MONEY Benefits

3 Sweet Employee Benefits You May Be Missing

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If your company offers these perks, you may be leaving money on the table.

More than two-thirds of adult workers under 65 are covered by their job’s health plan, and about half of workers participate in their company’s retirement plan. As the labor market starts to heat up, more businesses are adding or enhancing other benefits, as well — but workers might not be cashing in on these perks.

“While workplace benefits such as retirement and healthcare are core to employer offerings, great organizations offer a broad spectrum of benefits,” says Beth Raymond, senior vice president and chief HR officer at Principal Financial Group. You might need to take the initiative and ask, but it’s highly possible, especially if you work for a larger organization, that your company also has one or more of the following set up; if so, figure out whether you’ll be able to take advantage.

Tuition Reimbursement/Professional Development

“Many organizations do not publicize their tuition reimbursement programs well,” says Ravin Jesuthasan, global leader of talent management at HR consulting firm Towers Watson. “Managers may be reluctant to have employees take time away from work for development purposes.” You might need to take the initiative and ask HR what’s available, and then talk to your boss about how you’ll make up for any out-of-the-office time your classwork might require.

The Society for Human Resource Management’s research shows a “statistically significant” increase in the number of companies paying for certifications or recertification, says Evren Esen, who runs the organization’s survey programs, and according to research from Accountemps, about half of companies today are expanding their investment in non-degree professional development. “Some training programs offer a certification upon completion,” says Accountemps district president Bill Driscoll.

Even the ones that don’t could help you advance your career if they give you expertise in a necessary skill, he points out. “There are a wide range of training options companies may offer, from on-site brown-bag sessions and formal instructor-led trainings, to webinars and off-site seminars and conferences,” Driscoll says. These can require a time commitment on your part of anywhere from a few hours for a seminar to months of study to complete some more advanced courses, he says.

Physical Fitness/Wellness

More companies are adding wellness benefits too, although the options vary widely. “It can be something that’s very planned, like having competitions or giving employees Fitbits, or something more informal, like having everyone meet at lunch for a walk,” says Esen.

The most common wellness resource is some kind of fitness-related newsletter, which about 60% of companies in a recent SHRM survey said they offer. About a third fully or partially subsidize gym memberships, although the onus is often on the employee to submit reimbursement forms.

Beyond that, more companies today are offering tools, often via an app you can access from the privacy of your smartphone, that help workers manage stress, relax more and sleep better.

Financial Counseling

“Financial wellness programs are modeled after physical wellness programs,” says Brian Cosgray, cofounder and CEO of DoubleNet Pay, a provider of financial wellness tools to companies. Since fitness-related programs have been well-received, and because employers figured out that workers who are stressed about money are less happy and productive, more companies are adding financial counseling as a benefit, Cosgray says.

These programs, in which you can generally participate for free, may include finance classes, one-on-one counseling sessions, or even apps and video games. They tend to be personalized to help employees reach their own personal financial goals — whether paying down debt, following a budget or saving money.



The 4 Biggest Mistakes You Can Make After a Career Setback

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This is the difference between getting back on track and derailing your career

Nobody’s perfect, and plenty of us mess up at work — and it’s what you do after a cringe-inducing moment that impact if or how your career sustains permanent damage.

A Harvard Business Review study took a look at how more than 9,000 people responded to career disasters. Whether or not they managed to bounce back depended to a large degree on how they approached damage control. These are the most dangerous behaviors you need to avoid if you want to recover.

Blaming others. The study showed that people who constantly stewed over how others around them played a role in their professional belly-flop and didn’t take responsibility themselves had the toughest time recovering. Researchers working on the HBR study found that it’s especially bad to expend energy thinking about how you were wronged by colleagues; this kind of self-justification might make you feel better initially, but it almost guarantees that you won’t learn from your mistake — which is probably what your boss (as well as anyone else your mistake impacted) — wants to see.

Not being introspective. Ruminating about the role other people played isn’t the right way to get back on track, but trying to put your mistake behind you by just not thinking about it won’t help you, either. “The idea that you have to ‘work through’ your feelings after a setback might seem self-indulgent to some but it may be the most productive route forward,” the HBR article says. Self-reflection is a good way to think about what you could have done differently. If you can identify what habits or character traits might have contributed to your failure, you’re in a much better position to make changes that will prevent you from being back in the doghouse, so to speak.

Refusing to seek advice. Some people in the study made the mistake of not soliciting feedback from others or asking what they could have done differently. Yes, it probably won’t be easy to open yourself up for criticism, but other people invariably have a different perspective, and it’s entirely possible they’ll see something in the situation you overlooked or didn’t consider. The study results found that a significant number of people dealing with a career setback wanted to make positive changes but couldn’t figure out how or where to start. Silencing your ego and asking your colleagues for some constructive criticism can get you on that path.

