Female advisors judged more harshly than males

Researchers say females industrywide face more severe punishment than men; they are 20 percent more likely to be fired after missteps. Read to find out why women confront more workplace issues than men.


In yet another example of how tough the workplace can be for women, CNN reports that female financial advisors at Wells Fargo Advisors are 27 percent more likely than the firm’s male advisors to be canned for misconduct.

The report cites a study by professors Mark Egan of the University of Minnesota, Gregor Matvos from the University of Chicago and Amit Seru of Stanford University that was published by the National Bureau of Economic Research.

The authors studied 44 firms studied between 2005 and 2015, and found that Wells Fargo advisors had the highest rate of female workers leaving.

Following closely was A.G. Edwards, also a division of Wells Fargo. “The researchers connected the dots,” the report says, “and concluded the employees were often leaving because they were fired.”

It’s one more chink in the already dented armor of a firm that’s made headlines for pressuring employees into opening fake accounts for customers without their permission. Former Wells Fargo employees, the report adds, have told CNNMoney of being retaliated against for having called the bank’s ethics hotline about the illegal sales activity.

Other firms with a harsher record for female workers were SunTrust Investment Services and Allstate Financial Services, where female workers were more than 20 percent more likely to lose their jobs than men over a misconduct issues.

Also winning the dubious honor of making the top 10 were Morgan Stanley, Bank of America Investment Services and JPMorgan Securities.

And it’s not because women misbehave more. The study finds, after reviewing data on the approximately 1.2 million registered financial advisors in the U.S., females industrywide face more severe punishment than men; they are 20 percent more likely to be fired after missteps and 30 percent less likely to find new jobs.

And that’s in spite of the fact that men are three times more likely to indulge in misconduct and twice as likely to repeat that behavior. In addition, men’s conduct costs their employers 20 percent more.

And while the financial advisory industry’s reputation is hardly spotless, women behave better overall. While approximately one out of every 13 licensed employees in the industry has a record of misconduct, among females it falls to just 1 in 33.

The study has been criticized by the Securities Industry and Financial Markets Association for including all licensed securities personnel, although SIFMA does concede that while “less than half”” of these employees are actually client-facing financial advisors, the other half occupy critical positions such as traders, investment bankers or compliance and legal employees.

In addition, the study finds that there are “large and pervasive differences in the treatment of male and female advisers,” with females experiencing a “disproportionate share” of misconduct complaints filed by their firms rather than by customers or regulators.

SOURCE:
Satter, M (13 July 2018) "Female advisors judged more harshly than males" [Web Blog Post]. Retrieved from https://www.benefitspro.com/2017/03/24/female-advisors-judged-more-harshly-than-males/


3 Ways to Reshape How You Communicate About Benefits with Millennials

Communicating the benefit needs amongst generations and can cause confusion when keeping up with the satisfaction of your younger employees. Ensure millennial happiness with these tips on their unique benefit standards.


As two millennials ourselves, we know what most people think about Generation Y. Many use terms like “techy,” “entitled” and maybe even “lazy” to describe our generation.

But, the reality is today’s millennials are more global, civic-minded and, though you may not expect it,financially conscious than any other generation. And, according to the Pew Research Center, we now represent 35 percent of today’s workforce.

Millennials are also now getting married and starting families. And yes, purchasing more benefits products through their employers as a result.

As we millennials grow up, it’s important to reconsider how you communicate with us about benefits—because it’s a lot different than how you’ve communicated with other employees in the past.

For example, consider your Gen X and Baby Boomer employees for a moment. When you communicate about benefits with them, it’s relatively straightforward. You probably use tools like email, in-person meetings, flyers and newsletters. And messaging probably revolves around safety, reducing risk and explaining the finer points of the benefits themselves.

But when you’re talking about benefits to millennials, things should be a little different. We’re more digitally fluent than other generations. We’re demanding more flexibility—in our work and family lives. And, we’re increasingly cost-conscious.

It’s a different approach. And, we want to talk about three key ways you can start to reshape how talk with millennials more effectively when it comes to benefits:

For millennials, it’s all about the emotion and sense of responsibility.One of the most interesting findings we’ve picked up over the last few years when communicating with millennials has been to focus messaging on making an emotional connection. Highlight the peace of mind benefits will provide. Discuss the fact that purchasing benefits like disability, life and critical illness insurance through their employer is the right, and responsible, thing to do.

In a recent survey conducted on behalf of Trustmark Voluntary Benefit Solutions “providing peace of mind” was the number one reason millennials gave for why they enrolled in key benefit areas. While this was true across all generations in the study, millennials chose “it’s the responsible thing to do” more than others as a secondary reason for purchase. That emotional connection tied in with responsibility is absolutely key when talking to this demographic.

Millennial stereotypes don’t apply.If you’re communicating with millennials, most people would think digital technologies like text messages and social media would be the way to go. However, that’s not the case. According to Trustmark research, millennials listed “meeting in person” and “calling a representative” as their top preferred channels for communicating during enrollment periods—followed by digital communications channels. Surprising, right? It probably shouldn’t be, given millennials’ desire for more personalization in multiple facets of their lives.

Value, convenience and high-level messaging are key.Through our research, we found that millennials react favorably to messaging around value and convenience—so be sure to hit on those points throughout the enrollment process. For instance, explain why coverage is needed or why an employer-paid policy is not enough. Talk about benefit policy costs in comparison to other low-cost items, like a daily cup of coffee. Discuss the value of employer contributions—and what those contributions can mean to millennials’ bottom lines. Also, make sure to share the convenience and ease of payroll deductions; how their employer is simplifying things by making the deduction and payment for them.

