7 wellness program ideas you may want to steal

Need more energy and excitement in your office? Keep your employees healthy and motivated with these fun wellness program ideas.


Building your own workplace wellness program takes work–and time–but it’s worth it.

“It’s an investment we need to make,” Jennifer Bartlett, HR director at Griffin Communication, told a group of benefits managers during a session at the Human Resource Executive Health and Benefits Leadership Conference. “We want [employees] to be healthy and happy, and if they’re healthy and happy they’ll be more productive.”

Bartlett shared her experiences building, and (continually) tweaking, a wellness program at her company–a multimedia company running TV outlets across Oklahoma –over the last seven years. “If there was a contest or challenge we’ve done it,” she said, noting there have been some failed ventures.

“We got into wellness because we wanted to reduce health costs, but that’s not why we do it today,” she said. “We do it today because employees like it and it increases morale and engagement.”

Though Griffin Communication's wellness program is extensive and covers more than this list, here are some components of it that's working out well that your company might want to steal:

  1. Fitbit challenge.Yes, fit bits can make a difference, Bartlett said. The way she implemented a program was to have a handful of goals and different levels as not everyone is at the same pace-some might walk 20,000 steps in a day, while someone else might strive for 5,000. There are also competition and rewards attached. At Griffin Communications, the company purchased a number of Fitbits, then sold them to its employees for half the cost.
  2. Race entry.Griffin tries to get its employees moving by being supportive of their fitness goals. If an employee wants to participate in a race-whether walking or running a 5k or even a marathon, it will reimburse them up to $50 one time.
  3. Wellness pantry.This idea, Bartlett said, was "more popular than I ever could have imagined." Bartlett stocks up the fridge and pantry in the company's kitchen with healthy food options. Employees then pay whole sale the price of the food, so it's a cheap option for them to instead of hitting the vending machine. "Employees can pay 25 cents for a bottled water or $1.50 for a soda from the machine."
  4. Gym membership."We don't have an onsite workout facility, but we offer 50 percent reimbursement of (employees') gym membership cost up to a max of 200 per year," she said. The company also reimburses employees for fitness classes, such as yoga.
  5. Biggest Loser contest.Though this contest isn't always popular among companies, a Biggest Loser-type competition- in which employees compete to lose the most weight-worked out well at Griffin. Plus, Bartlett said, "this doesn't cost us anything because the employee buys in $10 to do it." She also insisted the company is sensitive to employees. For example, they only share percentages of weight loss instead of sharing how much each worker weights.
  6. "Project Zero" contest.This is a program pretty much everyone can use: Its aim is to avoid gaining the dreaded holiday wights. The contest runs from early to mid- November through the first of the year. "Participants will weigh in the first and last day of the contest," Bartlett said. "The goal is to not gain weight during the holidays-we're not trying to get people to lose weight but we're just to not get them to not eat that third piece of pie."
  7. Corporate challenges.Nothing both builds camaraderie and encourages fitness like a team sports or company field day. Bartlett said that employees have basically taken this idea and run with it themselves- coming up with fun ideas throughout the year.

SOURCE:
Mayer K (14 June 2018) "7 wellness program ideas you may want to steal" [Web Blog Post]. Retrieved from https://www.benefitspro.com/2015/10/10/7-wellness-program-ideas-you-may-want-to-steal/


Viewpoint: Coaching Your Employees to Finish Strong as They Near Retirement

10,000 people a day are retiring. Help your employees transition into retirement with these important strategies. ​


Baby Boomers are beginning to retire in large numbers. AARP says 10,000 people a day are retiring from work. Most companies have no formal program to aid these employees in this transition. Although we often have extensive onboarding programs, little to nothing is done when an employee is ending his or her career, except a goodbye party.

For many people, upcoming retirement means coasting until the day they are done. Dave was a senior-level manager who announced his retirement one year in advance. The problem was that Dave then became "retired on the job." He stopped innovating. He stopped moving new ideas forward. He avoided conflict by ignoring problems. He no longer aggressively led his team.

