2020 - Page 3 of 12 - Best Money Moves

Building Your COVID-19 Return to Work Safety Plan

by LizStevens | Sep 23, 2020 | Blog

Building your COVID-19 return to work safety plan. Employees worry their health and safety will be compromised but a strong safety plan can reassure them it’s safe to return.

The vast majority – 82 percent – of employers don’t feel adequately informed about the procedures that need to be in place to ensure a safe working environment during the COVID-19 pandemic, according to research by Humana Health Shield.

And 75 percent of their employees agree. They aren’t confident about the return-to-work measures their employers have put in place and 68 percent feel their health and safety will be compromised at work when they return.

It’s paramount that employers are confident about the COVID-19 workplace safety measures they’ve put in place as many plan to return, soon. Nearly 60 percent of employers will be ready to welcome their staff back at the end of September and another 13 percent expect to bring employees back by the end of the year.

In order to ensure a safe return, employers need to pay close attention to guidance from respected health and workplace protection agencies, revise sick leave policies and directly address worker concerns to reassure them that it is safe to return.

Building Your COVID-19 Return to Work Safety Plan

First, employers should familiarize themselves with two important resources, COVID-19 Guidance for Businesses and Employers from the Centers for Disease Control and Prevention (CDC) and Guidance on Preparing Workplaces for COVID-19 from the Occupational Safety and Health Act (OSHA). These guidelines elaborate on effective ways employers can lower the risk of exposure at work and respond to employees who are showing symptoms of COVID-19 or have tested positive for COVID-19.

Then, it’s time for employers to revise their sick-leave policies. Just 22 percent of employers updated their sick-leave policies and only 19 percent updated communications policies for exposure. It helps that 67 percent of workers are willing to do daily symptom check-ins with their employer and 75 percent would be comfortable with employers tracking their symptoms.

Finally, employers need to address employee concerns about returning to work directly. Employees are worried their health and safety will be compromised when they return or that their employer hasn’t taken adequate safety precautions. They’re most concerned about their co-workers’ hygiene (17 percent), commuters (25 percent) and the workplace environment (21 percent). Over 70 percent of employees rank their co-workers as posing the single most significant COVID-19 transmission risk in the workplace. In order to address these concerns, almost nine in 10 employers have introduced new hygiene protocols, with 70 percent having changed the layout of their workplace.

“To avoid a devastating repeat of a prolonged, slow recession, Americans need the opportunity to return to work. Our data shows that there are two factors that will enable a fast and safe return to the workplace: one, clear communication between employers and workers, and two, technological solutions such as risk stratification and symptom tracking,” said Jessica Federer, Managing Director at Huma US. “As a country, we are resilient, and we will rebound. But it will take a collective effort of us working together across industries, combined with the smart application of technology to make it happen. Together, we can not only support the recovery of our economy and our businesses but the health and wellbeing of each and every person.”

Employee Financial Wellness During the COVID-19 Pandemic

by daniel@bestmoneymoves.com | Sep 22, 2020 | Blog

Financial wellness during the COVID-19 pandemic. How COVID-19 is impacting financial stress, and how financial wellness programs can help.

The vast majority of U.S. employees – 84% – expect the COVID-19 pandemic to impact their long-term financial wellness, according to a new study from Northwestern Mutual. The annual Planning and Progress study also found that while the pandemic is financially distressing, it actually inspires resiliency and some positive behavioral change.

Higher levels of employee financial stress are linked with lower productivity and poor financial decisions, creating a negative feedback loop. This new study showed that some employees are taking a different approach. “People appear to be cautiously optimistic about the future and a growing number are taking responsibility and action, which are key ingredients for financial planning,” said Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual.

Financial Stress Statistics During COVID-19

The most substantial result of the study is an increase in financial stress. A hefty 38 percent of participants took undesirable steps to make ends meet in the short-run. Some of those steps included:

26 percent of participants took advantage of payment deferral options
19 percent of participants pulled from their personal savings or emergency funds
13 percent of participants borrowed from a family member or friend

As a result of the tangible damages of the COVID-19 pandemic, workers expressed a declining sense of financial wellness. Nearly 60 percent of employees believe the financial impact of COVID-19 will be moderate or high. Just 35 percent of participants rated themselves as financially secure. That is a drop of 10 percentage points from the pre-pandemic statistic. On the other side of the spectrum, 19 percent of participants rated themselves as not financially secure, a seven percentage point jump from the 12 percent statistic prior to COVID-19.