Finally, remember, when it comes to benefits, millennials aren’t as concerned about the details of their insurance plans. They want to understand the basics—what’s covered, how much it costs, and why they might consider a specific offering over another. Resist the urge to focus on the fine print, and keep messaging at the higher levels.

Magic number 3

One more thing that may help reshape your approach to communicating with millennials: The number three. That’s the minimum number of times you should be communicating with millennials during your enrollment process. Our research found that employees remembered and appreciated benefits more when they saw three or more distinct communications. In fact, 72 percent of employees who received three types of benefits communication rate themselves “likely” or “very likely” to recommend their employer based specifically on their benefits program.

Does that help give you some ideas for how to reshape your approach to communicating with millennials about benefits? Overall, just make sure to remember that we millennials are looking for personal and professional offerings from our employers that are unique to us—including benefits. And be sure you’re ready to talk with millennials using the right messaging, the right tools and the right cadence to ensure success.

SOURCE:
Dahlinger, M and Moser, C (27 June 2018) " 3 ways to reshape how you communicate about benefits with millennials" [Web Blog Post]. Retrieved from https://www.benefitspro.com/2018/06/27/3-ways-to-reshape-how-you-communicate-about-benefi/


How faking your feelings at work can be damaging

Putting up a fake smile on Monday morning is sometimes unavoidable. There could be consequences to carrying a heavy emotional labor load to get over the Monday Blues.


Imagine yourself 35,000 feet up, pushing a trolley down a narrow aisle surrounded by restless passengers. A toddler is blocking your path, his parents not immediately visible. A passenger is irritated that he can no longer pay cash for an in-flight meal, another is demanding to be allowed past to use the toilet. And your job is to meet all of their needs with the same show of friendly willingness.

For a cabin crew member, this is when emotional labour kicks in at work.

A term first coined by sociologist Arlie Hochschild, it’s the work we do to regulate our emotions to create “a publicly visible facial and bodily display within the workplace”.

Simply put, it is the effort that goes into expressing something we don’t genuinely feel. It can go both ways – expressing positivity we don’t feel or suppressing our negative emotions.

Unhelpful attitudes such as ‘I’m not good enough’ may lead to thinking patterns in the workplace such as ‘No-one else is working as hard as I seem to be’ or ‘I must do a perfect job’, and can initiate and maintain high levels of workplace anxiety -  Leonard

Hochschild’s initial research focused on the airline industry, but it’s not just in-flight staff keeping up appearances. In fact, experts say emotional labour is a feature of nearly all occupations in which we interact with people, whether we work in a customer-facing role or not. The chances are, wherever you work, you spend a fair portion of your working day doing it.

When research into emotional labour first began, it focused on the service industry with the underlying presumption that the more client or customer interaction you had, the more emotional labour was needed.

However, more recently psychologists have expanded their focus to other professions and found burnout can relate more closely to how employees manage their emotions during interactions, rather than the volume of interactions themselves.

Perhaps this morning you turned to a colleague to convey interest in what they said, or had to work hard not to rise to criticism. It may have been that biting your lip rather than expressing feeling hurt was particularly demanding of your inner resource.

But in some cases maintaining the façade can become too much, and the toll is cumulative. Mira W, who preferred not to give her last name, recently left a job with a top airline based in the Middle East because she felt her mental wellbeing was at stake.

In her last position, the “customer was king”, she says. “I once got called 'whore' because a passenger didn't respond when I asked if he wanted coffee. I’d asked him twice and then moved to the next person. I got a tirade of abuse from the man.”

“When I explained what happened to my senior, I was told I must have said or done something to warrant this response… I was then told I should go and apologise.”

“Sometimes I would have to actively choose my facial expression, for example during severe turbulence or an aborted landing,” she says. “Projecting a calm demeanour is essential to keep others calm. So that aspect didn't worry me. It was more the feeling that I had no voice when treated unfairly or extremely rudely.”

During her time with the airline, she encountered abuse and sexism – and was expected to smile through it. “I was constantly having to hide how I felt.

Over the years and particularly in her last role, handling the stress caused by suppressing her emotions became much harder. Small things seemed huge, she dreaded going to work and her anxiety escalated.

“I felt angry all the time and as if I might lose control and hit someone or just explode and throw something at the next passenger to call me a swear word or touch me. So, I quit,” she says.

She is now seeing a therapist to deal with the emotional fallout. She attributes some of the problems to isolation from family and a brutal travel schedule, but has no doubt that if she hadn’t had to suppress her emotions so much, she might still be in the industry.

Mira is not alone. Across the globe, employees in many professions are expected to embrace a work culture that requires the outward display of particular emotions – these can including ambition, aggression and a hunger for success.

The way we handle emotional labour can be categorised in two ways – surface acting and deep acting

A few years ago, the New York Times wrote a “lengthy piece about the “Amazon Way”,describing very specific and exacting behaviour the retail company required of its employees and the effects, both positive and negative, that this had on some of them. While some appeared to thrive in the environment, others struggled with constant pressure to show the correct corporate face.

“How we cope with high levels of emotional labour likely has its origins in childhood experience, which shapes the attitudes we develop about ourselves, others and the world,” says clinical and occupational psychologist Lucy Leonard.

