How financial wellness efforts can boost retirement readiness
Great article from our partner, United Benefit Advisors (UBA) by Joe DeSilva
The economy appears to be strengthening, yet American workers are increasingly worried about retirement. On the face of it, this seems counterintuitive.
But consider this: Unemployment hovers around 5%, the lowest it’s been since 2008, and wages have grown consistently since 2014. Yet, research by Brightwork Partners shows that over the past 12 months, 38% of workers have considered delaying retirement beyond the original age they intended. And 52% of respondents say they will delay retirement because they “need to save more.”
There are a few forces influencing this trend. One reason is simple demographics. People are living longer and, therefore, working longer. The average life expectancy currently is 78.8 years according to the CDC. The percentage of workers age 55 years and older is expected to be 24.8% in 2024, up from 11.3% in 1994, per the Bureau of Labor Statistics. And, according to Gallup, the average age at which U.S. workers predict they will retire is 66, up from 60 in 1995.
In addition, residual lessons from the recession are changing the state of retirement. Even if the United States is nearing full employment and wages are rising, post-recession lessons are having an effect on the way Americans are thinking about retirement, especially millennials. The Brightwork Partners study revealed that the number of employees between 18 and 34 who are considering delaying retirement has increased 15% from 2010. Employees between the ages of 35 and 49 concerned about their retirement increased 7%. Interestingly, this trend is spread across income levels as well. Forty percent of respondents earning $50,000 to $100,000 expect to delay retirement, while 37% earning less than $50,000 expect to delay, and 37% of those earning more than $100,000 expect to do so.
Even though financial worries are a main reason to push back retirement, according to the study, certain age groups have different specific financial concerns. Those under 50 say current financial obligations have them most concerned, while those over 50 are most concerned with retirement. The recession seems to have had an effect on each group, placing an undue burden on financial milestones they face in their respective life stages.
According to AICPA, 50% of U.S. adults say they delayed contributions to retirement accounts due to the burden of student loans, a 22% jump from 2013. Many younger workers were burdened with loans during the recovery and many others came to terms with reduced retirement savings. Those concerns will likely influence how people consider their savings moving forward.
So if employees are pushing off retirement, what effect does this have on benefits administrators and HR departments?
The current trends show an increased concern over financial preparedness, both for short- and long-term objectives. Employer-sponsored benefits, like 401(k) plans and financial wellness programs, can help ease financial stress for those preparing for their retirement years. Financial wellness programs that teach about budgeting, debt management and financial goal-setting are a good complement to 401(k) plans. These programs can show how saving for retirement can be possible even with other financial obligations taking priority. Employers also can use the current shift to re-assess which retirement savings plans make the most sense for their employees and their business. Whether the classic 401(k), Profit Sharing plan or SIMPLE IRA, there are different options that employers can utilize.
It’s a new age for benefits providers. Employees are increasingly concerned about retirement and they want to be proactive in saving for their futures. A recent ADP white paper notes that when employers put in place financial wellness programs, 73% of employers see increased retirement readiness. There’s an opportunity here to not only help employees save more for retirement, but to boost financial wellness and increase overall financial literacy. That win-win scenario certainly seems worth considering.
See the original article Here.
Source:
DeSilva J.(2016 December 1). How financial wellness efforts can boost retirement readiness[Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/how-financial-wellness-efforts-can-boost-retirement-readiness?tag=00000151-16d0-def7-a1db-97f03c840000
4 Things Your Company Should Consider as New Overtime Rules are Put on Hold
Great article from SHRM by Sushma Tripathi
The U.S. Department of Labor (DOL) is fighting a court ruling that put new FLSA (Fair Labor Standards Act) overtime regulations on hold. Last month, a district court in Texas issued a nationwide preliminary injunction blocking the DOL’s final rule that sought to raise the required salary level to qualify for white collar exemptions.
Although the DOL now seeks to lift the injunction, the overtime changes that were scheduled to take effect December 1 remain on hold for the time being.
Several possibilities exist as to what will happen next. The DOL could file a motion to stay, or suspend, the injunction during the appeals process. If the court were to grant such a motion, this would cause the rule to take effect. If no motion to stay is filed, or if such a motion is denied, the injunction will stand during the appeals process.
To add a further layer of complication, the DOL filed a motion for an expedited appeal on December 2, which motion was granted on December 8, and the DOL’s opening brief will be due on December 16, 2016. Further, the states’ brief in support of the district court’s injunction will be due on January 17, 2017 and the DOL’s reply brief will be due on January 31, 2017. We will not have a decision on the expedited appeal until sometime in February 2017. While all this plays out, it’s natural to ask: What should businesses be doing?
Here a few things to consider:
- Rapidly assess what actions to take and what actions are possible. Many employers spent months preparing for the FLSA changes, identifying workers affected by the final regulations, and determining whether to increase their salaries to comply or reclassify them as non-exempt employees, and communicating those changes to their employees. If an employer already notified an employee of a salary increase effective December 1 or already made the change, it may be too difficult to reverse that change and communicate that the change won’t occur. You should confer with your counsel and consider whether it’s better to go ahead with your initial plans and stay the course, especially if your payroll team already processed the change.
- Start tracking time now. The court may side with the DOL and the proposed regulations could be reinstated retroactively to the original December 1 effective date. For that reason, employers that decide not to take action to comply with the new regulations while the litigation and appeal are pending should consider directing reclassified employees to track time. This will ensure that, in the event the final rule is later upheld and overtime becomes due retroactively, employers will have an accurate record of hours worked.