Increased Demand for Financial Wellness Due to COVID-19

For many employees, COVID-19 has illuminated areas of financial stress that they would like to alleviate. More so than before the pandemic, workers are trying to meet the challenges of this economic downturn and striving for financial wellness. Fifteen percent of participants said they did not have a financial plan before the pandemic, but now created plans and 20 percent of participants said they made significant adjustments to the plans they had before the pandemic.

The pandemic also inspired a significant uptick in the number of Americans looking for financial guidance: 19 percent of Gen X, 22 percent of Millenials and 22 percent of Gen Z said they did not previously have financial advisors but are now in the market for them. As these younger generations continue to enter the workforce, their demand for financial health benefits continues to increase. It is an opportune time for employers to supply financial wellness programs.

While 84 percent of Americans COVID-19 to have a negative impact on their financial wellness, a similarly large 83 percent of Americans believe they’ll achieve long term financial security.

How Financial Wellness Programs Can Help

Now more than ever, the importance and desire for financial wellness is evident. Platforms like Best Money Moves have the support system employees are seeking.

Best Money Moves is more than a calculator and a budgeting tool. It is a user experience. We leverage user analytics to create individualized employee content and gamify the platform to encourage consistent engagement. When employees need a helping hand, our team of money coaches is always at the ready. And, of course, employee information is always private.

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

Reducing Employee Burnout During the COVID-19 Pandemic

by LizStevens | Sep 15, 2020 | Blog

Reducing employee burnout during the COVID-19 pandemic. What’s driving employee burnout during COVID-19 and what employers can do about it.

Employee burnout has skyrocketed to 58 percent, according to research by Eagle Hill Consulting. It’s up from 45 percent in the early days of the pandemic and over a third of workers attribute their burnout to circumstances related to COVID-19, up from 25 percent in April.

“This level of burnout is problematic and could increase as millions of employees continue to work from home, and many schools remain unable to fully open. We’re in this pandemic for the long haul, and employers have got to find a way to make workloads sustainable for employees and better equip managers to lead. Otherwise, companies risk harming their bottom line and brand,” said Melissa Jezior, president and chief executive officer of Eagle Hill Consulting.

Reducing Employee Burnout During the COVID-19 Pandemic

These are the top five drivers of employee burnout during the COVID-19 pandemic that Eagle Hill Consulting identified in their recent research:

47 percent of employees say their burnt out from their workload.
39 percent say it’s from balancing work and their personal life.
37 percent say it stems from a lack of communication, feedback and support.
30 percent say they’re under time pressures and expectations are unclear.
28 percent point to performance expectations.

Research from Yale University found that employees experiencing burnout reported high demands and high resources while employees who were ‘optimally’ engaged reported low to moderate demands and high resources. ‘Optimally’ engaged employees had support from their supervisors through rewards and received recognition without having to struggle with cumbersome bureaucracy, demands for concentration, or heavy workloads.

Many organizations are adapting to remote workforces during the pandemic and it’s important that they manage their expectations during the transition and provide workers with resources they need to thrive in a work-from-home environment.

Employers that want to reduce the negative impact employee burnout has on productivity, employee engagement, job satisfaction and rentention should monitor workloads and common signs of burnout (exhaustion, frustration, anxiety, inability to keep up with daily tasks) to find out when it’s time to dial demands back and expand resources. The addition of wellness programs can ease stress and help employees better maintain a work-life balance, but if demands are too high employees will still burnout.

Preparing for Virtual Open Enrollment in 2020

by LizStevens | Sep 9, 2020 | Blog

Preparing for virtual open enrollment in 2020. How employers can utilize employee data and streamline communications for successful virtual open enrollment.

Employers are preparing for virtual open enrollment as many employees continue to work remotely during the COVID-19 pandemic.

It’s more important than ever that employees make informed decisions about their benefits because many organizations have been forced to make significant changes to their benefit plans as they face new economic uncertainty. But that doesn’t mean they will. A survey by MetLife found that employees dread open enrollment almost as much as going to the DMV to renew their driver’s license and 20 percent of them spend only a few minutes reviewing benefits plans before making a selection.

In order to reduce unnecessary costs and ensure that employees enroll in the programs that best suit their needs, employers need to utilize employee data and streamline benefits communications for successful virtual enrollment.

Preparing for Virtual Open Enrollment in 2020

Managing Costs While Meeting Needs

Employers are walking a fine line as they strive to lower program costs while still meeting the needs of their employees.

Their primary challenges when it comes to healthcare cost-management are the high cost of medical services (67 percent) and specialty drugs (47 percent), according to research by Gallagher. In an effort to reduce unnecessary costs, employers are conducting audits of plan eligibility (18 percent) and claims (15 percent), as well as considering narrow provider networks (14 percent), designated centers of excellence (10 percent) and integrated health and disability management programs (9 percent).

