Nextep's 2021 Annual Report is here! See what we accomplished together this year.

The Impact of the Coronavirus on U.S. Markets

71 Business Seciton And Cool Socks

Please visit our COVID-19 resources page with more information for business owners and employees.

Experts provide insight into the current financial situation. 

As coronavirus concerns continue to spread, you may have noticed fluctuations in the financial markets. It’s common for outbreaks to impact economies because it can lead to work stoppages, travel bans that affect tourism and trade, cancellations of significant revenue-making events, and investors pulling back. 

It can be stressful to think about investments and the market right now, but markets have historically bounced back. Experts have also been predicting a market adjustment for the last few years, but indicate that having a long-term plan is key to riding out the problematic periods. 

Though alarming, financial downturns usually self-correct over time. In the meantime, there are some things investors can do, according to the experts. “Be sure you are properly diversified and don’t have ‘all your eggs in one basket,’ says Ryan Hill, AIF, MassMutual retirement plan specialist. “Also, pay attention to your time horizon for investments. Your shorter-term investments may not have time to recover from large downturns if you need liquidity. For longer-term accounts like retirement plans, it’s important to try and stay the course and not panic. It’s difficult to ‘time’ the market and to know when to jump out as well as when should you get back in.” 

While the uncertainty around the virus contributes to the turmoil in the financial markets, financial strategists and analysts say coronavirus isn’t the only thing impacting it. It’s essential to work with your financial advisor on a plan of action that you think is right for you and your financial goals.

We know many have concerns about their retirement plans or investments, which is why we turn to our partners and financial experts at MassMutual. The trust company recently released an investment update that provides some perspective on the current economic situation and what you can expect. Click here to read the full release.

Disclaimer:This article isn’t written or intended as specific financial advice. Please consult your financial advisor for any investment questions or opportunities.
UPDATE: 

Read the latest info from American Funds – Download now 

Also on Nextep

We all know the importance of regular physicals and check-ups, but when was the last time you checked in on your mental health? May is Mental Health Awareness month, serving as a good reminder of how crucial a healthy mind is in the overall map of our wellbeing. This list and infographic can get you […]
Read more
If you’ve made it to this blog on leadership training, chances are you’ve spent some time with us the last couple of months as we dove into turning The Great Resignation into The Great Retention.  So far, we’ve covered flexibility, DEI, employee growth, pay, employee engagement, and benefits. While each of these is important, when […]
Read more
It’s no surprise benefits are one of the top reasons for employees staying with a company or going elsewhere. The Society for Human Resource Management (SHRM) study shows that 36% of employees leave for better benefits. Employee retention can be daunting, but we’re here to break it down! Therefore, we’re talking today about benefits. We’ll look […]
Read more
Employee engagement is a crucial piece of the recruiting and retaining top talent puzzle. When it comes to employee engagement, few people in Nextep can speak more authoritatively on the subject than our very own Director of Happiness, Tracey Hixon. To help you get started, Tracey answers some questions about how to retain employees by […]
Read more
In our employee retention series, we’ve talked about flexibility, employee growth, and diversity, equity, and inclusion (DEI). Now, let’s look at another topic that has a massive impact on attracting and retaining top talent: pay! The Great Resignation and the impacts of an ongoing pandemic have long-lasting effects. As a result, employees are evaluating their […]
Read more
Now is the time for employers to carefully review any arbitration or employment agreements they have in place. On March 3, 2022, President Biden signed the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act (HR 4445).  In cases of sexual assault or harassment in the workplace, many employers ask employees to sign arbitration […]
Read more
How often do you get the chance to expand beyond your current retention or recruiting strategies? It’s common for managers to get stuck in the daily work routine and overlook the growth opportunities their employees want. That neglect may mean a greater chance of talented employees leaving in the short run. Around 48% of employees […]
Read more
When employees can’t bring their whole self to work, they leave. Creating a diverse, equitable, and inclusive (DEI) workplace is imperative to increasing employee engagement and retention. Also vital: talking to your employees about it “Black and Hispanic workers are more likely than white workers to say they’re actively looking for new employment opportunities,” according […]
Read more
The Great Resignation: a term most leaders are probably tired of hearing but can’t ignore. So, instead, let’s talk about The Great Retention! We know tackling retention can be a daunting task, which is why we’re here to help you break it down and take it one step at a time.  The Great Resignation Retention […]
Read more
Finding a PEO can be a daunting task. You should feel confident in your partnership with Nextep or any PEO for that matter. To ensure you do, we’ve put together a short checklist of questions to ask in your meetings with PEOs.  1. What accreditations and certifications do you hold?  A few credentials you’ll want […]
Read more
(JANUARY 13, 2022) UPDATE: The Supreme Court halted OSHA’s emergency temporary standard (or ETS) to enforce COVID-19 vaccination statuses for employees. While there’s a chance new OSHA guidance could emerge at some point, you can disregard the previously announced vaccination mandate deadlines. As always, we’ll keep you in the loop if new legislation emerges. If you […]
Read more
It’s important to know about upcoming changes to tax laws for businesses. Prepare your company’s budget with this cheat sheet! 2022 Tax Update Breakdown Social Security wage base First $147,00 of wages in 2022 FICA – Social Security (OASDI) 6.2%, up to the wage base FICA – Medicare 1.45% up to $200,000, then 2.35% (The […]
Read more

Download Our App