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June 2019

work-life balance

Work-Life Balance Means Happier Employees

By | Employee Benefits | No Comments

There are many reasons we work. Ideally, you get a sense of purpose and accomplishments out of your work, possibly make good friends, and learn new things. But the main reason most people work is to support themselves and their families. Work, at its most basic provides a means of supplying food, shelter, education, and healthcare to the people we love most. 

It’s not different for your employees. As much as you strive to provide a fulfilling work environment, they go home–to someone–at the end of the work day. When you recognize that your employees have lives outside of work, and support their ability to pursue those values, you give them a better work experience. Employees will stick with companies that support their work-life balance. So, what benefits can you offer to achieve that end?

 

Offer Flexible Work Options

The world and workforce are always changing. See how you can incorporate flexible schedules and remote working into your company. 

Flexible scheduling allows for employees to work when it’s best for them. After all, not everyone can thrive in the typical 9-to-5 workday. Allow those who work better in the evenings or afternoons to work when they’re most productive. Give them a chance to drop off their kids at school, or get home in time for dinner, depending on what works best for them.

Remote is becoming more common all the time. Naturally, this won’t work for every position, especially in manufacturing. However, consider ways that people in administrative roles, for example, might work from home occasionally. Put measures in place that allow employees to access your computer network securely from anywhere.

 

Offer Mentorship and Partnership Opportunities

Giving someone a mentor is an effective way to pass knowledge along to new employees. Pair new employees with someone who has been at your company for a long time, or knows the industry well. Doing this ensures there won’t be as many knowledge gaps when older generations leave the workforce.

As for partnership opportunities, look for ways your company can partner with organizations to increase diversity or prospect applicants. Many companies are looking to get qualified minorities jobs. Research some in your area. Doing this once again shows your employees you’re committed to workplace diversity.

 

Provide Floating Holidays and Ample Time Off

Not everyone in your company celebrates the holidays as you. As a way to promote diversity, give your employees floating holidays. Because different holidays sometimes fall on weekdays, it gives your employees the chance to take the day off from work to celebrate their holiday. It also shows them and others surrounding the employee that you value diversity and gives you positive word of mouth.

 

Provide Paid Parental Leave

According to the National Conference of State Legislatures, only 14 percent of U.S. workers have access to paid family leave. While some states are working towards providing families with paid leave, there is still plenty of work to be done. Family situations are continually changing. Giving your employees the ability to take care of various family members while still being paid is crucial.

 

Host Company Days

Company days give your employees to hang out with each other off the job. Whether it’s through a cookout at your house or a rented public space, like a park, having a company day gives your employees the chance to bond off the clock and foster new relationships with each other.

 

Give Employees Discounts on Popular Attractions

Depending on the size of your company, you may receive discounts on your insurance, whether it’s health insurance or insurance for a fleet of vehicles. You may also be able to give your employees discounted membership or admission to local attractions, like zoos, amusement parks, or museums. Allowing your employees and their families to take advantage of local attractions can boost their morale and may lead to better performance on the job.

 

As an employer, you have plenty of options to ensure happy employees. You also set the tone when it comes to what goes on during work hours. Showing commitment to your mission and values encourages your employees to the same, again letting them be happier.

support your employees' financial wellness

Support Your Employees’ Financial Wellness

By | Employee Benefits | No Comments

Sure, you give your employees a paycheck and, ideally, insurance benefits. But sometimes, employees need more than that. Financial wellness is one of the most important things you can offer your employees. 

According to a 2015 report from the Federal Reserve, 76 million Americans either struggle to get by or are just getting by. As an employer, that should worry you. After all, there is a manufacturing labor shortage. If your employees aren’t financially well, they may jump at the opportunity to take on a higher paying job. Showing your employees you want to help them thrive, even outside of work, goes a long way.

PricewaterhouseCoopers reports that Millennials and Generation X are less likely to change jobs if a company cares about their financial well-being. Offering some financial wellness program can retain your employees. It can also be a useful recruiting tool.

 

What Kinds of Programs Should You Offer?

Financial wellness programs take many forms. Some of the more common are student loan repayment, 401(k) contributions, credit monitoring programs, and flexible spending accounts or health savings accounts. Many employers also offer financial education. 

Student Loan Repayment

Forbes reported in February 2019 that current student loan debt is over $1 trillion. Student loan repayment perks are highly attractive to job seekers. You might choose to offer repayment perks after a particular period of time with the company, increasing your retention rates.

401(k) Contributions

Some of them aren’t able to cover an emergency and have already had to dip into retirement funds. Others are unable to think about retirement at all. By offering 401(k) options or matching contributions, you can ensure your employees’ financial freedom and future. They will carry around less stress, making them more productive employees.

Credit Monitoring Programs

A good credit score affects a person’s ability to secure a loan, mortgage, credit cards, and many other things. With rising concerns about identity theft, people have another compelling reason to keep an eye on their credit report. This perk can cost you a minimal amount but make a big difference in an employee’s life.

Flexible Spending Accounts and Health Savings Accounts

FSAs and HSAs are both tax advantage accounts and can affect your employees’ taxable income. Depending on the type of account, some of the money rolls over to the next year, while other times the money must be used or forfeited. If you offer matching, it can help your employees cover unexpected expenses, ensuring both financial and physical wellness.

Showcase the different options to your employees and find out which ones they are more receptive to.

 

Financial Education

If you’re a smaller company, or already struggling with strained resources, the idea of helping pay down student loans or contribute to a retirement fund may seem out of reach. A relatively low-cost, high value option is to focus on financial education for employees. Many companies are offering this opportunity.

You might bring in a professional to speak to your team. Look for a local accountant, financial planner, or mortgage broker, for example, to give a presentation on their area of expertise. Another option is to look for online, sometimes free, courses that you can encourage employees to take. Reward them for completing these learning experiences with something as simple as an extended lunch break or as generous as a bonus. Tailor the experience to the needs of your company.

Financial wellness is vital to your employees, and it should be for you as well. Financial wellness reduces stress, leading to a better night’s sleep. The better night’s sleep leads to a better workday.