Tim Ferriss offers something better than New Year’s Resolutions!

Best-selling author, blogger extraordinaire, investor, deep thinker, and human guinea pig, Tim Ferriss offered this nugget of New Year’s wisdom in his latest weekly email (see link below to subscribe).

Im often asked about how I approach New Year’s resolutions. The truth is that I no longer approach them at all, even though I did for decades. Why the change? I have found “past year reviews” (PYR) more informed, valuable, and actionable than half-blindly looking forward with broad resolutions. I did my first PYR after a mentor’s young daughter died of cancer on December 31st, roughly eight years ago, and I’ve done it every year since. It takes 30-60 minutes and looks like this:

Grab a notepad and create two columns: POSITIVE and NEGATIVE.

Go through your calendar from the last year, looking at every week.

For each week, jot down on the pad any people or activities or commitments that triggered peak positive or negative emotions for that month. Put them in their respective columns.

Continue reading “Tim Ferriss offers something better than New Year’s Resolutions!”

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Six Takeaways from USI’s 2019 Property Casualty and Insurance Market Outlook

. . . Insurance carriers are the most worried about multifamily properties of all sectors. In addition to natural disasters, multifamily property owners tend to face a lot of lawsuits, with subjects ranging from tenant discrimination to wrongful evictions. This is leading insurers to either avoid the asset class altogether or raise rates and deductibles to cover potential claims even if the property owner is considered low risk. . .
With the increase in lawsuits related to tenant safety, insurers are taking a closer look at landlords’ safety and security procedures during the underwriting process. . . As a result of the potential insurance rate increases, property owners should start the policy renewal process early and look at multiple options. . .

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Long Island’s jobless rate falls to 3.1%, a 17-year low

. . . The number of employed residents rose by 40,600 between October 2017 and last month to 1.463 million, a record, the Labor Department said. The number of unemployed Long Islanders fell by 15,400 to 46,800, the lowest for the month since 2000.

“Overall, the report was great news for the region,” said Shital Patel, labor-market analyst in the department’s Hicksville office.

Still, she warned that local companies may have growing difficulty finding workers to fill openings, as the shrinking labor pool here could be exacerbated by demographic trends.

“The region’s slow population growth combined with a larger portion of the workforce at or nearing retirement age is a cause for concern for a labor market near full employment,” she said. . .

read more at Newsday.com

more on Employee Benefits at SueSaramak.com

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Small Businesses Attracting Talent with Better Benefits, Study Says

“Larger organizations have already been using the lure of better benefits to attract candidates. A new study shows that small businesses are joining the fray of the talent war by rolling out the best benefits they can muster. . .

“The study shows small firms know that workers rely on their workplace benefits for financial security, and that often money is a top source of stress for their employees. For a growing proportion of workers in high deductible health plans (HDHP), out-of-pocket medical costs are near the top of that list. To help workers pay for expenses not covered by their HDHP, more employers are offering supplemental health coverage, up 20% since 2015. . .”

read more at HR Daily Advisor

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Why Voluntary Benefits Really Make Sense

Just 39% of Americans say they have enough savings to cover a $1,000 emergency room visit or car repair, according to data released by the personal finance site Bankrate. Paying for a major unexpected expense was the No. 1 use for savings cited by millennials, Generation X, baby boomers and the older Silent Generation.

Previous studies support these findings. Some 44% of people said they could not cover an unexpected $400 emergency expense or would rely on borrowing or selling something to do so, down from 46% the year before, according to a separate 2017 report released by the U.S. Federal Reserve, which surveyed more than 6,600 adults.

“A key consideration regarding household finances and overall economic well-being is the ability to withstand financial disruptions,” according to the Board of Governors of the U.S. Federal Reserve. . .

read more at MarketWatch.com

Call/text 516.222.4949 to learn more about how employers and employees benefit from Voluntary Supplemental Benefits

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The Local Search for Qualified Workers

The Employment Picture on Long Island (March 2018):  Shital Patel, labor-market analyst in the Labor Department’s Hicksville office, suggested there could be a shortage of qualified workers in the area.

That shortage, coupled with a rising number of baby boomer retirees, may have left employers scrambling to find workers.

“Anecdotally, companies across a variety of sectors are hiring and have been reporting having trouble finding qualified workers,” Patel said. “The aging of the region’s workforce may be putting some downward pressure on the labor force,” she said. . .

Also weighing on Long Island’s job market could be slower population growth and fewer immigrants, both of which make it harder for local companies to fill jobs, said Gregory DeFreitas, an economics professor who heads Hofstra University’s labor studies program. And New York City’s stronger job market may be more competitive than Long Island’s, he said. . .

read more at Newsday.com

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How Employers Benefit From Voluntary Supplemental Benefit Plans

One of the top challenges facing a small business owner today is that of attracting and retaining good employees, and competing with larger businesses for talent.

With the unemployment rate at a 17-year low and the number of job openings at a record level, valuable workers have more employment options available to them these days.

One simple, no-cost way to make your jobs more attractive is by making voluntary supplemental benefits available to your workforce. One study found that 77% of employees surveyed said voluntary benefits were an important factor when deciding to accept or decline a job offer (EBRA, 2015).

Voluntary plans often offer Accident, Disability, Critical Illness (including Cancer), and Life Insurance, and possibly Long-Term-Care benefits as well – and may cover spouses and children.

Employees simply choose what exactly they need and pay for it through payroll deductions. And what makes this especially valuable to employees is that they are getting their coverage at lower-cost, group rates, which they wouldn’t qualify for on their own.

Employers typically see voluntary supplemental benefits as a win-win: not only is there no cost to the business, but many businesses have seen their workers’ comp claims reduced (e.g., when workers have voluntary Accident Insurance) – and it can improve employees’ well-being (physically, mentally and financially) during difficult times.

Contact us to learn more about how your business and your employees can benefit from low-cost, group voluntary benefit plans.

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