“Unhelpful attitudes such as ‘I’m not good enough’ may lead to thinking patterns in the workplace such as ‘No-one else is working as hard as I seem to be’ or ‘I must do a perfect job”, and can initiate and maintain high levels of workplace anxiety,” says Leonard.

Workers are often expected to provide good service to people expressing anger or anxiety – and may have to do this while feeling frustrated, worried or offended themselves.

“This continuous regulation of their own emotional expression can result in a reduced sense of self-worth and feeling disconnected from others,” she says.

Hochschild suggests that the way we handle emotional labour can be categorised in two ways – surface acting and deep acting – and that the option we choose can affect the toll it takes on us.

Take the example of a particularly tough phone call. If you are surface acting you respond to the caller by altering your outward expression, saying the appropriate things, listening while keeping your actual feelings entirely intact. With deep acting you make a deliberate effort to change your real feelings to tap in to what the person is saying – you may not agree with the manner of it but appreciate the aim.

Both could be thought of as just being polite but the latter approach – trying to emotionally connect with another person’s point of view – is associated with a lower risk of burnout.

Jennifer George’s role as a liaison nurse with a psychiatric specialism in the Accident & Emergency department at Kings College London Hospital puts her at the sharp end of health care. Every day she must determine patients’ needs – do they genuinely need to be admitted, just want to be looked after for a while or are they seeking access to drugs?

“It’s important to me that I test my own initial assumptions,” she says. “As far as I can, I tap into the story and really listen. It’s my job but it also reduces the stress I take on.”

“Sometimes I’ll have an instinctive sense that the person is trying to deceive, or I can become bored with what they’re saying. But I can’t sit there and dismiss something as fabrication and I don’t want to.”

This process can be upsetting, she says. Sometimes she has to say no “in a very direct way”, and the environment can be noisy and threatening. “I stay as much as I can true to myself and my beliefs. Even though I need to be open to what both fellow professionals and would-be and genuine patient cases say to me, I will not say anything I don’t believe and that I don’t believe to be right. And that helps me,” she says.

When things get tough, she talks to colleagues to unload. “It’s the saying it out loud that allows me to test and validate my own reaction. I can then go back to the person concerned,” she says.

Ruth Hargrove, a former trial lawyer based in California, also faces tricky interactions in her work representing San Diego students pro bono in disciplinary matters. “Pretty much everyone you are dealing with in the system can make you labour emotionally,” she says.

One problem, says Hargrove, is that some lawyers will launch personal attacks based on any perceived weakness – gender, youth – rather than focusing on the actual issues of the case.

“I have dealt with it catastrophically in the past and let it eat at my self-esteem,” she says. “But when I do it right, I realise that I can separate myself out from it and see that [their attack] is evidence of their weakness.”

Rather than refuting specific, personal allegations, she simply sends back a one-line email saying she disagrees. “Not rising to things is huge,” she says. “It’s a disinclination to engage in the emotional battle that someone else wants you to engage in. I keep in sight the real work that needs to be done.”

Those who report regularly having to display emotions at work that conflict with their own feelings are more likely to experience emotional exhaustion

Hargrove also has to deal with the expectations of clients who believe – sometimes unrealistically – that if they have been wronged, justice will prevail. She understands their feelings, even as she has to set them straight.

“I empathise here, as a parent, with their thought that there should be a remedy, even when I know it’s not going to be achievable. It helps me that this feeling is also true to me.”

Remaining true to your feelings appears to be key – numerous studies show those who report regularly having to display emotions at work that conflict with their own feelings are more likely to experience emotional exhaustion.

Of course, everybody needs to be professional at work and handling difficult clients and colleagues is often just part of the job. But what’s clear is that putting yourself in their shoes and trying to understand their position is ultimately of greater benefit to your own well-being than voicing sentiments that, deep down, you don’t believe.

Leonard says there are steps individuals and organisations can take to prevent burnout. Limiting overtime, taking regular breaks and tackling conflict with colleagues through the right channels early on can help, she says, as can staying healthy and having a fulfilling life outside work. A “climate of authenticity” at work can be beneficial.

“Organizations which allow people to take a break from high levels of emotional regulation and acknowledge their true feelings with understanding and non-judgemental colleagues behind the scenes tend to fare better in the face of these demands,” she says.

Such a climate can also foster better empathy, she adds, by allowing workers to maintain emotional separation from those with whom they must interact.

Where it is possible, workers should be truly empathetic, be aware of the impact the interaction is having on them and try to communicate in an authentic way. This, she says, can “protect you from communicating in a disingenuous manner and then feeling exhausted by your efforts and resentful of having to fake it”.

SOURCE:
Levy, K (25 June 2018) "How faking your feelings at work can be damaging" [Web Blog Post]. Retrieved from http://www.bbc.com/capital/story/20180619-why-suppressing-anger-at-work-is-bad


7 wellness program ideas you may want to steal

Need more energy and excitement in your office? Keep your employees healthy and motivated with these fun wellness program ideas.


Building your own workplace wellness program takes work–and time–but it’s worth it.

“It’s an investment we need to make,” Jennifer Bartlett, HR director at Griffin Communication, told a group of benefits managers during a session at the Human Resource Executive Health and Benefits Leadership Conference. “We want [employees] to be healthy and happy, and if they’re healthy and happy they’ll be more productive.”

Bartlett shared her experiences building, and (continually) tweaking, a wellness program at her company–a multimedia company running TV outlets across Oklahoma –over the last seven years. “If there was a contest or challenge we’ve done it,” she said, noting there have been some failed ventures.

