Making the Connection: DE&I + Financial Wellness

Recruiting Daily Advisor

While companies need to tackle DE&I challenges on myriad fronts within their organizations, many may not realize there’s already a tangible way to support disenfranchised populations: workplace financial wellness benefits. 11 Financial wellness can help check all the boxes.

Reopening the Workplace with an Eye on Financial Health

Recruiting Daily Advisor

Source: David Sacks / DigitalVision / Getty Images. It also highlights the importance of managing that transformation using the lens of financial health. Before COVID-19, only 29% of Americans were financially healthy. Work is foundational for financial health.

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Unemployment Compensation Basics

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Source: Arina_vo / Shutterstock. During this time, employees are finding they may need to turn to unemployment compensation when perhaps they’ve never done so before. This can help cover more people and/or extend the number of weeks someone can collect unemployment compensation.

Diverse Compensation Plans Are a Win-Win for All

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Source: lovelyday12 / iStock / Getty Images. That stake in the business can take the form of profit sharing or even an equity interest, as most Americans want greater diversity beyond just base wages in their compensation plans. A Financial Health Win for Employees.

How to Make Financial Health Equity Part of Your Broader DEI Strategy

Recruiting Daily Advisor

Source: Michael R. There is also much work to be done in better connecting DEI efforts with broader total reward design and how total reward design can be a tool for promoting financial health equity. population in 2020, approximately 33% of people were financially healthy.

Here’s a new approach to working with compensation for different roles

Recruiting Daily

Blog Posts Featured News a-players compensation financials High Potentials HiPos hiring money payment Recruiting Salary Sourcing“Hire three top performers, pay ’em like 8, and get the results of 10.” ” That quote is from this podcast interview, and, well, the actual quote would be: I always tell my clients, hire three rock stars, pay them like eight, and you get the result of 10. I changed “rock stars” because it’s a […].

Shift Your Perspective on Compensation

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Source: Wright Studio / Shutterstock. Knowing what is important enables you to offer creative compensation packages. Retirement benefits and financial education. Any financial education programs included with your retirement plan are also great for wooing candidates. The post Shift Your Perspective on Compensation appeared first on HR Daily Advisor. Benefits and Compensation Recruiting Compensation health costs retaining employees Retirement benefits

Compensation Wins Talent, Recognition Retains It

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Compensation as a motivator. Does compensation align your employees to your company’s mission and values? In short order, this financial windfall simply becomes their new normal. Image Source. He has a combined 15 years of experience in legal and compensation consulting.

6 Essential Facts About Recruiting For Financial Institutions

Ideal

As the finance sector continues to be a strong source of economic growth, recruiting for financial institutions faces a new set of challenges. Among the highest levels of demand for talent for financial institutions are tech- and data-related roles such as data scientists and quantitative analysts. Here are the 6 facts recruiters need to know to successfully hire for today’s financial institutions. The financial sector is an innovation leader.

How Many of Your Employees Live Paycheck to Paycheck?

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Source: David Sacks / DigitalVision / Getty. All of this has led to new research on what’s called financial “precarity,” or a sense of financial precariousness, living month to month or paycheck to paycheck, unsure of how the bills will get paid.

To Attract Mid-Career Candidates, Financial Services Companies Must Think Outside the Box

Eightfold

Hiring remains a challenge in the financial services industry. According to the Bureau of Labor Statistics , unemployment in financial services stands at 2.2 Between 2016 and 2026, employment in this sector is expected to grow faster than the nationwide average for all jobs, placing pressure on financial services firms to fill 773,800 new positions. Assessments can help future-proof a financial services firm’s hiring, as well.

3 Things HR Compensation Professionals Need to Know About Employee Pay

HRsoft

Compensation is the way in which you reward employees in exchange for their services. It is therefore essential for HR compensation teams to ensure they’re paying people right. In fact, the ways in which compensation impacts employee performance are almost beyond measure. Compensation plans should be easy to understand – in other words, the simpler bonuses and incentives are, the better your employees will be able to understand what is expected of them and how to achieve it.