Dave had been very successful in his career but he ended poorly, so that was how everyone remembered him. His team suffered poor morale because its members felt they were stuck until Dave left his position. That is a problem for the whole company.

Help retiring employees to end strong at your company. Instead of letting employees coast and drain the company coffers, HR can support retiring workers as they end their careers in the best way possible, fully contributing up until the last day.

Some key strategies include:

  • Creating a planning-to-retire educational program.HR should develop a workshop to show employees how to plan out their future, paying special consideration to how they will handle all the free time they will have once they leave the company. The course can cover financial planning, too. The employee will be grateful for this assistance.
  • Coaching the employee's manager.Managers of departing employees need instruction on how to support someone leaving the group. The formal coaching should offer proven strategies to keep the employee engaged until his or her last day. The supervisor should encourage the employee to complete as many key projects as possible and accept the responsibility to not let the employee become retired on the job.
  • Documenting their knowledge.As many Baby Boomers walk out the door, their depth of experience and insight depart with them. Companies should have these employees document their knowledge by creating a training manual or by adding pages to the organization's intranet so other employees can learn from these folks.
  • Training a new employee.Ideally, the organization should promote or hire a replacement and have the departing employee train the new person. Having a two- to three-week training period helps the new employee get up to speed and be more productive, more quickly. 
  • Offering a "bridge job."Finding talented workers to replace departing Baby Boomers will become harder to do in our tight labor market. Developing a transitional or bridge job where the employee remains at work on a part-time basis may allow the company to avoid the quest for talent that is often not available. Baby Boomers want more flexibility and fewer work hours at the end of their career. In fact, 72 percent say they plan to work in their retirement. Annette was an IT specialist who wanted to leave the energy utility she worked for. The HR department was under the gun to deliver a new human resource information system and asked her to continue working three days a week with the ability to take more unpaid vacations. This new bridge job kept her in her role for 18 months until the big project was completed.

Final days may be a bittersweet time for employees to say goodbye to their co-workers, friends and the company itself. Having a supportive send-off is a great policy to ensure that everyone leaves on a positive note and will speak highly of your organization after the departure.

 

SOURCE:
Ryan R (4 June 2018) "Viewpoint: Coaching Your Employees to Finish Strong as They Near Retirement" [Web Blog Post]. Retrieved from https://www.shrm.org/ResourcesAndTools/hr-topics/benefits/Pages/Viewpoint-Coaching-Your-Employees-on-Finishing-Strong-As-They-Retire-.aspx?_ga=2.37756515.1310386699.1527610160-238825258.1527610159


4 perks to make your employees' lives easier and less stressful

Recruit top talent with ease and confidence when considering these tips on attractive, creative and innovative employment perks.


A 2016 survey from Glassdoor found that 57 percent of people looking for jobs said benefits and perks are among their top considerations when weighing offers. So how can a company stack the deck in its favor when recruiting top talent? Although some companies limit their benefits packages to traditional offerings such as health insurance, 401Ks and paid time off, a today’s forward-thinking employers know they need to find more creative ways to offer benefits that make a genuine difference in employees’ day-to-day work and personal lives.

As competition for employees intensifies, the race to improve employer-based services is likely to result in better options for employees. Unconventional benefits options come in many shapes and forms, but they share one thing in common: the goal of saving time for employees, reducing their stress, and ultimately improving their health and satisfaction at work.

All other things being equal, companies that offer innovative perks that speak to the well-being of their employees are more likely to attract and retain the top talent in their field. Here are a few such perks to consider.

Expectant-parent counseling

You’ve thrown the baby shower, cut the cake, helped carry staff gifts to the car—and you’ve explained the company’s parental leave policy in detail. As you wave Julie from accounting off with best wishes, you’re confident she’ll come back to her desk in a few months’ time.

