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2016

Employee_Learning_Body.jpgBy Cathie Ericson.

 

Adapt to survive. That’s the mantra for today’s small business, and an important component is continuous learning. And while ongoing education helps strengthen your business, it can also be a key factor in employee retention. In fact, most employees, especially millennials, consider it an essential job component: A survey from EdAssist, a continuing education company, found that nearly 60 percent of respondents would choose a job offering regular professional development over one with regular pay raises.

But let’s face it; most small businesses don’t have a lot of cash to invest in expensive conferences or educational courses. Here are some ways you can incorporate continuous learning on a budget.

1. Institute regular stretch assignments

New employees are often energized by the learning curve when they come on board, but then begin to stagnate. Employers can help keep jobs fresh by offering a project that is one-third or more outside an employee’s expertise, so that they have to learn a new skill to complete it, advises Leigh Steere, co-founder of Managing People Better in Boulder, Colo. “Choose an assignment that relates to a pressing business issue so you both benefit,” she says. “The employee has a new experience and expands their thinking, and you glean a potential business solution.”

2. Customize the training

Generic training can cause most of your staff to tune out, says Bob Hewes, senior partner at Boston-based Camden Consulting Group. When you tailor learning to an individual and their existing level, you can ensure they are learning something new and relevant. For example, when training for presentation skills, take into account the experience of the group and hold one-on-one sessions that are customized to each person’s specific job function and current mastery.

Employee_Learning_PQ.jpg3. Extend conferences to those back in the office

It’s often not feasible to send a whole team to an industry event, even if most team members would benefit. Tasking participants with teaching the rest of the staff shares the wealth, and also ensures attendees are attentive at the sessions, knowing they have to present key ideas on their return, says Kean Graham, CEO of MonetizeMore, a virtual ad optimization firm.

4. Hold a book club

Choose a book that impacts your business, but also inspires your employees, suggests Austin, Texas-based business strategy consultant Joshua Schall. After the team has read the book, order in food and convene to discuss insights, and then reinforce them regularly in future meetings. Schall recently recommended The Lean Startup by Eric Ries to a client, who then successfully introduced a new product using the book’s concept of “build-measure-learn,” a departure from traditional consumer packaged goods ideologies.

5. Make it a regular event

Learning activities become a priority when you incorporate them into your employees’ weekly schedules, finds Rasheen Carbin, co-founder and CMO of nspHire.com, a job-posting site based in Oak Brook, Ill. He advocates using online learning sites such as Coursera, Udemy or Skillshare and also suggests his employees allocate 10 percent of their time to side projects sparked by what they are learning. “Send a message to your employees that improving their skill set is highly valued by allocating company time,” Carbin says.

6. Encourage chances for cross-pollination

Offer employees an hour or two to periodically shadow people in other functions says Stan Kimer, founder of Total Engagement Consulting, a career development and diversity management consultancy in Raleigh, N.C. For example, he suggests sending a customer service representative to shadow a salesperson to hear how the help desk support is framed in a sales call. “This will give the help desk person an appreciation for how important their role is in winning new clients, and possibly ignite their interest in a future sales role,” he says, adding that it also allows a small business to develop possible backfills in case key people depart.

 

Bank of America, N.A. engages with Touchpoint Media Inc. to provide informational materials for your discussion or review purposes only. Touchpoint Media Inc. is a registered trademark, used pursuant to license. The third parties within articles are used under license from Touchpoint Media Inc. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC.  ©2016 Bank of America Corporation

Aflac

What employees really want

Posted by Aflac Jul 13, 2016

The Spice Girls once asked you to tell them what you want, what you really, really want. Fast-forward a few years and employees are following suit by telling their companies what they desire – and need – to be happy at work.