- Continue to evaluate the FLSA status of employees. While the rule is delayed, employers should continue to evaluate the FLSA status of their employees by reviewing job duties and descriptions to ensure that employees are properly classified. Whether or not the rule is upheld, employers remain subject to FLSA requirements that dictate proper job classification and payment methods. Take this opportunity to make sure employees’ duties match their job descriptions. Following the recession in 2008, in many workplaces, tasks were redistributed after layoffs and many employees took on additional duties that were never added to into their job descriptions. These employees may need to be reclassified under existing FLSA regulations.
- Be transparent in communicating changes. In deciding how to proceed, employers are strongly advised to consult with internal or external legal counsel and other experts to discuss options available before making and communicating decisions related to this latest development. Employee relations and financial implications should be considered. Employers should also keep in mind that applicable state laws may require advance notice of any changes in pay. State laws may also govern the overtime exempt status of employees. Remember to convey to employees that it’s the law that’s causing potential changes and not your company. Otherwise, morale can be impacted if employees feel they are being demoted by being reclassified.
While we have no crystal ball and cannot predict what a Trump administration will do, one can guess that it might direct the DOL to abandon the appeal, because President-elect Trump previously stated that he thought that small businesses should be exempt from the proposed increases in minimum salary for the white-collar exemptions. The Trump administration might prefer to take a more gradual approach to raising the minimum salary levels, instead of the almost 100 percent increase contemplated by the DOL’s rule, or may prefer no increase at all. So, our advice to employers is to take this time to make sure you’re in compliance with existing wage and hour laws and ensure you have employees classified properly. There’s no time like the present.
See the original article Here.
Source:
Tripathi S. (2016 December 14). 4 things your company should consider as new overtime rules are put on hold[Web blog post]. Retrieved from address https://blog.shrm.org/blog/4-things-your-company-should-consider-as-new-overtime-rules-are-put-on-hold
3 reasons benefits are a game-changer for attracting talent
Helpful tips from Employee Benefit Adviser about attracting new talent by Aldor Delp
Unemployment is hovering around 5%, November marked 73 continuous months of job gains and wage growth is picking up. All indications seem to suggest that employers have positions to fill, which may also mean that workers now have leverage, confidence and options. This is good news for job candidates. But for employers vying for fresh talent, it means the attributes of a company need to be that much more enticing. It also makes me think that a comprehensive benefits package may tip the scales for a candidate who’s considering multiple offers. To put it simply: Benefits can be the game changer.
It’s true that a traditional comprehensive benefit package has always been a successful recruitment element for companies. But given the wider array of benefits employers now can offer, today’s companies can use those elements to differentiate themselves from the competition.
From an employer’s perspective, competitive benefits don’t just help with recruitment but can also bolster retention. While strong benefit packages can potentially become expensive depending on the options they include, replacing an employee can be potentially even more costly and time consuming if a company experiences regular churn. With an investment in more appealing benefits packages, an employer may be able to mitigate the cost, time and effort of turnover and recruitment.
While healthy, stocked kitchens, nap areas and ping pong tables are perks that now reach far beyond the tech industry, many companies are building up three additional benefits areas that can truly change the game.
1) Financial wellness programs. Given the recent recession, retirement still is a growing concern for many American workers. A recent study showed that over the past 12 months, 38% of workers considered delaying retirement beyond the original age they intended and 52% said they will delay retirement because they “need to save more.” When these financial worries make their way into the workplace, employers should take notice. Consider a study from PricewaterhouseCoopers that showed that employees spend an average of three hours a week at work dealing with their finances. That’s fairly significant.
By offering financial wellness programs, employers can combat this anxiety and increase efficiency, while providing a sought-after benefit that many companies aren’t yet offering. Ninety-two percent of employer-respondents in another ADP study confirmed interest in providing their workforce with information about retirement planning basics, and 84% said the same of retirement income planning. Even if employers would like to provide these programs, few offer them, citing several existing challenges that stand in the way, such as a need to focus on other aspects of their business (27%) or not enough resources (15%). Providing financial wellness programs can be an added reward that may help a potential employee lean in your favor.
2) Strong internal training. Providing employees with training and development opportunities can promote retention and commitment. Regardless of the number of opportunities for career development, you can still help employees refine skills and increase knowledge that will serve them in the future. American workers want to learn to hone their skills. In fact, 84% of Americans are excited to use technology to learn in real-time, according to ADP’s Evolution of Work study. This is a benefit that not only can provide employee enrichment, it can also strengthen the talent pipeline to management positions.
However, internal training programs are not what they used to be. According to ADP’s recent report, Strategic Drift: How HR Plans for Change, corporate training budgets fell by 20% between 2000 and 2008. Seventy-six percent of executives see the market for skilled employees tightening and 75% expect high turnover among millennials. Reduced corporate training budgets have perpetuated a cycle of high employee turnover. So, if your organization has strong training programs, it’s likely to stand out from competitors. It may be worth considering internal and external training opportunities, mentoring, job shadowing, cross-training and professional development classes.
3) Workplace flexibility. Be open to the idea that it may be more feasible for some workers to telecommute and work from home for a portion of the week. Workplace flexibility is attractive for many employees and it can help reduce the number of unscheduled absences. Flexible work arrangements — such as the option to work from home, alternative start and stop times, compressed work weeks, or Summer Fridays — can help encourage workers to use their time more efficiently, and underscore a corporate culture that stresses balance, mindfulness and trust.
