Benefits news you may have missed: April 20-24
Will 401(k) matches fall victim to coronavirus pandemic? Forced to cut costs, employers are considering halting or reducing retirement matches. But the move might be temporary, experts say. Read more here.
4 tips for communicating a halt in 401(k) matches: Industry experts offer HR and benefits leaders advice on how to communicate retirement account changes due to the coronavirus pandemic. Read more here.
Ally Financial’s COVID-19 strategy: Embrace employee benefits: More paid time off, expanded childcare support and a one-time check for $1,200 are among the strategies for helping workers, explains Kathie Patterson, the financial company’s CHRO. Read more here.
Booz Allen Hamilton redirects $100 million to boost benefits: Booz Allen Hamilton is redirecting $100 million of its budget for enhanced benefits and other COVID-19 needs in an effort to help its employees during the coronavirus pandemic. The initiative includes “major benefit program enhancements to support employees dealing with health, childcare and COVID-related issues,” says the Virginia-based consulting firm. It also is pledging job security for all of its 27,000 employees through July 1. Read more here.
Caregiving benefits take the spotlight: In a survey of 117 mostly large U.S. employers by the Northeast Business Group on Health, more than three quarters of respondents (79%) said caregiving will be an increasingly important issue over the next five years. A look into the study and what it means for HR leaders. Read more here.
Employees say they can do their job efficiently at home during the pandemic: The majority of workers say they are confident they can efficiently do their job remotely if they are required to work from home indefinitely, according to a Glassdoor survey. The finding is the latest to indicate that remote work’s massive experiment in wake of the coronavirus pandemic may be working. Read more here.
Coronavirus resource spotlight: Unum’s HR Trends podcast: Here’s a look at a resource site from benefits company Unum that provides legislative guidance during coronavirus. Read more here.
Employees concerned about lack of emergency savings: According to a new survey released by the National Endowment for Financial Education, not having enough emergency savings is Americans’ top financial concern during the coronavirus pandemic. The survey is the latest to underscore employees’ financial concerns during the coronavirus pandemic. The NEFE findings, though, put a spotlight specifically on the importance of emergency savings accounts, which historically have not been a top priority for employers. Read more here.