GA November 2021 Newsletter

  • VOLUME XLIX | NUMBER XLVI | November 2021

    • 3 Tactics to Combat the Great Resignation

      During the pandemic, workers quit their jobs in record numbers across the U.S. According to the Bureau of Labor Statistics (BLS), four million employees (2.7%) resigned their positions in April 2021, the largest number ever recorded since the BLS began tracking the metric in 2000. This mass exodus has been dubbed “the great resignation,” and it continues to rattle employers (3.9 million voluntary separations were logged in June). High turnover and loss of talent can seriously undermine an organization’s productivity and profitability. But there are strategies you can use to help stem the tide. 1. Consider remote, distributed and hybrid workforce solutions. There’s a saying, “you can’t un-ring the bell.” Many employees who had a taste of remote work during the pandemic have come to...

       

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    • Financial Wellness Gone Wrong

      According to Forbes, a financial wellness program is the new “must-have” employee benefit. And it’s not hard to argue that it’s a must-have for plan sponsors too. After all, financial stress can hinder productivity and dampen employee morale, while financial wellness can help workers gain control of their financial lives and retire on time, saving companies money. But this is one area where less is definitely not more — and rubber stamp solutions can cause problems all their own. Here are four examples of financial wellness gone wrong. 1. One-size-fits-all approaches. Imagine going to a doctor who prescribed every patient the same medicine regardless of their symptoms or diagnosis. Cookie-cutter financial wellness programs make just about as much sense. And worse, unlike employees with no...

       

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    • Emergency Savings

      According to a recent WSJ Article1, more employers are adding emergency savings accounts to employee benefit programs, in an effort to attract and retain workers and help them better prepare for unexpected expenses. In 2019, The Federal Reserve reported that 37% of adults lack the funds to cover a $400 emergency. Nearly a quarter of the 11,000 respondents to a November 2020 Federal Reserve survey said they were worse off financially than a year before. Responding to demand from employers, workplace programs designed to help workers build emergency savings, often through payroll deductions, are becoming exceedingly popular. Thrive Flexible Matching offers a truly innovative approach to employer sponsored emergency savings program where employees can allocate their retirement matching dollars to their Retirement or Emergency Savings...

       

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    • Participant Memo: November 2021 – Carving a Holiday Budget

      The holidays are a time for giving, but often people can be a little overgenerous during this time of year and later find themselves in financial trouble. Read more

       

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