As job candidates and existing employees take a more holistic view of their benefits, relevant, supportive and flexible programs can be the game changer for them. The right mix of direct compensation and indirect benefits may be the difference between onboarding that “dream” candidate, retaining a top performer, or elongating the search for that precious needle in the talent haystack.
See the original article Here.
Source:
Delp A. (2016 December 12). 3 reasons benefits are a game-changer for attracting talent[Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/3-reasons-benefits-are-a-game-changer-for-attracting-talent
16 building blocks that bolster employee engagement
Need a strategy for improving engagement from your employees? Check out this great read by Lauren Stead
Do you know what sets your company apart from the rest for job seekers? Is it your recent accomplishments? How about your Fitness Fridays or Casual Mondays? Or is it the opportunities you provide for employees to grow throughout your firm and take their careers to the next level?
The chances are it’s all of these things, which collaboratively come together to build up your culture. Today, culture is what sells your company above, as innovation is no longer a reliable way to set yourself apart from your competition. What makes for a great culture is great people, engaged in their company.
So how can you get ahead and stay ahead in this current market? How, exactly, do you build up your culture so employees stay more engaged?
Rusty Lindquist, VP of human capital management strategy for BambooHR, recently spearheaded a panel at the virtual HR conference Elevate 2016. His presentation focused on 16 components that are key improving employee engagement efforts. He said when your current workforce is engaged, they’ll be the ones who help sell the company to others and help it grow.
Lindquist’s breakdown to getting your employees more engaged included these steps:
- Objective – knowing where you’re going and why you should care about it.
People need to know where they’re going. Otherwise, they’ll be aimless and lack motivation to keep going forward, simply spinning their wheels in place. Rusty explained that if you were just set at the top of a mountain and left to roam, you would accomplish far less than the person who’s put at the base and has the summit pointed out to them as the goal. Make sure managers are sharing what the company’s mission and objectives are with their teams, to keep everyone working toward that summit. - Alignment – capability to do work and succeed at it.
Managers need to find the sweet spot between the three factors that make up an employee’s alignment: competency, opportunity, and passion. In other words, an employee needs to actually be able to do what’s set before them, have the chance to move forward afterward, and enjoy what she’s doing. If something is off with these three factors, chances are the employee will be under-performing. - Plan – knowing what the next step is or how to move forward on your career path.
People need to know what to do next and have a clear visualization of a path they can follow. They can be sold on their objective and feel comfortable in the company, but managers need to make sure there’s no confusion on how to achieve that objective. Break down future goals into achievable steps. - Space – having what you need to move forward.
Get out of employees’ way so they can create and accomplish personal goals. Space can mean having autonomy, ownership, permission, trust, influence, or just the right tools. - Contribution – getting things done and feeling like you’re making a difference.
People need to feel that what they’re doing is making a difference. The moment someone feels that they don’t matter, they begin to under-perform. If someone isn’t contributing, it’s a good time to evaluate the other engagement elements to see if something is out of alignment. - Score – keeping score of your contributive value.
Progress and impact need to be measured in some way. If a sense of progress is removed, people tend to contribute less value overall. Rusty compared it to playing a game with yourself. There’s no sense of accomplishment or context if you’re just racking up points by yourself. - Momentum – having a sense of moving forward and inevitability.
Momentum may drop when a project is completed or canceled. Before a new project starts up to take the old’s place, there’s a window where there’s no momentum. While periodic breaks are good, make sure managers are keeping employees focused on the overall summit. - Investment – feeling like you have skin in the game.
This is a factor you can notice outside of the workplace. For example, consider a stamp incentive program at coffee shops. Each time you visit, you’re given a stamp and when you achieve a certain number you’re given a reward. These types of programs instill in you a sense of investment, that you’ve potentially lost out on if you quit now. This is the same sort of feeling employees need to feel from their managers. - Growth – feeling like you’re gaining mastery, progressing personally or professionally.
Everyone likes the idea that they’re getting better at what they do. When careers stagnate, people begin to stall and lose interest in moving forward. Have managers challenge employees so they feel like they’re growing by providing them opportunities to improve personally and professionally. - Meaning – finding fulfillment and purpose in what you do.
Connect people to the work they’re doing through a story. This isn’t necessarily done through the company’s objective or mission statement, and it should be more personal. Managers need to identify what matters to their team, and then connect that meaning to their work through a narrative or story. - Value – feeling appreciated and adequately rewarded for your efforts.
Value isn’t completely tied up in compensation, since more compensation doesn’t always directly improve someone’s engagement. It also relies on rewards and recognition. Managers need to find ways to give people all three. - Identity – knowing who you are, what you’re capable of, and believing in yourself.
This building block relies on the theory of functional fixedness, the idea that people rely on their past successes to inform their next actions. If something has worked in the past, why not continue doing it? Managers need to push employees to think outside the box, consistently innovating new solutions to old problems. - Leadership – having someone who believes in, challenges, and shows you the way.
Every workplace, in some fashion, has a leader who is capable of showing people the way. Most times, these leaders are the ones who can self-diagnose and critique themselves. These employees aren’t necessarily managers or in executive-level positions, but they are the ones people lean on when they need a guiding light. Give these people a platform. - Relationship – having connections with people you care about.
