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4 Top Benefits Trends for 2022

4 Top Benefits Trends for 2022

by | Nov 3, 2021 | Blog

4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022. 

The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.

Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.

4 of the top employee benefits trends to keep in mind for 2022

1. Personalized Benefits

Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided. 

Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to

2. Increased flexibility/remote work

The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work.  In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home. 

Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees.  In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more.  Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.

3. Mental health benefits

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Financial wellness benefits

Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression.  Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

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.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Factors Driving the Great Resignation (And What You Can Do to Help)

4 Factors Driving the Great Resignation (And What You Can Do to Help)

by | Oct 19, 2021 | Blog

4 factors driving the great resignation (and what you can do to help). With the U.S. in the middle of a mass-employee exit, it’s vital for employers to look at the root causes. 

An estimated 1 in 4 employees quit their job in 2021, according to data from analytics firm Visier, with more expected to leave by the end of the year. This is the highest number the Bureau of Labor Statistics has recorded in two decades of data tracking. 

Anthony Klotz, an associate professor of management at Texas A&M University, coined the term “the great resignation” to describe this unprecedented period. Here are 4 key factors driving this great resignation — and what you can do to keep your employee retention high.

1. Widespread and long-lasting employee burnout

For many, the pandemic has led to increased workloads and longer working hours, all while people are dealing with the external stressors of a health crisis. Employees who work from home have found their professional and personal lives blurred. Plus, without a physical office space to leave, it can be difficult to “log off” when there still may be work to be done. For those in healthcare or service industries, smaller staffs and increased demands have led to grueling hours and more work.

In a June survey from Monster.com, 95 percent of the U.S. workers polled said they were considering leaving their jobs, and one-third of them listed burnout as the top reason. To combat this, employers can commit to regular mental health check ins, offer increased time off or consider more flexibility when it comes to work hours.

2. A decreased feeling of employee belonging

With longer and harder hours has also come lower employee engagement and a decreased sense of belonging. Per a recent report from BetterUp, belonging is a leading indicator of both intent to stay and performance. The isolation of the pandemic, though, has made it more challenging for employers to feel connected to their colleagues and to their work. 

The report recommends that employers focus on providing strong leadership, listen to employees’ needs and desires and think about which groups, such as parents or underrepresented minorities, may require more support in order to feel a strong sense of belonging.

3. Major work environment changes

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Increased financial stress among workers

COVID-19 has also undoubtedly led to higher levels of financial stress — in the American Psychological Association’s 2020 Stress in America report, 63 percent of adults said their finances were a significant source of stress. This is a major jump from the previous year, when just 46 percent said the same. With stress being a leading cause of resignation, it’s essential to tackle financial wellness within the workplace. 

Adding financial wellness to employee benefits’ packages is one way to both lower overall stress and increase retention. Last year, Prudential found that 6 in 10 workers said they were more committed to their employer and more productive when their employers demonstrated a commitment to their financial wellness.

When it comes to actually implementing such benefits for your employees, programs like Best Money Moves can help. Best Money Moves uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points. Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, guide employees to make smarter financial decisions and reduce their overall stress, which in turn, can help improve your company’s retention rates.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

5 Ways to Improve Remote Cybersecurity for Your Hybrid Team

5 Ways to Improve Remote Cybersecurity for Your Hybrid Team

by | Oct 12, 2021 | Blog

5 ways to improve remote cybersecurity for your hybrid team. As workforces increasingly pivot to hybrid models, teams need to consider the unique security challenges posed by working from home.

Hybrid work environments, where employees work from home and come to the office, pose unique challenges when it comes to cybersecurity.  In a recent survey conducted by OpenVPN, 90 percent of IT workers polled said they believe remote workers are not secure. Over one-third said they have experienced a security incident due to unsecured remote workers. 

We’ve outlined five ways you can improve your remote cybersecurity, so you can avoid putting your hybrid team at risk. 

