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What is Financial Wellness — and Why Should It Matter to Your Team?

What is Financial Wellness — and Why Should It Matter to Your Team?

by | Jun 15, 2021 | Blog

What is Financial Wellness — and Why Should It Matter to Your Team? After the pandemic, Financial Wellness is in greater focus than ever before. Here’s what to know about this important wellness benefits.

After the financial upheaval of the Coronavirus/COVID-19 pandemic, financial wellness has come to the forefront of many HR plans. But what exactly is financial wellness — and Why Should It Matter to Your Team?

What is financial wellness?

Financial wellness or financial health is one facet of your overall well being, much like mental, emotional or physical health. It refers to the stability of your personal finances. 

Everyone’s financial situation and needs are different, so there’s no one way to be financially healthy. However financial wellness can usually be determined by the indicators such as the size and accessibility of your savings, your retirement preparedness, your creditworthiness and more.

Are financial wellness and physical wellness connected?

Like any other type of stress, chronic financial stress affects the hormone balance in your body. Consequently, this can lead to physical symptoms ranging from from sleep loss and migraines, to muscle aches and high blood pressure. In fact, according to a report from PwC, more than 30 percent of employees say their health has been impacted by their financial worries. 

The physical effects aren’t just the symptoms caused directly by the stress itself. Financial insecurity can have a serious impact on access to care. Individuals often skip buying or refilling their medicine because of the cost. A 2019 survey from the Kaiser Family Foundation found that 29% of Americans failed to take their medication as prescribed because of the cost. 

The state of financial health has the biggest impact on Americans with chronic diseases. According to Forbes, 56% of Americans with chronic diseases say they’ve missed medication because of the cost.

Why should your workforce be thinking about financial wellness?

COVID-19 left most Americans in a worse financial state than it found them. As it stands, 63% of workers claim their financial stress has increased since the start of the pandemic, according to PwC’s 2021 Employee Financial Wellness Survey. This number is unsurprising, when you consider the pandemic’s effect on employment, emergency savings, and physical health. 

Thankfully, employers are listening. Financial wellness is trending upwards. According to a study by MassMutual, 86% of employers characterize financial wellness programs as important. 

One major key to incorporating financial wellness into your company’s benefits is finding a program that fits the particular individuals you employ. Everyone’s financial stress is personal, and they deserve a personalized set up.

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. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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

4 Benefits to Help Boost Post-COVID Employee Retention

4 Benefits to Help Boost Post-COVID Employee Retention

by | Jun 8, 2021 | Blog

4 benefits to help boost post-COVID employee retention. An employee mass-exodus could be coming to the post-COVID workforce. What can employers do to keep top talent? 

According to Microsoft’s 2021 Work Trend Index, 40 percent of the global workforce is considering leaving their employer this year. The mass employee exodus is due in no small part to a changing work landscape and increased employee burnout as a result of the COVID-19 pandemic.

Low employee retention rates cost organizations millions and put additional strain on team members who remain and have to pick up the slack. One solution to increase employee retention is to offer creative benefits that empower employees and make your company stand out from the rest of the job market. 

Here are four benefits to help your workforce boost post-COVID employee retention rates.

1. Increased vacation time and bonus with tenure

Most companies reward employees with higher bonuses and more vacation time the longer they stay with the company. To ensure this benefit structure incentivizes early employee retention, companies should have longer vacation time and higher bonuses kick in after just one year of employment.

2. Accessible commuting benefits

The COVID-19 pandemic introduced many employees to the benefits of a commute-free work day. No matter what form it takes, commuting adds stress and hours to the workday. Making it easier for your employees to get to and from work is a productive way to stand out amongst other employers. 

Commuting benefits can come in a variety of forms. Some, like public transportation and bicycle-share passes may cost employers up front, but they also signal to employees that their company values their time and money. Other benefits, like public transportation schedule dependent start and end times and company organized carpools, do not cost employers and still look after the wallets and schedules of employees.  

If your company can operate remotely, offering employees with long-commutes more remote-work days is also a great way to stand out in the employment market.

3. Physical and mental health wellness resources

Offering employees resources to improve their physical and mental health demonstrates care and prioritization for their wellness outside of the office. While not every company can afford an on-site gym, making room in your HR department’s benefits budget for resources like employee gym passes, access to virtual dietitians and motivational and mental health related speakers could go a long way.

4. Comprehensive financial wellness resources

According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life. Helping your employees manage their financial stress and reach their financial goals through a comprehensive financial wellness program is one way to help them combat this problem. 

Employers looking to increase employee retention must do more than just offer a 401-k and other retirement savings plans and offer employees the resources to empower them financially. Best Money Moves’ insightful, comprehensive, and easy-to-use platform can do just that.

