2020 - Page 5 of 12 - Best Money Moves

Challenges of Working From Home During the Coronavirus Pandemic

by LizStevens | Jul 21, 2020 | Blog

Challenges of working from home during the coronavirus pandemic and what employers can do to help employees feel less stressed and be more productive.

Many employers are pushing back timelines for employees to return to the workplace as the number of new cases of COVID-19 surges in the U.S.

Working from home is the best way to keep employees who have the capability to do so safe. But it doesn’t come without its challenges.

Employees working remotely during the coronavirus pandemic grapple with distractions, the blurred line between work/home and they also have trouble maintaining a routine, according to research by JDP.

Employers can limit each of these drains on productivity and job satisfaction to lower the risk of burnout and keep the team connected while employees continue to work from home.

Challenges of Working From Home During the Coronavirus Pandemic

Here are the top challenges employees struggle with when working from home and what employers can do to help lessen their impact:

Distractions

54 percent of employees have more distractions at home
40 percent of employees find it hard to focus on work at home
15 percent of employees find it hard to focus on work with everything going on in the world

Employers can help employees limit distractions while working from home by being upfront about them. Discuss how typical distractions like pets, children and technology can pull from their focus and what they can do about it.

For example, employees with kids might set up a work station in a guest room rather than at a busy kitchen table or at a corner in a loud living room. Workers with pets could start taking a long walk with the dog before work so it isn’t as energetic and distracting later. Employees who are anxious about everything going on in the world could try turning off news notifications during work hours.

Every employee deals with varying distractions but prompting them to identify what pulls from their focus and helping them find ways to work around or work with it can make a big difference.

Lacking a Routine and Work-Life Balance

66 percent of employees are more likely to work nights and weekends when working from home
49 percent of employees found it hard to keep boundaries between work and home life
28 percent of employees are starting and finishing work later when working from home

Establishing a healthy routine and setting strong boundaries between work life and home life is critical to successfully working from home. It’s important for employees to have a set schedule when working from home but it’s also complicated because one of the major perks of remote work is having some flexibility over how and when they get their work done. Employees should aim to work on the same days for the same amount of time each week but remain flexible and communicate with employers if that schedule needs to be adjusted slightly for things like childcare, medical appointments or other responsibilities.

The Future of Working From Home

More than 80 percent of employers plan to permit employees to work from home on a part or full-time basis even after the coronavirus pandemic and over 40 percent of employers plan to provide more flex days and flex hours to improve the employee experience.

“As business leaders plan and execute the reopening of their workplaces, they are evaluating more permanent remote working arrangements as a way to meet employee expectations and to build more resilient business operations,” says Elisabeth Joyce, vice president of advisory in the Gartner HR practice.

The trend towards flexible work arrangements isn’t slowing down. If anything, it’s gaining speed and employers who consider how remote work and increased flexibility fit into their organization and how they can meet the challenges of managing a more complex, hybrid workforce position themselves for success.

How to Choose Your Benefits Package for 2021

by LizStevens | Jul 15, 2020 | Blog

How to choose your benefits package for 2021. How to determine which benefits are most important to employees and support a more productive workforce.

Employee benefits have undergone a remarkable transformation and have become a more important part of the employee experience.

The variety of benefits offered has expanded significantly, especially in the categories of health and wellness, and employees increasingly look for help from their employers.

Choosing the best benefits package for your employees is both critical and complicated. That’s why we’ve developed a simple, three-step strategy to help you identify the benefits your employees want most and formulate a communications plan to increase participation and engagement.

How to Choose Your Benefits Package for 2021 in 3 Steps

1. Audit Your Current Employee Benefits Offerings

Before you choose your benefits package for 2021 you’ll want to know more about how well your current benefits package was received:

Which benefits were used most frequently?
Did employees have any questions or concerns about the benefits being offered?
Did employees make any specific requests about benefits that aren’t currently offered?
Were employees confused about or unaware of any benefits?
Were any benefits ignored or underutilized?

If there isn’t an annual report for benefits engagement and performance, work with HR to create a process for it going forward. Historical data comes in handy whenever you’re making benefits decisions.

If a benefit is underutilized, it doesn’t necessarily mean that benefit should be scrapped. Nearly 60 percent of employees said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand, according to a survey by MetLife.

The next step will help you determine whether an underutilized benefit is something that employees don’t value or if it’s a benefit that needs to be restrategized.