Being inflexible. Adaptability is a good thing in practice, but a scary thing in real life, especially for people whose identities are wrapped up in their work, the researchers note. But they argue that the study shows it’s worth the effort. Opening yourself up to new ideas and new ways of doing things can be the catalyst that gets your career back in motion after an implosion.


Your Cell Phone Is Killing Your Productivity, but Not for the Reason You Think

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If you think you can ignore those alerts, you're wrong

OK, so you know not to use your phone while you drive, but your phone distracts you way more than you realize, and it’s hurting your productivity even if you never rear-end a fellow commuter because you’re trying to answer a text.

Unfortunately, even if you’re diligent about avoiding the siren song of that chime or ringtone that indicates a call or message, just hearing the notification is enough to derail you, the researchers find. “Although these notifications are generally short in duration, they can prompt task-irrelevant thoughts, or mind-wandering,” they write. “Mobile phones can disrupt attention performance even if one does not interact with the device.”

It’s a tough balance. For many of us, our cell phones are a lifeline to our non-work lives when we’re toiling away during the day. We want to be reachable in case of an emergency, but the constant stream of notifications is death by paper cuts to our productivity.

In a new study in the Journal of Experimental Psychology: Human Perception and Performance, researchers found that experiment subjects performing a task that required intense focus performed poorly when they received notification of a text or call on their phone during the experiment.

When the notifications broke their concentration, the subjects had more incorrect answers and were more likely to make rapid guesses. Subjects who received notification of a call — even if they didn’t pick it up — were three times likelier to make mistakes. The researchers had subjects — who didn’t know the point of the experiment — use their own phones, which they say made it more likely a notification would be distracting, since the subjects were expecting those interruptions to be personally relevant.

The reason for these results is that, in spite of all the multitasking we do, our brains aren’t really that good at it. We only have so much attention we can devote at a given moment, and more tasks mean that our concentration is divided. According to the researchers, even though the actual moment of interruption from a phone notification is brief, it disrupts our thoughts for a considerably longer period, making it tough to get back on track. Maybe you’re wondering who it is, or maybe you think of someone it could be and remember that you need to tell them something. Suddenly, you’re down the mental rabbit hole and your concentration is shot.

Researchers call the degree of distraction “shocking,” with error rates about the same as if subjects actually had answered the call or text, according to findings of other research about phone-related distracted driving to which the researchers compared their findings.

In the paper, the researchers points out this discovery could have implications for efforts like “don’t text and drive” campaigns, which just say you shouldn’t view or answer texts or calls, not that you should silence your phone entirely. (That’s actually the researchers’ next project: Seeing if just getting a notification while behind the wheel impairs your driving.) “These findings highlight the need to adopt a broader view of cellular phone related distraction,” they write.


Parents, Brace Yourselves: This Is How Much You’ll Spend on Back-to-School Shopping

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It's a whopper number, but parents actually say it's lower than last year.

The start of the school year is still more than a month away, but subtraction is already on the lesson plan. Parents this year say they will be spending less on back-to-school clothes, electronics supplies, and other items for their kids, according to a new survey released by the National Retail Federation.

That’s in spite of the fact that a smaller number of parents say the way they shop is influenced by the economy — about three-quarters of parents surveyed, down from more than four out of five last year and the lowest in the seven years the NRF has been asking that question.

Among that 76%, fewer say they’ll be tracking down sales more often or buying store-brand items this year. They’re also confident enough that they’re starting their shopping later this year, rather than getting an early jump on bargain-hunting or spending slowly to minimize the budgetary hit. The number of families who say they’ll wait until just a week or two until school starts went up from 25% to 30% in only a year.

The lower total may simply be due to yearly fluctuations, says NRF president Matthew Shay, as some big-ticket items need less frequent purchases: “It’s unlikely most families would need to restock and replenish apparel, electronics and supplies every year.”

Collectively, American parents with kids in kindergarten through 12th grade will shell out $24.9 billion — a drop of about 6% from last year. On average, a family with school-aged kids expects it will spend $630.36 this year, the lowest it’s been since 2011 and down from $669.28 last year.

It’s not just backpacks and binders. The biggest chunk of families’ overall back-to-school budget goes to clothes, which around 93% of families buy. Across all shoppers, clothing and electronics account for more than $400 of the average family’s back-to-school outlay.