When people are invested in each other, they have a sense that they don’t want to let their team down. Even when things with the company are bad, people will tough it out because they want to stay for the people they’ve built up relationships with. Foster those relationships. - Environment – having surroundings that support and enable your efforts.
If people are living in a bad environment, their behaviors will reflect their surrounding negativity. This was evident in New York’s broken windows theory. The city had high amounts of crime. Some people wanted to bolster the criminal and justice system, and crack down on that crime. A new mayor instead invested in beautifying the environment, cleaning up the city and fixing broken windows. Amazingly, the crime was reduced in those areas. Be aware of your company’s environment and how it impacts employees. - Renewal – finding restoration through balance and moderation.
Finally, this block of engagement is important for every employee. There may be a time when a great worker becomes disengaged and feels burned out. A short break or new challenging project may be in order to rouse spirits once more.
See the original article Here.
Source:
Stead L. (2016 November 30). 16 building blocks that bolster employee engagement[Web blog post]. Retrieved from address https://www.hrmorning.com/16-building-blocks-that-bolster-employee-engagement/
Workplace Wisdom: 4 True Tales and Tips for HR and Managers
From the Society For Human Resources Management (SHRM), by Christina Folz
Like priests and therapists, employment attorneys will hear just about everything over the course of their careers. They are privy to all manner of human tragedy, triumph—and stupidity. The best of them will turn their knowledge and experience into something deeper: wisdom.
That's what attorney Jathan Janove, who has more than 25 years of experience litigating workplace issues and consulting for companies, has done in his unconventional new management book, Hard-Won Wisdom: True Stories from the Management Trenches (Amacom, 2016). The book is refreshingly free of motivational platitudes and vague advice and instead imparts practical wisdom to managers and HR professionals through unforgettable stories of living, breathing—and highly flawed—people.
True Tale #1: Phil was a well-intentioned director of finance who did everything right in communicating his expectations and feedback to his direct report, a staff accountant named Melinda, except for one thing: He didn't listen to what she had to say.
Lesson Learned: Keep track of your "period-to-question-mark" ratio when conversing with employees. If it starts to skew heavily toward statements, make a point of inserting more questions. Also follow the "EAR" method of listening by exploring issues through open-ended questions, acknowledging that you understand and responding to what you learn.
True Tale #2: And then there's the story of Texas Wes, the oil company executive who was great at sharing constructive feedback but who never wanted to document it. ("Ah hate to write," he told Janove.)
Lesson Learned: To improve in this area, Wes borrowed a tip from attorneys who regularly use "opposing counsel confirmation letters"—bulleted summaries of important discussions that can be compiled quickly and easily based on prepared templates. They typically start with "This note summarizes our conversation from this morning" and end with "Please let me know if I haven't captured the information accurately."
True Tale #3: No one will forget Shameless Sheila, the waitress who was fired after stripping down to her underwear in full view of the restaurant's customers. Her boss had confronted her about not being in uniform in time to start her shift, so she changed clothes on the spot. Yet, unbelievably, Sheila wound up getting a settlement from the company because she was able to demonstrate that the restaurant culture constituted a hostile, sexually charged environment.
Lesson Learned: Company leaders made the common mistake of thinking that no harassment complaints meant no problems. Had they paid more attention to the culture in which Sheila had been working, they might have avoided making a settlement payout for an otherwise-appropriate termination.
True Tale #4: While many of Janove's stories are funny, others are sad reminders that workplace reality rarely matches up with the ideal environments described in culture statements or employee handbooks. For example, Janet, a vice president of HR for a large corporation, was inappropriately propositioned by William, a senior operations director at her company, on a business trip. The conversation started with William asking her whether she still had sex with her husband and went downhill quickly. Yet this revelation came to light only after William had voluntarily departed the company, when Janove was counseling Janet in preparation for an anti-harassment training that he was helping her implement.
Lesson Learned: Even knowledge of HR and the law aren't always enough to overcome an employee's reluctance to act on her own behalf for fear of being ostracized or blamed. Janet's experience emphasizes the critical importance of making sure a company's approach to harassment goes beyond annual training to working daily to institute a culture in which everyone, including those in HR, feels completely safe coming forward.
See the original article Here.
Source:
Folz, C. (2016 Novemeber 14). Workplace wisdom: 4 true tales and tips for hr and managers[Web blog post]. Retrieved from address https://blog.shrm.org/blog/workplace-wisdom-4-true-tales-and-tips-for-hr-and-managers
The Evolving HR Leader
Article from the Society For Human Resource Management (SHRM), by Steve Watson
Leadership dynamics in Corporate America are undergoing major changes, and if todays’ leaders want to impact organizations tomorrow, they must adapt strategies, recognize and accept change, and boldly move forward with a new leadership style.
Among the forces influencing leadership changes:
Technology. We already know that technology has revolutionized work and enabled new ways of doing things. It has given rise to widespread global connectivity, provided instant access to data and information, from anywhere, anytime, and has led to the creation of collaboration tools, giving new competitors lower barriers to enter the competitive marketplace.
Organizational design. Mid-management layers have been eliminated so top management today is closer to individual contributors. Leaders must evolve with four different generations in the workforce with real diversity, multiple and different motivations, and mixed demographics. This brings challenges in attracting, developing, and retaining talent.
