Playing the Long Game To Achieve Financial Success
Regions Bank hosted an Important Insights webinar focusing on the 'benefits cliff' phenomenon and its impact on workforce development. The benefits cliff occurs when increased income makes individuals ineligible for public assistance programs like SNAP and CHIP, potentially leaving them worse off financially. Alex Ruder from the Federal Reserve Bank of Atlanta presented three key strategies to address this issue: coaching, mitigation through supplemental programs, and employer strategies.
The webinar provided resources and tools, including the Atlanta Fed's CLIFF suite, to help community partners prepare clients for career advancement challenges. The initiative aligns with Regions Bank's community engagement priority of education and workforce readiness, aiming to support job readiness programs and career coaching.
Regions Bank ha ospitato un webinar dal titolo 'Insight Importanti' incentrato sul fenomeno della 'scarpata dei benefici' e sul suo impatto nello sviluppo della forza lavoro. La scarpata dei benefici si verifica quando un aumento del reddito rende le persone non idonee a programmi di assistenza pubblica come SNAP e CHIP, lasciandole potenzialmente in una situazione finanziaria peggiore. Alex Ruder della Federal Reserve Bank di Atlanta ha presentato tre strategie chiave per affrontare questa problematica: coaching, mitigazione attraverso programmi supplementari e strategie aziendali.
Il webinar ha fornito risorse e strumenti, tra cui il CLIFF suite della Fed di Atlanta, per aiutare i partner della comunità a preparare i propri clienti alle sfide di avanzamento nella carriera. L'iniziativa è in linea con la priorità di impegno comunitario di Regions Bank nel campo dell'istruzione e della preparazione della forza lavoro, con l'obiettivo di supportare i programmi di preparazione al lavoro e il coaching professionale.
Regions Bank organizó un webinar titulado 'Perspectivas Importantes' centrado en el fenómeno del 'precipicio de beneficios' y su impacto en el desarrollo de la fuerza laboral. El precipicio de beneficios ocurre cuando un aumento de ingresos hace que las personas sean inelegibles para programas de asistencia pública como SNAP y CHIP, lo que potencialmente las deja en una situación financiera peor. Alex Ruder del Banco de la Reserva Federal de Atlanta presentó tres estrategias clave para abordar este problema: coaching, mitigación a través de programas suplementarios y estrategias para empleadores.
El webinar proporcionó recursos y herramientas, incluido el conjunto CLIFF de la Fed de Atlanta, para ayudar a los socios comunitarios a preparar a sus clientes para los desafíos de avance profesional. La iniciativa se alinea con la prioridad de compromiso comunitario de Regions Bank en educación y preparación laboral, con el objetivo de apoyar programas de preparación para el trabajo y coaching profesional.
Regions Bank는 '중요한 통찰력'이라는 제목의 웨비나를 개최하고 '혜택 절벽' 현상과 그것이 노동력 개발에 미치는 영향을 중점적으로 다루었습니다. 혜택 절벽은 소득이 증가하여 개인이 SNAP 및 CHIP과 같은 공공 지원 프로그램의 자격을 잃을 때 발생하며, 이로 인해 재정적으로 더 나쁜 상황에 처할 수 있습니다. Alex Ruder는 애틀랜타 연방준비은행 소속으로, 이 문제를 해결하기 위한 세 가지 주요 전략을 제시했습니다: 코칭, 보충 프로그램을 통한 완화, 그리고 고용주 전략입니다.
이번 웨비나는 애틀랜타 연준의 CLIFF 스위트를 포함한 자원과 도구를 제공하여 지역 사회 파트너들이 고객을 직업 발전 도전에 대비할 수 있도록 돕습니다. 이 이니셔티브는 Regions Bank의 교육과 노동력 준비라는 지역 사회 참여 우선순위와 일치하며, 일자리 준비 프로그램과 진로 코칭을 지원하는 것을 목표로 합니다.
Regions Bank a organisé un webinaire intitulé 'Perspectives Importantes', axé sur le phénomène de la 'falaise des prestations' et son impact sur le développement de la main-d'œuvre. La falaise des prestations se produit lorsqu'une augmentation de revenu rend les individus inéligibles aux programmes d'assistance publique tels que SNAP et CHIP, ce qui peut les laisser dans une situation financière défavorable. Alex Ruder de la Réserve fédérale d'Atlanta a présenté trois stratégies clés pour aborder ce problème : coaching, atténuation par le biais de programmes supplémentaires et stratégies pour les employeurs.
Le webinaire a fourni des ressources et des outils, y compris la suite CLIFF de la Fed d'Atlanta, pour aider les partenaires communautaires à préparer leurs clients aux défis de l'avancement professionnel. L'initiative s'inscrit dans la priorité d'engagement communautaire de Regions Bank en matière d'éducation et de préparation de la main-d'œuvre, visant à soutenir les programmes de préparation à l'emploi et de coaching de carrière.
Regions Bank veranstaltete ein Webinar mit dem Titel 'Wichtige Einblicke', das sich auf das Phänomen der 'Leistungsfalle' und deren Auswirkungen auf die Entwicklung der Arbeitskräfte konzentrierte. Die Leistungsfalle tritt auf, wenn ein Einkommensanstieg dazu führt, dass Personen für öffentliche Unterstützungsprogramme wie SNAP und CHIP nicht mehr in Frage kommen, was sie finanziell schlechter stellen kann. Alex Ruder von der Federal Reserve Bank of Atlanta präsentierte drei Schlüsselstrategien zur Bewältigung dieses Problems: Coaching, Minderung durch ergänzende Programme und Arbeitgeberstrategien.