But the truth is that 43 percent of women who have babies leave the workforce permanently within a matter of months. Many say it’s because they don’t have adequate support at home to enable them to resume their careers. That is why companies like Reddit and Slack use a service called Lucy that provides expectant employees help before, during, and after parental leave, including 24/7 messaging and one-on-one sessions that can be done in the home or online.

As Reddit VP of People Katelin Holloway put it, “It’s not enough to simply offer parental leave; every child and family is different and has independent needs.” By helping expectant parents find resources that meet their specific needs, you’re making an investment in your workforce that pays enormous dividends in retention, productivity, and morale.

Caregiving support

A Gallup survey revealed more than 1 in 6 full-time or part-time American workers has difficulty balancing caring for elderly parents with their work commitments. This results in decreased productivity and frequent leaves of absence. Companies can help their employees cope and stay engaged with their work by providing concierge services that offer amenities such as taking elderly parents to doctor’s appointments and eldercare coaching when choosing between assisted living options.

To help reduce stress (and retain highly specialized employees), take a cue from companies like Microsoft and Facebook, which provide caregiver paid-leave programs to help employees care for ailing family members or sick relatives.

Dry cleaning at work

Sometimes it’s the little things that save time during the workday that can push the needle in your favor as a potential employer. It may sound trivial, but company-provided dry cleaning is a perk that’s proving to be a big draw in workplaces from Wall Street to Silicon Valley. Service providers pick up employees’ laundry or dry cleaning items from work and return them to a designated employer closet in their office building—one less errand, and no more lost tickets. “People have lives to live, so I try to make it easy for them to deal with any of those personal errands that could take up time for them,” said Experian CEO Craig Boundy, speaking about his company’s employee benefits programs in an interview with the The Orange County Register.

Car maintenance and service

According to the U.S. Bureau of Labor Statistics, the average American household owns 1.9 vehicles and spends around 1.5 percent of its annual income on auto maintenance and repairs. Cars are a significant investment for most of us, so the more you can help potential employees save time and money on maintaining their vehicles, the more tempting you’ll become as an employer. Growing numbers of innovative companies provide car repair services to help employees save money, find the best quality mechanics, and reduce stress associated with the entire process.

Some firms also offer on-site car wash services, giving employees peace of mind and a positive outlook as they drive home after work. Several big Silicon Valley corporations —including eBay, SanDisk, Cisco, and Oracle—use BoosterFuels to fill employees’ gas tanks while they’re at work. It saves employees time and protects them from potential accidents or robberies at gas stations.

SOURCE:
Weiss Y (31 May 2018) "4 perks to make your employees' lives easier and less stressful" Web Blog Post]. Retrieved from https://www.benefitspro.com/2018/05/11/4-perks-to-make-your-employees-lives-easier-and-le/


How to get the most out of a day off

Time off is necessary but planning an extended vacation may be stressful. These pointers will help show you how micro-vacations can positively benefit your lifestyle.


The idea of “vacation” often conjures up thoughts of trips to faraway lands. While it’s true that big trips can be fun and even refreshing, they can also take a lot of time, energy, and money. A lot of people feel exhausted just thinking about planning a vacation—not just navigating personal commitments and school breaks, but deciding how to delegate major projects or put work on hold, just so they can have a stress-free holiday. Because of this, some might put off their time away, figuring they’ll get to it when their schedule isn’t so demanding, only to discover at the end of the year that they haven’t used up their paid time off.

In my experience as a time management coach and as a business owner, I’ve found that vacations don’t have to be big to be significant to your health and happiness. In fact, I’ve been experimenting with the idea of taking “micro-vacations” on a frequent basis, usually every other week. These small bits of time off can increase my sense of happiness and the feeling of having “room to breathe.”

From my point of view, micro-vacations are times off that require you to use a day or less of vacation time. Because of their shorter duration, they typically require less effort to plan. And micro-vacations usually don’t require you to coordinate others taking care of your work while you’re gone. Because of these benefits, micro-vacations can happen more frequently throughout the year, which allows you to recharge before you’re feeling burnt out.