And while not all parents are buying electronics, the 57% who do so spend more on that than on clothes — an average of an average of just about $346 per family. For parents who grew up in an era where a graphing calculator was the most costly gadget a kid could need, this is a big adjustment.

And parents, if you think your kids are going to defray some of the costs by kicking in the contents of their piggy bank of summer job, guess again: Only about four out of 10 teenagers will help pay for their back-to-school expenses, and those who do will only contribute around $82 to the total.

MONEY Workplace

This Is Why You’re Not Getting Promoted

You could be sabotaging yourself without realizing it

You do good work, but you just can’t seem to get ahead. Or maybe you can’t understand why other people’s careers seem to advance so much faster than your own. If this sounds familiar, you might want to take a good, hard look—at yourself.

A new survey of almost 2,200 bosses and HR professionals by revealed exactly what looks, attitudes, and behaviors do the most damage to employees’ advancement prospects.

The top offenders when it comes to your appearance are provocative or sloppy and wrinkled clothing; 44% and 43% of respondents, respectively, said those characteristics would make them less likely to promote a worker.

The survey highlighted several other big no-nos pertaining to how you present yourself. Offbeat piercings? Tattoos? Might want to think about taking them out or covering them—about a third of bosses said piercings could hold you back, while more than a quarter said the same about tattoos. And hipsters, that beard isn’t doing you any favors. About a quarter of hiring managers said “unprofessional or ostentatious” facial hair will keep your career idling in neutral. Finally, don’t show up for a client meeting looking like you just swung by on your way to the beach; no matter how many hoodie-wearing tech whizzes there are in Silicon Valley, the rules are probably different for you. More than one in four respondents said dressing too casually can sink your chances at a promotion.

Aside from how you look, CareerBuilder found that some behaviors are promotion-killers, too. Not surprisingly, a bad attitude and showing up late on a regular basis are the top offenders; in both cases, 62% of hiring managers said this is enough to make them hold off on moving you up the corporate ladder.

If you’re prone to dropping f-bombs at your desk, beware: Just over half of the survey respondents said having a potty mouth is a turn-off in a promotion candidate. Even if you keep your language G-rated, scooting out early or taking “sick” days on a regular basis is almost as damaging, and 44% of bosses will think long and hard about promoting a gossip.

For those of you who silently fume because there’s that one coworker who ditches dirty dishes in the shared sink for days or clutters the office with a trail of paper, don’t worry: They’ll get what’s coming to them. More specifically, what they won’t get is a better job if they work for the 36% of hiring managers who found people that don’t pick up after themselves unworthy of promotions. And almost one in five frown on taking smoke breaks.

Three other red flags from a boss’s perspective are spending lots of time on social media or personal calls, or being that person who constantly wants to yak about Orange Is The New Black or your family camping trip instead of work topics.

The bottom line: Even if your work is good enough overall to keep you from getting fired, you might be holding yourself back from moving up in your career for any number of reasons unrelated to your performance. “While your work performance may be strong, if you’re not presenting yourself in a professional manner, it may be preventing your superiors from taking you seriously,” says CareerBuilder chief HR officer Rosemary Haefner.


Finally, Some Better News For Job Seekers

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There are more jobs, and they're paying better

If you’ve looked for work within the past several years, you know the job market offers pretty slim pickings, even more so if you’re not in a highly-sought-after field like technology. There finally seems to be a light at the end of the tunnel, though: A new survey of employers finds that more of them are optimistic about the future and plan to grow their head count. Even better is the news that a substantial number of them are willing to pay more to do so.

CareerBuilder released its mid-year jobs forecast Thursday, and it definitely paints a sunnier picture than we’ve seen in a long time. For starters, roughly half of the 2,300 HR and hiring managers surveyed say they plan to hire full-time workers in the second half of 2015, an increase over 2014. Just over a third plan to hire temps, and 28% will add part-time workers, both increases from a year ago.

What’s even better news is that more HR departments are willing to pay to attract this new talent. Almost half of respondents say they’ll raise starting salaries in the next year, an increase of four percentage points in a year, and about one in six say they’ll hike what they pay new hires by more than 5%.

“This is the best forecast from our survey since the recession,” says CareerBuilder spokeswoman Jennifer Grasz. “Companies are hiring across industries, company sizes and geographies.”

The industries that plan to pick up the pace the most are a diverse lot: IT and healthcare are at the top of the heap, but not all of the fast-growing fields are just for high-skill workers. Hospitality and retail are also outperforming the average. Even embattled industries like financial services and manufacturing are enjoying better-than-average hiring rates.