Das Webinar stellte Ressourcen und Werkzeuge zur Verfügung, einschließlich der CLIFF-Suite der Atlanta Fed, um Gemeinschaftspartner dabei zu unterstützen, ihre Klienten auf die Herausforderungen der beruflichen Weiterentwicklung vorzubereiten. Die Initiative stimmt mit der Priorität des gesellschaftlichen Engagements von Regions Bank in den Bereichen Bildung und Beschäftigungsbereitschaft überein und zielt darauf ab, Programme zur Arbeitsvorbereitung und Berufscoaching zu unterstützen.
- Demonstrates proactive community engagement in workforce development
- Partnership with Federal Reserve Bank of Atlanta shows institutional credibility
- Expanding support for community partners through educational initiatives
- None.
Regions' most recent Important Insights webinar provided key resources to enhance workforce development programs in our communities.
NORTHAMPTON, MA / ACCESSWIRE / December 13, 2024 / Regions Bank
By Candace Higginbotham
Ever heard of the benefits cliff? It's a term to describe the impact of a sudden or gradual decrease in public benefits that occurs when a family's income exceeds the eligibility threshold for an assistance program.
People who participate in programs like Supplemental Nutrition Assistance Program (SNAP) and Children's Health Insurance Program (CHIP) or receive childcare subsidies or child tax credits can face a benefits cliff when they get a raise, take a new job or simply work more hours.
This seemingly positive wage increase can result in an individual making too much money to receive the benefits - but not enough to sustain themselves and their household. In short, their income gain results in them being worse off financially than before the income gain (a benefits cliff), or no better off (a benefits plateau).
And that can have significant consequences for families and communities: it can keep people in low-wage jobs, discourage them from joining the workforce and influence other decisions that hold them back from long-term financial success.
Education and workforce readiness is one of Regions Bank's community engagement priority areas and the bank offers wide-ranging support to community partners that provide job readiness programs, skills training and career coaching.
These organizations are well aware of the benefits cliff problem - and the lack of simple solutions. So, as part of its Important Insights series, the Regions Making Life Better Institute® recently hosted a webinar to provide tools and information to help community partners prepare their clients for some of the difficult realities of career advancement.
Regions invited Alex Ruder, Community and Economic Development director and principal adviser at the Federal Reserve Bank of Atlanta, to expand understanding of the benefits cliff.
Ruder began the discussion with a case study that demonstrates the benefits cliff and plateau, by walking participants through a familiar example: A person working full-time in a near-minimum wage job participating in public assistance programs wants to enter the health care sector to increase their career and financial opportunities. He outlined points in the person's career trajectory where their net financial resources would actually decline or remain the same, even with pay raises, additional certifications and promotions.
According to Ruder, there are three potential ways for nonprofits to assist clients who may face a benefits cliff in their journey from entry level to a living wage job.
Coaching: Ruder advised community organizations to incorporate benefits coaching as part of career and financial discussions with clients. Encouraging individuals to set goals and make good financial decisions will help prepare them for a period of lower income. Ruder advised them to focus their clients on ‘thriving versus surviving' - taking a long view of their career and life goals - and to take advantage of the Atlanta Fed's Career Ladder Identifier and Financial Forecaster (CLIFF) suite of interactive career and financial planning tools.
Mitigation: Some states and governments are implementing supplemental programs to help mitigate the impacts of the benefits cliff. Ruder cited the new Florida School Readiness Plus Program that helps low-income families pay for childcare while lessening the effect of the benefits cliff when they're no longer eligible for the School Readiness Program. It supports families in accepting opportunities for wage increases while not losing their entire childcare subsidy.
Employer Strategies: Ruder explained that the benefits cliff can negatively impact companies, as well as individuals. Employees may decline a promotion, opt to work fewer hours or reject opportunity for advancement for fear of the benefits cliff, and that can affect a company's overall success. Employers are encouraged to find possible solutions to help people get through the cliff and to provide coaching for employees who are seeking career advancement. Importantly, Ruder says to make sure corporate leadership is aware of the benefits cliff and the challenges it presents to the company, industry and local economy.
"Building skills, getting certifications and pursuing new roles are proven ways people can advance their career and increase economic mobility," said Leroy Abrahams, head of Community Engagement at Regions. "Engaging in dialogue with our community partners and workforce development experts helps foster prosperity in our communities."
The webinar participants, representing community organizations around the country, welcomed the discussion and resources.
"This has been a terrific presentation and really makes me think of new ways to have conversations that are simple and purposeful that contacts can understand and feel confident regarding their future," said Dr. Douglas Stewart of the Tennessee College of Applied Technology.
That's the reaction that Gina Sian, head of the Regions Making Life Better Institute, was hoping for.
Investing in knowledge-sharing and skill-building opportunities like these deepen our understanding of the barriers that our communities face and helps us work collaboratively together toward meaningful solutions.
Gina Sian, head of the Regions Making Life Better Institute
"Regions launched this program of free webinars four years ago to help our valuable community partners navigate challenges and provide technical assistance as they work toward their mission," Sian said. "Investing in knowledge-sharing and skill-building opportunities like these deepen our understanding of the barriers that our communities face and helps us work collaboratively together toward meaningful solutions."
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SOURCE: Regions Bank
View the original press release on accesswire.com
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