Products February 21, 2018

New Participant Portal at Bank of America Merrill Lynch

The revamped website will present employees with “a more simplified and interactive experience,” the firm says, while featuring data-driven recommendations.

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Bank of America Merrill Lynch has launched a redesigned Benefits OnLine homepage to help plan participants advance their financial wellness and better navigate the wide range of financial stressors impacting employees today.

The new website will present employees with “a more simplified and interactive experience,” the firm says, while featuring data-driven recommendations.

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The enhancements follow findings from Merrill Lynch’s 2017 Workplace Benefits Report demonstrating financial stress in the workplace is significantly impacting focus and productivity at work. The research shows employees spend a median of two hours a week, or 100 hours a year, taking care of finances while on the job and emphasizes the powerful role employers can play in helping employees navigate financial concerns and pursue their financial goals.

One dichotomy the survey found is that, while many employees are financially stressed, 87% are optimistic about their financial future. The top three reasons for this optimism are living within their means (51%), being in good health (49%) and having a well-paying job (45%). However, even optimistic employees have concerns. Among all employees, the top concern is running out of money in retirement, cited by 64%. The next concern is having to work longer than they had hoped for, cited by 61% of women and 51% of men. That is followed by not being able to work due to a serious illness (58% of women and 52% of men), not being able to pay for a child’s education (57% of women and 52% of men) and losing their job (45% of women and 46% of men).

Aimed at addressing these concerns, features of the redesigned participant homepage include a reimagined retirement income projection tool for plans with “Advice Access,” offering an interactive display of monthly and annual retirement income that a plan participant is projected to achieve.

Plain language and personal messaging to help participants better understand financial information, the firm says, while an expanded “My To Do List” features up to five recommended actions to improve participant plan behaviors and financial wellness.

Break from the Grind February 20, 2018

Younger Workers and Men More Likely to Negotiate Salary

Only 39% of all workers surveyed tried to negotiate a higher salary with their last job offer.
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Many job postings close with a statement indicating salary is negotiable, but according to a survey from global staffing firm Robert Half, only 39% of workers tried to negotiate a higher salary with their last job offer.

 

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However, the percentage increases for men and younger workers. Forty-six percent of men negotiated salary compared to 34% of women.

 

Workers ages 18 to 34 (45%) are more likely to negotiate salary than those ages 35 to 54 (40%) and 55 or older (30%).

 

A previous study by Robert Half revealed worker confidence levels in talking money with their employers. Fifty-four percent of workers surveyed felt comfortable negotiating pay in a new job, compared to 49% who felt confident asking for a raise in their current role.

 

More than 2,700 workers were surveyed for the study. There are also findings for 27 U.S. cities.
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