💰 money in the bank?

Author

Mariam Mushtaq
June 25, 2024

 

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:

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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 🔍️ 

Kartik Mandaville on LinkedIn: My feed is filled with people talking about

AI Agents. It’s not that complicated, I swear! 🙂 

💝 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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That’s a wrap for today!

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