“We got into wellness because we wanted to reduce health costs, but that’s not why we do it today,” she said. “We do it today because employees like it and it increases morale and engagement.”

Though Griffin Communication's wellness program is extensive and covers more than this list, here are some components of it that's working out well that your company might want to steal:

  1. Fitbit challenge. Yes, fit bits can make a difference, Bartlett said. The way she implemented a program was to have a handful of goals and different levels as not everyone is at the same pace-some might walk 20,000 steps in a day, while someone else might strive for 5,000. There are also competition and rewards attached. At Griffin Communications, the company purchased a number of Fitbits, then sold them to its employees for half the cost.
  2. Race entry. Griffin tries to get its employees moving by being supportive of their fitness goals. If an employee wants to participate in a race-whether walking or running a 5k or even a marathon, it will reimburse them up to $50 one time.
  3. Wellness pantry. This idea, Bartlett said, was "more popular than I ever could have imagined." Bartlett stocks up the fridge and pantry in the company's kitchen with healthy food options. Employees then pay whole sale the price of the food, so it's a cheap option for them to instead of hitting the vending machine. "Employees can pay 25 cents for a bottled water or $1.50 for a soda from the machine."
  4. Gym membership. "We don't have an onsite workout facility, but we offer 50 percent reimbursement of (employees') gym membership cost up to a max of 200 per year," she said. The company also reimburses employees for fitness classes, such as yoga.
  5. Biggest Loser contest. Though this contest isn't always popular among companies, a Biggest Loser-type competition- in which employees compete to lose the most weight-worked out well at Griffin. Plus, Bartlett said, "this doesn't cost us anything because the employee buys in $10 to do it." She also insisted the company is sensitive to employees. For example, they only share percentages of weight loss instead of sharing how much each worker weights.
  6. "Project Zero" contest. This is a program pretty much everyone can use: Its aim is to avoid gaining the dreaded holiday wights. The contest runs from early to mid- November through the first of the year. "Participants will weigh in the first and last day of the contest," Bartlett said. "The goal is to not gain weight during the holidays-we're not trying to get people to lose weight but we're just to not get them to not eat that third piece of pie."
  7. Corporate challenges. Nothing both builds camaraderie and encourages fitness like a team sports or company field day. Bartlett said that employees have basically taken this idea and run with it themselves- coming up with fun ideas throughout the year.

SOURCE:
Mayer K (14 June 2018) "7 wellness program ideas you may want to steal" [Web Blog Post]. Retrieved from https://www.benefitspro.com/2015/10/10/7-wellness-program-ideas-you-may-want-to-steal/


Lack Of Insurance Exposes Blind Spots In Vision Care

Vision problems are typically not life threatening but can impact the success of your everyday life. Vision care is a significant benefit that could change the lives of many families.


Every day, a school bus drops off as many as 45 children at a community eye clinic on Chicago’s South Side. Many of them are referred to the clinic after failing vision screenings at their public schools.

Clinicians and students from the Illinois College of Optometry give the children comprehensive eye exams, which feature refraction tests to determine a correct prescription for eyeglasses and dilation of their pupils to examine their eyes, including the optic nerve and retina.

No family pays out-of-pocket for the exam. The program bills insurance if the children have coverage, but about a third are uninsured. Operated in partnership with Chicago public schools, the program annually serves up to 7,000 children from birth through high school.

“Many of the kids we’re serving fall through the cracks,” said Dr. Sandra Block, a professor of optometry at the Illinois College of Optometry and medical director of the school-based vision clinics program. Many are low-income Hispanic and African-American children whose parents may not speak English or are immigrants who are not in the country legally.

Falling through the cracks is not an uncommon problem when it comes to vision care. According to a 2016 report from the National Academies of Sciences, Engineering and Medicine, as many as 16 million people in the United States have undiagnosed or uncorrected “refractive” errors that could be fixed with eyeglasses, contact lenses or surgery. And while insurance coverage for eye exams and corrective lenses clearly has improved, significant gaps remain.

The national academies’ report noted that impaired vision affects how people experience their world, including normal communication and social activities, independence and mobility. Not seeing clearly can hamper children’s academic achievement, social development and long-term health.

But when people must choose, vision care may lose out to more pressing medical concerns, said Block, who was on the committee that developed the report.

“Vision issues are not life-threatening,” she said. “People get through their day knowing they can’t see as well as they’d like.”

Insurance can make regular eye exams, glasses and treatment for medical problems such as cataracts more accessible and affordable. But comprehensive vision coverage is often achieved only through a patchwork of plans.

The Medicare program that provides coverage for millions of Americans age 65 and older doesn’t include routine eye exams, refraction testing or eyeglasses. Some tests are covered if you’re at high risk for a condition such as glaucoma, for example. And if you develop a vision-related medical condition such as cataracts, the program will cover your medical care.

But if you’re just a normal 70-year-old and you want to get your eyes examined, the program won’t cover it, said Dr. David Glasser, an ophthalmologist in Columbia, Md., who is a clinical spokesman for the American Academy of Ophthalmology. If you make an appointment because you’re experiencing troubling symptoms and get measured for eyeglasses while there, you’ll likely be charged anywhere from about $30 to $75, Glasser said.

There are a few exceptions. Medicare will pay for one pair of glasses or contact lenses following cataract surgery, for example. Some Medicare Advantage plans offer vision care.