Further, some leadership practices have become, or on their way to becoming, obsolete, including:
- Top down management
- Doing it my way or the company way; being directive and controlling
- Rigid management/micromanaging
- Decisions made only at the top
- Defined work with individual work units
- More time in the office and in inner circles
- Expected loyalty
- Annual performance reviews and raises
A little over a decade ago, we didn’t have smartphones, Facebook, Chatter, Twitter, Snapchat, Instagram, and other social media that have significantly altered the way people connect, communicate, and build relationships.
Leadership today must change and evolve with the times, and this means being able to relate to younger generations. Millennials, with numbers at around 86 million, now represent the largest generation in the workforce. Consider the following vis-à-vis Millennials and employers:
1. They are far less loyal to an employer than generations before them have been. No psychological contract exists between them and their employer. They have a different way of viewing work, and it includes incorporate other activities into their time (travel, leisure time, and community service, for example) that might have otherwise been reserved for “usual” work hours.
2. They are team- and group-oriented. Their work style is collaborative.
3. They want to hear from senior management via feedback, open communication, and recognition.
4. They want even more flexible hours and greater work–life balance.
5. They are creative and inquisitive. Knowing “why” is important to this generation. They are unafraid to challenge ideas, methods, processes, and the status quo.
6. They want to improve and grow professionally through training and mentoring.
7. They are service-oriented, care about the environment, and rely heavily on social media.
8. They want to make a difference in the world.
At the core of all of these changes is technology. It allows people to work remotely, collect information immediately, collaborate effectively, and gain access to global markets and information. Employees also can seek out new job functions, making talent retention more challenging today than ever before. So a workforce with technology at their fingertips presents daunting challenges for today’s leaders. In this world, it’s change or die.
Successful evolved leaders constantly adapt to the changing times. They tend to:
- Be strategic thinkers
- Lead by example and build relationships
- Communicate the mission, vision, and goals clearly
- Build high-performing teams
- Serve as a coach and mentor
- Be servant leaders
- Look for ways to knock down barriers
- Set ego aside
- Be collaborative
- Listen with empathy
- Get input from diverse views, gain consensus, and get alignment
- Embrace diversity
- Be flexible and agile (and can deal with ambiguity)
- Have exceptional communication skills
- Be accepting of failure (and uses it as an opportunity to learn)
- Move the needle, drives results, and gets things done
- Exhibit resilience
Evolved leaders are front-and-center and welcome scrutiny from both employees and the public. They understand the need to leverage technological tools and harness cross-generational work styles, and they are astutely aware of the importance and influence of social networks.
See the original article Here.
Source:
Watson, S. (2016 November 14 ). The evolving hr leader [Web blog post]. Retrieved from address https://blog.shrm.org/blog/the-evolving-hr-leader
14 everyday attitudes that kill success
“Martha has so much going for her, but she could be doing so much more for herself.” How many people do you know or work with like that? What keeps us from getting to where we want to be or what we want to do? Sure, it may be a lack of the right skills, bad luck, having other goals, or just being plain lazy.
More likely, however, the answer is elsewhere and much closer to home. We can call them “every day” attitudes that are so much a part of us we don’t know the damage they’re doing. Here are some of them:
1) “For what I get paid, I do more than enough.” Surprise! You’re probably right. With so much pressure, it’s easy to feel this way today. Even so, it’s the attitude that’s the problem. Otherwise pleasant people become angry, obstinate, negative, and alienated. It’s not the way to move ahead—or even stay where you are.
2) “I’ve put in my time and paid my dues. Now, it’s my turn.” It may be a choice parking space, extra time off, a plum territory, a promotion, or bigger accounts. It doesn’t make any difference what it is; it’s easy to spot someone with a chip on their shoulder. Their attitude sends the unmistakable message that this person thinks they are special.
3) “Sorry, but I’m really busy right now. Can’t you get someone else?” When asked to step in and help solve a problem, work on a project, develop a plan, or handle a difficult situation, some people make it clear that they can’t be counted on when needed.
4) “They’ll see what happens when I leave. It’ll take three people to replace me.” Even though we know that no one is indispensable, it’s tough for some people to get past the idea that they are the one exception. If asked, they’re quick to let it be known that they carry far more than their share of the load. Those around them often see it quite differently.
5) “Whoa! There’s only so much I can do.” It’s like the parent who installs a “speed limiter” on their kid’s car — only so fast and that’s it. Others put self-imposed limits on what they can or will do. By always playing it safe, they deny themselves the opportunity to see how much they can accomplish.
6) “With so many meetings, I can’t get my work done.” You’re not alone if you feel this way. Companies are plagued with meeting mania wastes that wastes time and creates stress. Don’t complain; do something about it. Take a “how we can improve it” approach: meeting alternatives, requiring agendas that go to participants beforehand, stand up sessions, setting time limits, and three question participation evaluations.
7) “That’s not my job.” Not long ago, “silos” was at the top of the corporate jargon list — work groups, units, departments, and divisions operating totally separate from others. But countless individuals wall themselves off as if they completely isolated from the organization. They “write” their own job description and stick to it.
8) “I’m a hard worker.” Like beauty, hard work is in the eye of the beholder. Each of us has their own personal definition of what it means to them. But, frankly, it doesn’t make any difference what you and I may think it means. Pampering ourselves is out. Simply put, no one “earns points” or merits a “reward” today for hard work. What counts is measurable and it’s called results.