COVID-19 has also accelerated a trend towards telemedicine as a cost-control tactic. Telemedicine provides employees with socially-distanced care options and is often less costly than standard office visits or trips to emergency rooms and urgent care facilities.

Utilizing Employee Data and Streamlining Communications

Nearly 65 percent of employers use employee-initiated feedback and 45 percent rely on satisfaction and engagement surveys to measure their communication success. Gallagher encourages employers to take a closer look at the data they have at their disposal, like web analytics and portal visits to determine what’s working and what isn’t.

When it comes to communicating for successful virtual open enrollment, employers should focus on sending smaller bite-sized benefits communications that employees can more easily digest, rather than overwhelming all-in-one emails that they’re likely to just skim, if they read them at all. It will also help to clearly identify who employees can reach out to with any questions about programs or offerings.

Open enrollment is just as stressful for employees as it is for employers and moving it fully online inevitably creates some challenges. Sending less bulky communications that break down the process without complicating it will help employees pay closer attention and enroll in the benefits that they can use most.

HR Trends 2021: Which Benefits Do Employees Value Most?

by LizStevens | Sep 1, 2020 | Blog

HR trends 2021: which benefits do employees value most? Employees want benefits that better support their health and wellness after the COVID-19 pandemic.

Benefits priorities are shifting considerably due to the COVID-19 pandemic.

Only 55 percent of employees believe their company is making the best decisions about their benefits, according to new research by The Hartford. Just 44 percent think their benefits package is above average compared to what other employers are offering.

“The pandemic has put pressure on the American workforce in ways few could have predicted and employees need support more than ever,” said Jonathan Bennett, head of Group Benefits at The Hartford. “Now is the perfect time for employers to address employees’ changing attitudes about benefits.”

HR Trends 2021: Which Benefits Do Employees Value Most?

These are the benefits and services that employers are adding to bring their benefits plans closer to their employees’ values:

Employee Assistance Programs (EAP) (56 percent)
Paid Time Off (52 percent)
Wellness Benefits (51 percent)
Behavioral/Mental Health Services (51 percent)
Critical Illness Insurance (50 percent)
Hospital Indemnity Insurance (48 percent)
Paid Time Off for Volunteering (42 percent)
Student Loan Repayment Plans (38 percent)
Paid Sabbatical (38 percent)
Pet Insurance (29 Percent)

Many of the most highly sought after benefits are centered around employee health, including their physical, mental, financial health as well as the health of their loved ones and their communities. Health and wellness has been an HR trend for quite some time but the COVID-19 pandemic has shown that the employee demand for these types of benefits is as strong as ever.

The Importance of Benefits Communication

More employers are recognizing how important communication is to the success of any benefits program. Up from 63 percent at the start of the pandemic, 69 percent of employers told The Hartford they’re mostly or fully responsible for making sure employees understand the benefits offered.

In other surveys, employees have admitted that they don’t understand all the benefits their organization offers or that the programs available don’t meet their needs or are too difficult to understand.

Employers can improve benefits communication in three steps:

Send shorter, bite-sized benefits communications over a longer period of time rather than the traditional method of dumping it in an employee handbook or an annual employee benefits email.
Test different methods of communication, like text messaging, phone calls and instant messenger in addition to emails or meetings.
Track participation, open and click rates to see which method is the best way to reach your employees.

It’s not enough to follow the latest HR trends and make changes accordingly, employers need to work with their employees to determine what benefits are most valuable to them, which programs fit their needs and how they can make it easier for them to access their benefits.

Building Your COVID-19 Return to Work Safety Plan

Building Your COVID-19 Return to Work Safety Plan

More on Topics Related to Returning to Work and the COVID-19 Pandemic

Employee Financial Wellness During the COVID-19 Pandemic

Financial Stress Statistics During COVID-19

Increased Demand for Financial Wellness Due to COVID-19

How Financial Wellness Programs Can Help

More on Topics Related to Employee Financial Wellness During COVID-19

Reducing Employee Burnout During the COVID-19 Pandemic

Reducing Employee Burnout During the COVID-19 Pandemic

More on Topics Related to Employee Burnout and the COVID-19 Pandemic

Preparing for Virtual Open Enrollment in 2020

Preparing for Virtual Open Enrollment in 2020

Managing Costs While Meeting Needs

Utilizing Employee Data and Streamlining Communications

More on Topics Related to Virtual Open Enrollment and Employee Benefits

HR Trends 2021: Which Benefits Do Employees Value Most?

HR Trends 2021: Which Benefits Do Employees Value Most?

The Importance of Benefits Communication

More on Topics Related to HR Trends: What Benefits Do Employees Value Most?

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