Help Gen Z workers get a head start on their retirement

RETIREMENT PLANNING: Gen Z employees may be so excited about?starting their first job?that they’re quick to overlook helpful benefits beyond their starting salary.?For Gen Z in particular, taking advantage of a 401(k) as soon as possible can get employees saving early and taking full advantage of compound interest. Yet Gen Z workers are often more focused on how their salary will cover their basic expenses like rent, and may overlook the bigger picture.?

“Even though you may be entering into your first job, thanks to the magic of compound interest, every dollar that you save in those first few years in the workforce for retirement has the opportunity to really multiply over the decades,”?says Edward Gottfried, director of product at Betterment at Work.?“There is a habit-building element to this now that you're entering into a regular paycheck. You want to be building out financial habits and a set it and forget it mindset." Here's how to get your younger employees off on the right financial foot:

Read: HR 101: How to help Gen Z workers get a head start on their retirement

UNIONS: Associated Builders and Contractors estimates an over half-million construction worker shortage in 2022. Meanwhile, demand for construction workers is only expected to rise beyond this year, especially after President Biden signed the Infrastructure Investment and Jobs Act, which is investing $1.2 trillion in construction projects across the country.?While filling these roles seems daunting for employers, tapping into union-backed talent has been found to more easily bridge these gaps. Union construction firms are 16% less likely to report difficulty in filling open positions, 13% less likely to fail in retaining skilled workers and 21% less likely to report project delays due to retention issues. Two experts share why unions can be the solution to talent gaps.

Read: Why union construction firms have advantages amid the labor shortage

SMALL BUSINESS: The number of women-owned businesses in the U.S. grows each year, with over 11 million more women-led businesses today than there were 50 years ago. But location matters when it comes to making sure those businesses succeed.?Clarify Capital scored each state out of 100 points based on factors like the percentage of women-owned businesses, gender pay gap, female unemployment rate and the number of women-owned businesses with a revenue of over $1 million.?See how your state ranked:

Read: 10 best and worst states for women-owned businesses?

HR TECHNOLOGY: There's been an influx of new business requests from companies looking to modernize their systems.?It’s with good reason: most companies muddle through, suffering needlessly and wasting time and resources with outdated systems until they discover how much tech has evolved.?Maybe you’re considering a change, but you’re wondering how to know when the time is right? Here are the top three clues that your benefits technology needs to be updated:

Read: 3 signs your benefits technology needs to be updated?