Faith & Finance - Workplace Changes Here To Stay

Workplace Changes Here To Stay

06/02/22 • 25 min

Many of the changes brought on by COVID were temporary but some are here to say. That’s especially true in the workplace. We’ll talk about those likely permanent changes today on MoneyWise. Due to office shutdowns during the pandemic, employers bent over backwards to keep work flowing, giving employees much greater flexibility, including working from home, like never before. It was a trend already underway to a limited extent, but analysts say the pandemic catapulted the workplace years or decades into the future practically overnight. HERE TO STAY Organizational psychologist Anthony Klotz, the guy who coined the term the Great Resignation, now says many of those changes are here to stay. Klotz predicted a year ago this month that COVID would spark mass resignations. He sure got that one right. A record 48 million workers left their jobs in 2021, and the trend continues, with four and a half million of them saying I quit this past March alone. Employers are paying a lot more attention to the needs of employees in an effort to retain them and recruit new hires, instituting policies to help with physical, mental and financial health. Klotz says the result is a series of changes that might not have taken place for another 30 years, most notably job flexibility and expanded work-from-home opportunities. The result is that millions of workers have now learned they can do their jobs anywhere. WORKING REMOTELY It’s not a matter of keeping them down on the farm. Workers have proven they can be productive on a farm or anywhere else, like the kitchen table or even the local coffee shop. All they need is broadband Internet. Rather than returning to the office, millions of workers are moving to the suburbs and rural areas, keeping their jobs without having to commute. Or they’re looking for new opportunities that allow them to work remotely. For employees that must come into the office, employers have stepped up onsite changes, including things like a 4-day work week and greater flexibility with hours. It’s not like they have a choice. A study by CareerBuilder showed that job announcements giving employees work-from-home opportunities now draw seven times more applications than onsite positions. And they the gamut of fields, with managers, tutors and therapists being among the most popular with applicants looking for remote work opportunities. Applicants are insisting on flexibility and wellness like never before. A LinkedIn survey found that nearly two-thirds of job seekers now say that the chance to better balance work and home life is a top priority. Many other departing workers have cited low pay, a lack of advancement opportunity and employer disrespect as the chief reasons they quit. Another change sparked by COVID is the huge increase in the number of people leaving jobs to start their own businesses. The Census Bureau reports that applications to form new businesses hit 5.4 million in 2021. So by now you’re probably wondering just who are these companies offering perqs like work-from-home and hour flexibility? It’s no surprise at all that topping the list is Zoom Video Communications. Dell computers is also on the list, along with the travel app Hopper. Intuit is also in the mix, offering work from home for tax professionals, including attorneys and CPAs. The health field is well-represented. United Health, Trusted Health and BroadPath Health Solutions are all giving their employees the opportunity to work from home, among other benefits. That’s what’s happening in today’s workforce. We hope you can put some of that information to use. On today’s program, Rob also answers listener questions: ● What’s the difference between a standard financial advisor and a Kingdom Advisor? ● How do you recalculate Social Security benefits if you reenter the workforce after beginning to draw SS benefits? ● Is there a way to avoid capital gains tax on the sale of a rental property? ● If your employer doesn’t offer a 401k plan, where should you invest? ● What can you do about a late income tax refund? ● Should you hire a professional to handle your taxes or do it yourself using online software? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Previous Episode

The DNA of Saving?

Is there such a thing as a saving gene, a piece of DNA that makes a person put something aside for a rainy day? Sadly, no. We don’t inherit good savings habits. We have to learn them. We’ll talk about it today on MoneyWise. Saving begins with having the right attitude, one that makes you want to hang on to those hard-earned dollars. So the next time you’re at work, think about why you’re working, and it’s probably not so you can spend frivolously. Both spending and saving are governed by habit. The more you do something, the easier it gets. CHANGING ENGRAINED HABITS Now, have you noticed that it’s really tough to break a bad habit by just not doing it? It leaves a void. It’s actually much easier to replace one habit for another. In this case, you want to replace the bad habit of frivolous spending or impulse buying with the positive habit of saving. Obviously, you will need to be on a spending plan to get started. You have to know your income and necessary expenses each month, and that will tell you how much discretionary income you have. That’s your spending plan. START WITH A SPENDING PLAN And there’s no better way to set up your spending plan than with the free MoneyWise app. It has three different ways, including a digital envelope system, that you can use to put together your budget. Once your budget is in place, with the discretionary income you have left over, you can develop your saving plan. Don’t think of it as saving just to save. Instead, set goals for yourself. First is your emergency fund. Start with a goal of $1500. Then a month’s worth of expenses, then another, until you have 3 to 6 months living expenses in the bank. Notice how that saving plan is incremental and starts small. That’s important and very practical. START SMALL! Start with small, short-term, attainable goals. Trying to change too much too quickly often leads to failure and discouragement when it comes to changing habits. For example, don’t think I’ll save $1500 this year. Instead, think of it as just $30 a week. When it becomes routine to save $30 a week, increase it to 40 or 50-dollars a week until you establish that habit. Having short term, attainable goals like that is a natural brake on your spending. You’ll want to hold off on impulse buying so you can stay on budget and reach your weekly savings goal. BE CAREFUL Be very careful with debit cards. If yo’re using the MoneyWise app, it will alert you when you overspend in a category, but why not avoid it in the first place? Write yourself a sticky note that says, Have I reached my savings goal this week or this month? That little reminder can take the fun right out of over-spending. Here’s something else a lot of people don’t realize. The urge to buy a particular item usually has a shelf life. It will go away. So for small purchases, give yourself a 24-hour rule. Put it on hold for a day and see if you still want it tomorrow. Often, you won’t. For larger purchases, you can use the 30-day rule. It says to wait a month before buying anything over $100, unless it's an absolutely necessary expense. Here’s another trick. While you’re in that waiting period, don’t think about the price tag just in terms of money. You can also think about how expensive the item is in terms of your time. Divide your weekly paycheck by 40 so you know how much you net per hour. Then consider how many hours you’ll have to work to pay for that expenditure. Keeping those things in mind will definitely take the fun out of impulse buying. But remember, you’re replacing that short-lived fun with the satisfaction of knowing that you’re reaching your savings goals and staying out of debt! Saving isn’t a genetic trait. It’s an acquired habit, but it’s one you can learn! After awhile, it will become part of your financial DNA. On today’s program, Rob also answers listener questions: ● Are you able to get a portion of your spouse’s Social Security benefits? How does that work? ● Should you roll over a 403b account into an IRA? ● After paying off a house, does it make sense use freed up money for a car purchase? ● How should you manage financing surrounding an addition to your home? RESOURCES MENTIONED: ● Find a Certified Kingdom Advisor ● Ally Bank ● Capitol One 360 Checking ● Marcus Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29