9) “Unless I get paid extra, I shouldn’t have to do it.” This is a tough one. An employer’ demands can go too far. And employees can be shortsighted by putting on the brakes too quickly and miss opportunities for taking on task that can showcase their capabilities and demonstrate their skills.
10) “Sorry, but I don’t know anything about that.” It’s not unusual to hear those words, particularly when contacting customer service. But that’s far from the only place. Unfortunately, they’re all too common throughout most businesses, sending the message that the person has stopped growing.
11) “My ideas aren’t important.” Not true! Whether they know it or not, most people have ideas and suggestions that can benefit a company. They are not only doing their job, but they think about what’s going on around them. It’s a mistake. If you’re one of them, take a chance because someone wants to hear from you.
12) “I meant to get it done. I’ll get right on it.” Why do some people agree to do something — and then ignore it by doing nothing, even after getting reminders? Sure, there are times when we all forget and a reminder helps. But, others can be chronic offenders and fail to respond even when offered help, being nudged, cajoled, and confronted. Everyone knows them: “If you want it done, don’t bother giving it to Brad.”
13) “I’ve been around long enough and the rules don’t apply to me.” Even though the words may never be spoken, actions make their meaning abundantly clear. Chances are, these are people who won’t be around much longer.
14) “I didn’t know you needed it so soon.” This just might be the most insidious attitude of all for one reason: It’s patently pathetic in its intent. While the words sound so innocent and disarming, it shrouds the fact that those who use this excuse portray themselves as victims. It’s not their fault the work didn’t get done; they didn’t know when it was due. Did they ask? Of course not. They blame someone else for not letting them know.
More often than not, it’s self-justifying and defensive attitudes that kill success. Rather than allowing someone to think we could have done more, perhaps much more with ourselves, how much better is it to have them say, “She’s done so much with herself. More than I ever thought she would.” We can call that success.
See the original article Here.
Source:
Graham, J. (2016 October 27). 14 everyday attitudes that kill success. [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/14-everyday-attitudes-that-kill-success
5 tips for insurers to successfully implement new technology
Great article from Benefits Pro. By Laura Drabik
Over the past 10 years, I’ve worked with insurers dedicated to transforming how they do business through the implementation of technology.
I’ve collaborated with large insurers, regional insurers and startups. Although the size of the insurer has varied, principles they have employed to ensure transformation success have not.
And these principles apply to all segments of the insurance industry, including carriers, agents, brokers and claims professionals.
Here are five key observations from the implementations that I’ve worked on and the maneuvers these insurers employed to drive success:
1. Articulate your mandate — again and again and again
I once worked with a large insurer on one of the most complex initiatives. As a former change-management consultant, I found it impressive that before the vendor-evaluation process started, the chief information officer and his team communicated their vision to all levels of the organization in one succinct statement.
As the team transitioned to implementation, this vision was a beacon reminding all project members of what they should be driving toward. Whether gathering requirements, planning releases or gathering user feedback, all activities kept the executive mandate in mind, from evaluation through implementation.
Working toward one goal ensured consistency of direction across teams, improving the probability of success in achieving the business goal they were all striving for.
Later, in a conversation with that same CIO, he revealed that the key to their success was repeating the mandate to ensure it became innate knowledge within the organization.
To keep the message top-of-mind in an organization, use company town halls, CEO updates, webcasts, annual reports and newsletters as opportunities to refresh employees and stakeholders on the executive mandate, and why the company is on this transformation journey.
2. Create one team
Early in my career, I worked as a change-management consultant across various industries.
Regardless of the industry I was working in, I found organizations tended to divide project teams into separate technical and business units. Rather than create units, successful transformation projects combine the business and technical people into one team.
Keep in mind, everyone is working toward achieving one business mandate. To reinforce the “one team” approach, successful transformation projects situate the team in one location. Technical people take the same training as the business people, they celebrate their group identity by creating a team name, and they rally around a set of core team values.
When assembling one team, successful transformation projects staff with the best and brightest their organization has to offer. Rather than have these resources flip-flop between their regular jobs and the transformation initiative, they ensure the resources are 100 percent dedicated to the most critical points of the transformation journey. They understand that the transformation initiative is their organization’s future and require the right people to focus solely on the project at the most important time.
3. Build the new factory
At a recent user conference, one CIO presented a transformation project detailing how the insurer refused to rebuild the old factory or current system and instead focused on the new system as the factory of the future.
If transformation is your goal, don’t carry over old business processes and rules that were limiting in the past.
Successful transformation projects use the new system as the new best practice for doing business in the future. When team members begin slipping back into old processes, successful transformation projects challenge these team members with questions like “Is that how you want to do business in the future?” or “How does this support our executive mandate or business vision?”
Successful transformation projects separate the business-process education from the system training, with the understanding that a new system will come with a new set of best-practice business processes that could cause confusion among hardcore users.
A regional Canadian insurer I worked with made the brilliant decision to first educate its user community on the new business process before launching training on the new system. This allowed an easier transition to the new system because the new business processes were inherently supported by the new system.
4. Stick to 'out-of-the-box'
After purchasing vendor software, you become part of the community that helped to drive the best practices of that software.
Many insurers say that the majority of industry processes are the same across the industry and across insurers. Instead of trying to reconfigure a core process that really is the same across the industry, leverage the commonality and out-of-the-box content to accelerate your transformation project and drive it into the future.
