💰 money in the bank?


Hi there! 👋 

This is Mariam from HR Brain Pickings here for your Tuesday edition of all things HR. What do I have in store for you today? 🌞 

In This Edition:

📢 Upcoming Events

1️⃣ Masterclass | Is Remote Work Dead? This session unpacks the realities of a remote-first world. Learn how to hire and train top talent, navigate asynchronous communication, empower teams with self-directed operating norms, and tackle geo-based compensation.

🕜️ When: June 27th, 4 PM IST | Register Here 

2️⃣ Virtual Conference | AI x HR Playbook 2024: The July edition is packed with in-depth sessions on leveraging AI for employee wellbeing, establishing HR’s AI readiness and a star-studded panel discussion! More coming up → don't miss out, just 2 weeks left! 

🕜️ When: July 10th, 1 PM ET | Register here.

Protect your workforce (financially) 🤑 

So, employee disengagement has been on the rise. In order to address this, more companies are now focusing on employee well-being, and a huge part of that is financial well-being. 💼💰

81% of US workers surveyed said their current wage hasn’t kept pace with the cost of living

But what do financial well-being benefits really look like, and how can your company stand out? 🤔 Amazon announced last July the creation of a savings program that allows employees to automatically set aside a portion of their paychecks toward an emergency fund 👏 

However, the right type of financial benefits will be specific to your employees' needs. Whether your workforce is dealing with student loans, saving for retirement, or managing day-to-day expenses, understanding these needs is crucial.

Let’s look at a few different strategies companies are adopting to address employee financial wellbeing. ⤵️ 

💰️ Emergency Savings Benefits: Automatic paycheck deposits into an emergency fund and more frequent access to earnings can be game-changers for employees. A recent regulatory change may encourage the adoption of a similar solution: PLESA (Paycheck Linked Emergency Savings Accounts)

PLESAs are short-term savings accounts that can be maintained as part of a retirement savings plan, such as a 401(k) plan, according to a U.S. Department of Labor press release. “I think employers are going to look at [PLESAs] strongly, and we may start to see implementation in 2025,”

🤑 Student Loan Repayment Assistance: A new regulation in 2024 (Secure Act 2.0) allows employees to receive employer matching contributions for their student loan payments — even if they aren't contributing directly to the retirement plan themselves. It's a win-win for both employees managing their student debt and employers looking to boost financial well-being benefits. 🎓

💸 Financial Literacy Programs: The benefits of financial literacy are often underestimated, especially for a younger workforce. Hosting workshops and educational webinars on budgeting, saving for retirement, and other personal finance topics can make a huge difference. Empowering employees with financial knowledge helps them make smarter decisions and feel more secure about their future. 📚💡

💳️ Spending Accounts: Wellness accounts and flexible spending accounts (FSAs) are great perks some employers offer. These employer-sponsored accounts let employees set aside pre-tax dollars for qualified expenses, helping them save money along the way. It's a practical and appreciated benefit that can ease the financial burden on your team. 💪💵

What financial benefits does your organization offer?

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Day 16: AI Insights Daily 🔍️ 

💝 Free Resource: Workplace Dating Policy | Guideline + Free Template

This document is for HRs tasked with implementing a workplace dating/relationship policy. This document contains:

  • Why your organization needs a workplace dating policy

  • 8 Steps for HR to implement a workplace dating policy

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Partnering with us can help you boost your personal brand, network with other HR professionals, and gain valuable exposure in the industry. Fill out the form below to explore how we can collaborate.

That’s a wrap for today!

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