More than half -- 51% -- of consumers who earn $100,000 are living paycheck to paycheck, a 9-percentage-point increase from the previous year that is attributed to inflation, according to a survey by PYMNTS and the LendingClub. Not taking income into account, 64% of respondents reported living paycheck to paycheck, up 3 percentage points from the prior year. Full Story: MarketWatch (tiered subscription model) (1/31)
Helping workers who are also caregivers Employers, here's a way to show your support for workers who are also family caregivers. The on-demand Prepare to Care Workshop offers tips and resources and can make caring for a loved one more manageable. Ask your employees to register today.
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Recruiting & Retention
Job tasks that could be handled by AI Artificial intelligence tools such as ChatGPT have shown themselves to be adept at certain skills that could eventually allow them to handle tasks such as computer programming and drafting emails. Full Story: CBS News (1/30)
4-day workweek presents challenges, rewards Terry VanDuyn, director of product management at global fundraising technology firm Kickstarter, says moving to a four-day workweek nine months ago has increased each workday's intensity but that having every Friday off is worth it, and she shares what a typical week looks like for her. Kickstarter is one of 200 employers in four countries that have joined 4 Day Week Global, a nonprofit that works with employers to implement a 32-hour week. Full Story: Employee Benefit News (free registration) (1/30)
Path to Workforce
Study considers disparities in college, career readiness More female students feel uncertain about their career and college choices, compared with their male counterparts, a YouScience survey finds. While female students may have the aptitude for a technical field, they often are not introduced to career choices in the same way male students are, the survey shows. Full Story: eCampus News (1/30)
The HR Leader
Leadership lessons are everywhere -- even in video games Playing the Roblox Tapping Simulator game with his children has taught SmartBrief copy editor and writer Patrick Hopkins leadership lessons, including the value of long- and short-term strategies, the advantage of talking to competitors and the benefit of working both harder and smarter. "Whether you're bootstrapping a business or striving to get ahead as an employee, 'dedication, sound work ethics, and pure single-mindedness' point the way to success in money, market share and more," Hopkins writes, quoting financial writer Ian Harvey. Full Story: SmartBrief/Leadership (1/30)
About the Editor
Kanoe Namahoe 2023
(Kanoe Namahoe)
A friend of mine recently took a job at a local high school as a campus supervisor. He’s enjoying the work but more than that, he’s enjoying the stability of a steady income (he’s always been self-employed). He got his first paycheck yesterday. He noticed that a portion of his pay was going into a retirement fund and that the school district is matching it. He did some quick math in his head. “If I stay here 10 more years, that will be a decent chunk waiting for me,” he said. He’s in his mid-50s. He admitted he should have been saving before now, but he’s not dwelling on it. That conversation stayed in my head after we hung up. Financial literacy wasn’t much of a discussion when my friend and I were young. We received some rudimentary instruction about bank accounts and credit reports in our high school economics class, but nothing in-depth about investing or saving for the future. In those days, most people worked jobs for 30 years or more and then collected a pension -- that was your future. And certainly there was no discussion about saving for a home or putting aside money for your (future) children’s college educations. This lack of conversation about financial literacy could be biting us in the tail. According to our top story, 51% of Americans who earn a six-figure income are living paycheck to paycheck. Different factors are contributing to this -- including cost of living in different locales -- but analysts also have noted that Americans’ financial literacy has dropped since 2009. A 2019 study by the Finra Investor Education Foundation found an 8-percentage-point decline -- from 42% to 34% between 2009 and 2018 -- in the number of people who could correctly address questions about interest rates, inflation, bond prices, financial risk and mortgage rates. When we look at all of this data together, it would appear that what we don’t know is hurting us. Now, should employers’ step up to fill in these knowledge gaps? I don’t think it’s their responsibility, but it certainly couldn’t hurt to offer financial literacy training. It would be a benefit for workers of all ages. Young people can start their lives off on the right foot and older workers can make up for (some) lost time. Knowledge always pays a return. What say you? Is your organization offering financial wellness programs to your employees? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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