Successful transformation projects spend their project dollars and time by nuancing content that differentiates them from their community and, more importantly, their competition.
5. Generate excitement for the initiative
Change can be scary, but in today’s work environment it’s the norm.
Successful transformation projects convert fear into excitement by advertising the project. Whether through CEO updates, town halls or other events, sell the importance of the transformation project and the team supporting it.
One insurer I worked with creatively orchestrated “showcase” demonstrations of the system on a quarterly basis to employees. The brief demonstrations targeted crucial pain points and showcased the way the new software would resolve the issue. They also knew it was important to gather feedback, not just from the showcase events but also from focus groups and the field. When an organization has an influential field presence, successful transformation projects advertise the project to the field by conducting regular roadshows and ensuring that the community’s feedback is incorporated into the solution.
See the original article Here.
Source:
Drabik, L. (2016 November 14). 5 Tips for insurers to successfully implement new technology[Web blog post]. Retrieved from address https://www.benefitspro.com/2016/11/14/5-tips-for-insurers-to-successfully-implement-new?ref=hp-blogs&page_all=1
5 ways to salvage retirement
It’s a scary season, what with Halloween just around the corner, and some of the fears looming large in people’s minds focus on retirement. So it’s probably pretty appropriate that we tackle some of those fears head on, so to speak.
The Huffington Post addressed just that topic, pointing out five things people who are not yet retired can do to ward off at least some of the effects of what experts predict: that people’s standard of living will fall during retirement, thanks to low savings levels and poor planning for the last stages of life.
We scouted around the web to find some additional data on why, and how, retirement is expected to fall so short of people’s anticipation, and what they might be able to do to forestall that drop in expectations. Here’s what we found:
5. Figure out where you’ll live
A person’s home might be his castle, but whether it will be a fortress surrounded by a moat or a gracious palace can depend a lot on that old real estate saw, location, location, location.
The cost of your retirement home, how much you’ll pay in property taxes, the cost of living in the area and many other factors determine whether that retirement Shangri-La will be a cozy cottage for two in a university town, a bungalow on the beach or a penthouse apartment overlooking sparkling city lights, with museums, restaurants and theaters within an easy stroll — maybe even in another country altogether.
But there are other intangibles to consider, too — such as whether you’ll be so forlorn at leaving family behind that you’ll either be miserable in situ or spend half your retirement budget traveling back to see the grandkids. And how good the health care facilities are in your new location — that can make a big difference not just in your budget, but maybe even in how long you survive to enjoy those golden years. Not to mention the crime rate and whether you’ll have a social support system in place.
Check out any prospective homes thoroughly before you make the big move, and make sure they have what you need to help you thrive during retirement.
4. Start saving more
While economizing might not be — or feel — glamorous, watching that 401(k) or IRA balance climb can certainly make you feel like a million bucks. Keep that in mind as you’re browsing for a new set of golf clubs or that perfect dress for a special evening out — especially if you don’t plan on playing golf in retirement or dining out on the town, because spending now could cost you big-time later on.
According to AARP data, 3 out of 5 — that’s more than half, folks — of the households headed by someone 65 years old or older have zero money in retirement accounts. That’s zero, as in zip, nada, nothing. How far into retirement will that get you? Into a job, most likely, working during the time that’s supposed to be your well-earned rest after a lifetime of supporting yourself and your family — if you can get one, that is.
Look for ways to cut your spending so that you can turn that money right around and put it to work for you in retirement. Whether it’s making coffee and lunches at home to bring to work or switching nights out with friends at a restaurant to entertaining at home, find ways to sock more away for the future — your future — when you’ll be glad you did.
3. Learn to live on a budget
You may already be doing this, but if you’re not, it’s probably time to start. While you may be planning to work in retirement, the job market may have other ideas — and if you’re dependent on a combination of Social Security and 401(k) or IRA money, that will limit your options. For one thing, seniors have to deal with a job market that’s prejudiced against them — and that’s stacked against them in other ways, too.
Not only that, but depending on who wins the election, your Social Security benefit may not be as predictable as you’d counted on — and then there’s the question of cost-of-living increases. After no increase at all for 2016, seniors will see a paltry average increase of $3.92, according to CNN. That’s a skinny 0.3 percent increase — hardly enough to notice.
And considering how health care costs are rising, women in particular need to be wary of stepping outside of a budget’s constraints; a Nationwide Retirement Institute study found that women could end up spending 70 percent of their Social Security benefits just paying for health care. Considering that women not only overwhelmingly (80 percent!) claim Social Security benefits early, thus locking in a lower benefit rate for their lifetimes, they depend on it to pay for 56 percent of their expenses in retirement.
That said, get used to living on less — you’re going to be doing so for a long, long time.
2. Prepare your home for the long run
If you’re planning on staying put in the house you’re currently living in, make sure it’s prepared for potential changes in your health and/or mobility — particularly if you don’t have coverage for nursing home care. While many people believe that Medicare will pay for a nursing home, should they become disabled, that’s not the case unless their assets are pretty much exhausted. Of course, that won’t take long when paying for the cost of care at a nursing facility.
In addition to stairs, reachable cabinets and accessible bathrooms, there’s the question of how affordable your home is. Can you refinance your mortgage at a cheaper rate? Rent out a room? Pay the property taxes? Maybe you should consider downsizing to a more affordable house, perhaps in the same neighborhood, if your network of friends and family is local. That can save you not just on taxes, but on heating and cooling bills.
