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 economic trends for the upcoming year, new updates on the gig economy, financial wellness strategies for Millennials and much more! Click To Tweet
Student Loan Outlook for 2019
Student loans have been one of the biggest issues for employees in recent years, and the total amount of student loan debt continues to grow, now surpassing $1.5 trillion. What can student loan borrowers expect in 2019 in terms of loan forgiveness, legislative updates, closures of for-profit colleges and small liberal arts colleges, and interest rates? Forbes has a great roundup of upcoming changes in 2019 and what they mean for student loan borrowers, both new and old – check it out.
Steady US Job Growth Could End in 2019
U.S. economic growth is expected to drop from an estimated 2.8% in 2018 to 2.3% in 2019, and unemployment will continue to drop. This slowdown and tightening of the labor market will present challenges for employers with job openings to fill, and may end up driving up wages. Employers will need to reexamine their recruitment, retention and employee development strategies in order to remain competitive. Learn more about our economic future from HR Dive.
Millennials and Money: What Drives Financial Confidence?
Looking to implement a financial wellness program at your company that’s geared towards Millennials? A new whitepaper by Guardian illustrates how different this generation is from other generations, but also how similar, and diverse within itself. The study uncovered that they generally crave a financial planning experience that is balanced between digital and human interactions in order to achieve financial confidence. Read the full summary of Guardian’s findings here.
Walmart Splits With CVS After Pharmacy Pricing Dispute
Walmart Inc.’s pharmacies are expected to leave CVS Health Corp’s drugstore networks after a public dispute over the cost of filling prescriptions. The conflict shows how pharmacy-benefit managers are under pressure to control rising drug costs, and a spokeswoman from Walmart stated that problems can come up when a PBM has strong power to influence where people can get their prescriptions filled.
Economists: We Overhyped the Gig Economy
The gig economy was one of the biggest topics of 2018 – after the job market was still slowly recovering from the recession that forced millions of people to find unconventional forms of employment, there was indeed a shift towards more freelance work. However, two of the economists who played a role in the original overestimation are now retracting their conclusions. Get the scoop from BenefitsPro.
Lawsuit Reveals New Details about Purdue Pharma’s OxyContin Marketing
A new lawsuit filed by the state of Massachusetts against Purdue Pharma has revealed misleading marketing strategies aiming to blanket the country with “a blizzard of prescriptions” to addictive and harmful opioid painkillers, specifically by blaming victims of the drug for their own addiction.
Purdue also had arrangements with two of the state’s premier academic medical centers to expand prescribing by physicians, combat negative reports and generate goodwill towards opioid painkillers. Get the full report on the newly public lawsuit documents from Stat News.
This Week At PlanSource: How Millennials Killed Traditional Employee Benefits – and How to Fix It
Millennials are known for disrupting numerous well-established American institutions, and employee benefits are their latest victim – but that’s not necessarily a bad thing. Check out our blog post and explore how millennials are changing the way many organizations handle what is becoming an antiquated approach to benefits and HR.
Thought Of The Week
What are some new voluntary benefits you are trying or want to try this year? Comment below!