2. Get Benefits Feedback from Employees and HR

The best way to identify the most important benefits to employees is to get their direct feedback. A short employee survey that includes questions about benefits that appear to be undervalued and new benefits you’re thinking of introducing will lead to more confident benefits decision making on the part of leadership. Surveys with multiple-choice questions quickly determine which benefits are most sought after, and, if you include open-ended questions, employees will tell you why those benefits matter most.

Then, meet with your human resources team to review the survey results and get their benefits insight:

What questions do employees ask about benefits?
Have employees inquired about programs that the organization doesn’t offer?
What does HR think about the current benefits engagement process?
Are there ways benefits communication can be improved?

Including HR in the planning process gives you a better understanding of how benefits are managed day-to-day and where improvements can be made.

3. Improve Benefits Communication for Better Benefits Participation and Engagement

When it comes to successful employee benefits participation and engagement it’s all about communication.

Valuable information can no longer be effectively communicated through annual meetings or email data dumps. Sending shorter, bite-sized benefits communications over a longer period of time is a much more effective way to improve benefits understanding. 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.

Employee benefits account for nearly 30 percent of total compensation and over 60 percent of potential hires are interested in benefits negotiations when reviewing job offers. Developing better processes for reviewing and building benefits packages can help employers reach goals for benefits participation and engagement as well as bolster job satisfaction, recruiting and retention efforts in 2021.

COVID-19 Pandemic Unemployment Assistance: What It Is and Who Can Apply

by Ilyce Glink | Jul 9, 2020 | Blog

COVID-19 pandemic unemployment assistance. As more Americans lose their jobs due to COVID-19 layoffs, pandemic unemployment assistance may help.

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was approved by Congress in late March, one of its most important initiatives was the Pandemic Unemployment Assistance (PUA). PUA has played a crucial role in financially assisting workers whose jobs have been affected by the Coronavirus/COVID-19 pandemic.

During this pandemic, the economy is undeniably suffering with about one million Americans filing first-time unemployment claims every week. Since the PUA can be a critical resource for Americans in need, we’ve broken down who it helps, how much your employees could possibly receive, and the process of applying.

Note that PUA access will vary based on which state your employees reside in. They can contact their state’s labor department to learn more about their individual situation.

Q: What is Pandemic Unemployment Assistance and What Does It Provide?

A: PUA is a form of government aid designed to increase access to unemployment benefits for Americans who have lost work due to the COVID-19 pandemic. The purpose of PUA is to expand who is able to receive unemployment assistance, extend the weeks that workers can receive aid and, in specific cases, increase the amount of money given to recipients.

Under the CARES Act, states are allowed to extend unemployment benefits by up to 13 weeks under the new Pandemic Emergency Unemployment Compensation (PEUC) program. PEUC benefits are available for weeks of unemployment beginning after the state implements the new program and ending on or before December 31, 2020.

Q: Who Is Eligible for Pandemic Unemployment Assistance?

A: The majority of Americans who have lost employment due to the COVID-19 pandemic are eligible to receive PUA. According to the CARES Act, employees usually qualify if:

Employees are sick with COVID-19 or have been exposed to the Coronavirus and are unable work
Employees have to care for anyone in their immediate family who has contracted the Coronavirus and are unable work

Employees also potentially qualify if they are prevented from working because of a quarantine, or if they are in a high-risk group and a medical professional has recommended that they self-quarantine. However, employees are likely ineligible for PUA if they are able to work remotely and continue to receive a paycheck from their employers.

Q: Do Self-Employed People Qualify for Pandemic Unemployment Assistance?

A: Typically yes, but PUA access differs by state. In most states, as long as employees are not eligible for regular unemployment benefits and are unable to work because of COVID-19, they generally qualify for PUA.

For self-employed workers and independent contractors, PUA offers up to 39 weeks of benefits, some of which may be available retroactively starting with weeks of unemployment beginning on or after January 27, 2020, and ending on or before December 31, 2020. The amount of aid self-employed individuals can receive varies state by state and is based on prior benefit amounts delineated by their state’s unemployment laws.

Q: Do Gig Economy Workers Qualify for Pandemic Unemployment Assistance?

A: Generally, yes. Again, it varies by state, so employees need to check with their state’s labor department for information on their individual situation.

The CARES Act says that gig economy workers — rideshare drivers, food and grocery delivery workers, etc. — potentially qualify for PUA if they cannot work because of the pandemic. For example, if a gig economy worker is unable to work after contracting COVID-19 or after developing complications after recovering from COVID-19, they might qualify for PUA.