Hiring is expected to be especially strong at small businesses and tech companies, the survey finds. Although 62% of big companies will add workers, compared with 37% of businesses with fewer than 250 workers, the increase in hiring is rising faster at smaller firms. “Enterprise organizations bounced back first and are considerably more likely to hire, but what’s encouraging is that small businesses have gained confidence every year, and that’s translating into more robust job creation,” Grasz says.

And while the picture is pretty good across the U.S., the Northeast has the biggest uptick: 52% of companies say they plan to add people in the second half of 2015, up from 48% last year. Grasz says the growing investment in technology in this part of the country is one reason for the acceleration, along with other regionally strong industries like healthcare and financial services continuing to rebound.

“This is a very different scenario for the labor market than four or five years ago,” Grasz says. It’s definitely a market job seekers of all types are likely to greet with a sigh of relief.


You Won’t Believe What Cost Us Nearly $740 Million Last Year

It's literally shocking

They say lightning never strikes twice — which is a good thing, because it’s expensive when it does. Even though 2014 was a pretty mellow season for storms, lightning-related insurance claims shot up, according to new data from the Insurance Information Institute.

The trade group found that insurers paid out $739 million in lightning-related property damage claims last year, up about 10% from 2013, even though there were 13% fewer claims filed. And the average loss per claim grew by 26%, rising from $5,869 in 2013 to $7,400 last year.

Insurance experts blame our growing appetite for complex electronic devices.

“[The cost] has generally continued to rise, in part because of the huge increase in the number and value of consumer electronics in homes,” the Institute says. The group points out that adding lightning rods and surge protectors can help protect against lightning frying our electronics, but not everybody’s been getting the message.

“In addition, better protection systems may have eliminated some smaller claims, while larger claims remain that drive the average higher,” it says. Since 2010, the average cost per claim has ballooned by more than 50%, the Insurance Institute says.

Perhaps unsurprisingly, Southern states bear the brunt of lightning-induced damage. Florida was the top state for claims last year, followed by Georgia, Texas, Louisiana and North Carolina, respectively. The top 10 states for lightning claims made up just under half of all claims paid.

While overall losses are still down compared to four years ago, as we keep adding more gadgets and devices, it’s unclear if this rising trend is here to stay. In a release, the Insurance Institute points out that this week is Lightning Safety Awareness Week, and suggests homeowners go to the Lightning Protection Institute for tips on how to protect their homes (and electronics).


This Is Why Gen X Will Never Be Able to Retire

The "slacker generation" retire? Not so much

Gen X claimed the title of the slacker generation back in the day, but it turns out most of these now-middle-aged people will be working well into their golden years and have no expectation of a “traditional” retirement. That might be because some surveys show that a lot of them are just plain clueless about their retirement preparations.

According to Ameriprise’s new Retirement 2.0 study, almost three-quarters of Gen Xers are redefining what we’ve typically thought of as “retirement,” saying they plan to work right through those years. Although about half expect to scale back their hours to part-time, others are leaving their options open, saying they want to consult or work for themselves.

Ameriprise finds that about as many Gen Xers are actively preparing for their retirement as plan to continue working. Although nearly all say they’re confident that they’ll be able to pay for “basic needs,” 75% are worried about healthcare costs, and roughly one in seven aren’t sure they’ll be able to pay off their major debts before they retire — and this is from a survey pool of investors with nest eggs of $100,000 or more. (That’s a lot more than most Americans these days have socked away.)

Other research into this age bracket’s financial readiness also reveals some troubling blind spots. A recent survey by Fidelity Investments of couples in the Gen X age group finds that just over half have “no idea” how much they need to be saving now in order to keep their current lifestyle in retirement. About a third of surveyed couples don’t agree with their partner about how much they’ll need to live on (although, worryingly, close to half of Baby Boomers, many of whom are right on the cusp of retirement if not there already, say they disagree about how much they need).

But while about half of Boomers still don’t know how much they’ll be getting in Social Security, the number jumps to nearly three-quarters for Gen Xers. It’s only fair here to point out that more than 90% of millennials know how much Social Security they’ll get, but there’s one big difference. Gen Y workers still have decades of employment ahead of them, and most are only now getting to the stage where they have to make like choices like deciding to leave the labor market to raise kids, so trying to pin a bead on their eventual Social Security benefits is much more of a moving target.

For the trailing edge of Generation X, this isn’t dire news — not yet. Since they’re still in their mid-to-late 30s, these workers are just now getting into the groove of their peak earning years. But those on the leading edge who are approaching 50, just a few short years from the age of a “traditional” retirement they won’t be taking.

MONEY College

This Is College Students’ Biggest Worry

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Jamie Grill—Getty Images

Here’s what really keeps the kids up at night.

