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Employers are responsible for helping employees save for retirement

Employees at various stages in their lives can find many reasons why planning and investing in their retirement is not a high priority. Some are buying homes, others are getting married, starting their families, and many feel financial burdens with these life events. The first place employers can truly help impact their employee’s retirement savings habits is changing the school of thought around retirement savings. Many believe that starting to contribute to retirement in their 20’s is far too early. By the time they’re in their 30’s, there are competing financial priorities and it’s more challenging to allocate adequate resources to retirement saving. Employees trust the information that they receive from their employers. If employers make an initiative to truly educate their employees about the important of retirement savings, behaviors might change. Giving employees a snapshot into what their financial future might look like if they keep saving little to nothing for retirem ...

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What's Next for Small Business Lending

Since the dust settled on the financial crisis of 2008, opportunities for lending have been consistently expanding for small business owners. The chance for this kind of growth was made possible by the fact that banks became unwilling to lend to small businesses. This created a market for new lenders, especially those online. Use of these lenders has been growing ever since. So what's next? As use of online lending expands, anticipate increased transparency on the part of lenders and more attention from regulators. The signs of this vary from a group of lenders releasing the Small Business Borrowers' Bill of Rights last year to Congress asking the SBA and the Treasury Department to propose a potential regulatory framework. It's safe to expect that lenders will start providing more information and self-regulation as a pro-active move. Despite the new and increasingly well-ordered option of online lending, SBA loans will likely remain the gold standard of small business loans. And to stay competitive, the SBA ...

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Tips to decrease employee turnover

Statistically speaking, one in three employees will leave your organization within the next six months. Replacing that individual can be very costly from an HR Perspective. The monetary expense isn’t the only problem that employers need to consider. So, what’s your organization’s plan to retain workers? Here are a few things to keep in mind. Employee turnover is expensive for a number of reasons. Statistics indicate that it can cost upward of 50 percent of an individual’s salary to replace them if they leave the organization. And the expense doesn’t stop there. Turnover might cause other employees to be less productive, which in turn creates an expense. Work among other employees might not be up to par if they’ve had to take on additional responsibilities to cover for the lack of an additional resource. You know that keeping your employees is the best option, but how do you do it? Cash compensation is a good place to start. This can play a significant role in retain ...

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Things to Keep in Mind Regarding FMLA Issues and Workers’ Comp

Did you know there are some occasions where there is an overlap between workers’ comp and FMLA laws? For example, if an employee claims workers’ comp and is unable to return to work for a long period of time, what happens after FMLA leave has been used? There is often confusion when trying to determine FMLA rights and workers’ compensation coverage. As an employer, you must understand the rules and regulations and know what your role should be so you can help the cause in this situation. What exactly does FMLA offer? It provides qualified employees with 12 work weeks of unpaid leave. This also includes job protection and benefit protection—even if this results in a hardship on you as the employer. And the job of workers’ compensation is to give compensation and medical expenses for work-related injuries. The overlap comes in on the following occasions: Right to reinstatement upon return Obligation to put workers on light duty (when possible) Entitlement ...

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Are performance reviews still relevant?

Changes are coming to the traditional performance review model that some many organizations use to evaluate their employees. Some organizations are shifting from formal annual or semi-annual performance evaluations with tracked and measured rating systems to more frequent, less formal meetings between employees and their leaders to evaluate the individual’s performance. A recent survey of workers aged 18-34 indicated that nearly 70 percent of millennials view their organization’s review process as flawed. Additionally, almost 90 percent think they would have more confidence in their performance and where they stand if they spoke with their manager more often about the quality of their work. Almost 25 percent reported that they have called in sick due to anxiety surrounding an impending performance review. Some experts suggest different models to communicate what’s working and what isn’t between a worker and their leader. There’s some evidence to suggest that employee turnover ...

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