If you’re feeling like you need a break from the day-to-day but can’t find the time for an extended vacation, here are four ways to add micro-vacations to your life.

Weekend trips.Instead of limiting vacations to week-long adventures, consider a two- to three-day trip to someplace local. I’m blessed to live in Michigan, and one of my favorite weekend trips is to drive to Lake Michigan for some time in a little rented cottage on the shore or to drive up north to a state park. Especially if you live in an urban area, traveling even a few hours can make you feel like you’re in a different world.

To make the trip as refreshing as possible, consider taking time off on Friday so you can wrap up packing, get to your destination, and do a few things before calling it a night. That still leaves you with two days to explore the area. If you get home by dinnertime on Sunday, you can unpack and get the house in order before your workweek starts again.

There may be a few more e-mails than normal to process on Monday, but other than that, your micro-vacation shouldn’t create any big work pileups.

Margin for personal to-do items.Sometimes getting the smallest things done can make you feel fantastic. Consider taking an afternoon—or even a full day—to take an unrushed approach to all of the nonwork tasks that you really want to do but struggle to find time to do. For example, think of those appointments like getting your hair cut, nails done, oil changed, or doctor visits. You know that you should get these taken care of but finding the time is difficult with your normal schedule.

Or perhaps you want to take the time to do items that you never seem to get to, like picking out patio furniture, unpacking the remaining boxes in the guest room, or setting up your retirement account. You technically could get these kinds of items done on a weeknight or over the weekend. But if you’re consistently finding that you’re not and you have the vacation time, use it to lift some of the weight from the nagging undone items list.

Shorter days for socialization.As individuals get older and particularly after they get married, there tends to be a reduction in how much time they spend with friends. One way to find time for friends without feeling like you’re sacrificing your family time is to take an hour or two off in a day to meet a friend for lunch or to get together with friends before heading home. If you’re allowed to split up your vacation time in these small increments, a single vacation day could easily give you four opportunities to connect with friends who you otherwise might not see at all.

If you struggle to have an uninterrupted conversation with your spouse because your kids are always around, a similar strategy can be helpful. Find days when one or both of you can take a little time off to be together. An extra hour or two will barely make a difference at work but could make a massive impact on the quality of your relationship.

Remote days for decompression. Many offices offer remote working options for some or all of the week. If that’s offered and working remotely is conducive to your work style and your tasks, take advantage of that option.

Working remotely is not technically a micro-vacation, but it can often feel like one. (Please still do your work—I don’t want to get in trouble here!) If you have a commute of an hour or more each way, not having to commute can add back in two or more hours to your life that can be used for those personal tasks or social times mentioned above.

Also, for individuals who work in offices that are loud, lack windows, or where drive-by meetings are common, working remotely can feel like a welcome respite. Plus, you’re likely to get more done. A picturesque location can also give you a new sense of calm as you approach stressful projects. I find that if I’m working in a beautiful setting, like by a lake, it almost feels as good as a vacation. My surroundings have a massive impact on how I feel.

Instead of seeing “vacation” as a large event once or twice a year, consider integrating in micro-vacations into your life on a regular basis. By giving yourself permission to take time for yourself, you can increase your sense of ease with your time.

SOURCE:
Saunders E (28 May 2018). [Web Blog Post]. Retrieved from address https://hbr.org/2018/05/how-to-get-the-most-out-of-a-day-off


Are your employees scared to take time off?

Your employees might be feeling pressured and overworked. Avoid low productivity in your workplace with these tips on vacation impact.


They might be getting paid time off, but close to half of American workers aren’t taking it—or aren’t taking as much of it as they’re entitled to. And that’s making for a workforce that’s not only overworked and under stress, but actually being pressured to forego time that they’re entitled to.