It may not be what you had in mind, so it's smart to start setting realistic expectations of what your future retirement might look like.
1. Lower your expectations
Do you somehow expect that when you retire you’ll be traveling the world, dining at fine restaurants and going to the theater for every new production? Unless you have Warren Buffett’s budget, get real.
Most seniors have to cut back substantially when they leave the workforce. You will likely be no different. It’s easier to deal with that reality if you prepare for it mentally in advance, and realize that you’ll have to plan your excursions carefully and budget for them in advance.
The market was brutal to retirement plans during the Great Recession, and unless you were uncommonly fortunate, the money you saved for retirement throughout your career has not regained all lost ground. That said, depending on what you plan to do during your retirement years, you may still find it’s the most rewarding time of your life — particularly if those plans don’t depend on money.
See the original article Here.
Source:
Satter, M. Y. (2016 October 24). 5 ways to salvage retirement. [Web blog post]. Retrieved from address https://www.benefitspro.com/2016/10/24/5-ways-to-salvage-retirement?kw=5+ways+to+salvage+retirement&et=editorial&bu=BenefitsPRO&cn=20161025&src=EMC-Email_editorial&pt=Daily&page_all=1
6 new solutions for benefits brokers and HR managers
Benefits brokers and HR benefits managers, you’re stressed, and for good reason.
So maybe you didn’t catch these new or redesigned HR and benefits-oriented products or announcements recently. Here they are, just in time for open enrollment.
#1: Help with open enrollment
Open enrollment can be confusing for employees, many of whom can't even define what "deductible" means. (It's true -- someone, somewhere, has studied this and counted the number of people who don't understand the concept.) PlanSource, a provider of cloud-based benefits and human capital management software, has created what it calls "an Open Enrollment Communications Kit" to help with this challenging time.
The kit is for brokers, human resources teams, and benefits professionals who need to communicate benefits information to employees.It includes examples of daily emails and text messages, customizable posters, flyers and postcards in a variety of themes, educational videos and messaging templates.
A sample timeline can help with marketing a communications campaign from beginning to end of open enrollment. The kit can be seen in a webinar you sign up for. Access it at the PlanSource website.
#2: Managing the hiring, onboarding, and benefits process
Isn't it gratifying when computers can actually take on duties you find tedious? Unless you find the onboarding and data entry process extremely interesting and life-affirming, of course. Software from Flock helps manage HR, benefits, and compliance, and now it's adding an applicant tracking system from Greenhouse for hiring, onboarding, and managing employees.
The partnership will let HR import candidate information into Flock, with the goal of streamlining the hiring and onboarding process. The HR platform is available for small to midsize businesses and insurance brokers can subsidize or sponsor the benefits administration module. Learn more at the Flock website.
#3: 5 ACA plans to be offered to Arizona residents
Okay, technically it's not a solution. Still, someone you know might want to know that five different Affordable Care Act plans will be available during open enrollment from Blue Cross Blue Shield of Arizona (BCBSAZ).
The five include EverydayHealth, Portfolio and SimpleHealth. Members who enroll in the plans use their primary care provider to coordinate their care. The ACA plans will be offered in 14 of Arizona's 15 counties, and, as you know, open enrollment runs from November 1, 2016 through January 31, 2017.
To help find the right plan, Blue Cross Blue Shield is pointing Arizonans toward their local broker or to Cover Arizona.
#4: Online benefits administration
This is the year of partnering in the benefits industry. Employee benefits, HR and payroll provider BenefitMall is partnering with EaseCentral to offer additional online benefits administration.
The goal is to help with completing enrollments in a timely way. Brokers will now be able to choose between EaseCentral's all-in-one software solution and BenefitMall's online benefits administration system, EmployerFocus. Learn more at the BenefitMallwebsite.
#5: New option to enroll employees in voluntary benefits
Did we mention partnering? Yes? Transamerica is partnering with Maxwell Health to expand enrollment options for key employee benefits.
The partnership will enable Transamerica to offer help to employers in streamlining enrollment, administration, reporting, communication, and engagement processes, while allowing benefit advisors to browse, compare and quote benefits in an intuitive way. To learn more, see the Transamerica website or call 866-872-6726.
#6: New ACA compliance and reporting solutions
Affordable Care Act reporting is pretty darn fun. Still, there's probably something else you'd rather be doing, like going to the dentist for a root canal. This newly designed product from SyncStream Solutions offers both Affordable Care Act compliance and reporting.
The new solutions were designed to meet compliance requirements through a guided workflow that marries employer data with ACA analytics to achieve ACA compliance and provide the assurance of auditability.
SyncStream's product offers employee tracking and ACA full-time status determination, generates the proper forms to meet IRS requirements, populates IRS indicator codes based on business logic, and normalizes employer data into ACA-compliant language, among other features. For more information, visit the SyncStream Solutions website.
See the original article Here.
Source:
Marwitz, C. (2016 October 24). 6 new solutions for benefits brokers and HR managers. [Web blog post]. Retrieved from address https://www.benefitspro.com/2016/10/24/6-new-solutions-for-benefits-brokers-and-hr-manage?kw=6+new+solutions+for+benefits+brokers+and+HR+managers&et=editorial&bu=BenefitsPRO&cn=20161025&src=EMC-Email_editorial&pt=Daily&page_all=1