How Health Coaching can Revitalize a Workforce
Do you need help revitalizing your workforce? Check out this great column by Paul Turner from Employee Benefit Advisor and see how health coaching can be a great way to increase engagement and productivity among your employees.
Nearly 50% of Americans live with at least one chronic illness, and millions more have lifestyle habits that increase their risk of health problems in the future, according to the Centers for Disease Control and Prevention. Type 2 diabetes, cardiovascular disease, cancer, pulmonary disease and other conditions account for more than 75% of the $2 trillion spent annually on medical care in the U.S.
Employers have a stake in improving on these discouraging statistics. People spend a good portion of their lives at work, where good health habits can be cultivated and then integrated into their personal lives. While chronic diseases often can’t be cured, many risk factors can be mitigated with good health behaviors, positive and consistent lifestyle habits and adherence to medication and treatment plans. Moreover, healthy behaviors — like smoking cessation, weight management, and exercise — can help prevent people from developing a chronic disease in the first place.
Companies that sponsor well-being programs realize the benefits of a healthier and more vital employee population, with lower rates of absenteeism and improved productivity. Investing in such programs can yield a significant return — particularly from condition management programs for costly chronic diseases.
Digitally-based well-being programs in particular are powerful motivators to adopt healthy behaviors. Yet for many employees, dealing with difficult health challenges can be daunting and digital wellness tools may not offer them sufficient support. Combining these health technologies with the skill and support of a health coach, however, can be a winning approach for greater workplace well-being. The benefits of coaching can also extend to employees that are currently healthy. People without a known condition may still struggle with stress, sleep issues, and lack of exercise, and the guidance of a coach can address risk factors and help prevent future health problems.
Choosing a health coach
Coaching is an investment, and the more rigor that employers put into the selection of a coaching team, the better the results. Coaches should be a credentialed Certified Health Education Specialist or a healthcare professional, such as a registered nurse or dietician, who is extensively trained in motivational interviewing. It also helps when a coach has a specialty accreditation in an area such as nutrition, exercise physiology, mental health or diabetes management. Such training allows the coach to respond effectively to highly individualized needs.
This sort of personalization is essential. A good coach will recognize that each wellness program participant is motivated by a different set of desires and rewards and is undermined by their own unique combination of doubts, fears and temptations. They build trust and confidence by helping employees identify the emotional triggers that may lead them to overeat, smoke or fail to stick with their treatment plans and healthy lifestyle behaviors.
What works for one employee, does not work for another. A 50-year-old trying to quit smoking may need the personal touch of a meeting or phone conversation to connect with her coach; a 30-year-old focused on stress management might prefer email or texting. It’s important for the coaching team to accommodate these preferences.
Working with our employer clients, WebMD has seen what rigorous coaching can achieve:
· A 54% quit rate for participants in a 12-week smoking-cessation program
· Successful weight loss for 68% of those who joined a weight-management program
· A nearly 33% reduction in known health risks for relatively healthy employees in a lifestyle coaching program
· A corresponding 28% health risk reduction for employees with a known condition who received condition management coaching.
Coaching is more likely to succeed when it is part of a comprehensive wellness program carried out in an environment where employee well-being is clearly emphasized by the employer and its managers. WebMD popularizes the saying that ‘When the coach is in, everybody wins.’ Qualified health coaching may be the missing ingredient that helps an employer achieve its well-being goals and energize its workforce.
See the original article Here.
Source:
Turner P. (2017 July 27). How health coaching can revitalize a workforce [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/how-health-coaching-can-revitalize-a-workforce?feed=00000152-1387-d1cc-a5fa-7fffaf8f0000
Benefits Technology: What do Employers Want?
Do you know which technolgy will be the most benefical for your employee benefits program? Take a look at this article by Kimberly Landry from Benefits Pro on what employers should be looking for when searching for the right technology for the benefits program.
It’s no secret that we are in the midst of a revolution in how employers manage their insurance benefits. Enrolling and administering benefits was once a manual process involving plenty of paperwork, but much of this work has now shifted to electronic benefits platforms. A recent LIMRA survey, Convenient and Connected: How Are Employers Using Technology Today?, found that 59 percent of employers are now using a technology platform for insurance benefit enrollment, administration, or both. In addition, more than 1 in 3 firms that do not use technology are currently looking for a platform.
