Here’s Why 401(k) Loans Are a Bad Idea
It’s tempting, isn’t it? An emergency pops up—the roof caves in, the car dies, your kid hits his head skateboarding—and you need money fast. You have $100,000 sitting in your 401(k). Why not borrow that? You can pay it back. What could possibly go wrong? Well—a lot, actually. While, yes, many 401(k)s allow you to […]
Poor Health is Costing Your Business. Here’s What To Do.
In case you haven’t noticed, healthcare is expensive, and many employees are choosing to live in poor health rather than pay the costs. In fact, according to new data by Gallup, one in 4 Americans claim they or a family member delayed medical treatment in 2020 because of cost. That’s partially good news—26 percent is […]
Can Financial Benefits Lower Employee Turnover?
In the good ol’ days, all you needed was a 401(k) or pension, a health insurance package, and maybe a Christmas party, and you were pretty much guaranteed to get lifelong employees who were committed to your company. But nowadays, things have changed: Employees are expecting more than just compensation and the traditional benefits. They […]
What is Employee Absenteeism? How Can You Manage It?
The show must go on, as they say, even when your employees don’t show up. A few days of “sick leave” is manageable—even a planned vacation or two won’t sink the ship—but when employees’ absences become habitual, you have a bigger problem on your hands: absenteeism. What is employee absenteeism and how can you deal […]
Emergency Funds: Why Your Employees Need One
Accidents happen, and, unfortunately, they’re usually expensive, which is why your employees need emergency funds. How expensive? Well, in 2020, the average unexpected expense was a whopping $3,500, says a Bankrate report. How many Americans could cover that? Bankrate gives a pretty bleak answer: fewer than 4 out of 10 people have enough saved for […]
401(k) Leakage is Crushing Your Employee’s Retirement Dreams. Here’s How
How to plug a 401(k) leakage 401(k) leakages are not going away on their own. Something needs to happen. And it needs to happen fast. While it may take some time to implement solutions, here are three steps that will take you in the right direction. 1.Accept that 401(k) leakage is a problem. First off, […]