The 5 Best Voluntary Benefits to Offer Your Employees

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Source: garagestock / shutterstock. With “paid” paid time off, the financial stress of going on vacation is reduced while employee retention is boosted through incentivizing staff to stay long term. Today, it’s normal for people to spend 40+ hours a week working.

Bad Debt Happens to Good People

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Source: David Sacks / DigitalVision / Getty. Good debt is generally considered low-interest debt that helps you increase your net worth, ultimately helping you improve your financial position at a reasonable cost.

Cash Is King: How (And When) To Have That Compensation Conversation.

Recruiting Daily

Sometimes, companies will even come in well under what you’re currently making, with the hopes that you’ll trade compensation for the false hope of professional fulfillment. It’s appalling how many employers will come in with such outrageously low offers to candidates, and even more outrageous that most of them fully expect the candidate to take a step back in compensation for the promises of maybe someday taking some small step forward.

The Time is NOW to Directly Source and Engage Your Contingent Talent

Avature

40 percent of the global workforce) were the first demographic to truly feel the financial squeeze of social distancing and shelter-in-place orders. Best Practice #2 – Humanize Your Sourcing Communications.

Recruiting with a Well-Balanced Benefit Offering

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As an indirect form of compensation, benefits fuel their quality of life. Source: garagestock / shutterstock. Benefits related to financial security, fitness, and education are not quite mainstream but have the potential to become commonplace in workplaces everywhere.

4 Ways to Help Employees Reduce Fear of Healthcare Costs

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Source: zenstock / shutterstock. Businesses pay a high price when their employees experience this kind of health-related financial distress. Instead of worrying about the financial fallout, they can focus on getting the care they need to recover quickly.

New Employer Benefits for the Post-COVID World

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Source: garagestock / shutterstock. Companies can use reimbursement as a competitive differentiator that shows they’re interested in their employees’ financial health and are hoping to improve employee loyalty and retention.

5 Ways to Attract and Retain Alternative Workers

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Source: iQoncept / Shutterstock. Alternative workers are able to source out new jobs based on their connections, and these workers communicate about what it’s like to work for a particular employer. Support financial wellness.

Businesses and Employees Need Flexible Pay Solutions as Expectations Shift

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Source: NiseriN / iStock / Getty Images. If employees’ financial stressors aren’t addressed, the result is likely to be lower productivity and more frequent absences. Investing in the financial health of employees motivates employees to grow in the workplace.

Pros and Cons of Offering Employee Loans

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Given the number of people in the United States who live paycheck to paycheck, there are a lot of employees out there who are one emergency away from needing financial assistance in some form. It can also lead to a reduction in absences for those dealing with financial situations.

Fostering Hiring and Finance Team Collaboration During Times of Constant Change

ClearCompany Recruiting

These departments have many overlapping goals and deliverables, such as: Keeping staffing levels and compensation spending controlled to support business growth or consolidation scenarios. Develop a System of Organizing and Sharing Your Pertinent People and Financial Data.

Near-Sourcing: Outsourced services with local, underserved and veteran talent

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At Workforce Opportunity Services (WOS) , the non-profit I founded, we offer a gig solution through our Managed Services program, where we provide outsourced services with local, underserved and veteran talent (otherwise known as “ near-sourcing ”). I think it all comes down to sourcing the right talent. Full-time jobs are no longer making promises of either professional or financial security to today’s workforce.

Pros and Cons of Increasing Your Starting Pay

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Source: pong-photo9 / shutterstock. Higher wages may mean employees can meet their financial obligations with less stress, and less stress is better for both the employee and the employer. Benefits and Compensation employees employer Potential wages

Benefit Considerations in Uncertain Times

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Source: garagestock / shutterstock. If possible, employers may want to think about paying part (or all) of their employees’ premiums during a temporary furlough or layoff or provide assistance for them to obtain coverage through another source such as the Health Insurance Marketplace.

Biweekly Pay Schedules: Half of Workers Want Something Different

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Source: TippaPatt / shutterstock. On-demand pay can help reduce financial stress for many employees. households are unbanked or underbanked, meaning they have either no bank account or an account but also obtain financial products and services outside of the banking system.

