Retirement savings in uncertain times

Guideline

COVID-19 has affected small businesses across the country and created a lot of uncertainty around 401(k) accounts, retirement savings, and investing. Closing the Retirement savings gap across America. Behind the data: a look at 401(k) investor activity in a bear market.

Preparing for the Retirement Boom

TalentCulture

The baby boomer generation is beginning to hit retirement age, and companies must prepare for what could be a major exodus. The US Bureau of Labor Statistics reports that as many as one out of ten workers will retire either this year or the next. The first thing to realize about the upcoming retirement boom is that it may not be so much of a boom. Economists have predicted the baby boomers’ retirement for years now, but it hasn’t happened.

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Americans don’t have access to retirement plans

HR Digest

For the first time, Americans as a whole aren’t saving nearly enough for retirement. According to data from Northwestern Mutual’s 2019 Planning & Progress Study, fifteen percent Americans have no retirement savings at all. For both Gen X-ers and baby boomers, 14% of survey respondents in each group have absolutely nothing put away for retirement years. Furthermore, only 10% of respondents are confident that they’ll have enough earmarked for retirement.

7 essential retirement plan questions

Insperity

It’s no secret that current and prospective employees want their employer to offer a retirement plan. Whether your company is looking for a new retirement plan provider or reviewing your current retirement benefits, the first thing you need to understand is one size does not fit all.

Retirement Options – Beyond the Dollars and Cents of Retirement Planning

Career Partners International

Nearly every organization provides a retirement savings plan to ensure their valued employees can support the financial aspects of their lifestyle once they retire. Retirement, however, is more than just ending one’s working career to live off accumulated saving. With growing life expectancies, retirement can last for 30 years or more! Career Partners International (CPI) knows the value of preparing the workforce for that next step into retirement.

Why This Retirement Expert Never Talks About A ‘Retirement Crisis’

Guideline

John Scott is director of the Retirement Savings Project at the Pew Charitable Trusts. He leads a team producing trusted data and clear analysis of the barriers to retirement savings in America and the policies aimed at eliminating those barriers. Guideline: It seems like we’ve been talking about a retirement crisis for a decade or more, and I wonder if people are starting to feel jaded. Scott: I never use the term retirement crisis.

Future Friday: Retirement is considered in danger

OmegaHR Solutions

Megatrends are endangering retirement possibilities around the world. In The New Social Contract: A Blueprint for Retirement in the 21st Century, which is based on a 2018 survey of 16,000 workers and retirees in 15 countries spanning the Americas, Europe, Asia, and Australia, developing world-wide megatrends are responsible for putting retirement in danger. These include: Employer-sponsored retirement benefits are vital in helping people financially prepare for retirement.

Aging Salary Data: Is Your Data Ready for Retirement?

HR Daily Advisor

Is your salary data a toddler, a teenager, or ready for retirement? If you’ve worked in compensation for very long you probably know all there is to know about “aging” data. If you’re new to comp, however, and aging data is a bit of a mystery, read on. Compensation

Health savings accounts: Not your parents’ retirement plan

HR Morning

With the rise in health savings account (HSA) enrollment among younger employees and the decline in company matching rates of 401(k)s, HSAs have emerged as a retirement account option for new employees. A comparison of retirement savings options.

Traditional Retirement Just Isn’t for Me

Workology

This was prompted by an excellent piece published on LinkedIn and Uncommon Wisdom Daily called Why are So Many Saying ‘No’ to Retirement? That’s what many Americans think of when contemplating retirement….Yet Yet these days, more Americans are just saying “no” to traditional retirement. In fact, the percentage of workers 65 or older is at its highest level since the 1960s, according to data from the U.S. So why retire?

Highest Employer-Sponsored Retirement Participant Deferral Rate Reached in 2017

HR Daily Advisor

Automated features now standard for most employer-sponsored retirement plans helped bring about a record 8.3-percent average participant deferral rate in 2017—the highest level in a decade, according to a recent T. Benefits 2017 employee retirement Rowe Price

What Are the Retirement Challenges for Older Employees?

AbelHR

When the pandemic hit, it caused the stock market to crash, which in turn caused many folks’ retirement accounts to take a real nose dive. While this is a mere annoyance for your younger workers who have ample time to allow for the market to rebound and to adjust their retirement contributions to make up for the loss, your older workers aren’t necessarily afforded that luxury and may just be reassessing their timeline for retirement.

Prepare for Nurse Retirements and Shortage with Intelligent Workforce Planning

Visier

With baby boomers heading into retirement — by 2050 an estimated 88.5 But there is another retirement population that is perhaps even more worrying to them: nurses. This means that more than one million RN’s will reach retirement age within the next 10-15 years, leading to a drastic shortage of skilled, tenured nurses. Improving HCAHPS Scores with Data-Driven HR. Navigating Nurse Retirement with the New Workforce Planning.

