Tag Archives: money

Millennial Monday: Millennials and Money Management

Millennial Monday LogoExpress Employment Professionals recently teamed up with the School of Media and Strategic Communications at Oklahoma State University (OSU) in Stillwater, OK, to conduct research about Millennials and their attitudes toward the American Dream. Also known as “Gen Y,” Millennials were born between 1979 and 1995 and currently make up 30% of the population. As they enter the workforce and establish career paths, it’s important to understand the motives and desires behind this robust generation. To help you get to know “Gen Y,” Movin’ On Up is bringing you an eight-week series titled “Millennial Monday.”

In this week’s installment of “Millennial Monday,” Express and OSU students surveyed Millennials, the majority of whom are working full- or part-time, to paint a picture of the generation’s view of money management, charitable giving, and spending habits.

Money Management Preparedness
If you’re a Millennial who believes money management is an important part of your success, you’re not alone. According to the survey results, 84% of Millennials believe money management is “very important,” and an additional 10% believe it is “somewhat important.”

When it comes to money management, the overwhelming majority (62%) of Millennials revealed that they believe their parents or guardians prepared them for making important decisions. Only 12% of respondents believe they are unprepared to make important money management decisions.

To further explore the influence parents have on money management, Millennials were asked whether or not their spending style is similar to that of their parents’ spending style. The majority (72%) believe that their style is a direct reflection of their parents.

Spending Habits
Our survey also revealed that 47% of Millennials consider themselves impulse buyers, and 70% believe their money management style is a mixture of spending and saving. Of those surveyed, 87% reported having a savings account.

When asked what they spend the most money on, Millennials reported, in the following order:

  • Student loans
  • Other
  • Travel
  • Clothing
  • Entertainment
  • Food

Charitable Giving
According to the survey results, there are several factors that help Millennials decide to which charities and nonprofit organizations they will donate money. Those factors include the following key words:

  • Cause
  • Children
  • Local
  • Effect

When asked how likely they are to donate money to a charity or nonprofit organization in the next 12 months, 86% of respondents reported they are likely to do so. Of that 86%, 36% said they are “extremely likely” to donate money to a charity or nonprofit organization, 24% said they are “somewhat likely,” and 26% reported they are “moderately likely.” Only 3% of respondents said they are “not at all likely” to donate.

Although the overwhelming majority of those surveyed plan to donate money to organizations this year, they seem unsure about how their donations will help those organizations. In fact, 36% of respondents claimed they believe their monetary donations are only “moderately helpful” for charities and nonprofit organizations.

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Do you agree with the survey results? Does money management play an important role in your career? Share your thoughts with us in the comments section below!

Keep checking Movin’ On Up every Monday for more insight on this important generation.

Miss a week? Click the links below to check out previous topics in our series.

Movin’ On Up is brought to you by Express Employment Professionals.

Peak Performer’s Life: Make More Money … Get Focused

walterbond_webIf you want to accomplish a goal, whether it’s to find a job or move up in a company, you have to focus. Staying on track and remaining diligent can help you achieve what you want in your job search or workplace, and Walter Bond has some tips to help you. As part of his series of motivational messages, Walter discusses the importance of focus.

“The only way you can grow your business, the only way you can make more money, the only way you can do something really significant … you have to be focused,” he said.

For more advice from Walter, check out the full message below.

What are some ways you stay focused in your job search, in the workplace, or in your personal life? Share with us in the comments section below.

About Walter Bond
A former professional basketball player, Walter Bond’s NBA career included 153 games with the Dallas Mavericks, Utah Jazz, and Detroit Pistons. Now, Walter takes what he learned from his life on the court and translates it into motivational and educational messages for thriving businesses and careers. With entertaining and dynamic messages, Walter has spoken to companies and associations throughout the United States, Canada, Mexico, the Caribbean, and Europe.

For more information about Walter Bond, visit WalterBond.com.

Movin’ On Up is brought to you by Express Employment Professionals.

The Results Are In: How Do You Wish Your Company Showed Appreciation to Employees

what_workers_want_poll_webThe holiday season is quickly approaching, and many companies are deciding how to show appreciation to their employees. In a recent poll, we asked Movin’ On Up readers how they wish their employers, or future employers, showed appreciation to employees this time of year.