Brokers can provide value to their clients by helping them find a technology system that meets their needs. In fact, over one quarter of employers say their broker should have primary responsibility for researching and evaluating possible technology solutions. However, to do this successfully, it is necessary to understand what problems employers are trying to solve with technology.
The advantages of benefits technology tend to fall into two categories: improving the experience for HR/benefits staff and improving the experience for employees. While employers see the value of both aspects, it is clear that the desire for technology is driven more by HR needs such as reducing costs, improving management of benefits data, and reducing the time and resources needed to administer benefits, rather than employee needs (Figure X). In seeking technology, employers are, first and foremost, trying to make their own lives easier.
This provides insight into some of the key features employers are seeking in technology, many of which revolve around greater convenience in managing benefits. For example, 80 percent of employers say it is important for a technology platform to be accessible all year so they can use it for ongoing administration and updates, rather than a “one-and-done” enrollment system. Ongoing access is one of the top features employers look for in a platform, with sizable portions also specifying that they want a system that can enroll new hires and support ongoing life event and coverage changes.
I would love to find a product … that would allow us to reduce the amount of time that we spend during the enrollment process and also during the course of a year, adding employees or terminating employees.
—Employer with 65 employees (Voice of the Employer,LIMRA, 2016)
Similarly, 77 percent of employers want a technology system that can manage all of their benefits on the same platform, regardless of which carriers are providing the products. Consolidating benefits on one platform helps employers save time and allows them to quickly get a complete view of their overall benefits package in one place. In fact, employers that currently manage all of their benefits on one platform are more satisfied with their technology than those that don’t have this capability. Moreover, roughly 1 in 6 employers say the ability to handle all benefits in one place would motivate them to switch technology platforms.
Employers also want the convenience of a platform that integrates smoothly with other technology systems, including carrier, payroll, and HRIS systems. When it comes to carrier systems, employers want to feel confident that no errors are occurring in the data transfer and don’t want to spend a lot of time checking for mistakes.
Our HR benefits administrator has spent an exorbitant amount of time trying to, literally person by person, dependent by dependent, go through each little piece and figure out why somebody's kid is getting dropped…So I think I'd like to see those communications [work] a little bit better.
—Employer with 320 employees
Employers also want technology to integrate with their payroll and other HRIS systems so they do not have to make changes in multiple systems, which is perceived as time-consuming and inefficient.
And those two systems...they don't communicate with each other... Without that communication, it's almost like double work because if there's an address change or anything like that, you have to go to one system, then go to another, and that just seems broken to me.
—Employer with 32 employees
While employers are primarily seeking convenience for their own HR staff, it is important to note that they would like this value to extend to their employees as well. Overall, 85 percent of employers think it’s important that an enrollment platform be easy and intuitive for their employees to use. In fact, user-friendliness is often one of the first priorities that comes to mind when employers describe their ideal platform.
I want to make sure it's easy, as simple as possible, as fast as possible, and I don't want it to be a burden every year.
—Employer with 30,000 employees
When it comes to selecting benefits technology, it is clear that convenience is key. By guiding employers to technology solutions that will make it quicker and easier to administer benefits, brokers can improve the experience for everyone involved and help the industry move into the future.
See the original article Here.
Source:
Landry K. (2017 July 21). Benefits technology: what do employers want? [Web blog post]. Retrieved from address https://www.benefitspro.com/2017/07/21/benefits-technology-what-do-employers-want?kw=Benefits+technology%3A+What+do+employers+want%3F&et=editorial&bu=BenefitsPRO&cn=20170721&src=EMC-Email_editorial&pt=Daily&page_all=1
Vacation Time can boost Employee Performance
Who doesn't love taking a vacation from work? Vacation time is a great benefit that employers can offer that has been shown to improve performance among employees. Find out more about how vacations can be beneficial for both employees and employers in this great article by Amanda Eisenberg from Employee Benefit News.
Employers who want to boost employee performance may want to encourage workers to take a break from working.
New research indicates that high-performing employees take more vacation time, suggesting that a generous — or unlimited — vacation policy benefit has a positive impact on the workplace.
The report from HR technology company Namely analyzed data from more than 125,000 employees and found that high performers take about 19 days of paid time off a year, five more than an average performer under a regular PTO plan.
Still, vacation time is underutilized, the firm said. Nearly 700 million vacation days went unused last year, but 80% of employees said they felt more comfortable taking time off if a manager encouraged them.