Many commercial health insurance plans also exclude routine vision care from their coverage. Employers may offer workers a separate vision plan to fill in the gaps.

VSP Vision Care provides vision care plans to 60,000 employers and other clients, said Kate Renwick-Espinosa, the organization’s president. A typical plan provides coverage for a comprehensive eye exam once a year and an allowance toward standard eyeglasses or contact lenses, sometimes with a copayment. Also, individuals seeking plans make up a growing part of their business, she said.

Vision coverage for kids improved under the Affordable Care Act. The law requires most plans sold on the individual and small-group market to offer vision benefits for children younger than 19. That generally means that those plans cover a comprehensive eye exam, including refraction, every year, as well as a pair of glasses or contact lenses.

But since pediatric eye exams aren’t considered preventive care that must be covered without charging people anything out-of-pocket under the ACA, they’re subject to copays and the deductible.

Medicaid programs for low-income people also typically cover vision benefits for children and sometimes for adults as well, said Dr. Christopher Quinn, president of the American Optometric Association, a professional group.

But coverage alone isn’t enough. To bring down the number of people with undiagnosed or uncorrected vision, education is key to helping people understand the importance of eye health in maintaining good vision. Just as important, it can also reduce the impact of chronic conditions such as diabetes, the national academies’ report found.

“All health care providers need to at least ask vision questions when providing primary care,” said Block.

SOURCE:
Andrews M (13 JUNE 2018). "Lack Of Insurance Exposes Blind Spots In Vision Care" [Web Blog Post]. Retrieved from https://khn.org/news/lack-of-insurance-exposes-blind-spots-in-vision-care/


Viewpoint: Coaching Your Employees to Finish Strong as They Near Retirement

10,000 people a day are retiring. Help your employees transition into retirement with these important strategies. ​


Baby Boomers are beginning to retire in large numbers. AARP says 10,000 people a day are retiring from work. Most companies have no formal program to aid these employees in this transition. Although we often have extensive onboarding programs, little to nothing is done when an employee is ending his or her career, except a goodbye party.

For many people, upcoming retirement means coasting until the day they are done. Dave was a senior-level manager who announced his retirement one year in advance. The problem was that Dave then became "retired on the job." He stopped innovating. He stopped moving new ideas forward. He avoided conflict by ignoring problems. He no longer aggressively led his team.

Dave had been very successful in his career but he ended poorly, so that was how everyone remembered him. His team suffered poor morale because its members felt they were stuck until Dave left his position. That is a problem for the whole company.

Help retiring employees to end strong at your company. Instead of letting employees coast and drain the company coffers, HR can support retiring workers as they end their careers in the best way possible, fully contributing up until the last day.

Some key strategies include:

  • Creating a planning-to-retire educational program.HR should develop a workshop to show employees how to plan out their future, paying special consideration to how they will handle all the free time they will have once they leave the company. The course can cover financial planning, too. The employee will be grateful for this assistance.
  • Coaching the employee's manager.Managers of departing employees need instruction on how to support someone leaving the group. The formal coaching should offer proven strategies to keep the employee engaged until his or her last day. The supervisor should encourage the employee to complete as many key projects as possible and accept the responsibility to not let the employee become retired on the job.
  • Documenting their knowledge.As many Baby Boomers walk out the door, their depth of experience and insight depart with them. Companies should have these employees document their knowledge by creating a training manual or by adding pages to the organization's intranet so other employees can learn from these folks.
  • Training a new employee.Ideally, the organization should promote or hire a replacement and have the departing employee train the new person. Having a two- to three-week training period helps the new employee get up to speed and be more productive, more quickly. 
  • Offering a "bridge job."Finding talented workers to replace departing Baby Boomers will become harder to do in our tight labor market. Developing a transitional or bridge job where the employee remains at work on a part-time basis may allow the company to avoid the quest for talent that is often not available. Baby Boomers want more flexibility and fewer work hours at the end of their career. In fact, 72 percent say they plan to work in their retirement. Annette was an IT specialist who wanted to leave the energy utility she worked for. The HR department was under the gun to deliver a new human resource information system and asked her to continue working three days a week with the ability to take more unpaid vacations. This new bridge job kept her in her role for 18 months until the big project was completed.

Final days may be a bittersweet time for employees to say goodbye to their co-workers, friends and the company itself. Having a supportive send-off is a great policy to ensure that everyone leaves on a positive note and will speak highly of your organization after the departure.

 

SOURCE:
Ryan R (4 June 2018) "Viewpoint: Coaching Your Employees to Finish Strong as They Near Retirement" [Web Blog Post]. Retrieved from https://www.shrm.org/ResourcesAndTools/hr-topics/benefits/Pages/Viewpoint-Coaching-Your-Employees-on-Finishing-Strong-As-They-Retire-.aspx?_ga=2.37756515.1310386699.1527610160-238825258.1527610159


Employee benefit satisfaction has direct relation to job fulfillment

New reports say that employees would sacrifice pay increases for better benefits. Heres some tips on how to keep your employees satisfied.


A link between the satisfaction workers feel about their benefits — both employment based and voluntary — has a direct relation with retention opportunities for employers.

Eight in 10 employees who ranked their benefits satisfaction as extremely or very high also ranked job satisfaction as extremely or very high, according to Employee Benefit Research Institute’s recent 2017 Health and Workplace Benefits Survey. Additionally, nearly two-thirds of respondents who ranked benefits satisfaction as extremely or very high ranked their morel as excellent or very good.

