BE WELL IN THE NEW YEAR

By Tabari McCoy Scooter Media

WHAT IS THE BEST ASSET IN YOUR BUSINESS? YOUR PRODUCT?

Your service? Your reputation, perhaps? As many have come to discover over the course of the last two years, the answer is likely your employees. As labor shortages and supply chain issues continue to present challenges for many business owners following the onset of the COVID-19 pandemic, having a healthy workforce has proven itself essential to their success. But how can employers deal with the ever-evolving challenges that threaten to hinder their efforts to attract, retain and empower their workforce? By utilizing the wisdom of the following local experts to address the financial and physical health concerns of their employees. Start your 2022 off on a positive note by considering these tips and tricks to improve the health of your employees (and your business, too).

FINANCIALLY FIT

“Pay yourself first.” That’s the wisdom that Shelley FunkeFrommeyer, wealth advisor, founder and CEO of FFR Wealth Team in Covington, encourages her fellow small business owners to share with their employees. Explaining that some small business owners may not offer a retirement program like a 401K, Funke-Frommeyer suggests encouraging employees to save 6 to 8% of what they earn per pay period. She recommends contributing money into an individual retirement arrangement (IRA) – putting $6,000 a year into one will grow to $1 million over a 30-year period.

“Giving yourself a pay raise every year of 1% to 2% is also key,” she says. “If you’re 35 and you start doing that now, by the time you’re 67, you’re going to have close to $85,000 more saved by saving just $12 more per week.” If your company offers a retirement/savings plan, FunkeFrommeyer says encouraging your employees to participate will show you are invested in their financial well-being, which in turn will help them buy in to the program. Want another tip? Encourage your employees to use their paid time off (PTO).

“An employee’s financial health is only as good as their emotional and mental health. I encourage employers to say, ‘You’ve got paid time off to use – what is it you want to do with it this year?,'” she says. “I’d love to see it on a calendar and see you’re thinking about your physical and emotional health by taking some paid time away from work.” Funke-Frommeyer, who says many people are “unfortunately living on 120% of what they’re earning” instead of about 80%, says business owners would also be wise to follow her advice, too.

“As you're trying to grow your company, set at least 10% aside in savings,” she says. “You can do charitable, meaningful things with 10% of your net profits and allocate money for your next hire or the hire after that.” Encourage employees to pay themselves first and FunkeFrommeyer – who grew up the sixth of 12 children – says the effort will pay off in the end.

PROPER PANDEMIC PROTOCOLS

Julie Brazil says the best thing employers can do to minimize COVID-19 infections is “to encourage their employees to get fully vaccinated and get their booster shot if applicable.” However, if you’re looking for more ways to ensure their safety, Brazil – the co-founder and COO of Gravity Diagnostics – has a few more tips to share to keep your workplace healthy in the new year. With her Covington-based company being among the nation’s leaders in pandemic research and data collection, Brazil has spent the better part of the last two years researching all things COVID-19. She says the unknowns of the Omicron variant such as its rate of transmission and its severity make the need to be vigilant and take precautions as important as ever. Says Brazil, “The good news is that we know much more today than we ever have before, so we can stay prepared, but not panic.” Social distancing, when possible, frequent hand washing and increased cleaning efforts are just the beginning.

“Perhaps equally as important is having a clear policy for reporting illness and a plan when an employee has either potentially been exposed, has been exposed or is having symptoms,” Brazil says. “Having a structured way to address potential infection makes it less intimidating for employees to notify employers, thus potentially preventing the spread.” Richard Field, President of Post Glover Resistors in Erlanger, says his company is researching whether home testing kits may be an option for its workers. In the meantime, Post Glover enacted several policies in accordance with CDC recommendations to keep its workers safe. This includes splitting breaks and lunches into three different periods so fewer people are in close contact with one another and requiring masks for all unvaccinated people entering their facilities. No matter what measures an employer takes, however, communicating your policies is key to their success.

“It is important to have a public, clear message so that all employees understand our policies and can feel comfortable knowing that we are consistently following these policies,” Field says. “When someone feels ill or worries that they were exposed to a sick person then the clear policies help them to quickly know that they are following the correct guidelines for themselves and those around them.” Brazil agrees.

“It is advisable for employers to put in place strong safety measures and have a general plan should an outbreak occur in the workplace. Doing so makes it more likely that a business can help prevent an outbreak and manage through an outbreak with less negative impact and, more importantly, reduces the health risk to employees and their families.”

PUTTING OUT FIRES BY STOPPING SMOKING

Looking for another way (outside of COVID-19 best practices) to empower your workforce to improve their health? Consider implementing a smoking cessation program that produces health and financial benefits to both employer and employee. Business Benefits President/Advisor Geralyn Isler says adopting a tobacco-free workplace policy prohibiting tobacco use on company property while also providing smoking cessation counseling is a good one-two punch to help improve workers’ health. Additionally, she says offering FDA-approved tobaccofree drug therapies and providing incentives to those who successfully quit and/or are tobacco-free can be effective as well (provided they follow HIPAA and EEOC non-discrimination rules).

“Tobacco cessation is one of the most cost-effective ways to reduce health care costs and increase productivity in the workplace,” Isler says. “The cost of a smoker to an employer is nearly $6,000 per year in absenteeism, productivity costs and tobacco related diseases driving health care and workers’ comp costs.” Like all things, having strong leadership in place will help produce a happier – and healthier – workplace for all.

“The first of the year is always a great time to kick off a new wellness initiative but reminders and encouragement throughout the year will lead to success. Employers should be mindful and supportive since it can take multiple attempts to quit smoking,” Isler says. “Plan for the long term when communicating a cultural change. Employers should plan ahead for questions and concerns and stay consistent with responses to employees while providing as much assistance as possible.”

HELP WORKING FAMILIES WITH CHILDCARE SOLUTIONS

If the expression “numbers never lie” is accurate, the statistics Sandra Woodall, the Executive Director and Founder of EC LEARN, shares should signal a need for businesses to address their employees’ childcare concerns.

“Research shows that companies that are investing in childcare benefits for employees (are making) a great investment,” Woodall says, referring to a 2019 study by the Labor Center at the University of California, Berkley. According to the study, parents without access to high-quality early care and education (ECE) “Often reduce work hours, turn down promotions or quit their jobs. Turnover and absenteeism due to insufficient ECE cost businesses $1,150 per working parent each year.” Additionally, “Research shows providing ECE decreased employee absences by 20-30% and reduced turnover by 37-60%.”

There are many ways to combat the problem, Woodall says, mentioning employers and parents working together to adjust schedules as one example. “Sometimes it might be thinking about what the schedule is or who they're partnering with in that childcare network model (to find) in-home, family childcare providers that offer non-traditional hours.” Considering the resources Woodall's agency has available for families, businesses and fellow early childhood educators coupled with how the COVID-19 pandemic has exacerbated the need, Woodall says companies would be wise to invest in ECE measures ASAP.

“We'd really love a business to engage in this (via) a Lunch and Learn where we would bring the employees together and talk about child development and building a resilient network – sometimes families don't have a network to rely on,” she says. “It's very important to have that awareness that childcare is essential for working families and to know their children are on track to kindergarten readiness with exposure to quality early childhood education.” NKY