A dependent care flexible spending account (FSA) lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping individuals save 30 percent or more (based on their tax rate) on dependent care costs. Dependent Care...
The season for filing taxes is upon us once again. We’re getting closer to the deadline for filing for 2023. We wanted to share a few tips and reminders about health savings accounts (HSA) you’ll need for your tax return. HSA Tax Prep Checklist Check your W-2 for HSA payroll contributions Get your 1099-SA form...
Health savings accounts (HSAs) have become increasingly popular but they often come with misconceptions. To help employees make informed decisions, let’s debunk common HSA myths and shed light on the HSA facts that matter. HSA Fact #1: HSAs are Employee-Owned While employers may choose to contribute to an employees’ HSA, it’s important for employees...
Expanded public transit. The rise and rebound of ridesharing. Increased work-from-home arrangements. The work commute has changed a lot recently, as lawmakers and civic officials grapple with how to effectively support people traveling to and through ever-growing cities. New York City, Washington, D.C., Chicago, Philadelphia and Seattle are among cities that have enacted laws and...
What are pre-tax savings and post-tax savings? Understanding taxes relating to health savings accounts (HSAs), flexible spending accounts (FSAs) and other benefits plans can be time-consuming and difficult to explain. Pre-tax savings are tied directly to FICA taxes. You may be wondering what FICA is and how does pre-tax savings work for HSAs and FSAs?...
In 2023, mental health became a top priority for employees and employers. According to a SHRM study, 41% of U.S. employees said they would likely or would very likely leave their current job if they were offered a new position with significantly improved mental health benefits. While many companies offer employee assistance programs (EAPs), it’s...
Welcome to 2024! As we get ready for another year of sharing the latest benefits trends and practical tips to enhance you and your employees’ benefits experience, let’s look back at our most popular blog posts from 2023. Get the Best Results from Your Benefit Budget Conversations Benefits are critical for attracting and retaining...
As we age, the importance of maintaining safe mobility within our home becomes critical. It is crucial to understand how to save money on common at-home expenses with health savings accounts (HSA) and flexible spending accounts (FSA). From home modifications to adaptive equipment, creating an environment that not only nurtures a person’s well-being but also...
Did you know that, when employees were asked on a scale of 1 to 10 how confident they are in their understanding of their benefits, 34% chose 7 or less. Only 25% responded with a 10. That was just one of the findings from a survey of benefits participants WEX launched in May 2023. Often,...
Creating a Positive Work Environment with Self-Aware Leadership
Creating a Positive Work Environment with Self-Aware Leadership
Having an employee leave your company can be detrimental. According to a 2019 study by the DDI, 57% of employees have left one or multiple companies because of their manager – not their job. An additional 32% have considered leaving their job for the same reason. When you consider that employee turnover costs companies $11 billion annually, keeping employees is essential to a company’s success.
One thing Advantage Administrators recommends to combat this is encouraging self-awareness among leadership. This gives employers a higher chance of retaining employees.
What is self-awareness?
Self-awareness, or being conscious of your strengths, weakness and perceptions, among other things, can be both internal and external. Internal self-awareness refers to how you see your values, passions and reactions, while external self-awareness is how others view you.
Internal and external self-awareness are completely independent of one another. Company leadership may be accurate about their own strengths and weaknesses, but are unaware of how their employees view them, or vice versa.
How does this impact leadership?
Self-awareness is shown to directly affect employee satisfaction and employee turnover. Employees who are aware of their own strengths and weaknesses are more likely to find personal and professional success. They’re also easier to work with than those who lack self-awareness.
As employees advance higher in the company hierarchy, they may be more likely to misjudge their own abilities. This could be for a multitude of reasons, one being that they don’t actively seek feedback from others. Feedback is essential to growth, making it a key factor in increasing self-awareness. Additionally, employers who aren’t self-aware are more likely to lose employees, which increases company costs and can hurt the company’s reputation.
Promoting a self-aware workplace culture
The first step to increasing self-awareness in the workplace is to have everyone identify their own level of self-awareness. To do this, we recommend taking a self-awareness quiz. First, take the quiz and answer the questions on how you see yourself. Then, seek out a trusted friend or coworker for their feedback. The more you agree with them, the higher your level of self-awareness. Keep in mind, though, only 10-15% of people are truly self-aware compared to the 95% of people who think they are.
To increase self-awareness at any level of the company, you must get everyone to buy in. Self-awareness workshops are no use if senior leaders don’t accept critical feedback while expecting others to do so. Having company leaders model self-awareness, though, will encourage it throughout the organization.
Need more advice on how to incorporate self-awareness into your company culture? Contact Advantage Administrators for more information.