So says “The PTO Pressure Report” from Kimble Applications, which finds that not only have 47 percent of employees not taken as much PTO as they’re entitled to, 21 percent admit to having left more than five vacation days unused. According to survey respondents, workload-related stress is the top reason so many are failing to use all the PTO they’re entitled to: 27 percent say they just have too many projects or deadlines to take time off, and 13 percent dread the heaps they’ll find on their desks when they get back.

Their bosses aren’t helping, either, with 19 percent of respondents saying that they’ve felt pressured by employers or managers to abstain from vacation. Not only that, more than a quarter are actually nervous or even anxious at the thought of submitting a time-off request; 19 percent worry about being away from work, while 7 percent fear that their requests will be denied.

But businesses could actually be shooting themselves in the foot by keeping such a tight rein on employees. Says the report, “These managers likely don’t realize that this is having a direct, negative impact on the business, as past research indicates that employees who take most or all of their vacation time each year perform better and are more productive than those who do not.”

Even if they get to go on vacation, it’s not doing a lot of them much good. They’re too wired into the job, with 48 percent saying they proactively check in on vacation. A surprising 19 percent do so every day, with another 29 percent doing so periodically. And the boss isn’t making it easy to be on vacation once they get to go; 29 percent of workers say they’re expected to be available for emergencies, and another nine percent say they’re expected to check in frequently. Can’t exactly unwind too well with that hanging over their heads, which means they get back to work stressed out from making sure they satisfy vacation’s employment obligations.

They think they’ll get ahead that way, though—at least 14 percent believe that if they leave that vacation time on the table, they’re more likely to succeed and move up in the ranks. And 19 percent say that’s more important to them than the vacation time they’re abandoning—they’d give up their vacation time for a whole year if it meant they’d nail a promotion.

Younger employees are more willing to work instead of take time off than their elders ; 25 percent of those aged 25–34 feel this way compared to only 17 percent of those aged 55–64.

What businesses may not realize is how important PTO is for the company’s bottom line. Mark Robinson, co-founder of Kimble Applications disagrees. “I am an advocate of giving people a reasonable vacation entitlement and then encouraging them to take it,” he says in the report. ”My experience is that businesses work best if there is clarity about this and people feel confident about planning their vacation well in advance. That is better for the individuals and it allows the business to forecast and budget better too.”

Robinson adds, “American businesses sometimes offer unlimited time off—but they know that in most cases that ends up with people taking less time off. Also, in businesses where people don’t feel confident enough about taking vacations to plan them well in advance, there can be an issue at the end of the year when they suddenly all disappear at once. Successful, sustainable organizations learn to plan their business around PTO time.”

SOURCE:

Satter M. (22 May 2018). “Are your employees scared to take time off?” [Web Blog Post]. Retrieved from address https://www.benefitspro.com/2018/05/22/are-your-employees-scared-to-take-time-off/


10 perks that help attract and retain workers

Job seekers and employees today have more control over their careers than ever before. Leaving current positions for better opportunities, and being more selective when applying for a new job, are now commonplace.

With the war for talent in full effect, companies of all sizes have had to take a close look at their compensation and employee benefits to ensure that they meet, or preferably exceed, expectations.

While keeping up with the latest employee benefits trends is one great way to maximize benefit plans, employers should also explore additional employee and workplace perks to help with recruiting, retention and engagement.

1. Free snacks and coffee

coffee and donuts(Photos: Shutterstock)

 

An often-overlooked way to enhance the workplace is to provide employees with complimentary snacks and coffee. Not only does this help employees save a few dollars each day, but office snacks have shown to increase workplace production. And offering employees healthy alternatives can get people more energized and involved with a company’s overall wellness program.

2. Flexible work schedules

One of the biggest trends in the business world has been a shift away from the traditional 9 to 5 work day. While some positions require such a schedule, more and more companies are enabling employees to have more flexibility with their working hours. As a matter of fact, many businesses are including flexible working schedules in their job descriptions and on career sites to help attract younger job seekers. As work-life balance continues to become more important to employees, flexible working schedules can be valuable perk for employers to offer.