Namely said that unlimited vacation policies may be beneficial for employers, adding that it’s a myth that employees with such benefits abuse the policy. For the 1% of companies that offer unlimited vacation days, employees only take about 13 days off, according to Namely’s “HR Mythbusters 2017” report.
“Unlimited vacation time can be a strong benefit that increases employee engagement, productivity, and retention — but only if the policy is actually utilized,” according to the report.
Computer software company Trifacta, for example, encourages its employees to use their paid time off with a recognition program.
“We offer a discretionary PTO policy because we want people to truly take the PTO they need,” says Yvonne Caprini Sorenson, Trifacta’s senior manager of HR. “We have a recognition program called Above + Beyond. Employees can nominate high-performing peers, and the winners receive $1,000 to spend toward travel. It’s a great way to encourage vacation use and to make it clear that Trifacta supports work-life balance.”
See the original article Here.
Source:
Eisenberg A. (2017 July 30). Vacation time can boost employee performance [Web blog post]. Retrieved from address https://www.benefitnews.com/news/vacation-time-can-boost-employee-performance?brief=00000152-14a7-d1cc-a5fa-7cffccf00000
Employers Spend $742 per Employee for Wellness Program Incentives
How much money are you spending on your employees and their wellness program? Check out this great article by Brookie Madison from Benefits News on how employers are encouraging more of their employees to sign-up for company sponser wellness programs.
Wellness programs are popular with employers but employees continue to need motivation to participate. Seventy percent of employers are investing in wellness programs, while 73% of employees say they are interested in wellness programs, but 64% of employees undervalue the financial incentives to join the wellness programs, according to UnitedHealthcare’s Consumer Sentiment Survey entitled “Wellness Check Up.”
Only 7% of employees understand the four basic terms of health care —premium, deductible, copayment and coinsurance — which is why UHC didn’t find it surprising that workers underestimate their financial incentives in wellness programs, says Rebecca Madsen, chief consumer officer for UnitedHealthcare.
Despite this disconnect between what employers are offering to help ensure their employees’ health and what employees are willing to do to maintain a healthy well-being, the most appealing incentives to employees for wellness programs are health insurance premium reductions (77%), grocery vouchers (64%) and health savings accounts (62%).
Employees find the financial incentives of the wellness programs appealing, yet only 24% of employees are willing to give up one to three hours of their time per week to exercise, attend wellness coaching sessions or research healthier recipes to eat.
“Unwilling to engage is part of the problem why a third of the country is obese and another third is overweight. We have a real problem in terms of keeping people healthy and that’s what we want to help address,” says Madsen.
Madsen recommends that employers promote their wellness programs and incentives multiple times throughout the year. Gift cards, reduction of premiums and contributing to health savings accounts are leading ways to reward employees. “Incentives on an ongoing basis get people engaged and motivated to participate for a long period of time,” says Madsen.
Wellness programs also provide a way for employers to adjust their benefit packages to be customized and be more than a ‘one size fits all’ approach. “Look at your insurance claims, work with insurance providers and identify common health challenges. See where you have prevalent healthcare needs and who your high risk populations are to develop programs that target those results,” suggests Madsen.
Wellness programs need endless support from advisers, insurance providers, consultants, consumers, friends, family members and employers in order to encourage employees to live healthy lifestyles, according to UnitedHealthcare.
Madsen suggests that employers have onsite biometric screenings. “Helping people know their numbers will help them understand where they have an opportunity to improve their health, which would make them motivated to engage more,” says Madsen.
New trends of wellness programs incorporate the use of activity trackers. Twenty-five percent of employees use an activity tracker and 62% would like to use one as part of a wellness program.
See the original article Here.
Source:
Madison B. (2017 July 17). Employers spend $742 per employee for wellness program incentives [Web blog post]. Retrieved from address https://www.benefitnews.com/news/employers-spend-742-per-employee-for-wellness-program-incentives?feed=00000152-18a4-d58e-ad5a-99fc032b0000
Reduce Employee Financial Stress
Are your employees struggling to reach their financial goals? Here is a great article by Heather Garbers from SHRM on what employers can do to help their employees reduce their financial stress and reach their monetary goals.
More American workers are living paycheck to paycheck than ever before, just making ends meet. Nearly three-fourths have less than $1,000 saved; and 34 percent have nothing in savings. Student loan debt totals over $1.3 trillion among some 44.2 million borrowers in the U.S. Unexpected expenses are not budgeted for and people are placing themselves at great financial risk.