1. Set up a secure network.

When you’re in a physical office space, it’s important to have a private, password-protected WiFi network that all employees can use to work. However, when working from home, workers will be using whatever wireless network they have access to remotely. Setting up a virtual private network, or VPN, is one way to add an extra layer of cybersecurity protection. Using a VPN allows people within your company to connect and interact on one, secure private network, regardless of where they are geographically. 

2. Encourage multi-factor authentication (MFA).

Multi-Factor authentication, sometimes also called two-factor authentication, is another way to add a layer of security to your work logins. MFA requires the user to present two different credentials from two different categories when logging in to an account. One of the most common examples is entering a unique password and then entering a verification code that is sent via text or third party authentication app. Because the two factors have to be from different categories, two passwords would not qualify as MFA. This system makes it more difficult for hackers to break into users’ accounts and keeps your work network better protected.

3. Invest in email scanning and encryption software.

Scam emails spiked majorly at the start of the COVID pandemic, with IT company Barracuda Networks saying in April 2020 that it had seen a 667 percent increase in phishing emails amid the health crisis. As such, investing in email scanning or filtering software to detect potentially malicious messages could save you in the long run. Such software typically filters inbound and outbound emails to detect whether they classify as phishing, spam, a virus or a suspicious link. Emails also often contain sensitive or confidential data and it’s important to protect that information from any outsiders. You can do this by using a software to encrypt the data attached to emails on your server to prevent any unintended recipients from seeing it.

4. Keep work and personal technology separate.

A recent HP Wolf Security report conducted during the pandemic found that 46 percent of workers now think of their work laptop as a personal device, while 84 percent of IT leaders surveyed were concerned that using work devices for personal tasks has increased their company’s risk of a security breach. Work from home also presents the problem of workers accessing sensitive data from their personal devices, which may not be as secure as company-issued ones. Both of these situations pose a cybersecurity risk, so you may consider instituting a policy for employees to keep their work and personal devices completely separate whenever possible.

5. Commit to ongoing employee training.

One of the most important aspects of improving your cybersecurity is making sure your employees, and everyone who has access to your network, are on board and up to speed on the best practices. This process can include conducting cybersecurity training sessions or simply sending regular reminders about using the VPN, crafting secure passwords, spotting phishing emails and other fraudulent activity or whatever security concerns apply to your unique situation. 

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

5 Financial Steps to Support Employees in 2022

5 Financial Steps to Support Employees in 2022

by | Oct 7, 2021 | Blog

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress in their life. And stress has real life implications: Eighty percent of US employees spend 12-20 hours per month dealing with financial concerns at work according to the IFEBP (International Foundation of Employee Benefit Plans). Financial wellness can help alleviate that stress and lead to more focused employees.

Here are five steps to increasing employee financial wellness for 2022.

1. Help your employees plan for the future

According to a study by EBRI and Greenwald Research, about two in three employees expressed concern about their financial future. There are programs employers can offer such as a rainy day savings account program that can help ease these issues. Utilizing these programs is also a good way to signal to employees that their financial wellness is a priority. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer.

2. Instruct your employees on how to use your current financial benefits

A recent survey by Voya financial found that 35% of employees do not fully understand the benefit programs in which they were enrolled. This does not mean that employees are discouraged from enrolling in these programs or learning more about their finances. The same study found that around two-thirds of employees want their employer to help them better understand their employee benefits. Talking about financial well-being and asking for help with their financial wellness can be daunting for many employees. Employers should take a proactive approach to alert their employees to available benefits.

3. Alleviate your employee’s stress with debt reduction programs

The average American household has $15,706 in credit card debt and the average federal student loan debt is $36,510 per borrower. Debt can be a burden that contributes to long-term stress as well as mental health strain. Employer-sponsored student loan relief programs have grown increasingly popular among workforces. Many potential employees, especially those just entering the workforce, feel burdened by their student debt. Offering these programs is a great way for an employer to stand out to potential new hires.