3. Working from home

While telecommuting is becoming more common, not all employees can exclusively work-from-home. However, enabling employees to work at home on occasion can be a great perk for keeping employees happy and engaged. Providing employees with the tools and resources necessary to work from home when needed can greatly assist with lowering turnover, and can also help reduce stress and improve the employee experience.

4. Employee assistance programs

A greater focus on employee wellness – both physical AND mental – is occurring in companies big and small. One way to help with this initiative is to have an employee assistance program (EAP). These programs provide counseling to employees for both professional and personal issues, and can include consultations with licensed clinicians for financial and legal services, grief counseling, and day-to-day support for full-time employees and anyone in their household.

5. Company events

You have probably seen or heard of Fortune-500 companies throwing elaborate and expensive events for their workforce. While small employers can’t do something to this level, having company-sponsored events throughout the year is a great way to boost employee morale and build a culture. These events also present an opportunity to boost employer branding and recruitment marketing efforts. Things like company picnics, holiday parties, and even individual team outings (such as a bowling night) help to boost company morale.

6. Employee referral programs

Hiring the best talent is a mission all companies have in common. But with recruiting more challenging than ever, it can be difficult to accomplish this goal. However, establishing an employee referral program (especially one that provides a cash or bonus reward) is a fantastic way to get your entire company involved with recruiting. These programs also help employees feel more invested in their organizations, especially if they can bring friends or professional colleagues to their organization.

7. Lunch and learns

Learning and development is important to employees. While investing in large-scale programs and bringing in industry experts on a routine basis may not be possible, each company has their own subject-matter-experts who can provide learning opportunities to their co-workers. A monthly lunch and learn session can be a great way to inform the entire company on new initiatives and projects, as well as boost employee engagement throughout the company.

8. Employee discounts

Another great additional perk that employees will enjoy are discounts on certain items or events. Discounts on items like clothing brands, tech, Broadway shows, sporting events, and many others can help employees save money while enjoying things that they enjoy. These types of perks are becoming increasingly popular, even for smaller employers and can be a great tool in recruiting. Not to mention the role they play with employee happiness, engagements, and ultimately retention.

9. Summer hours

We discussed earlier about the value of flexible work schedules. A fantastic addition to an already popular perk, giving employees summer working hours are a great way to boost happiness and morale. For example, many companies let employees leave the office early on Fridays to get a head start on their weekend plans. With work-life balance becoming more important, this simple perk can be a great for current and future employees alike!

10. Employee rewards and recognition

Boosting employee engagement and the overall employee experience are critical objectives for all companies today. An excellent way to help with these goals are to recognize and reward employees throughout the year. Whether it’s completing a difficult or important project, reaching certain milestones with the organization (such as years of service), or completing outside education, these can all be extremely valuable for the individual and the company. Additionally, providing rewards along with recognition can go a long way to building engaged culture and a great employer brand.

Source: Altiero M. (3 April 2018). "10 perks that help attract and retain workers" [Web Blog Post]. Retrieved from Benefits Pro.


Spot the differences between productivity and busyness

Productivity and busyness are often used interchangeably. This is a mistake. When you think about it, you can be busy and still get nothing really done.

Productivity is efficiently using time to change something, whether it be improving a project or taking care of an errand. Efficiency is the key word here, as no one would consider, say, spending an entire day writing a letter efficient.

Busyness is being occupied with a particular activity to the point where it becomes a priority. Spending an entire day writing a letter is busyness, but it wouldn’t be considered productive. Yet, we can say “It was a busy day” and it could be, mistakenly, interpreted as productivity.

The difference matters because productivity requires strategy: What works best, what is most important now, what matters over other tasks and other standards. Busyness prioritizes going forward, whether or not it is the best thing to do right now.

