Listen to the full conversation and see our questions for the upcoming #WorkTrends Twitter Chat. And don’t forget to subscribe to the podcast, so you don’t miss an episode.
Money talks — especially in the middle of a pandemic. So does security, safety and health. Right now, the key challenge for employers and HR professionals is living, working, and surviving through and beyond these unstable times. But saving some (or more) money can help relieve some of the financial stress embedded in this uncertainty.
So I invited my friend, Augie Smith, founder of Otherhood, to #WorkTrends to discuss how employees can maximize their savings for retirement, healthcare, and education. Automation and AI power an innovative platform that streamlines the process for both employers and employees, and bridges the distance between financial advice and employees — wherever they work. “We’re providing financial advice that employees might not have access to,” noted Augie.
His advice is well-taken. “Prioritizing, short-term decisions over long-term goals is really tough to do,” he said, and suggests turning savings into a passive action. Set up plans that set aside money for you. Also, saving pre-tax income will go a lot farther: money taken out of your paycheck before hitting your bank account can mean more savings in your pocket come retirement, he explained. And the strategy works for all incomes, and all ages.
Otherhood’s technology leverages AI to make data-driven recommendations that support all employees. By looking at patterns of how other people have saved in the past, it helps “employees to save the right amount of income in the future,” said Augie. Among its features are a holistic view that allows employees to see their savings all in one place, set personal saving goals, and reach out to HR reps for help. And HR pros can review and strategize on employee participation rates across accounts.
We covered a lot of ground in this discussion, so I encourage you to have a listen for yourself. Got feedback? Feel free to weigh in on Twitter or on LinkedIn. (And make sure to add the #WorkTrends℠ hashtag so others in the TalentCulture community can follow along.)
Twitter Chat Questions
Q1: Why do organizations need better savings options for their employees? #WorkTrends
Q2: What strategies can help improve employee savings plans? #WorkTrends
Q3: How can HR help their employees save more effectively? #WorkTrends
Find Augie Smith on Linkedin and Twitter
The podcast is sponsored by Otherhood.
(Editor’s note: This month, we’re announcing upcoming changes to #WorkTrends podcasts and Twitter chats. To learn about these changes as they unfold, be sure to subscribe to our newsletter.)
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