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- ๐ฐ money in the bank?
๐ฐ money in the bank?
Hi there! ๐
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? ๐
In This Edition:
2 Upcoming Virtual Events โก๏ธ
Protect your workforce (financially) ๐ค
Day 16: AI Insights Daily ๐๏ธ
Top 3 HR Reads for You ๐๏ธ
๐ข Upcoming Events
1๏ธโฃ 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.
๐๏ธ When: June 27th, 4 PM IST | Register Here
2๏ธโฃ Virtual Conference | AI x HR Playbook 2024: The July edition is packed with in-depth sessions on leveraging AI for employee wellbeing, establishing HRโs AI readiness and a star-studded panel discussion! More coming up โ don't miss out, just 2 weeks left!
๐๏ธ When: July 10th, 1 PM ET | Register here.
Protect your workforce (financially) ๐ค
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. ๐ผ๐ฐ
81% of US workers surveyed said their current wage hasnโt kept pace with the cost of living
But what do financial well-being benefits really look like, and how can your company stand out? ๐ค 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 ๐
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/8177e035-f61e-402e-aaa6-b7511cd7e3ed/giphy-downsized-large.gif?t=1719309066)
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.
Letโs look at a few different strategies companies are adopting to address employee financial wellbeing. โคต๏ธ
๐ฐ๏ธ 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. โI think employers are going to look at [PLESAs] strongly, and we may start to see implementation in 2025,โ
๐ค 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 โ 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. ๐
๐ธ 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. ๐๐ก
๐ณ๏ธ 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. ๐ช๐ต
What financial benefits does your organization offer? |
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๐ 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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Todayโs HR Reads for You ๐๏ธ
๐ข DEI Case Study: Liberty Mutual's LGBTQ ERG celebrates 10 years of supporting inclusivity at work
๐ค SHRM โ24: A โpolycrisisโ is coming for HR
๐งโ๐ฆฑ Whatโs Gen Z upto now? Gen Z are increasingly becoming NEETs by choiceโnot in employment, education, or training
Thatโs a wrap for today!
Did you enjoy today's issue? |
Got any additional feedback for me? Let me know! ๐๏ธ
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