As HR practitioners, we need to recognize that people are struggling financially – and that it is taking a toll not only on them personally, but also in the workplace. There are innovative benefit options and strategies that can help relieve financial stress on employees:
Student loan assistance. Today’s Millennials are challenged to get their lives going despite the crushing burden of student loan debt, and trust their employers for advice on how to manage it. Doing so can make you stand out in attracting the best talent and help win loyalty. Programs are available that not only assist Employees in refinancing and managing their debt, but also allow you to make contributions to loan balances, and assist Employees in setting up a 529 savings plan.
Employee Purchasing Programs (EPP). When people are experiencing financial stress and are confronted with unexpected expenses, they may take on high interest credit card debt or a payday loan. Employee purchasing programs are a great way for them to avoid amassing high interest rate charges when purchasing consumer goods.
Low Interest Installment Loans and Credit. A major danger for financially stretched employees is the ease with which they can get payday loans or cash advances on their credit cards without fully understanding the risk. The exorbitant interest rates only worsen the vicious cycle of debt. There are services, however, that underwrite low-interest rate installment loans well below the going rates and allow Employees to make payments through payroll deduction. Employers can sponsor the service at no cost as a voluntary benefit, and Employees can use the funds however they need to – whether it is paying a medical bill or purchasing a new air conditioner.
Financial planning and wellness services. Whether offered as one-on-one, personal coaching or online resources with interactive money management tools, everyone appreciates when employers offer resources to help them understand how to repair or build their credit and better manage their money. By offering these services, you have the opportunity to occupy a position of trust and cement long-term employee loyalty.
See the original article Here.
Source:
Garbers H. (2017 July 17). Reduce employee financial stress [Web blog post]. Retrieved from address https://blog.shrm.org/blog/reduce-employee-financial-stress
Employers Spend $742 per Employee for Wellness Program Incentives
Are you looking for new incentives to help your employees participate in your wellness program? Check out this interesting article by Brookie Madison from Employee Benefit Advisor on how employers are offering financial incentives in order to increase participation in their wellness programs.
Wellness programs are popular with employers but employees continue to need motivation to participate. Seventy percent of employers are investing in wellness programs, while 73% of employees say they are interested in wellness programs, but 64% of employees undervalue the financial incentives to join the wellness programs, according to UnitedHealthcare’s Consumer Sentiment Survey entitled “Wellness Check Up.”
Only 7% of employees understand the four basic terms of health care —premium, deductible, copayment and coinsurance — which is why UHC didn’t find it surprising that workers underestimate their financial incentives in wellness programs, says Rebecca Madsen, chief consumer officer for UnitedHealthcare.
Despite this disconnect between what employers are offering to help ensure their employees’ health and what employees are willing to do to maintain a healthy well-being, the most appealing incentives to employees for wellness programs are health insurance premium reductions (77%), grocery vouchers (64%) and health savings accounts (62%).
Employees find the financial incentives of the wellness programs appealing, yet only 24% of employees are willing to give up one to three hours of their time per week to exercise, attend wellness coaching sessions or research healthier recipes to eat.
“Unwilling to engage is part of the problem why a third of the country is obese and another third is overweight. We have a real problem in terms of keeping people healthy and that’s what we want to help address,” says Madsen.
Madsen recommends that employers promote their wellness programs and incentives multiple times throughout the year. Gift cards, reduction of premiums and contributing to health savings accounts are leading ways to reward employees. “Incentives on an ongoing basis get people engaged and motivated to participate for a long period of time,” says Madsen.
Wellness programs also provide a way for employers to adjust their benefit packages to be customized and be more than a ‘one size fits all’ approach. “Look at your insurance claims, work with insurance providers and identify common health challenges. See where you have prevalent healthcare needs and who your high risk populations are to develop programs that target those results,” suggests Madsen.
Wellness programs need endless support from advisers, insurance providers, consultants, consumers, friends, family members and employers in order to encourage employees to live healthy lifestyles, according to UnitedHealthcare.
Madsen suggests that employers have onsite biometric screenings. “Helping people know their numbers will help them understand where they have an opportunity to improve their health, which would make them motivated to engage more,” says Madsen.
New trends of wellness programs incorporate the use of activity trackers. Twenty-five percent of employees use an activity tracker and 62% would like to use one as part of a wellness program.
See the original article Here.