4. Be sure your retirement strategy is still going strong

According to a study conducted by the Department of Labor, only 40% of Americans have calculated the amount they need to save for retirement. The best time for employees to start saving is right now. Employers can emphasize this by using 401(k) or other retirement plans. The most common retirement plan is the 401(k) match where the employer grants a certain amount to the plan based on how much the employee contributes. Employers that utilize these plans are desirable to potential new hires. According to a survey by Willis Towers Watson, 51% percent of employees joined their current employer primarily because they offered a retirement plan.

5. Utilize financial wellness benefit programs

A good way to aid your employees in minimizing the stress associated with finance is by instituting financial wellness programs or benefits. There are a wide variety of these programs from financial counseling sessions to employer matching programs. Employees will appreciate the access to financial education as over 50% of financially-stressed employees are afraid to ask for help with their finances according to Pwc. The cost of these programs is manageable for most employers and is often well worth the additional productivity seen from workers who use the benefits. 

There are many benefits to financial education including being prepared to tackle debt, making smarter decisions with how to spend money and a less stressful 2022. 

Whether your employees need help saving money, paying their bills, raising their credit scores or getting ready for retirement, Best Money Moves is there to support them every step of the way with best-in-class products, services and benefits tailored to suit your workforce needs. Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. Give your employees the very best financial wellness experience. Reach out for a demo today!

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Reasons to Reskill Your Workforce

4 Reasons to Reskill Your Workforce

by | Sep 21, 2021 | Blog

4 reasons to reskill your workforce. Reskilling has long been associated with training employees who are about to leave the company, but data continues to show strong benefits for offering reskill opportunities for all workers.

Reskilling helps employees develop new skills beyond the scope of their current jobs. Often, reskilling programs are reserved for employees who will be laid off. Data, however, suggests that reskilling all employees can help improve retention, lower hiring costs, boost team morale and more. 

In February 2020, McKinsey conducted a survey in which 87 percent of executives felt they were experiencing skill gaps in the workforce or expected them within a few years. The COVID-19 pandemic has also brought reskilling to the forefront, as work from home technology and other new challenges in the workforce have widened skill gaps even further. 

So why should you prioritize reskilling for all employees — not just those preparing to leave the company? Here are four key reasons to consider: 

1. Retention.

One of the most compelling reasons to reskill is that it can improve your employee retention rates, thus reducing the time, money and effort you spend on hiring and training new employees. Investing in employees’ skills shows them you care about their development and increases their desire to remain on at the company — an IBM study found that new employees are 42 percent more likely to stay if they are receiving the training they need to do their jobs properly.

2. Training and hiring costs.

Going hand-in-hand with retention rates, reskilling your workforce can lower your training and hiring costs. If you’re reskilling your employees, when a new position pops up you can hire someone internally by teaching them the responsibilities of the role, rather than having to look outside the company. Promoting internal mobility is also attractive to employees who want to see that their employer is dedicated to helping them grow and improve.

3. New talent.

Committing to reskilling can also help attract new, top talent in an increasingly competitive job landscape. According to a Gallup poll, 87 percent of millennials — who make up the majority of the workforce — said that professional development is very important to them in a job. Maintaining those aforementioned low retention rates can also work in your favor for attracting talent, as it shows potential new hires that employees want to stay on at the company and suggests a positive work culture.

4. Employee morale.

Boosting company morale is an essential reason to consider reskilling. In addition to showing employees that you care and are invested in them, reskilling can improve employee confidence and, as a result, make them more committed to their jobs and to producing high-quality work. Per one 2020 study,  80 percent of employees said their confidence improved from reskilling training. Reskilling also gives employees a greater sense of job security, because it offers them the opportunity to learn skills outside of their role, and protects them in case their current position is eliminated.

Once you’ve decided to reskill your employees and identified any glaring skills gaps within your company, the process can take on a variety of forms, from focusing on digital skills to creating a job shadowing program to facilitate peer learning. Provide your team members with encouragement to grow and offer them the tools to facilitate that development.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.