Being productive rather than busy requires stopping, strategizing and consideration before taking action. To be truly productive, you must not be afraid of pausing – and pausing feels like the opposite of being busy. You must let go of the need to feel busy.

One other simple tell: Productivity tends to give energy, while busyness tends to take it away. Getting things accomplished creates momentum as well as confidence, while doing busy work often makes inertia and frustration since it usually doesn’t lead to progress.

Read the article.

Source:
Brown D. (21 February 2018). "Spot the differences between productivity and busyness" [Web Blog Post]. Retrieved from address http://workwell.unum.com/2018/02/spot-the-differences-between-productivity-and-busyness/


3 simple ways to get motivated

Getting and staying motivated can be tough, whether you are coming back from vacation, dealing with something you’d rather avoid or getting focused on a Monday. Not every day will be super productive, and there is no sense in punishing yourself because of it, but there are three great ways to get back on track.

One way is to take the simplest task and make it even simpler. For example, if you have to write an email, then focus on doing the first sentence. Make writing the first sentence your goal. It may feel ridiculously easy, which is the point: Once you write that first sentence, then you will likely have the confidence to begin on the second sentence, and so on.

Another approach is to think about being in bed, tonight, right before you go to sleep. What did you accomplish today? Did you feel good about what got done? What do you wish you had gotten done so you wouldn’t be worried about doing it tomorrow? Now you can stop imagining: It’s wonderful that you still have the day ahead of you and you can get things done now.

Lastly, work on your next task for only five minutes. It will be a focused five minutes, which means no multitasking. Set an alarm as necessary. Chances are that the five minutes will go by quickly and, if you like, you can set the alarm for another five minutes.

Our motivation is usually hampered by either inertia, like when we have taken a break, or by timidity, like when we are intimidated by a major goal. By using these three methods, you can move towards success and focus on the next small step towards your big successful goal.

Read the article.

Source:
Brown D. (21 February 2018). "3 simple ways to get motivated" [Web Blog Post]. Retrieved from address http://workwell.unum.com/2018/02/3-simple-ways-to-get-motivated/


Eligibility, lack of plans keep millennials from retirement saving

As millennials reach the age to save for retirement, there is a clear lack-of-knowledge in the arena of what plans they need and how to save for them with the continuing costs of their lifestyles. In this article, we take a look at why this is.


Millennials are way behind on retirement savings, but it has nothing to do with self-indulgence or feasts on avocado toast.

Instead, what they actually need are retirement plans, and earlier eligibility to save in them.

A new report from the National Institute of Retirement Security highlights millennials’ precarious retirement futures with the news that only a third are saving for retirement. It’s not because they don’t want to, or are being extravagant, because when the numbers are crunched they actually save at rates equal to or higher than those of their elders—even if not as many of them can do so.

Millennials are getting a raw deal. Not only are traditional defined benefit plans disappearing, with the likelihood that a millennial might actually be able to participate in one, they’re worried that Social Security—which runs way behind the cost of living anyway—will be of even less help to them in the future as an income replacement than it already is for current retirees. Add to that the fact that more than half of millennials are expected to live to age 89 or even older, and they have the added worry of outliving whatever savings they might have managed to stash.

In fact, millennials need to save way more than their elders to stand a chance of having a retirement that honors the meaning of the word. Says the report, “[S]ome experts estimate that millennials will need to make pretax retirement plan contributions of between 15 percent to 22 percent of their pretax salary, which at 22 percent, is more than double the recommendation of previous generations.”

They’re viewed as irresponsible, but 21 percent are already worried about their retirement security, says the report, and while 51 percent of GenXers and boomers contribute to their own retirement plans, just 34.3 percent of millennials participate in an employer’s plan, although 66 percent work for bosses that offer such plans.

In fact, 66.2 percent of millennials have no retirement savings at all. Zip, zilch, zero. And millennial Latinos? A whopping 83 percent have a goose egg, not a nest egg. Latinos have it much worse, incidentally, than any other millennials group, with just 19.1 percent of millennial Latinos and 22.5 percent of Latinas participating in an employer-sponsored plan, compared with 41.4 percent of Asian men and 40.3 percent of millennial white women—who have the highest rates of participation in a retirement plan.