Source:
Madison B. (2017 June 28). Employers spend $742 per employee for wellness program incentives [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/employers-spend-742-per-employee-for-wellness-program-incentives
3 Traits of a Successful Well-Being Program for Employees
Do you know what it takes to create a successful wellness program for your employees? Check out this article by Maya Bach of Benefits Pro and find out the 3 traits all successful wellness programs have in common.
Well-being. You’ve likely heard the term used in and out of the workplace for how to become “a heathier you.”
According to a 2016 report by the Society for Human Resource Management, two thirds of employers offer a general wellness program.
Many companies invest in corporate well-being with the aim of increasing productivity, driving talent acquisition, employee retention and lowering health claim costs.
These businesses aim to consciously foster a company culture that values the mental, physical and financial health of their employees in and out of the workplace, recognizing that “health” means something different to everyone.
So, in the race to attract and retain talent, how can you create a well-being program that sets you apart?
1. Shared and customized programming
Research published in Harvard Business Review that examines the effectiveness of well-being programs highlights that engagement with wellbeing programming increases when employees feel a sense of ownership.
These programs that are built and shaped by staff through focus group sessions and channels, such as an internal communication platform where employees can voice suggestions for types of activities and timing of events, perform the best.
With the understanding that “being healthy” means something different for everyone at different points in their lives, programs should take on a flexible quality while seeking to meet the needs expressed directly by employees, thereby offering them a unique sense of ownership of the program.
2. Follow-through on feedback
Several studies suggest that organizations with a culture of keeping one’s word are more profitable.Throughout the employee experience, sharing and engaging on feedback actively is encouraged.
Following through, whether that means evening cardio-yoga classes or fresh avocados, demonstrates the company values feedback and staff ideas.
If the request can’t be completed, it’s important to close the loop by offering insight and attempting to offer alternative solutions.
Replying to a seemingly small request highlights that even a fast-paced, rapidly growing organization listens, thereby cultivating a culture of trust.
3. Offer multiple touch points
Not everyone is interested in lunch and learns or yoga classes, for that matter.
While it’s good to offer traditional program components – nutrition classes, cooking demos, weekly walking club, weight loss challenges – staff shouldn’t need to sign up for a class to engage with the program’s tenets.
To avoid adding another “to-do” to an employee’s already-full plate, digital signage with weekly “Did you know…” health facts followed by calls to action, healthy catering suggestions and smaller snack self-serve cups helpfully nudge employees to adopt healthier behaviors.
While well-being professionals should maintain a business-centered mindset when designing and implementing a program, it’s important to maintain a high degree of flexibility and visibility to provide a customized program.
Actively soliciting employee feedback, following through on specific requests and offering employees various ways to engage with core well-being tenets support program sustainability and longevity.
See the original article Here.
Source:
Bach M. (2017 July 3). 3 traits of a successful well-being program for employees [Web blog post]. Retrieved from address https://www.benefitspro.com/2017/07/03/3-traits-of-a-successful-well-being-program-for-em?ref=mostpopular&page_all=1
10 Ways Millennials are Saving for the Future
Have your millennial employees started saving for their retirement? Check out this article by Marlene Y. Satter from Benefits Pro and see what millennial across the country are doing to prepare themselves for retirement.
They’re called spendthrifts by other generations, are laden with student debt and burdened with lower-paying jobs.
But that doesn’t mean that millennials aren’t thinking about the future and saving for it.
And they could certainly use a little help—from human resources and from plan sponsors—to be more successful at it, since both the debt and the jobs don’t leave them much to work with when all expenses are accounted for.
Both HR and sponsors might want to consider how retirement savings plans and their features—auto-enrollment, auto-escalation, employer matching funds—could be tweaked to give millennials a boost in meeting major life goals and in saving for retirement, as well as for the health expenses it undoubtedly will bring along with it.
In the meantime, they can consider how millennials are already trying to stretch every dollar till it snaps—some in very unconventional ways.
In a survey, digital banking app Varo Money, Inc. has uncovered a range of methods millennials are using to make those paychecks go farther.
And while retirement is certainly on their radar, that’s not the only goal they’re pursuing; of course they have a whole life to live first. Some of their prime goals are travel, buying property and dreaming about a new car, while
Here are some of the strategies to which millennials resort in the quest to fund their futures. Can plan sponsors be less imaginative than some of these? Surely not….
10. Half of millennials surveyed save automatically.
While respondents say they aren’t fond of spreadsheets—they don’t track their money constantly, or input figures into programs like Excel or Mint to create detailed, category-based budgets—they do watch their bank balances regularly and are pretty aware of what they spend monthly.
