Andrew Barlos

When Resolutions Fail, Benefits Can Help

2019 is off and running, but 80% of our New Year’s Resolutions have already come to a screeching halt.

Yes, resolutions can be quite slippery (even without literal butter fingers), but we shouldn’t waste time beating ourselves up. We all have a set of tools that can help us get back on track: our employee benefits package.

Employers and benefits teams who focus on offering innovative, high-impact benefits are in a unique position to help employees achieve their professional and personal goals.

In today’s ultra-competitive talent market, this is more important than ever. But with limited resources, where should you start?

Take a look at common New Year’s resolutions

Although they’re predictable, they’re more insightful than you might think. Check out 2019’s top resolutions:

Benefits, perks and corporate cultures that focus on helping their people achieve these goals are likely to see the most success. They may even reduce the number of people with “Find another job” as one of their resolutions…

Physical Wellness: from buzzword to must-have

As you might guess, improving health is not only number one, but it’s 5 out of the top 10. Over the past few years, “wellness” has evolved from a buzzword to a core component of any benefit or perks program. According to Optum’s 9th Annual Wellness in the Workplace Study, employer adoption of innovative physical wellness programs has risen significantly, but there is still plenty of progress to be made.

The same is true for financial wellness programs.

Next up for employers: Financial Wellness

Every year, improving our financial situation is neck-and-neck with improving health on our resolutions list. What often holds us back is that we make a general wish without a specific plan.

Like their employees, many employers realize the general need for financial wellness programs, but haven’t tailored a plan to their workforce. The ever-increasing demand for financial wellness assistance can be boiled down to a few core reasons, among plenty of others:

  1. A staggering 40% of Americans will borrow from their retirement savings at least once over a given 5-year period.
  2. Almost 80% of workers are living paycheck to paycheck, including those who make more than $100,000 annually.
  3. Employees want and need financial guidance: 7 in 10 employers say their workers are having difficulty managing credit card and other debt.
  4. 85% of Americans report feeling financial anxiety, which affects performance and presenteeism.

These stats should be a wake-up call to benefits teams. Finances impact all of our daily lives, creating an excellent opportunity for employers to set themselves apart with strong financial wellness programs.

Top employers are turning to innovative financial benefits to retain talent

In today’s incredibly competitive talent market, employers across the nation are investing more and more into their benefits package. In Employee Benefit Adviser’s 50 Companies That Made Significant Benefits Changes This Year, you’ll notice that most of these benefits address financial wellbeing in some fashion. Among them are:

    • HSA, FSA, HRA account contributions
    • College savings, tuition assistance and student loan repayment

All are fantastic and should be considered, but what offers the most value with the least impact on your budget?

Since 80% of employees are living paycheck-to-paycheck and 63% can’t handle a $500 unexpected expense, companies should look into offering a financial safety net to protect their people in times of need.

Ok, it’s pitch time

Kashable is a financial wellness benefit that is gaining a momentum with employers of all shapes and sizes. By partnering with employers, Kashable offers employees across the credit spectrum an affordable loan that is automatically repaid through payroll deduction. Kashable is both proactive, as a way to pay down existing expensive debt, and reactive, as a responsible financial safety net during times of need.

Kashable is free for employers with over 500 benefits-eligible employees, implementation is easy, and the employer bears no financial risk. Employers that have offered Kashable have seen immediate and measurable results:

    • Reduce 401(k) loans: One employer saw a 22% reduction in 401(k) loans within 6 months of offering the program
    • Help employees pay for out-of-pocket medical expenses
    • Remove the administrative burden and liability of providing pay advances
    • Improve productivity and wellbeing by alleviating financial stress

At the end of the day

The competition for talent is more fierce than ever, and HR is under constant pressure to do more with less. In order to retain talent, benefits teams must focus their limited resources on adding benefits that have the most “real-world” value to their people.

At no cost and no risk to employers, Kashable offers a way to jumpstart your financial wellness offering, reduce retirement savings leakage, and help your people during emergencies — all without breaking your budget.

Interested in learning more about Kashable? Request a demo here.

Media inquiries: marketing@kashable.com

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Kashable Conversations: Featuring Jeff Kreisler

Kashable-Conversations-with-Jeff-Kriesler

In this installment of Kashable Conversations, we spoke with Jeff Kreisler, Editor-in-Chief of PeopleScience.com and an award-winning comedian, author, speaker, TV pundit, speechwriter and advocate for behavioral economics.

We sat down with Kreisler to discuss his book: Dollars and Sense: How We Misthink Money and How to Spend Smarter, which he coauthored with Dan Ariely, a Professor of Psychology and Behavioral Economics at Duke University. Our conversation was both entertaining and insightful, just like the book.

dollars-and-sense-jeff-kreisler

Fascinating, engaging, funny, and essential, Dollars and Sense challenges our most basic assumptions about personal finance, revealing the emotional forces that drive our decision-making, and how to counteract these illogical instincts.

You can listen to the full discussion on SoundCloud.

Here are some of the highlights of the conversation:

[0:44] To money, for the wonderful things you do for us, the terrible things you do to us, and all of the gray matter in between.

[2:48] When it comes to money, don’t stress about every little thing.

[3:23] Why are we so bad with opportunity costs?

[4:27] Every financial decision should factor in opportunity costs

[4:50] The Toyota Dealership Experiment – ‘What else could you do with $30,000?’

[5:50] What the easier question: ‘What would you like for dinner?’ or ‘Do you want chicken or fish?’

[6:51] Overcoming the inherent anxiety of money management

[8:00] The fallacy that everyone else is financially responsible

[10:50] The emotional forces of money affects financial planners too

[13:00] Retirement planning – How do we get into the right mindset when thinking about our future selves?

[15:59] Using virtual reality to interact with our future selves

[18:13] The employer connection to personal financial wellness

[19:03] Common logic errors of financial decision-making

[19:54] Priming and anchoring: connecting perceived value to arbitrary numbers

[23:45] Marketing language shapes our perception of value

[26:44] Recognizing marketing language when you see it, such as the term ‘’artisanal’   

[28:15] Key takeaways – Don’t stress every little spend, but pay attention to the details of the big spends.

 

Want more? 

Check out Jeff’s site here, or visit PeopleScience.com.

Learn more about Kashable here, or email us at sales@kashable.com.

Media inquiries: andrew.barlos@kashable.com.

Posted by Andrew Barlos, 0 comments