Why Data-Driven Employee Career Growth Discussions Are Critical

Visier

Careers used to progress linearly–you’d start at the bottom and climb up the rungs of a clearly defined ladder until you retired–but the world of work has changed so much. And with a powerful visual and a data-driven conversation, you’re building the future of your organization. .

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Why HR Needs Data-Driven Workforce Planning to Avoid Talent Shortfalls

Visier

In the following graph, we see how many hires are being made, by comparison to the number of job openings: For nearly the entire history of the JOLTS data, more hires are tracked than job openings, but recently this relationship has switched. An estimated 50 percent of the oil and gas industry’s workforce is set to retire in the next five to seven years, a phenomenon known as the Great Crew Challenge. What critical skills will we lose from retiring workers in the next 5 years?

Study: Retirement Plan Fees’ Decline Slowed in 2017

HR Daily Advisor

Retirement plan recordkeeping, trust, and custody fees—in a steep decline for years under pressure from sponsors, participants, federal regulations, and litigation—remained flat for the first time since 2010, according to a new survey. NEPC LLC, a consulting firm whose surveys are intended as a tool to help plan sponsors benchmark their plan fees, analyzed data from 123 defined contribution (DC) plan respondents with $138 billion in aggregate assets, representing 1.5

No On-Ramp to Retirement

HRExecutive

In a troubling bit of news for anyone who plans on stopping work someday: more than 40 percent of full-time private-sector employees in the United States say they lack access to either a pension or an employer-based retirement savings plan such as a 401(k), according to a new study by The Pew Charitable Trust. Other key findings of the report include: •• Retirement plan access varies more among the nation’s metropolitan areas than across states as a whole. HR profession retirement

Retirement Plan Fees: Take a Closer Look at the Data

HR Daily Advisor

The retirement plan you sponsor comes along with some serious responsibilities. You may use benchmarking data to determine whether those fees are reasonable. It dawned on Baltes and his partner, Matthew Hunter, that covered service providers need a way to demonstrate their value to their retirement plan clients. Among those is the duty to understand and evaluate fees paid on behalf of the plan.

Quickly Recruiting and Onboarding Retired Healthcare Workers Without Compromising Safety

Precheck

Quickly Recruiting and Onboarding Retired Healthcare Workers Without Compromising Safety Apr. Recruiting healthcare workers out of retirement has been a primary strategy for organizations needing to fill such critical gaps in their workforce. But convincing retirees, often among the demographic most vulnerable to COVID-19, to come out of retirement in large numbers is no easy task. People are engaging retired workers to fill the roles that we need,” Guggisberg says.

Is Your Retirement Plan Ready for a DOL Investigation?

HR Daily Advisor

Department of Labor (DOL) investigation of an employer-sponsored retirement plan may originate in a variety of ways. It can be prompted by participant complaints, information obtained during an Internal Revenue Service (IRS) audit, information obtained from the plan’s service provider, data found in the plan’s annual Form 5500, or simply by a new initiative put forth by the federal agency. The post Is Your Retirement Plan Ready for a DOL Investigation? A U.S.

Are Your Employees’ Student Loans Hurting Their Ability to Save for Retirement?

HR Daily Advisor

While student loans can be a drain on short-term finances, a new survey from Aon Hewitt , the global talent, retirement, and health solutions business of Aon plc, reveals that workers with student loans can also potentially feel the strain into their retirement years. Aon Hewitt’s data show student loans can have a long-term impact on workers’ financial future. “These workers see the value in saving for retirement, but their loans are creating a speedbump.

Only One in Five Workers are on Track to Retire at Age 65…

Something Different

<Forbes.com> …So this evening I came across a white paper from Aon Hewitt here that shows only 1/5th of the workforce is putting away enough earnings to retire when their parents did. And with the average employee needing an average of 11 times their final pay to retire with dignity at 65, many workers are going to need to take a more hands-on approach to saving for their future.

DOL and IRS want a closer look at your retirement plan

HR Morning

Two of the most-feared government agencies for employers — the DOL and IRS — have decided there’s a real problem with the way retirement plans are being run, and they’re ramping up their audits to find out why that is. In response to the many mistakes the agencies are seeing from retirement plan sponsors, the IRS and DOL will be increasing the frequency of their audits. We have seen a deeper dive into the operations of plans, particularly with data.

Setting Customers Up For Success With Big Data

Visier

The makeup of the workforce is changing at a rapid pace: baby boomers are retiring out of the talent pool, the gig economy is shaking up the structure of teams, and the growth in knowledge worker roles is outpacing the number of people who can fill them. Workforce analytics provides the insights needed to accomplish this, but to be clear, it’s not simply about analyzing the large quantities of workforce data available in HR and business systems.

Machine Learning Depends on Good Data—Here's How to Clean It Up

Cornerstone On Demand

We pushed data entry out to the end user and did away with the human positions that audited our data for logic and accuracy. Putting in bad data means you'll ultimately be making bad decisions. Here are three ways to prepare your data for the future.