 

Some of their wish-to-haves are unusual: nap rooms, company-paid lunches and bring-your-pet-to-work days, for example. But when it comes down to it, they’re looking for the things employees have always yearned for, including more vacation days, better 401(k) matches and flexible work schedules (although the very optimistic would like to pay no health care premiums).1

 

Altogether these wants point to an underlying issue. After years of increasing premiums and copayments, many workers are tired of shelling out more and more of their hard-earned dollars for health care benefits. That’s really not surprising given that worker contributions for family coverage increased by 83 percent from 2005-2015.2

 

Since there’s no indication that premiums and deductibles will decline in cost anytime soon, wise employers are looking for ways to enhance their benefits plans in ways that provide value. One simple solution is the addition or expansion of voluntary insurance options. Because premiums are paid by employees who elect to enroll, these benefits can bulk up a company’s list of health care offerings at no direct cost to the company itself. And while the benefits aren’t free, employees can choose from an array of plans that may meet their families’ needs and budgets.

 

To learn more about voluntary insurance and what employees want, check out “Nap rooms, coffee bars and free lunches.”

 

 

This article is for informational purposes and is not intended as a solicitation.

1Mass Mutual Financial Group. “2015 Mass Mutual Generations@Work Study.” Accessed March 6, 2016. https://www.massmutual.com/~/media/files/2015-MM-Generations-at-Work-Study.pdf

2 Kaiser Foundation. “HRET Survey of Employer-Sponsored Health Benefits, 2005-2015.” Accessed March 4, 2016. http://kff.org/report-section/ehbs-2015-summary-of-findings/ .

Bank of America, N.A. engages with American Life Insurance Company of Columbus (“Aflac”) to provide informational materials for your discussion or review purposes only. Aflac Inc. is a registered trademark, used pursuant to license. The third parties within articles are used under license from Aflac. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Employee_Wellness_Body.jpgBy Cathie Ericson.

 

From noon yoga breaks to kale smoothies in the breakroom, employee wellness is all the rage. And with good reason: According to the 2015 Strategic Benefits Survey from the Society for Human Resource Management, more than three-quarters of respondents rated their wellness initiatives as “somewhat effective" or “very effective” in reducing health care costs. 

 

“Promoting wellness in the workplace is vital for an employee’s health and overall satisfaction. Most employees are looking for ways to feel better during the day so they don't leave work and return home feeling exhausted and depleted,” says Katie Bressack, a Los Angeles-based nutrition and wellness coach who creates corporate wellness programs.

 

Of course, not every small company has the resources to reimburse gym memberships or hire on-site masseuses. Here are four low- to no-cost ways that small businesses can encourage employee wellness.

 

Upgrade your snacks

You might not be able to host a full salad bar or made-to-order sushi lunches, but you can make sure that the food you do offer is healthy. Replace the traditional Monday morning meeting muffins with a fruit plate or make your happy hour “healthy hour” with hummus and veggies. If you have a vending machine, ask your supplier to add in healthier fare, such as nuts, granola or baked snacks, suggests Bressack.

 

Employee_Wellness_PQ.jpgLeave for lunch

Ditch the sad desk lunch, consumed while you’re on a conference call or triaging emails. “When you encourage employees to leave the office during their break, they’ll return with improved energy and focus to be more productive,” Bressack says. Suggest they take a walk, soak up some sun, or even run an errand to cross something off their to-do list and lighten their after-work load. One study found that lunchtime walks improved mood and decreased stress, a major contributor to poor health.

 

Just move

Have you heard that sitting is the new smoking? Studies have found that being sedentary can lead to an increased risk of a host of conditions, from Type 2 diabetes to cancer and heart disease. Sure, you could invest in standing desks, but you’ll get the same benefit for free when you hold standing meetings or encourage your employees to actually leave their desks and visit their coworkers rather than communicating via a messaging app or email. Hit with a mid-afternoon slump? “A stand-and-stretch break will give everyone a little more energy to make it to the end of the day,” says Bressack, without relying on a caffeine or sugar fix.

 

Host a healthy challenge

Sign up for a 5K as a group or have everyone track their steps for a month. You don’t even need a pricey pedometer since most smartphones have a step-tracking app. Bressack recommends her clients ask a local yoga studio or gym if they will donate free passes as prizes. Sometimes “carrots” in the form of incentives are just as important to a successful wellness program as the orange kind.

 

Bank of America, N.A. engages with Touchpoint Media Inc. to provide informational materials for your discussion or review purposes only. Touchpoint Media Inc. is a registered trademark, used pursuant to license. The third parties within articles are used under license from Touchpoint Media Inc. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC.  ©2016 Bank of America Corporation

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