They view it as “hands-off” money management.
What they do, however, is save automatically out of each paycheck, with 50 percent socking away a percentage every payday. So they’re prime candidates for savings plans with auto features—enrollment, escalation, etc.
A report from the Society of Human Resource Management points to multiple studies indicating that auto escalation in particular—but to a high level such as 10 percent—results in higher savings for employees, since few actually opt out of a rate higher than they might have chosen for themselves.
9. Millennials are looking to climb the corporate ladder—to a higher paycheck.
An impressive 39 percent of millennials are on the prowl for a better-paying job opportunity, which is yet another reason that HR personnel and plan sponsors hoping to retain good staff might want to keep an eye on millennials’ rate of pay, as well as their rate of savings.
Reviewing other benefits wouldn’t hurt, either, since the more attractive an existing job is, the more likely an employee is to stay.
Considering the cost of finding, hiring and training replacements, a raise and better benefits might be cheaper in the long run.
8. Millennials know food is cheaper at home, especially with a partner to share it.
Millennials, despite their spendthrift reputation, are willing to skip little luxuries like the much-vaunted avocado toast or make coffee and meals at home.
In fact, 36 percent stick with the coffeepot on the counter instead of the barista at the corner, while 11 percent of men and 3 percent of women are willing to abandon the avocado toast—after all, everyone has his, or her, breaking point when economizing.
And 26 percent of respondents point out that cooking for two is cheaper than dining solo at home—much less in a restaurant.
7. Millennials recognize how much cheaper it is to live as a couple.
While 75 percent of millennials are conscious of the financial benefits in being half of a couple. 44 percent point to the cheaper rent when there are two to share the load.
And that helps them both save more.
Even those who aren’t part of a couple are looking for roommates, according to Mashable, which reports on a SmartAsset study finding that in high-rent cities like San Francisco, New York and Boston a person can save at least $700 a month by having a roommate.
Cue in the cooking-at-home technique for group meals, and the savings grow even more.
6. Millennials go on fewer dates to save money.
Being in a relationship, say 16 percent of millennials, is cheaper than still looking, since they save money by not going out on so many dates.
5. They save on taxes if they’re married.
Ever-practical, these millennials. They recognize that being half of a married couple can save on their tax bill—and they don’t forget that either when looking for cash to stash for the future.
4. They bargain-hunt for credit card perks.
Make no mistake, among millennials travel is a big deal: 58 percent said travel destinations are their favorite topic of conversation.
And asked what they would purchase with $2,000 if they could only spend it on one thing, 25 percent said plane tickets.
As a result, they tend to be particularly savvy when it comes to being able to travel, with 16 percent seeking out credit cards that provide big mileage bonuses.
3. They leverage perks to pursue other little luxuries without having to lay out cash for them.
In fact, they’re fond of doing it for travel, with 7 percent using airline miles to upgrade to business class.
In addition, 7 percent use status from premium credit cards for hotel upgrades, and 6 percent use premium cards for lounge access.
2. They’re planning on grad school.
While that may not seem like saving—even though it’s definitely ahead of the 11 percent of male millennials who are saving for a new luxury car and the 12 percent of female millennials saving for a new wardrobe—they’re looking toward an advanced degree for a leg up the job ladder.
Oh, and 27 percent are saving for a place of their own.
1. They stay away from credit cards.
Mashable reports that, despite their spendthrift reputations, millennials are actually opting for other types of technology—digital wallets, for instance—but not so much credit cards.
It cites a BankRate finding that in fact, 67 percent of millennials don't have credit cards—the lowest amount of people without credit cards in any demographic, among adults.
And they’d rather be paid in cash, thank you very much. So say 58 percent, and they’re smart; it wards off unnecessary purchases and helps keep them out of credit card debt.
See the original article Here.
Source:
Satter M. (2017 June 29). 10 ways millennials are saving for the future [Web blog post]. Retrieved from address https://www.benefitspro.com/2017/06/29/10-ways-millennials-are-saving-for-the-future?ref=mostpopular&page_all=1
How to Build Financial Wellness into a More Holistic Wellness Program
Are you looking for new ways to help your employees increase their financial wellness? Check out this great article by Michelle Clark from SHRM highlighting what HR can do to help employees engage with the company's benefits program to improve their financial situation.