They may also qualify if they lose the majority of their customers due to government-recommended social distancing or if municipal orders restrict movement in a way that makes their business unsustainable.

Q: How Do Employees Apply for Pandemic Unemployment Assistance?

A: Employees can file a claim with their state’s unemployment insurance program as soon as they become unemployed. Each state will have a specific process to determine who can receive PUA. Some states will have employees file a regular unemployment claim first, while others will have them make a PUA-specific claim first.

Note that employees can file a claim in any state they have worked, which can be done over the phone, online or in person, depending on the state. Since PUA benefits are different in every state, it’s worth looking into the aid each state offers when deciding where to file a claim. If employees are going to file for unemployment benefits in a state that’s different from where they live, they’ll need to contact the unemployment agency in their home state to find out how.

Additionally, it’s important employees fill out their claims carefully because errors might delay the process and prevent them from receiving their benefits on time.

Q: How Much Money Will Employees Receive from Pandemic Unemployment Assistance?

A: Employees’ PUA benefits are calculated using many factors, including how much money they used to earn when working and the unemployment insurance laws of the state where they reside. For example, the minimum amount employees can receive weekly in Alabama is $114, whereas in Hawaii it’s $263.

However, if employees qualify for PUA, they are guaranteed a weekly benefit of $600 from the federal government as part of the CARES Act. Regardless of how much employees end up receiving from their state, they will receive this $600 in addition to their state benefits. These unemployment benefits are still subject to federal income taxes and most state income taxes.

Q: When Will Employees Receive Their Pandemic Unemployment Assistance?

A: It will vary by state. Since states are overwhelmed with so many people filing for unemployment, anticipate a delay.

Q: Can Employees Quit Their Jobs to Get Pandemic Unemployment Assistance?

A: Most likely no. PUA is meant to provide assistance to Americans who have lost their job through no fault of their own. If employees intentionally quit their jobs in order to receive PUA (or any unemployment benefits), it is considered fraud.

However, the CARES Act states that employees might still qualify if they quit for a reason directly tied to COVID-19. While this does not include resigning because they’re afraid of contracting COVID-19 at work, it might cover resigning because a medical professional has determined they are a high-risk individual and should self-quarantine. Employees can also file a complaint with the Occupational Safety and Health Administration (OSHA) if they think their employer is not adhering to the standards determined by OSHA.

Additionally, the CARES Act says that anyone who receives regular unemployment compensation must accept any offer of suitable employment. For example, if employees were furloughed when their place of employment closed because of the COVID-19 pandemic, they typically have to go back to work as soon as their employer reopens. If they don’t, it could lead to a termination of the PUA benefits they were receiving.

If your employees have lost work due to COVID-19, PUA can potentially provide some financial relief. PUA varies state by state, so have them check with their state about how they are implementing PUA. Employees can find the contact information for their state unemployment insurance office here.

Top 10 Employee Benefits for 2021

by LizStevens | Jul 8, 2020 | Blog

Top 10 employee benefits for 2021. HR trends forecast the most desired employee benefits for 2021 like financial wellness programs and flexible work arrangements.

UPDATE, read 4 Top Benefits Trends for 2022

It’s time for employers to start planning their employee benefits packages for 2021.

The coronavirus pandemic has presented significant challenges for employers and highlighted the unprecedented levels of stress employees face in their everyday lives. But what can employers do to help?

Employers who focus on what employees need to achieve a healthy work-life balance and lower stress will be the ones who come out strongest.

Top 10 Employee Benefits for 2021

#1 Financial Wellness Programs

The negative impact that financial stress has on an employee’s ability to get work done has been well documented in recent years but the coronavirus pandemic drove home just how important it is to have access to financial tools, resources and advice especially during uncertain times.

The best financial wellness programs, like Best Money Moves, recognize that every worker experiences different kinds of financial stress and harnesses machine learning to guide employees to the information they need most.

Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. It’s also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

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.

#2 Flexible Work Arrangements

Employees who were used to commuting to the office every day suddenly found themselves setting up spaces to get their work done at home. It might have been a rough transition at first, but after a few months of getting settled employees now want to hold onto some of that flexibility when they get back to the workplace. According to a survey by Glassdoor, more than 60 percent of employees would have liked to continue working from home full-time even after COVID-19 restrictions were lifted if given the option and just as many would consider applying for a position that is entirely remote when looking for a new job.

