Break from the Grind December 29, 2015

Finding a New Job Among Employees’ New Year’s Resolutions

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More than one in five employees (21%) is pledging to leave their current employers in 2016, a 5% increase since last year (16%), according to a CareerBuilder survey.

Among younger workers, the numbers are starker. Three in 10 employees ages 18 to 34 expect to have a new job by the end of 2016, compared to 23% last year. To keep their resolution to find a new job, 34% of employees are regularly searching for job opportunities, even though they’re currently employed—a four point increase since last year.

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Other top New Year’s resolutions workers say they’re making for the office this year include:

  • Save more of my pay: 38% (vs. 42% last year);
  • Be less stressed: 28% (vs. 34% last year);
  • Get a raise or promotion: 26% (vs. 26% last year);
  • Eat healthier at work: 19% (vs. 25% last year); and
  • Learn something new (take more courses, training, seminars): 17% (vs. 22% last year).

Looking back, workers had the same top five resolutions for 2015, and while not all of their goals were met, here’s what was accomplished:

  • Eat healthier at work: 13%;
  • Be less stressed: 12%;
  • Save more of my pay: 11%;
  • Learn something new (take more courses, training, seminars): 9%; and
  • Perform better on the job: 8%.

When asked what factors rank as more important than salary when considering a new position, employees said:

  • Job stability: 65%;
  • Affordable benefits: 59%;
  • Location: 56%;
  • Good boss: 51%; and
  • Good work culture: 46%.

When asked if they could choose extra perks to make their workplace more satisfying, the most popular choices workers pointed to include:

  • Half-day Fridays: 38%;
  • On-site fitness center: 23%;
  • Daily catered lunches: 22%;
  • Massages: 18%; and
  • Being able to wear jeans: 16%.
Data and Research December 29, 2015

Employees Need Help Focusing on Finances in 2016

A New Year’s resolution survey finds employees are placing physical health above financial health, but plan sponsors and advisers can take action to give financial issues equal footing.
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In 2016, other than faith and family, Americans have their sights set on wellness above all else according to the 7th annual New Year’s Resolution Survey from Allianz Life Insurance Company of North America.

Forty-four percent of respondents reported their top focus for 2016 will be on health/wellness, with financial stability trailing at 29% of those surveyed.

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Allianz Life Vice President of Consumer Insights Katie Libbe tells PLANSPONSOR the survey didn’t ask specifically about retirement savings; however, plan sponsors can tie in their communications with employee’s New Year’s resolutions about achieving financial stability.

When asked which New Year’s resolutions they are most likely to make and actually keep, health and finances ranked almost equally. Forty-three percent of those surveyed said they are most likely to make and keep their resolution of diet/exercise, and 41% resolve to manage money better. Yet, nearly one in three respondents didn’t include financial planning in their resolutions because they “don’t make enough money to worry about it.”

“Regardless of income level, it’s imperative that people build a successful financial plan. Keep in mind that financial stability helps improve wellness overall,” says Libbe.

Aligning with their New Year’s resolutions, respondents are more open to getting help with their financial decisions despite the fact that their top focus is wellness. If given free access to professional guidance, more respondents chose a financial professional (37%) than a nutritionist/dietician (28%) or a personal trainer (23%).

“We think this is because the perceived value of a financial professional is a lot higher than other professionals, but also some people don’t qualify for professional financial advice, so the idea of free access is appealing,” Libbe says. She adds that plan sponsors and advisers need to think about how to give employees access to free or low-cost advice for retirement savings and investing.

NEXT: Addressing bad habits and debt

Respondents believe the top three things that could improve their finances in 2016 are building their savings for emergencies, paying off credit card debt and making a budget.

Respondents in this year’s survey admit to having bad financial habits to overcome, including:

  • Spending too much money on things “I don’t need” (29%);
  • Saving some money, “but not as much as I could” (28%);
  • Not saving any money (26%); and
  • Spending “more than I make” (19%).                  

“Everyone in the [retirement plan] industry is seeing that automatic enrollment really works to get employees to save, and a lot of employers are considering making the default contribution rate higher than 3%,” Libbe says. “The notion of paying yourself first resonates with employees. If employers make it easier for employees to direct part of their paychecks to savings, even if outside of the employer retirement plan, that will help.” She also suggests offering employees a way to automatically increase contributions to savings when they get salary increases.

Libbe also contends that the idea of offering student loan repayment benefits will become more popular as employers try to attract and retain Millennial employees and help them save for retirement. “Student loan debt is a constant theme in our surveys about why employees aren’t saving,” she notes.

Allianz Life Insurance Company of North America conducted the survey in November 2015, through Ipsos, with 1,006 respondents.

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