Despite working for an employer who provides workers with a retirement plan, millennials don’t always have a way to save, since said employer may have set barriers in place to prevent participation until an employee has been with the company for at least a year. And millennials are, of course, known as the job-hopping generation—so if they don’t stay in one place they never qualify. Close to half of millennials—40.2 percent—say they’re shut out of retirement plans because of employers’ eligibility requirements, including working a minimum number of hours or having a minimum tenure on the job.

But don’t accuse them of having no desire to participate: when they’re eligible, more than 90 percent do so.

Read the article.

Source:
Satter M. (2 March 2018). "Eligibility, lack of plans keep millennials from retirement saving" [Web Blog Post]. Retrieved from address https://www.benefitspro.com/2018/03/02/eligibility-lack-of-plans-keep-millennials-from-re/


CenterStage: February is American Heart Month - Are Your Loved Ones Knowledgeable?

Heart disease is the leading cause of death for men and women in the United States. Every year, 1 in 4 deaths are caused by heart disease, according to the American Heart Association.

Talking with your loved ones about heart disease can be awkward, but it’s important. In fact, it could save a life. At the dinner table, in the car, or even via text, have a heart-to-heart with your loved ones about improving heart health as a family. Engaging those you care about in conversations about heart disease prevention can result in heart-healthy behavior changes.

Source: Wellness Layers (27 June 2017). Retrieved from http://www.wellnesslayers.com/june-2017-american-heart-association-launched-its-new-heart-and-stroke-patient-support-network-and-patients-registry-powered-by-rmdy/

Here are three reasons to talk to the people in your life about heart health and three ways to get the conversation started.

Three Reasons You Should Talk to Your Loved Ones About Heart Health

#1. More than physical health is at risk

Millions of people in the US don’t know that they have high blood pressure. High blood pressure raises the risk for heart attacks, stroke, heart disease, kidney disease and many other health issues. Researchers are learning that having high blood pressure in your late 40s or early 50s can lead to dementia later in life. Encourage family members to be aware of blood pressure levels and monitor them consistently.

 

#2. Feel Younger Longer

Just as bad living habits can age you prematurely and shorten your lifespan, practicing good heart healthy habits can help you feel younger longer. On average, U.S. adults have hearts that are 7 years older than they should be, according to the Center for Disease Control and Prevention. Just beginning the conversation with the people in your life that you care about can begin to make changes in their heart health.

 

#3. You Are What You Eat

Even small changes can make a big difference. Prepare healthier versions of your favorite family recipes by making simple ingredient swaps, simply searching the internet is all it usually takes to find an easy ingredient alternative. Find a new
recipe to cook for your family members, or get in the kitchen together and you’ll finish with something delicious and possibly making some new favorite memories as well. When grocery shopping, choose items low in sodium, added sugar, and trans fats, and be sure to stock up on fresh fruits and vegetables.

Three Ways to Start the Conversation

  1. Encourage family members to make small changes, like using spices to season food instead of salt.
  2. Motivate your loved ones to incorporate physical activity into every day. Consider a family fitness challenge and compete with each other to see who can achieve the best results.
  3. Avoid bad habits together. It has been found that smokers are twice as likely to quit if they have a support system. This applies to practicing healthier practices as well. Set goals and start by making small, positive changes, chances are they may have a big difference.

The key to heart health is a healthy lifestyle. It’s important to try to let go of bad habits that increase your risk of heart disease. By setting small, achievable goals and tracking those goals, you can possibly extend your life expectancy a little bit each day.

Heart disease can be prevented by making healthy choices and consciously monitoring health conditions. Making healthy choices a topic of conversation with your family and loved ones is a great way to open the door to healthier practices in all walks of life.

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