“It is important for employers to understand that benefits continue to be valued by employees,” says Paul Fronstin, director of the health research and education program at EBRI. “Health insurance, retirement plans, dental, vision and life insurance continue to be highly important when making job change decisions.”

In fact, the survey finds that more than four in 10 respondents say they would forgo a wage increase to receive an increase in their work-life balance benefits, and nearly two in 10 state a preference for more health benefits and lower wages.

Employees continue to indicate benefits play a key role in whether to remain at a job or choose a new job. Since 2013, health insurance consistently remains one of the top benefits that employees consider in assessing a job change.

Last year, 83% say health insurance is very or extremely important in deciding whether to stay in or change jobs. A retirement savings plan is also one of the critical benefits, with 73% indicating it is extremely or very important in determining whether to stay in or switch jobs.

Although employees say they are generally satisfied with the employee benefits provide today, there is a growing concern benefit programs might start to dwindle. When asked, only 19% of respondents say they are extremely confident in what will be provided will be similar to what they have now in three years.

Other challenges remain

“The challenge is how employers can continue to provide the strong employee benefits package that employees want and need, while still controlling the costs of these benefits, particularly healthcare,” Fronstin notes.

Employee education on benefit offerings could use some beefing up. According to the study a little more than one-half (52%) of employees say they understand their health benefits and 43% indicate they understand their non-health benefits very/extremely well.

Some of this limited understanding of benefits may come from the lack — or perceived lack — of benefit educational opportunities that employees are receiving from their employer, according to the study.

Nearly one-third (31%) of employees indicate that their employer or benefits company provides no education or advice on benefits. Only 39% state that their employer provides education on how health insurance works, 24% say that their employer provides education on how a health savings account works, and 28% confirm that their employer offers education on how to invest money in their retirement plan.

In any case, Fronstin adds, “as employers weigh the future of benefits, they should consider that health insurance consistently remains one of the top benefits that employees consider in assessing a job change, with retirement savings plan also viewed as a critical benefit.”

SOURCE:
Otto N (4 June 2018) "Employee benefit satisfaction has direct relation to job fulfillment" [Web Blog Post]. Retrieved from https://www.benefitnews.com/news/employee-benefit-satisfaction-has-direct-relation-to-job-fulfillment


Five Practical Ways to Support Mental Well-being at Work

Mental well-being impacts engagement, absenteeism and productivity. Discover how help make the workplace atmosphere and environment more pleasant with these tricks.


The American Institute of Stress reports that stress is the nation’s top health problem. This makes sense, as mental capacity is highly valued in the workplace but can also be highly vulnerable. Today’s workplace, with technology, fast-paced growth and decreased resources, can contribute to increased stress.

Companies should value the mental health of their employees as a top asset and fiercely protect it. Mental well-being impacts engagement, presenteeism, absenteeism and productivity — all of which impact businesses bottom lines. More importantly, supporting and protecting the mental health of your employees is the right thing to do.

Here are five best practices to support mental health in the workplace.

  1. Normalize the conversation.

Top-down support of mental health is crucial in creating an open dialogue, as is an open-door policy. Senior leaders should participate in the conversation about mental wellbeing to show buy in. Normalizing the occurrence of a grief reaction or stress disorder can insure that your employees seek help when it happens to them.

Establishing mental health champions within your organization is another way to encourage a healthy dialogue. People with mental health conditions who want to help others are great candidates for this role.

Use awareness days that focus on stress and mental health as external nudges to educate staff about these important issues. Importantly, remind staff that a diversity of perspectives, including those with lived mental health experiences, are valued and encouraged in inclusive environments.

  1. Implement strong policies and procedures.

Disclosure can help an employee seek the appropriate resources and care before conditions worsen, so having proper policies and procedures in place are important in removing barriers to disclose.

This includes protection against discrimination, which is usually a top concern for employees, as well as providing appropriate workplace accommodations. Ensure managers are aware of key resources, like employee assistance programs, and maintain confidentiality when an employee discloses information.

Beyond this, educate employees on policies, procedures and proper protocols to increase employee awareness. Here’s a tip: Repeat key messages and tailor your communications to better reach your staff.

  1. Prevention is better than cure.

It’s essential to remember that anyone is susceptible to stress and a resulting decline in their mental health, whether a preexisting condition exists or not. Big life events like having a baby or losing a loved one and every day struggles like money worries, relationship issues or work-related stress can cause or aggravate mental health conditions to the point of interfering with work. 

Mental wellness sessions or work/life balance programs can help. Bring in an expert and talk to your staff about how to safeguard their own mental health, build resilience and recognize signs of distress in others.

  1. Tailor your benefits package to support mental wellbeing.

Choose a major medical plan that gives employees access to quality mental health specialists in network, as these costs can add up significantly. Helping employees have access to and triage the right specialist support is crucial in managing conditions.

EAPs can act as a first line of defense for a wide range of problems – from money and relationship worries to support for working caregivers. They provide both practical and emotional support for employees through confidential counseling and can help prevent issues from escalating and impacting productivity. These programs are often offered as part of a major medical or disability plan, so your company may already have access to them.

Money worries can also take an emotional toll on wellbeing. In fact, financial concerns were the leading cause of stress across all generations in a recent consumer study conducted by my company, Unum.

Help your employees establish a strong financial foundation by offering financially-focused benefits, like life and disability insurance, retirement savings options and supplemental health benefits that can close the rising financial gap in medical plans.

