messaging. For example, what are the demographics of your workplace? Do you need to provide multiple messages across various channels? Does your workplace speak English, or will you need bilingual messaging?
A recent survey indicates that 83% of employers believe that communication, employee education and engagement are key for employee participation.
Here are 5 tips on educating your employees about their benefits to encourage benefits participation:
- Break Down Health Insurance Options
- Distribute a simple guide that explains the key things employees should know about their health insurance and basic terminology
- Explain in simple terms about provider network, covered prescriptions, monthly premiums, deductibles, and additional plan benefits, if applicable
- Have an efficient way for employees to manage benefits and ask questions
- Automate the Process
- Make Plans Customizable
- Provide plenty of benefits options including medical, dental and vision from leading carriers
- Offer a lifestyle benefits program that allows employees to personalize their plan according to their needs
- Consider offering perks like commuter benefits or health club memberships to reduce financial burdens and encourage a healthy lifestyle
- Provide Multiple Communication Strategies
- Offer educational tools and channels preferred by employees so they can stay informed year-round to make better purchasing decisions
- Utilize effective benefits education tools that include in-person and virtual meetings, digital communication or print media
- You can utilize a short video to explain key concepts; use graphs and images or create short quizzes for employees to ensure they have read and understand the material
- Make it Easy to Sign-Up
- Invest in updated HR and Benefits technology that includes easy message capabilities such as email, text message alerts, video support, and live chat integration
- Provide a Benefits mobile app
- Offer a benefits website which houses benefit information, HR information, and enrollment material such as “BenefitsEasy“
Although you may use one or more of the tips above, it is vital to keep the information flowing throughout the year. A fun way to do this is to pose a monthly trivia question to your staff related to the benefits and wellness programs you offer and award a prize to the person who submits the correct answer. Highlighting different features of your benefits or wellness programs each month will keep your employees engaged and informed!
by admin | Apr 18, 2022 | Human Resources
Today’s offices potentially span five full generations ranging from Generation Z to the Silent Generation. A coworker could just as easily be raised with a smart phone in hand as they could have used a typewriter at their first job. Some see differences between generational colleagues as an annoyance (“kids these days!”) and many rely on generational stereotypes as fact. Truth of that matter is that generational stereotypes have about as many holes in them as a piece of Swiss cheese. Current research questions the validity of generational stereotypes. This series uncovers top generational myths as a strategy to support a diverse and healthy employee population.
Next, we progress to a group whose eldest members reached adulthood in the year 2000: Millennials (also known as Generation Y). This cohort was born between 1981 and 1996. The top three myths of Millennials include:
- They are the laziest generation at work. Millennials have been called the “trophy” generation with the implication that they receive accolades for just showing up. The impression this leaves in the workforce is that they are lacking motivation to go above and beyond, and may be comfortable phoning it in. The data doesn’t support this critical generalization! Most Millennials are inspired by big, hairy goals at work. In fact, 59% of Millennials reported that competition is “what gets them up in the morning.”
- Millennial employees need life instructions on “adulting.” Children of the ‘80s and ‘90s were raised with a teacher, coach, or parent nearby to instruct or help them figure out a solution. For that reason, they often get labeled as incapable. This may lead you to believe that this generation is lacking smarts, and this couldn’t be further from the truth. Close to 40% of adults aged 25 to 37 have a bachelor’s degree, a percentage that overshadows both Baby Boomers and Generation Y at this same point in their life. Millennials are more educated and more technology savvy than prior generations. One sign of their life skills aptitude? Check out their retirement accounts. Dave Ramsey, personal finance guru, summed it up like this: “Even though Millennials have had less 20 years to build their retirement wealth, they are not that far behind many of those who are closest to retirement.” Yes, they may ask a lot of questions, but don’t let this fool you.
- They are job hoppers. They don’t commit to companies. They leave jobs at the drop of a hat. This tune may sound familiar because you have heard it before. A Pew Research study showed that when you freeze data for age, Generations X and Millennials had similar tenures at work. Workers in the first few decades of their career are more open to looking for new opportunities to explore new jobs and learn. The data show that this sentiment is more closely aligned with a stage in life that all generations have experienced. So, let’s give Millennials a break here. Just because they don’t intend to stick around at one company to receive a glass retirement plaque doesn’t mean they have any less value than other generations.
Despite what you may have heard, Millennials are hard workers with the know-how to quickly pick up new knowledge or skills. They value stability just as much, or more, than prior generations.
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