Welcome to The Source, your one-stop-shop for the latest and greatest HR and benefits news. Our weekly publication highlights this week’s top stories in human resources, benefits administration, insurance, legislation and more to make sure you can stay on top of industry trends and changes. Start off your week on a high note with The Source!In this week's edition, we cover the financial obstacles millennials are facing compared to previous generations, the benefits dichotomy between competitiveness and cost, new marijuana bills and more! Click To Tweet
One Reason Lawmakers are Hesitant to Fix Social Security: Millennials
Social Security is facing insolvency in the next 15 years. If nothing is done, the program will run out of money by 2035, and retirees will get 80% of what they’re owed in benefits. Lawmakers are proposing ways to increase revenue by raising the payroll tax 0.1 percentage points every year until it reaches 14.8% in 2043. Some critics say this change will unfairly burden millennials who are already struggling financially compared to other generations. Get the full rundown of the arguments for and against this proposal on Marketwatch.
Yes, Millennials Do Face More Financial Obstacles Than Earlier Generations
A new report from the Society of Actuaries finds that millennials really do have it tougher financially than their elders.
Only about half own their own homes, and the rest are renting or living with family and friends, and they’re buried in student debt and worried about retirement and health expenses. Also, only about half of millennials are married and over half have no children. Check out a full analysis of the study on BenefitsPro.
2019 Lockton Benefits Survey: Competitiveness vs. Cost
Lockton conducted a survey of more than 1,300 US employers to provide insight into the most common and the most progressive benefits strategies. They found that employers face opposing priorities in attracting talent with a competitive benefits package and reducing costs at the same time. It’s an art and a science for employers to achieve the balance between offering desirable benefits and managing escalating health care costs. Read the full survey results by Lockton Benefits.
NYC Marijuana Bill Puts Employers in a Sticky Situation
The NYC City Council passed a bill on April 9 that would prevent most employers from requiring job applicants to submit to drug tests for THC, the active ingredient in marijuana.
Proponents of the legislation argue that marijuana testing creates a barrier to employment when there is little support for the notion that passing a drug test is a predictor for job performance, while critics say that it’s an overreach by the city government. Get a full analysis of the bill from EBN.
Employees’ Not-So-Healthy Use of Technology
A new study finds that workers and managers alike are apt to overuse technology to communicate to coworkers while on the job. The study highlights the need for more guidance when it comes to technology use in the workplace, with employees and managers using technology for personal reasons during the work day and checking in on work-related projects or emails after hours. The instant access to communication tools creates pressure to check in at all hours of the day, indicating a need for establishment of expectations and policies. Read a full summary of the survey results on BenefitsPro.
New Research Says Wellness Isn’t Working. Here’s Where it’s Wrong
There has been an abundance of new research questioning the value of workplace wellness programs, but they don’t often take into account the differences between different workplace wellness programs and what should be measured as the impact that such programs make.
Do these programs benefit employees as a long-term investment in their health or should they function as something that will create short-term ROI? Employee Benefit Adviser discusses the potential shortcomings of these research studies.
This Week in PlanSource | Get Pumped Up for #PSEclipse!
Eclipse is an experience nothing short of groundbreaking, and time is running out to snag your spot. Check out this video to see what all the fuss is about, and register now – space is filling up fast for this exclusive conference!
Thought Of The Week
A new study of workplace wellness programs did not bring down health care costs or result in differences in key health measures, like blood sugar or glucose levels. JAMA, 2019
Has your workplace wellness program lowered health care costs or improved employee health?