If your budget doesn’t cover these benefits, consider offering them on a voluntary basis. Access to financial protection benefits are more affordable when offered through the workplace, even if the employee picks up the cost.

Flexible hours or remote working options can also help employees schedule their work days when they’re feeling most productive. This can help reduce presenteeism for mental ill-health, and it also signals to employees that you’re supportive of a healthy work/life balance.

  1. Encourage self-care.

Self-care plays a critical role in overall wellbeing. Encourage employees to do small tasks that’ll help them build resilience over time.

The basics like getting plenty of sleep, eating healthy, drinking water, and exercising are foundational in overall wellbeing.

Beyond these staples, developing appropriate time management and work/life balance skills are also important. Delegating and collaborating are also key to ensure healthy work behaviors which also decrease stress.

While technology and our always-on culture make it hard to disconnect, encourage employees to set device off-times so they can fully recharge before the next day. And most important, model this behavior to your staff and limit after hours work and emails.

Having a holistic mental well-being strategy that includes prevention, intervention and protection is essential for unlocking a workforce’s true potential.

 

SOURCE:
Jackson M (4 June 2018) "Five Practical Ways to Support Mental Well-being at Work" [Web Blog Post]. Retrieved from http://www.workforce.com/2018/05/18/five-practical-ways-support-mental-well-work/


4 perks to make your employees' lives easier and less stressful

Recruit top talent with ease and confidence when considering these tips on attractive, creative and innovative employment perks.


A 2016 survey from Glassdoor found that 57 percent of people looking for jobs said benefits and perks are among their top considerations when weighing offers. So how can a company stack the deck in its favor when recruiting top talent? Although some companies limit their benefits packages to traditional offerings such as health insurance, 401Ks and paid time off, a today’s forward-thinking employers know they need to find more creative ways to offer benefits that make a genuine difference in employees’ day-to-day work and personal lives.

As competition for employees intensifies, the race to improve employer-based services is likely to result in better options for employees. Unconventional benefits options come in many shapes and forms, but they share one thing in common: the goal of saving time for employees, reducing their stress, and ultimately improving their health and satisfaction at work.

All other things being equal, companies that offer innovative perks that speak to the well-being of their employees are more likely to attract and retain the top talent in their field. Here are a few such perks to consider.

Expectant-parent counseling

You’ve thrown the baby shower, cut the cake, helped carry staff gifts to the car—and you’ve explained the company’s parental leave policy in detail. As you wave Julie from accounting off with best wishes, you’re confident she’ll come back to her desk in a few months’ time.

But the truth is that 43 percent of women who have babies leave the workforce permanently within a matter of months. Many say it’s because they don’t have adequate support at home to enable them to resume their careers. That is why companies like Reddit and Slack use a service called Lucy that provides expectant employees help before, during, and after parental leave, including 24/7 messaging and one-on-one sessions that can be done in the home or online.

As Reddit VP of People Katelin Holloway put it, “It’s not enough to simply offer parental leave; every child and family is different and has independent needs.” By helping expectant parents find resources that meet their specific needs, you’re making an investment in your workforce that pays enormous dividends in retention, productivity, and morale.

Caregiving support

A Gallup survey revealed more than 1 in 6 full-time or part-time American workers has difficulty balancing caring for elderly parents with their work commitments. This results in decreased productivity and frequent leaves of absence. Companies can help their employees cope and stay engaged with their work by providing concierge services that offer amenities such as taking elderly parents to doctor’s appointments and eldercare coaching when choosing between assisted living options.

To help reduce stress (and retain highly specialized employees), take a cue from companies like Microsoft and Facebook, which provide caregiver paid-leave programs to help employees care for ailing family members or sick relatives.

Dry cleaning at work

Sometimes it’s the little things that save time during the workday that can push the needle in your favor as a potential employer. It may sound trivial, but company-provided dry cleaning is a perk that’s proving to be a big draw in workplaces from Wall Street to Silicon Valley. Service providers pick up employees’ laundry or dry cleaning items from work and return them to a designated employer closet in their office building—one less errand, and no more lost tickets. “People have lives to live, so I try to make it easy for them to deal with any of those personal errands that could take up time for them,” said Experian CEO Craig Boundy, speaking about his company’s employee benefits programs in an interview with the The Orange County Register.

Car maintenance and service

According to the U.S. Bureau of Labor Statistics, the average American household owns 1.9 vehicles and spends around 1.5 percent of its annual income on auto maintenance and repairs. Cars are a significant investment for most of us, so the more you can help potential employees save time and money on maintaining their vehicles, the more tempting you’ll become as an employer. Growing numbers of innovative companies provide car repair services to help employees save money, find the best quality mechanics, and reduce stress associated with the entire process.

Some firms also offer on-site car wash services, giving employees peace of mind and a positive outlook as they drive home after work. Several big Silicon Valley corporations —including eBay, SanDisk, Cisco, and Oracle—use BoosterFuels to fill employees’ gas tanks while they’re at work. It saves employees time and protects them from potential accidents or robberies at gas stations.

SOURCE:
Weiss Y (31 May 2018) "4 perks to make your employees' lives easier and less stressful" Web Blog Post]. Retrieved from https://www.benefitspro.com/2018/05/11/4-perks-to-make-your-employees-lives-easier-and-le/


HRL - Employees - Happy

The Most Desirable Employee Benefits

When it comes to hiring new employees, benefits can make or break the process. Hire with confidence when considering these tips on attractive and affordable employment perks.


