Human Resources is at the front lines of employers’ response to the COVID-19 crisis. The crisis is forcing almost every business to immediately develop, adapt or improve remote work policies and procedures. As HR pros struggle to keep employees safe and informed, it helps to think about what changes will be more permanent and how […]
Financial Wellness Education
The pandemic was a huge financial stress on many people. So, offering benefits, like emergency savings accounts funded by payroll deductions, is growing in popularity and one way you can help employees. Recent research shows that 37% of U.S. households couldn’t come up with $400 for an emergency expense if necessary, and 52% of mid-income […]
The Small Business Administration (SBA) says it will “promptly” release new forgiveness rules and guidance for firms. Why? A new Paycheck Protection Program (PPP) bill that eases some restrictions for small employers is becoming a law. Originally, the PPP loans could be forgiven if an employer followed the 75/25 rule: 75% of the loan proceeds […]
Since the feds replenished the Paycheck Protection Program (PPP) in May, many more small employers have requested the forgivable coronavirus-relief loans. And now, the feds have issued a new round of guidance on what makes the loan forgivable. Forgiveness applications On May 15, the Small Business Administration (SBA), which is administering the loans, released its […]
Financial wellness programs are more important than ever. Why? Because happy employees create happy customers – in fact, according to Gallup, organizations that excel in engaging their employees achieve average earnings-per-share growth that is more than four times that of their competitors. Meanwhile, researchers are telling us that financial stress has emerged as the number […]
The fastest-growing use of employee assistance programs (EAPs) has been tied to employees’ financial worries.
COVID-19 seriously impacted employee mental health. Many need your help more than ever. Here’s what’s changed – and what HR can do. Mental and behavioral health requests jumped 100% since the onset of the pandemic, according to research from TouchCare. The pandemic apparently hit one generation particularly hard: Gen Z increased its use of mental […]
Financial worry is a leading cause of workplace stress. Here are 3 great ways Benefit teams can help.
The HRMorning team joined 20,000 other HR pros at the Society for Human Resource Management’s annual conference and expo in Las Vegas June 23 – 26. Here’s some of what we learned about employee financial wellness benefits programs. Helping employees achieve and maintain financial wellness was a hot topic at the SHRM conference as employers […]
Your workforce carries higher education debt than you think. Sixty-five percent of college-educated Americans are managing student loan payments right now. On average they owe $39,351 each, according to First Republic Bank. Carrying a financial burden that heavy can impact employee wellbeing and productivity. Especially when COVID-19 federal relief benefits eventually will expire. What employers […]
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