HR, Benefits & business
It's been more than a year since the declaration of the first few cases of COVID-19. While the world economy recovers from massive losses, people find ways to secure themselves after the COVID-19 pandemic. From investing for the future to controlling expenses, here are ways people can prepare for a hopeful yet uncertain tomorrow:
Financial freedom is something everyone dreams of. More often than not, people especially young adults, are already worried about gaining financial success in their respective fields.
Some really fail to plan their financials ahead and not thinking further ahead on their future. Young adults have better chances of having financial freedom at an early age or are able to start their own enterprise sooner.
To effectively plan, here are ways you can follow towards financial success:
Group insurance is a group life insurance plan that organizations and employers can customize to their needs. By creating a benefits package that is unique and tailors to fit the needs of your business, you can protect your members and employees.
The decision to offer your employees life insurance is a positive step toward providing a complete range of benefits. Life insurance is a low-cost, high-value benefit - one many small businesses can afford. The question is, do you offer whole or term life insurance?
There are different types of life insurance—the two most popular forms are whole-life and term-life:
•Whole life insurance is lifelong coverage backed by a cash value account. It pays out the death benefits associated with life insurance, but you can also borrow against it, thanks to its cash value and deferred taxation.
•Term life insurance is a short-term policy that offers death benefits only. It's a very affordable plan with low premiums. Terms can range from 10-30 years, and the premiums remain consistent for the course of the term.
Which option is suitable for your team? When deciding, businesses need to consider their employees and their situation. Many variables can sway the decision. Here are some factors to consider:
•Cash flow: The first consideration is your ability to pay the premium for all of your employees each month (or annually). The cost is typically much lower for term policies and can be pretty high for whole life insurance. If your cash flow is tight, term policies tend to be safer. If cash flow isn't an issue, whole life is an option.
•Number of employees: The more employees you have, the more premiums you'll end up paying. Typically, more employees suggest a term policy benefit might be better. That said, whole life insurance can be an excellent offering for small businesses with a few key employees. Once again, the cost comes into play.
•Other benefits: What other benefits are you offering? Do you contribute to a 401k? You might also think about life insurance as a perk for higher-level employees—maybe a term policy that converts to a whole life policy once they reach an executive position?
There is, of course, the consideration of your employees. Life insurance needs vary, which means understanding what's important to them is essential. For example, the ability to pay large medical bills using a whole life plan's cash value may be appealing. Under the proper considerations, life insurance is one of the most meaningful benefits.
Plan design will dictate the type of policy you need. As you consider these factors be sure to talk to an Employee Solutions Group expert before deciding on a life insurance benefit program.
When you think of a successful leader for your company, you think of an organized, experienced, and skilled individual who communicates well with others and gets things done.
However, there's an increasing demand and need for leaders with an often left unacknowledged quality: emotional intelligence. Someone who has emotional intelligence (also known as EQ or EI) has a better understanding of their feelings and those they work with and lead.
EQ leaders can empathize with coworkers and others, allowing them to improve communication on every level and create comradery and a feeling of well-being.
So, what is emotional intelligence? According to American psychologist Daniel Goleman, emotional intelligence is a combination of five key traits:
•Self-awareness: Great leaders know how they feel and how their emotions and actions affect their employees.
•Self-regulation: Self-regulation helps leaders avoid making rushed, emotional decisions that can make a situation objectively worse.
•Motivation: Self-motivated leaders can influence employees and coworkers to raise their standards and build their motivation.
•Empathy: Having empathy is an essential part of leading a team; the leader can more closely relate to coworkers and employees.
•Social skills: The social skills side of emotional intelligence is critical for good communicators to uplift their subordinates and resolve any issues.
With these five elements, any leader can manage their environment, improve the quality of their work culture, and build their company's success.
Leaders with high EQ can create a space for growth and collaborative communication. A feeling of "we're in this together" fosters better performance and higher job satisfaction for employees. When workers feel heard and understood, they are more engaged in their work and their environment. As a result, there's a healthier environment that starts at the top.
Are you hiring for emotional intelligence? Emotional intelligence may be a newer topic in the world of leadership, but it is a concept that will only continue to gain traction as teams everywhere look to their leaders to match their emotional and social needs in the workplace. As society becomes increasingly complex and working relationships are more important than ever, leaders with emotional intelligence play an essential role in a thriving work culture—one that drives sustainable success.
One effective way to keep employees loyal to your company is to offer employee benefits insurance. The popular benefits that job seekers want are disability insurance, medical insurance, and retirement plan. If your company does not offer these benefits, expect that your top employees and applicants might leave.
Jump-start the growth of your business by offering the right employee benefits. Once the employees receive the benefits they want, there will be fewer absences and higher commitment because they are satisfied. The result is also beneficial to your company because you will have more productive employees.