#3 Health Insurance Benefits

Most employees (56 percent) have used a credit card to pay for medical care at some time in their lives and more than half of them still owe money because of that decision, according to research by CompareCards. Nearly 60 percent said they wouldn’t have been able to afford the cost of care otherwise.

Employers who don’t offer health insurance might want to reconsider and employers who do should audit their healthcare offerings to determine the out of pocket costs of deductibles, prescriptions, copays and then work with benefits brokers to provide better coverage.

Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are other ways employers can help address the high cost of healthcare and employees indicated programs like HSAs and FSAs would have eased stress and improved their well-being during the coronavirus pandemic in a survey by MetLife.

#4 Paid Time Off

Over 75 percent of employees live paycheck to paycheck. Workers who live paycheck to paycheck and don’t have any paid time off through their employer struggle to take time off, for any reason. Employees can’t perform at their best and aren’t as productive when they’re ill, overworked or distracted because they’re missing something important in their personal life.

Many states have passed legislation requiring employers to provide some form of paid medical and family leave, but surprisingly, some states like Maine and counties like Bernalillo, NM are also passing laws mandating paid time off for any reason.

#5 Mental Health Benefits

Roughly 1 in 4 employees have been diagnosed with depression and 40 percent of them take an average of 10 days off from work each year because of their mental illness, according to the American Psychiatric Association (APA).

Nearly 60 percent of employees struggling with mental health said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand, according to a survey by MetLife.

It’s important to have mental health benefits that are easy for employees to access and understand, but employees might not use them if employers don’t also work to reduce the stigma that there’s something wrong with being depressed, anxious or struggling with a mental illness.

#6 Family-Friendly Employee Benefits

Employee benefits for family planning and for new parents have been on the rise in recent years with programs emerging to cover the costs for treatments like in-vitro fertilization (IVF) and egg freezing or harvesting. Significant expansions have also been made to paid and unpaid maternity, paternity and adoption leave.

While progress has been made for parents at work in many areas, child care is still lagging. Both parents are employed in more than 60 percent of American families, yet only 6 percent of companies offer child care benefits, according to research by Clutch. Another study, by New America’s Better Life Lab and Care.com, found that the average annual cost of full-time center-based child care ($9,589) is more expensive than in-state college tuition ($9,410). In order to offset the high costs of child care, more employers are starting to provide resource and referral services for childcare, on-site or near-site childcare and childcare subsidies.

#7 Professional Development Benefits

In recent years, employers have been providing more professional development opportunities, including cross-training to develop skills not directly related to the job, executive or leadership coaching, formal mentoring or career coaching to employees, according to research by the Society for Human Resource Management (SHRM).

Employees want to move forward in their careers and offering benefits that give them the opportunity to hone their skills and stay on top of industry changes are a win-win for employers.

#8 Student Loan Employee Benefits

Benefits brokers have developed solutions to help employees who are struggling to pay down their share of the more than $1.6 trillion in student loan debt and more employers are starting to adopt them as a tool to attract and retain younger employees. The number of employers offering student loan repayment assistance jumped from just 3 percent in 2015 to 8 percent in 2019. Other programs employers offer include undergraduate or graduate tuition assistance, 529 plan payroll deductions, scholarships for members of employees’ families and employer contribution or matches to 529 plans.

#9 Pet-Friendly Employee Benefits

Benefits for pet owners, affectionately dubbed pet-perks, have been growing in popularity. Animals can help reduce stress and loneliness, which explains why many animal shelters had a record number of adoptions occur when people were under orders to stay-at-home during the COVID-19 pandemic. Pet perks include allowing employees to bring pets to work, offering pet insurance or paid time off for new pet owners.

#10 Social Responsibility Benefits

Employees want to work for employers who give back to their community and care about important social issues like racism and climate change. Lily Zheng, writing for the Harvard Business Review says that we’re entering the Age of Corporate Social Justice and that research shows companies with strong Corporate Social Responsibility (CSR) programs, which include social issue marketing, philanthropic efforts, employee volunteer initiatives, and diversity and inclusion work are more profitable than those that don’t.

Financial Impact of COVID-19 on Employees

by LizStevens | Jun 24, 2020 | Blog

Financial impact of COVID-19 on employees. Financial stress is high and employees are worried about healthcare costs, everyday expenses and how the pandemic will impact their retirement.

An astounding 10 percent of employees exhausted their emergency savings within the first two weeks of the pandemic, according to research by Edelman Financial Engines. Just one month into the crisis, almost a third of employees had depleted their emergency funds and stopped contributing to their retirement accounts.