Why More Companies Will Think of Benefit Plans as ‘Health Hubs’ in 2021

Recruiting Daily Advisor

Source: garagestock / shutterstock. Benefits and Compensation Benefit Plans benefits plans employees healthcareThere’s no doubt that 2020 was a challenging year.

Year-End Appropriations Act Makes It Easier for Employers to Make a Difference in Tackling Employee Student Debt

Recruiting Daily Advisor

Source: Photobuay / iStock / Getty. Significantly, offering a student debt benefit has been shown to reduce stress among employees and improve financial wellness and has also been shown to improve retention. 1] SOURCE: Federal Reserve as of Q4 2020, [link]. [2]

Using Benefits to Support Employees Who Are Caregivers

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Source: Lucky Business / Shutterstock. Provide financial counseling. Benefits and Compensation benefits caregiving employees workplace stressEmployees who provide care for others often find these responsibilities present conflicts with work.

What Employers Are Missing with Employee Wellness Programs

Recruiting Daily

IBM annually compensates healthy employees with $300 rewards. According to Gallup-Healthways , the five essential elements to wellbeing are purpose, social, community, physical and financial. The missing element, then, can often be financial health. Here are five often untapped resources that employers can provide to foster financial health among their workers: Short-term compensation withholding options. Financial planning workshops. financial system.

Employer-Provided Benefits for Remote Workers

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Source: garagestock / shutterstock. Financial counseling. Benefits and Compensation Coronavirus (COVID-19) benefits employees perks well being

Even When Women Earn More, They Earn Less

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Source: kmlmtz66 / iStock / Getty Images. Securities, commodities, and financial service sales agents. Financial managers. Benefits and Compensation gender pay gap occupations United States women

6 Questions to Create Employee-Centered Benefit Plans in 2021

Recruiting Daily Advisor

Source: garagestock / shutterstock. Have a clear understanding of where employees are coming from so you view employee health from a holistic, “whole-person” perspective that factors in multiple well-being dimensions: physical, financial, emotional, social, and environmental.

How One Company Supports Employees with Mental Health Issues

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Source: Jacob_09 / shutterstock. Our initiative focuses on physical wellness, the importance of being part of a community, financial wellness, and then mental wellness at the early stages,” says Thompson. Benefits and Compensation Talent Booz Allen Hamilton employees health pandemic

Q&A: Fighting the Benefits Illiteracy Epidemic

Recruiting Daily Advisor

Source: fizkes / shutterstock. This means not only do employees not fully understand their benefits options, but as a result, they may also be more likely to choose what seems safest or most familiar to them rather than the benefits options that make the most financial sense for their situation. Many employers today recognize that financial well-being is an important issue for employees, and benefits are a large factor of that.

Hey, HR, Your Employees Are (Finally) Interested in Their Voluntary Benefits

Recruiting Daily Advisor

According to recent research from Voya Financial, 71% of employees plan to spend more time reviewing their voluntary benefits this year compared with last. Source: gustavofranzao / iStock / Getty.

Benefits Trends for Talent Attraction: Meaningful Work, Health Care, and More

Recruiting Daily Advisor

Source: zimmytws / Shutterstock. One of the survey’s most important findings is that workers across all age groups rank meaningful work as the most important aspect of their career, beating out positive company culture, compensation and perks, a supportive manager, and a fun team. Even with compensation enhancements, voluntary employee turnover remains a stubborn challenge, with one-third (32%) of employers reporting full-time turnover in excess of 15% in 2018.

Making PTO Payouts in Uncertain Times

Recruiting Daily Advisor

Source: iQoncept / Shutterstock. Facing a modified set of paid leave rules along with general financial uncertainty, many employers are wondering how to handle PTO payouts. Benefits and Compensation Coronavirus (COVID-19) election employees PTO tax

Student Loan Assistance Benefits Employers and Employees

Recruiting Daily Advisor

Student loan debt casts a wide net and draws in a lot of people: students burdened with financial stress; workers who must reskill and upskill; and employers that must fill skills gaps and are seeking to increase diversity in their companies. Source: Photobuay / iStock / Getty.