The majority of HR professionals give their employees a financial health rating of “fair” and nearly 20 percent report that their employees are “not at all” financially literate according to a national SHRM survey.
That’s an issue. Because when employees are stressed about money they don’t turn their worry off at work – and the price is paid in lost productivity.
You can help fix the problem. Everyone wins when traditional employee wellness programs are recast in a more holistic, well-rounded way – with financial wellness an important cornerstone.
There is no cookie cutter solution. But if you build a customized program that’s responsive to specific requirements and comfort levels of different employee groups, it can be rewarding and valuable.
First, review your employee demographics to get an idea of what their financial situations may look like. For example, it’s understood that the majority of today’s workforce is comprised of three age groups: Baby Boomers, Generation X and Millennials. Each has different financial stressors and preferences on how they prefer to receive assistance:
- Boomers on the verge of retirement are wondering if they can afford it or even want to retire. If they need to work, they are worried they’ll have a hard time finding a job.
- Generation X can barely think about retirement planning when they’re trying to cover the mortgage, raise kids, save money for college and shoulder responsibilities for aging parents.
- Millennials are burdened by student loan debt while trying to stretch their paychecks so they can live on their own instead of with their parents.
There also are vastly different ways each accesses support. Boomers may be okay with online resources and one-on-one coaching. But Millennials and Gen Xers may want more high-tech resources such as websites offering basic money courses and worksheets to help with budgets, housing or investment planning.
Once a solution has been established, the next step is getting people to partake. You don’t want to target employees, since privacy is a major consideration. Offering options allows employees to engage privately on their own terms. That’s why the online solutions are ideal for individual financial issues, offered in tandem with more on-site sessions on general concerns. And there’s always the potential of offering one-on-one financial counseling or financial wellness coaches to round out your program.
See the original article Here.
Source:
Clark M. (2017 June 16). How to build financial wellness into a more holistic wellness program [Web blog post]. Retrieved from address https://blog.shrm.org/blog/shrm-blog-june-2017-how-to-build-financial-wellness-into-a-more-holistic-we
Millennials Lead Generational Split on Health Benefits
Did you know that millennial employees are more likely to focus on the benefits and costs associated with their healthcare plans compared to older employees? Take a look at this article by Amanda Eisenberg from Employee Benefit Adviser on why millennials are so much more involved with their healthcare plans.
Millennials are more likely to partake in cost-saving healthcare decisions than their older counterparts, according to new analysis from EBRI.
Employees born in 1977 or later, the millennial age range in this analysis, are well informed about their health plan and report higher levels of satisfaction with the health plan choices and financial aspects of their health plans than baby boomers and Gen Xers, according to the 2017 “Consumer Engagement in Health Care and Choice of Health Plan” report.
Millennials also are more likely to ask for a generic instead of a brand name drug (47%), develop a budget to manage healthcare expenses (35%) and check whether the health plan would cover care or medication (57%) compared to Generation X or baby boomers, according to the Employee Benefit Research Institute, a nonpartisan research institute based in Washington, D.C.
Paul Fronstin, co-author of the study, attributed the generational attitude differences to the frequency employees interact with the health system and familiarity with technology.
“Older people are not used to using tools like online calculators to figure out health costs,” says EBRI’s director of health research and education program.
On the other hand, older generations have more experience buying and using healthcare than millennials, who are unlikely to contact cancer, heart disease and other illnesses that generally plague middle-aged and older employees, says Fronstin.
“It may be less stressful to pick the wrong plan and it may be coming out in [millennials’] attitudes,” he says. “Millennial attitudes could easily change as they get older and use more healthcare.”
The data comes from a 2015 poll of polled 3,590 adults between the ages of 21 and 64 who had health insurance provided through an employer (82%), purchased directly from a carrier or purchased through a government exchange.
The data, while two years old, doesn’t change the underlying attitudes toward healthcare options and costs, says Fronstin.
Yet determining those attitudes and a corresponding benefits plan is a major struggle for employers, he says.
Baby boomers and millennials “are both big segments of the population that most employers rely on,” Fronstin says. “You’ve got different groups here. If you want to be as effective as possible and get the most productivity, you need to understand where they’re coming from.”
See the original article Here.
Source:
Eisenberg A. (2017 May 29). Millennials lead generational split on health benefits [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/millennials-lead-generational-split-on-health-benefits?brief=00000152-1443-d1cc-a5fa-7cfba3c60000