“Large numbers of American workers are suffering financially, and their plight is likely to linger even after the economy begins to recover,” said Kelly O’Donnell, Executive Vice President at Edelman Financial Engines and head of the firm’s workplace business.

Financial Impact of COVID-19 on Employees

Retirement

Most employees (52 percent) are concerned about the value of their retirement savings or other investment accounts. More than 25 percent of workers have already dipped into their retirement or plan to do so soon, according to research by Bankrate. Another survey by TD Ameritrade found that over 70 percent of employees expect the pandemic to impact their senior years and more than 20 percent believe that impact will likely be severe.

Emergency Savings

Over 60 percent of employees wouldn’t be able to come up with $2,000 within 30 days for an emergency. Thirty percent would need to make sacrifices to come up with $2,000, 14 percent would have to do something drastic to raise the money and 10 percent wouldn’t be able to find the funds anywhere.

Debts and Everyday Expenses

More than half of mortgage loan and auto loan borrowers are concerned about making payments in the next few months and employees are increasingly turning to credit cards to cover everyday expenses like groceries and takeout.

Many lenders are offering some form of COVID-19 relief, most commonly forbearance, which allows employees to temporarily stop making payments on debts or make reduced payments for a certain period of time. It can alleviate some financial stress in the short term, but employees should keep in mind that the same amount of money is owed once forbearance ends and they may need to make additional payments to catch up.

According to research by Capital One and The Decision Lab, the more financially stressed employees are, the less likely they are to make smart decisions when it comes to spending and saving, which helps explain why nearly 70 percent of employees made an online purchase specifically to cope with the stress of the pandemic.

How Financial Wellness Programs Can Help Employees Get Back on Track

Nearly 40 percent of workers told Edelman Financial Engines that they could benefit from financial advice during the pandemic.

“Companies that give workers better access to financial advice can help alleviate their employees’ financial stress, leading to increased productivity, lower turnover and reduced absenteeism,” O’Donnell said.

Research by Bank of America found that 91 percent of employees who participate in financial wellness programs say those resources have helped them. And, 95 percent of employers who offer those programs agree that these support systems have been effective in reaching their company’s goals.

Financial wellness programs, like Best Money Moves, provide the guidance, tools, and support employees need to reduce their financial stress.

Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

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.

Challenges of Working From Home During the Coronavirus Pandemic

Challenges of Working From Home During the Coronavirus Pandemic

Distractions

Lacking a Routine and Work-Life Balance

The Future of Working From Home

More on Topics Related to the Challenges of Working From Home During the Coronavirus Pandemic

How to Choose Your Benefits Package for 2021

How to Choose Your Benefits Package for 2021 in 3 Steps

1. Audit Your Current Employee Benefits Offerings

2. Get Benefits Feedback from Employees and HR

3. Improve Benefits Communication for Better Benefits Participation and Engagement

More on Topics Related to Employee Benefits and HR Trends

COVID-19 Pandemic Unemployment Assistance: What It Is and Who Can Apply

Q: What is Pandemic Unemployment Assistance and What Does It Provide?

Q: Who Is Eligible for Pandemic Unemployment Assistance?

Q: Do Self-Employed People Qualify for Pandemic Unemployment Assistance?

Q: Do Gig Economy Workers Qualify for Pandemic Unemployment Assistance?

Q: How Do Employees Apply for Pandemic Unemployment Assistance?

Q: How Much Money Will Employees Receive from Pandemic Unemployment Assistance?

Q: When Will Employees Receive Their Pandemic Unemployment Assistance?

Q: Can Employees Quit Their Jobs to Get Pandemic Unemployment Assistance?

More on Topics Related to the Coronavirus Pandemic and Unemployment

Top 10 Employee Benefits for 2021

Top 10 Employee Benefits for 2021

#1 Financial Wellness Programs

#2 Flexible Work Arrangements

#3 Health Insurance Benefits

#4 Paid Time Off

#5 Mental Health Benefits

#6 Family-Friendly Employee Benefits

#7 Professional Development Benefits

#8 Student Loan Employee Benefits

#9 Pet-Friendly Employee Benefits

#10 Social Responsibility Benefits

More on Topics Related to Top 10 Employee Benefits for 2021

Financial Impact of COVID-19 on Employees

Financial Impact of COVID-19 on Employees

Retirement

Emergency Savings

Debts and Everyday Expenses

How Financial Wellness Programs Can Help Employees Get Back on Track

More on Topics Related to the Financial Impact of COVID-19 on Employees

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