According to the results, 27% of respondents would most appreciate a cash bonus for the holidays, while 13% reported pay raises as their biggest incentive. While monetary gifts are always a go-to choice for companies when budget allows, 9% chose “days off or shortened holiday hours” as their top choice for holiday bonuses.

Only 1% of respondents chose “gift items other than money,” while less than 1% selected “a holiday party.”

What Workers Really Want
In addition to the traditional gift options, readers were also allowed to choose “Other” and take the time to respond with their own answer. Readers who selected “Other” left responses that ranged from “a few hours off for Christmas shopping, and we can bring evidence of the shopping back to work” to “keep their corporate mantra to employees, not just customers.”

Of those “Other” responses, the overwhelming majority responded with answers that offer insight to an often overlooked form of holiday gifting – appreciation.

Personal responses included:

  • Words of praise from managers
  • Telling employees they did a good job
  • A simple thank you goes a very long way
  • A thank you note will suffice
  • A thank you every now and then
  • Tell us thanks and good job

The poll’s personal responses speak much louder than the pre-written choices readers could choose from. Instead of clicking and moving on, readers who selected “Other” had to take time to share their thoughts, which were highly concentrated on wanting sincere appreciation from their employees in lieu of money, gifts, or time off.

What Workers Will Get
In a corresponding poll with Refresh Leadership, Express Employment Professionals blog for business leaders, the results reveal a lack of parallelism with what workers want. In fact, 21% of respondents revealed they will not be giving holiday bonuses this year. While 9% of our poll’s respondents want time off during the holidays, only 3% of business leaders plan to provide it. Only 5% of readers want gift cards, but 12% of employers plan to give them away.

Of respondents to the Refresh Leadership poll, 7% selected “Other,” with 27% of those readers reporting answers like “our company never gives employees anything for the holidays” and “no holiday bonuses ever.” Other responses include, “a turkey,” “a ham,” and “a holiday dinner.”

One response that never appeared was “appreciation.”

The Power of Appreciation
If employers knew their employees were providing answers like “a simple thank you” or “words of praise,” would they take a different stance on the idea of never providing holiday bonuses? Would the respondent to the Refresh Leadership poll who chose to answer “coal” take a more sincere approach to the holidays?

While today’s workers appreciate monetary gifts and time at home, as can be seen by the results of the poll, their answers also reflect an understanding that it’s not always feasible for businesses to give extravagant gifts. Times can be hard, and not all businesses are profitable. Employees know that. But while they may not expect gifts from their employers, they do crave appreciation.

Forbes recently studied the 18 best companies to work for in the Fortune 500 and found that employee appreciation was a key factor to their success. According to Forbes, half of the companies on the list did things to show appreciation to employees. Google provided free massages, the vice chair at NetApp called 10-20 employees a day to praise them, and Qualcomm provided personalized notes and special lunches. Devon Energy allowed employees open access to senior executives while Whole Foods let their employees vote on new hires.

The results of the Movin’ On Poll reveal that some of the most powerful gifts are the easiest to give. From a few hours to go shopping to a thank you note, sincerity is the gift that keeps on giving this holiday season.

Movin’ On Up is brought to you by Express Employment Professionals.

Green Is In: How To Ask for a Raise

ask_for_raise_webThe top fashion color for 2014 may still be Radiant Orchid according to Pantone, but green accessories are also in style this fall, especially the kind that fill up your wallet or purse. And with the start of the fourth quarter and end of the year drawing near, now could be a good time to consider asking for a raise. This can undoubtedly be an intimidating task, so here are three steps to prepare you for taking the next step.

1. Consider the timing.
Timing is everything, particularly when it comes to asking for a salary increase. So, think about if right now is the optimum time to discuss the subject of a raise with your boss. Take into consideration the economy, how well the company is doing, if there have been signs of budget cuts or increases lately, and when compensation adjustments are usually done. On the other hand, if your employer does performance reviews at the end of the year, right now could be the perfect time to bring up the possibility of a raise. Often, employers have already budgeted for pay increases prior to employee reviews.