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Employees Want Better Benefits, Study Shows They're Willing to Leave Current Job for Better Retirement Options

Guideline

One of the top reasons small business employees leave jobs is to get access to better benefits and retirement options, according to a new study by Zenefits. According to data from Zenefits, the top five reasons employees quit their jobs are: Higher potential earnings Poor interpersonal relationships Personal life changes Better benefits packages (health, dental, insurance, and retirement) Promotion or increased job responsibilities elsewhere Source: Zenefits’ Turnover Survey 67.8

Do Your Employees Know They Can Use an HSA for Retirement?

Tango Health

As a benefits professional, you might thoroughly understand the advantages of using an HSA for retirement. Research indicates your workers might need a little help understanding how they can use an HSA for retirement. The EBRI bolsters this claim with data.

The Time for Data-Driven HR Is Now

TalentCulture

But today’s technology brings us something far more reliable on which to base the future of your company and the management of its most valuable resource: Big data. Data-driven HR is here, and the time to adopt it is now. Public companies that use data-driven HR methods, or “people analytics,” show 30 percent higher stock market returns than the Standard & Poor 500 index. But which data should you use, and how can you employ it to make the best hiring decisions?

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4 Reasons to Focus on Employee Financial Wellness for a Healthy Retirement

Tango Health

From making 401(k) contributions to helping employees open their HSAs , employers play an important role in offering support for employee financial wellness during retirement. Research reveals many Americans haven’t followed best practices for financial wellness during retirement. Such as planning sufficiently for the future or not touching 401(k) funds until retirement. Here are four reasons you should focus on the retirement aspect of employee financial wellness.

it’s time to retire these workplace phrases

O.C. Tanner

We “tweet” an update from our “open-plan” office; we attend a “stand up” for updates from our “data mining” team; we focus on “mission critical” initiatives that “boost the bottom line.”. Consult this list to see whether you’ve been using these workplace phrases it’s time to retire. There’s a time and a place for business jargon—and with the rise of social media and the 21 st century workplace, we’ve accumulated a wealth of new words to communicate our modern work lives.

Working Beyond Retirement Age, LinkedIn Shifts Into Video, Hot in HR

Advos

Of Retirement Age, but Remaining in the Work Force – NYT. A recent Pew Research Center analysis of federal employment data lays out the numbers. Working Beyond Retirement Age, LinkedIn Shifts Into Video #Health #LinkedIn Click To Tweet. The post Working Beyond Retirement Age, LinkedIn Shifts Into Video, Hot in HR appeared first on HRmarketer. Tags: Health, Retirement, Work-life Balance. View Our Weekly Recap Of HR Deals.

Prepare Your People Data–And Employees–For Next Year’s CEO Pay Ratio Filing

Visier

Michael Kesner, a retired principal and consultant to Deloitte Consulting LLP, shared the following anecdote : “The wide variation in median employee pay within the retail sector shows that different companies in the same industry sector identified different jobs for their median employee.

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From hire to retire: How assessments stand the test of time

PI Worldwide

Blog Post Employee Engagement & Retention Team Development Discovering High Performers Employee Onboarding Hiring, Selection, Onboarding Achieving Goals Assessments People Data Cognitive Ability Assessment Behavioral AssessmentBy Greg Barnett, PhD.

Hire-to-Retire – Rethinking HR with Oracle HCM Cloud

Oracle HCM - Modern HR in the Cloud

The answer : focus on the hire-to-retire lifecycle. Given the breadth of the hire-to-retire lifecycle, HR teams now play a much bigger and strategic business role in any enterprise organization. Oracle HCM Cloud Offers the Hire-to-Retire Functionality for the Modern Digital Enterprise. With access to basic headcount, cost data, and insightful skillset data, the company has set the stage for business growth.

Workday Podcast: Building the World’s Largest Collaborative Data Community

Workday

Brett Hurt, the co-founder and CEO of data.world, talks with Leighanne Levensaler, Workday’s senior vice president, corporate strategy, and managing director and co-head, Workday Ventures, about how the smart use of data changes a company’s culture, the early days of e-commerce, and how data.world has created the world’s largest collaborative data community. Take a listen here: Workday Podcast: Building the World’s Largest Collaborative Data Community.

Improve Your Company Culture Using Data

Visier - Talent Acquisition

In an interview with ic4p , Genentech, a global biotechnology organization, shared how they used attrition data paired with people analytics to understand which employees were at risk at their organization. By using attrition data, they found that commute time doubled within the last 15 years. The use of people analytics in reducing headcount can provide HR managers with the data necessary to make the most informed and beneficial decision for the organization.

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How to Avoid Talent Gaps with Data-Driven Succession Planning

Visier - Talent Acquisition

Succession planning with data. Is there a retirement risk among the succession candidates on your slate? Fictional data used. Digging deeper can also show if the succession pool is viable over the long-term based on employees proximity to retirement: This analysis shows how close to retirement employees in the succession pool might be. Fictional data used. Fictional data used. Fictional data used. Fictional data used.