2017 - Page 4 of 14 - Best Money Moves

What Financial Wellness Did for Delta Dental Colorado’s Employee Benefits Program

by Lauren Kocher | Oct 11, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Last week, Delta Dental Colorado saw some much-deserved recognition for adding financial wellness to its employee benefits program. Since launching Best Money Moves in May, 65 percent of the company’s employees have started their journey toward dialing back their financial stress.

Helen Drexler, CEO of Delta Dental Colorado, had many kind things to say about what Best Money Moves does for her employees.

“I think financial wellbeing is something many employers are beginning to see as a foundational part of any benefit strategy,” she said. “If employees aren’t feeling financially healthy, they suffer stress and it impacts their ability to be focused and work effectively in the workplace.”

Workers of all generations benefit from Best Money Moves’ customizable tools. Our proprietary algorithm, designed to respond to employees’ unique financial concerns, provides tailor-made collections of articles, videos, calculators and other educational materials that help people get a better handle on their money.

“My 64-year-old employee might have different financial questions than my 25-year-old employee,” Drexler continued. “Their ability to customize based on the end user was really innovative.”

See what else she had to say about Best Money Moves.

Financial stress is distracting your employees. It’s widely accepted that financial stress has permeated the workforce, and that’s bad news for your employees. Learn what you can do to help.

Mental health days are more important than you might realize. According to a report by the National Business Group on Health, mental illness and substance abuse disorders can cost employers an estimated $17 billion each year. Here’s what the experts say.

Do your employees know what to do in the event of a cyberattack? Seventy percent of workers don’t, according to MediaPro’s second annual State of Privacy and Security Awareness Report. This is why companies need to help employees prepare.

Does your company support remote work? You might want to consider it. According to Owl Labs and TINYPulse’s 2017 State of Remote Work report, companies that allow remote work experience 25 percent lower employee turnover. See the full report.

Many employees are unsatisfied with their current career paths. In fact, only 37 percent of employees surveyed by the University of Phoenix reported being “very happy” with where their professional lives were headed. What does this mean for you?

What’s a better: hiring a skilled employee, or a loyal one? Both offer their own benefits, but it can make a big difference for your company which type of person you choose. Learn more.

When it comes to attracting top talent, perks matter. Some companies take this to the extreme, doing their best to one-up each other with the best (and sometimes strangest) benefits available. Here are 12 of the most luxurious employee perks.

Paid family leave is becoming a top employee benefit. It makes sense, considering more and more workers are caring for both children and aging parents. Is paid family leave is right for your company?

Are you engaging your hourly workers? With fewer financial incentives, performance evaluations can be a good way to show hourly workers they are valued, and promote retention and engagement. Read these stats before you start.

Have something to add? Email info@bestmoneymoves.com.

Why Your Employee Retention Problem is a Professional Development Problem

by Lauren Kocher | Oct 4, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Struggling with employee retention? Boost your professional development programs.

Eighty-seven percent of millennials think it’s important to have opportunities for professional development at their jobs. In fact, a lack of growth opportunities at work is one of the key reasons that employees leave for greener pastures.

More and more organizations are offering career-growth benefits that are tailored to their employees. According to SHRM, 43 percent offer executive or leadership coaching, 22 percent offer formal mentoring programs and 16 percent offer career counseling.

Employees at all levels can benefit from training programs that help build skills, from public speaking exercises to continuing education courses designed specifically for your company. Here’s why helping employees succeed is good for morale and your bottom line.

Next week, Best Money Moves will compete to win top prize as the Next Great HR Tech Company. Our Founder and CEO, Ilyce Glink, will be up on the main stage at the the HR Tech conference, talking about financial wellness and why Best Money Moves is the most innovative choice when it comes to financial wellness solutions.

If you’re going to be at HR Tech, please stop by our booth (it’s 3749) to say hello!

We’re thrilled to welcome another company to the Best Money Moves family! As of last week, YWCA Chicago’s employees are taking the first steps toward identifying and dialing down their financial stress. Welcome!

What’s in store for employee benefits in 2018? Younger employees are changing the landscape, and financial security continues to be a big concern. See what other trends you can expect next year.

How will you connect employees to the right benefits during open enrollment? Persona-based decision support tools can help craft tailored messages to better communicate about voluntary benefits. Learn more.

For the first time in history, five generations will be working together. Accommodating a wide range of people with different needs will be a challenge for HR departments. Understand these key differences.

Your employees are worrying about money. According to a new survey from Mercer, 16 percent of employees spend more than 20 working hours each month worrying about their finances. Learn what you can do to help.

Your employees have student debt, and it’s impacting their financial wellness and personal health more than you might imagine. What can you do about it?

Are remote employees worth the distance? With 43 percent of Americans reporting they work remotely, it’s a trend that seems to be sticking around. These experts weigh in on the business benefits companies are seeing.

In the “War for Talent,” identity theft insurance is a benefit on the rise. HR pros not only see it as a way to help protect their employees, but to boost recruitment, retention and engagement at work. Should you consider ID theft insurance?

Why don’t millennials have life insurance? Half of millennials simply haven’t been approached about it, according to a LIMRA survey. Here’s how to get millennials on board.

Have something to add? Email info@bestmoneymoves.com.

Financial Stress and the Workforce: Your Employees Are Worrying About Money Troubles

by Ilyce Glink | Sep 28, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Your employees are worrying about money. And, they’re spending a lot of their working hours each month distracted by financial stress.

It’s widely accepted that financial stress has permeated the workforce. Human Resources professionals discuss the effects of financial stress, including everything from lower levels of productivity and retention to higher costs of healthcare, higher levels of workplace accidents, and more unexplained absences.