In today’s hiring market, a generous benefits package is essential for attracting and retaining top talent. According to Glassdoor’s 2015 Employment Confidence Survey, about 60% of people report that benefits and perks are a major factor in considering whether to accept a job offer. The survey also found that 80% of employees would choose additional benefits over a pay raise.

Google is famous for its over-the-top perks, which include lunches made by a professional chef, biweekly chair massages, yoga classes, and haircuts. Twitter employees enjoy three catered meals per day, on-site acupuncture, and improv classes. SAS has a college scholarship program for the children of employees. And plenty of smaller companies have received attention for their unusual benefits, such as vacation expense reimbursement and free books.

But what should a business do if it can’t afford Google-sized benefits? You don’t need to break the bank to offer attractive extras. A new survey conducted by my team at Fractl found that, after health insurance, employees place the highest value on benefits that are relatively low-cost to employers, such as flexible hours, more paid vacation time, and work-from-home options. Furthermore, we found that certain benefits can win over some job seekers faced with higher-paying offers that come with fewer additional advantages.

As part of our study, we gave 2,000 U.S. workers, ranging in age from 18 to 81, a list of 17 benefits and asked them how heavily they would weigh the options when deciding between a high-paying job and a lower-paying job with more perks.

Better health, dental, and vision insurance topped the list, with 88% of respondents saying that they would give this benefit “some consideration” (34%) or “heavy consideration” (54%) when choosing a job. Health insurance is the most expensive benefit to provide, with an average cost of $6,435 per employee for individual coverage, or $18,142 for family coverage.

The next most-valued benefits were ones that offer flexibility and improve work-life balance. A majority of respondents reported that flexible hours, more vacation time, more work-from-home options, and unlimited vacation time could help give a lower-paying job an edge over a high-paying job with fewer benefits. Furthermore, flexibility and work-life balance are of utmost importance to a large segment of the workforce: parents. They value flexible hours and work-life balance above salary and health insurance in a potential job, according to a recent survey by FlexJobs.

Eighty-eight percent of respondents said they’d give some or heavy consideration to a job offering flexible hours, while 80% would give consideration to a job that lets them work from home. Both flexible hours and work-from-home arrangements are affordable perks for companies that want to offer appealing benefits but can’t afford an expensive benefits package. Both of these benefits typically cost the employer nothing — and often save money by lowering overhead costs.

More vacation time was an appealing perk for 80% of respondents. Paid vacation time is a complicated expense, since it’s not simply the cost of an employee’s salary for the days they are out; liability also plays into the cost. American workers are notoriously bad at using up their vacation time. Every year Americans leave $224 billion dollars in unused vacation time on the table, which creates a huge liability for employers because they often have to pay out this unused vacation time when employees leave the company. Offering an unlimited time-off policy can be a win-win for employer and employee. (Over two-thirds of our respondents said they would consider a lower-paying job with unlimited vacation.) For example, HR consulting firm Mammoth considers its unlimited time-off policy a successnot just for what it does but also for the message it sends about company culture: Employees are treated as individuals who can be trusted to responsibly manage their workload regardless of how many days they take off.

Switching to an unlimited time-off policy can solve the liability issue; wiping away the average vacation liability saves companies $1,898 per employee, according to research from Project: Time Off. And with only 1%–2% of companies currently using an unlimited time-off policy, according to the Society for Human Resource Management (SHRM), it’s clearly a benefit that can make companies more attractive.

Contrary to what employers might expect, unlimited time off doesn’t necessarily equal less productive employees and more time out of the office. A survey from The Creative Group found that only 9% of executives think productivity would decrease significantly if employees used more vacation time. In some cases, under an unlimited time-off policy, employees take the same amount of vacation time. We adopted an unlimited time-off policy at Fractl about a year ago and haven’t seen a negative impact on productivity. Our director of operations, Ryan McGonagill, says there hasn’t been a large spike in the amount of time employees spend out of the office, but the quality of work continues to improve.

Student loan and tuition assistance also ranked highly on the list of coveted benefits, with just under half of respondents reporting that these bonuses could nudge them toward a lower-paying job. A benefits survey from SHRM found that only 3% of companiescurrently offer student loan assistance, and 52% of companies provide graduate educational assistance. Although education assistance sounds costly, companies can take advantage of a tax break; employers can provide up to $5,250 per employee per year for tuition tax free.

Job benefits that don’t directly impact an individual’s lifestyle and finances were the least coveted by survey respondents, such as in-office freebies like food and coffee. Company-sponsored gatherings like team-bonding activities and retreats were low on the list as well. This isn’t to say these benefits aren’t valued by employees, but rather that these perks probably aren’t important enough on their own to convince a job candidate to choose a company.

We noticed gender differences regarding certain benefits. Most notable, women were more likely to prefer family benefits like paid parental leave and free day care services. Parental leave is of high value to female employees: 25% of women said they’d give parental leave heavy consideration when choosing a job (only 14% of men said the same). Men were more likely than women to value team-bonding events, retreats, and free food. Both genders value fitness-related perks, albeit different types. Women are more likely to prefer free fitness and yoga classes, while men are more likely to prefer an on-site gym and free gym memberships.

Our survey findings suggest that providing the right mix of benefits that are both inexpensive and highly sought after among job seekers can give a competitive edge to businesses that can’t afford high salaries and pricier job perks.

SOURCE:
Jones K (30 May 2018). [Web Blog Post]. Retrieved from address https://hbr.org/2017/02/the-most-desirable-employee-benefits