It’s not frat parties or fear of flunking. The biggest worry college kids have today is money, a new survey reports. According to Ohio State University, 70% of nearly 19,000 students surveyed said they’re stressed about their finances. Six in 10 were worried about tuition costs, and half stressed about having enough to cover day-to-day expenses.

Feeling cash-strapped has real-world consequences for these kids: About a third said money worries led them to neglect their schoolwork, and nearly the same number cut back on their class load because they were worried about their debts. The survey finds that 16% actually suspended their studies for financial reasons, and nearly as many had to transfer to a cheaper school.

Rising student debt is a big culprit behind all this stress, with just under two thirds of students carrying student loans. One in five students surveyed owed more than $30,000 in student debt at the time of the survey, and the same number expect to owe $50,000 or more by the time they graduate.

According to the Institute for College Access and Success, the average student borrower who graduated from a public or nonprofit college in 2013 (the most recent year available) owed $28,400 in student loan debt.

And it’s not just students feeling the anxiety. Another recent survey, this one conducted by, finds that money worries keep nearly two-thirds of Americans up at night, a higher percentage than the 56% who suffered from finance-related insomnia before the recession. Although saving for retirement was the top worry across all age brackets in the study, the second-biggest monster in the closet was the cost of education. About a third of all respondents — and half of those in the 18-to-29 age bracket — say they wind up counting tuition bills instead of sheep.

Despite students’ money worries, about three-quarters still believe that college is a good investment. They’re correct to think so: Research continues to show a significant wage premium for degree-holders over the lifespan of their career, and job seekers with college degrees also find jobs faster than those without, but how quickly a degree pays off increasingly depends on a new grad’s choice of major.

According to Georgetown University’s Center on Education and the Workforce, students who graduate with STEM or business degrees earn an average $3.4 million more in lifetime wages than those with degrees in the fields of childhood education, social work, and art.

MONEY consumer psychology

Millennials Will Pay for Something That Used to Be Free

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Peter Dazeley—Getty Images

Gen Y is cool paying to join loyalty programs

It’s almost impossible to overstate how much marketing types have written about millennial consumers. They’re finicky, they want everything instantly and just-so and uniquely customized for the individual special snowflakes that they are.

They drive brands bananas.

But new research shows that there’s a big potential payoff for companies willing to cater to this high-maintenance crowd.

Marketing consulting firm LoyaltyOne finds that a surprising 77% of 25-34 year-olds say they’d be happy to pay for the privilege of being part of a loyalty program, compared with just over six in 10 consumers across all age brackets. Three-quarters of younger millennials—those in the 18-24 age bracket—say the same, and just under 80% of consumers in that age group say it would be worth paying for loyalty rewards if the perks offered fit their needs.

If you’re a member of an older generation, that might sound crazy. You probably came of age with the understanding that a loyalty program is a kind of trade-off in which a company gives you rewards just for spending money on its products. The idea of pay-to-play programs turns this on its head completely.

“To millennials, loyalty programs are not just about freebies, but being part of a special club or experience,” explains Jason Dorsey, a millennials researcher at the Center for Generational Kinetics. “Members are willing to pay to get the extra benefits and feeling of being special.”

And they’re more likely to feel they deserve those benefits if they’ve put down money up front. “With dollars invested, customers inherently use the benefits they’ve already paid for to improve their payback,” says Jeff Berry, senior director of research and development for LoyaltyOne. “Free shipping, exclusive perks, and big discounts can be persistent mental reinforcements of a good decision.”

Companies love this because it creates a positive feedback loop that gets members spending more—and makes it less likely that they’ll take their business elsewhere, Berry points out, since they’d have to forfeit rewards if they walked away.

Amazon Prime, while not exactly a loyalty program, was the game-changer in how people think about customer perks. “The concept created the expectation that it makes sense to pay to get a slew of instant benefits,” Dorsey says. While traditional programs made loyal customers wait until they accrued benefits, Amazon Prime promised something new: rewards without waiting, and with an admission price.

Berry says customer fatigue also is responsible for the trend. The number of people who sign up for loyalty programs but never use them is growing, mostly because we just don’t think it’s worth the effort to participate. “Accruing small, delayed monetary rewards feels like a one-sided exchange for loyalty,” he says. Charging people to join lets companies offer bigger and better perks.

With millennials accounting for an ever larger percentage of consumer spending, expect to see more pay-to-play loyalty programs. “While the idea of paying to join a loyalty program may be shocking or even offensive to older generations,” Dorsey acknowledges, millennials think differently. “It’s a fast way to get status, access, and benefits that they might otherwise not be able to get.”

Read next: 10 Things Millennials Won’t Spend Money On

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