Mercer, a global consulting company, recently published a new study, Inside Employees’ Minds: Financial Wellness. After surveying more than 3,000 employees, Mercer concluded that employees spent an average 13 working hours each month thinking about their financial troubles, while 16 percent spent more than 20 working hours a month worrying about their personal financial stress.

That means they’re not thinking about the company or focusing on their job. The study concludes that these lost 13 hours per month is “enough of an incentive for employers to help employees address financial concerns.”

The company has created a Mercer Financial Wellness Index to measure and assess an employee’s overall financial wellness. Those with lower levels were preoccupied with paying their monthly bills and those with higher levels were preoccupied with retirement, the study found.

The study also found that some of those employees who are the most stressed earn a significant amount of money. “As measured by the Mercer Financial Wellness Index, 14 percent of those in the two lowest financial wellness groups have household incomes of more than US $100,000.”

The study concluded that traditional means of financial education, often referred to as financial literacy, isn’t enough on its own. Using a program that focuses solely on education won’t help employees reduce financial stress. Successful programs must have the ability to personalize to an employee’s needs and individual financial stressors.

Mercer concluded that finding programs that create “financial courage” will help employees engage in issues at a deeper and more meaningful level, and they have created the Mercer Financial Courage Index to try to help employers engage in financial wellness.

Read Inside Employees’ Minds: Financial Wellness.

Ilyce Glink is the Founder/CEO of Best Money Moves.

Paid Vacation Has a New Look. Do You Need This Employee Benefit?

by Lauren Kocher | Sep 27, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

American workaholics have given rise to a new employee benefit: paid paid vacation.

In 2015, Project: Time Off found that 55 percent of Americans had a collective 658 million days of unused vacation time. That works out to about two weeks for every person. In response to this so-called “work martyrdom,” many U.S. companies have introduced “paid paid vacation” perks to encourage their employees to take time off. It’s not just to attract talent, either. These significant vacation bonuses, stipends and other time-off perks are geared toward helping employees reduce stress and improve their mental health. Would this work for your company? Learn more.

Millennial employees are new to financial adulthood. One of the first steps toward financial independence is building a budget, but many workers – young and old – don’t know where to start. Here’s how to answer their questions.

What’s the trick to keeping loyal employees? People want to work for companies with inspiring missions. Develop a shared vision.

Poor mental health is costing your company money. Sixty percent of employees diagnosed with a mental illness don’t seek treatment, which leads to high turnover, burnout, exhaustion and decreased motivation at work. Understand what you can do to help.

Generation Z just joined the workforce, and they’re already changing the benefits landscape. Their biggest financial concern? Student loan debt. Get ready for Gen Z workers.

Some job perks appeal to workers of every generation. Not everyone has student debt or wants to work from home, but there are some benefits everyone agrees are essential. Here are the top three.

More employers than ever are seeking wellness solutions. They recognize that employee health doesn’t just save money; it leads to increased productivity and satisfaction as well. Check out these key trends.

Not all millennials are the same. The needs of a 23-year-old are different from those of a 35-year-old, but both get lumped together by generation. Craft a benefits package that meets workers where they are.

Are you comfortable at work? Removing distractions and improving your office’s creature comforts boosts productivity. Learn how to get started.

It’s no surprise that the American workplace is changing. The majority of U.S. employees are hourly workers, and technology is having a profound effect on the way many jobs are done. Look out for these four shifts.

Have something to add? Email info@bestmoneymoves.com.

Engagement Will Prove the Value of Your Financial Wellness Program

by Lauren Kocher | Sep 20, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Is your financial wellness program paying off?

Some companies look at the price of financial wellness programs to decide which service to offer, but it’s more complicated than that. A recent survey by Ernst and Young reveals that employee engagement is a better indicator of whether a financial wellness program is “worth it.”

It starts with understanding your workforce’s diverse demographics, since most workforces span multiple generations, as well as how people think and feel about money. In this case, the survey results were clear: Companies that invested in financial wellness plans saw a direct and positive impact on employee well-being, retention and productivity.

Financial wellness can’t be measured effectively using short-term metrics, but by taking a calculated risk to support employees, companies are seeing results that really matter. Check out the full report to see the benefits of an engagement-focused approach.

Best Money Moves is a Next Great HR Tech Company finalist! We are incredibly grateful for your support and can’t wait to take the stage at the HR Technology Conference in October. See the full list of finalists.

Men and women experience work differently. That means your company’s efforts to boost employee engagement can’t be one-size-fits-all. Here are some solutions.

What’s the trick to keeping millennial employees around? This ex-Google employee thinks student loan repayment has something to do with it. Read her solution.

How are employers addressing the rise in healthcare costs? By looking at which health conditions are hitting their employees hardest and helping them better manage their symptoms. Here are the 10 biggest culprits.

Gen Z is ready to disrupt the workforce. This generation, comprised of people born in 1994 or later, are entering the workforce with a new approach to diversity, communication, technology and benefits. Learn how to keep up.

Work-life balance is pushing older workers into retirement. Sudden health shocks, caregiving responsibilities and other obligations often cause workers to retire earlier than they might have otherwise. What can employers do to help?

Open enrollment isn’t just about health insurance. This year, employers are likely to offer more voluntary benefit options than in the past, including expanded financial wellness programs. See what else is in store.

How do you know if your employees are engaged? Surveying employees is a typical strategy, but what if you’re asking the wrong questions? Build a better engagement survey.

Telehealth is an employee benefit on the rise. According to the Large Employers’ 2018 Health Care Strategy and Plan Design Survey, 96 percent of employers will offer telehealth services next year in states where it is permitted. Learn more.

Have something to add? Email info@bestmoneymoves.com.