2. Do your homework.
If the timing seems right, then you need to do your homework so you’re prepared to logically and persuasively make your request. If you’re asking for a pay increase, there needs to be a good reason for it. Simply showing up every day and doing what’s expected of you isn’t enough. You must be able to prove that you’ve exceeded expectations, reached and gone past your performance goals, or provided tremendous value to the company. Keeping a running list of your accomplishments and praises from others will help ensure you don’t forget anything important. Your list should also include legitimate numbers that place a quantitative value on your work.

3. Second-guess yourself.
Once you think the time is right and you’ve gathered all the pertinent information, stop and second-guess yourself. Consider if your work performance and accomplishments truly merit a pay increase. Can you numerically show how your work has positively impacted your employer’s profits? If the answer is yes, then think about your attitude. Are you entering this process with a humble, thankful spirit or with an attitude of arrogance and entitlement? Even if you truly have earned a salary increase, your attitude and how you handle conversation with your boss could be the deciding factor in you seeing a higher number on your next paystub.

Everyone wants a raise, but most people don’t want to have the uncomfortable conversation about it with their managers. After all, it can be scary and intimidating to ask your boss for more money. If you properly prepare for it, though, asking for a raise can be a positive experience.

Do you have other tips for successfully asking for a salary increase? How have you secured raises in the past? Share your experiences of asking for pay raises in the comments section below.

Movin’ On Up is brought to you by Express Employment Professionals.

Cashing Your Paycheck Could Be Costing You

Cashing Paycheck_April2014Everyone loves pay day. It’s a great feeling to see your hours of hard work result in a paycheck. But, there’s a chance you’re not pocketing as much of your earned money as you could be. It all boils down to your bank account, or, to be more specific, your lack of a bank account.

The Cost of Cash
US News reported, “According to the FDIC, 28.3% of U.S. households either don’t have bank accounts or rely on alternative channels for financial services, such as check-cashing.” Whether by choice or not, many people and households depend on major retailers, check-cashing stores, or the check-issuing banks to cash their paychecks to access their money. And, as US News pointed out, this service comes at a price, ranging from a flat-fee to a percentage of the check amount.

Specifically, that price, according to NBC News, which highlighted a new study from Tufts University, is about $200 billion a year. To narrow it down, that means “someone without a bank account pays an average of $3.66 more a month than someone with a bank account,” and is “four times more likely to pay fees to access their own money.”

Go Electronic
The best way to avoid losing your hard-earned money is to use any electronic funds transfer (EFT) options your workplace offers. Most employers, offer some form of EFT, whether direct deposit or paycard, because it saves them the time and cost associated with paper checks. And, EFT can save you money too. NBC News reported that “getting paid electronically is often significantly cheaper than receiving a paper check” when there are fees for cashing a check without an account.

With so many people living paycheck to paycheck and struggling to save money for emergencies or retirement, it’s more important than ever to manage where your money is going. Find out if your banking method is costing you money, and if EFT could put a few dollars back in your pocket. You shouldn’t have to pay to get access to your money.

What have you found to be most effective for accessing your paycheck? Tell us about it in the comments section.

Movin’ On Up is brought to you by Express Employment Professionals.

written by: Ashlie Turley

Save Money by Thrift Store Shopping For What to Wear For a Job Interview

Interview AttireWhen it comes to finding appropriate professional attire for a job interview, the cost of what you need could be a challenge. Shopping online or in person at malls and suit stores can rack up the dollar signs and quickly go beyond most moderate budgets.

Luckily, that doesn’t have to be an issue. In a news segment from Triad Area North Carolina news station Fox 8, fashion designer and motivational speaker Craig Stokes gave an overview of classic job interview attire and how he was able to find a professional wardrobe in a thrift store for less than $20.

Depending on your area, you might not be able to find perfectly fitted attire at your local thrift store. But if you consider some of his advice, you might be able to save a pretty penny for your next job interview while still looking fashionable and professional.

Infographic: Do You Live Paycheck to Paycheck?

Living paycheck to paycheck has been the norm for many in the past few years, especially those entering the workplace for the first time. Now that the economy is recovering, are workers still more focused on keeping the lights on and water running or are they looking to save and invest in their retirement?

Take a look at this infographic from CareerBuilder that sheds some light on how Americans are saving for the future, compared to three years ago.

Are You Living Paycheck to Paycheck