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. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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

5 Benefits for the Post-COVID Workforce

5 Benefits for the Post-COVID Workforce

by | Jun 2, 2021 | Blog

5 Benefits for the Post-COVID Workforce. As the US recovers from the pandemic, organizations must reevaluate which benefits can best help their employees. 

The Coronavirus/COVID-19 pandemic brought significant change to the way that many Americans work. Some workforces have pivoted to full-time remote work, while others have blended models. However across all sectors and industries it’s clear that many employees have changed over the course of the pandemic and, as a result, the benefits they need from their employers are changing as well.

In the post-COVID workforce, attracting and retaining strong employees will likely look very different than it did pre-pandemic. These are some of the top employee benefits expected in the post-COVID workplace.

1. Reimbursement for a better work-from-home setup.

The International Foundation of Employee Benefit Plans (IFEBP) released a January 2021 survey of 527 employers. The report highlights the effects of the pandemic on organizations’ employee benefits programs. One of the major findings was that because of the influx in employees working from home, many companies are offering reimbursements for necessary tools that employees would have previously had access to at the office.

For example, 31% of employers are reimbursing workers for items such as office supplies, electronic devices, and internet service. An additional 8% of employers are offering a general work-from-home stipend, and 17% of employers are considering work-from-home reimbursement for the future.

2. Increased remote flexibility and greater focus on work/life balance.

Corporate offices aren’t the only place where people are experimenting with hybrid models of in-person and at-home time. For plenty of employees, their children’s schooling arrangements can be a cause of conflict with work. As such, we’ve learned through COVID that flexible working hours are a huge positive for both productivity and wellbeing.

According to the same IFEBP survey from January 2021, a majority of 59% of employers have permitted flexible hours to employees in order to accommodate child care. Additional child support is also extremely helpful for many employees. The survey said 14% of employers are providing resources for childcare, tutoring, and emergency back-up care. Another 13% are considering doing the same.

3. More robust and inclusive healthcare options.

First and foremost, COVID-19 is a health crisis. That feels obvious, but oftentimes the conversation shifts to the social and economic outcomes of the pandemic. That said, one of the biggest moves a company can make is ensuring their employees feel secure in their physical wellbeing. Expect more robust healthcare options to be a main factor in employee benefits. This could mean anything from improved telehealth coverage, to paid time off for COVID-19 vaccines or booster shots.

4. Accessible mental health support.

The pandemic’s effect on the population has expedited the rise of mental health struggles such as anxiety and depression. Thankfully, employer’s seem to be trending in the right direction when it comes to offering mental health services. According to Care.com’s “The Future of Benefits” report, 41% of companies surveyed planned to expand mental health support in 2021. An additional 59% cited improved mental health as a primary outcome of their caregiving benefits.

5. A focus on financial wellness.

For many Americans, the pandemic led to significant financial stress as households lost income, childcare became less accessible and uncertainty reigned supreme. Although discussing money may feel taboo, financial stress can be overwhelming and lead to real consequences for mental and physical health. In a post-COVID world, the significance of financial wellness is more understood than ever before. Expect employee benefits to include personal finance resources in addition to traditional compensation packages.

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. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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

4 Predictions for the Future of Remote Work

4 Predictions for the Future of Remote Work

by | May 18, 2021 | Blog

4 predictions for the future of remote work. The COVID-19 pandemic has pivoted much of the American workforce to telecommuting. What does the future of remote work look like in a Post-COVID world?

According to the Pew Research Center, 71 percent of workers who can work from home are. What’s more, 54 percent of those workers have expressed a desire to continue to do so, even after the Coronavirus/COVID-19 pandemic has passed.

The transition to a primarily remote workforce hasn’t been seamless for all organizations, but many employees have come to rely on the increased flexibility and comfort of working from home. Now, with an end to the pandemic in sight, workers are urging their employers to consider new, long-term remote work solutions — and many employers are listening. 

As the conversation around telecommuting grows, here are four predictions for the future of remote work:

1. For many organizations, the hybrid work model is here to stay.

Remote work certainly has its benefits: zero commute time, increased flexibility, and the ability to connect team members who might otherwise work across the country, to name a few.  However, employers and employees seem to be on slightly different pages when it comes to whether or not full-time remote work could really benefit their workforces.

According to a PWC survey from January 2021, 55 percent of employees would prefer to be remote at least three days a week after the pandemic. On the other hand, 68 percent of employers said a typical employee should be in the office at least three days a week. The likely outcome of this dissonance? A new and improved hybrid work model that strikes a balance between complete remote work and time in a physical office.

2. An increase in temporary workers and freelancers is likely.

According to an Upwork survey from June 2020, 59 million people had done freelance work at some point in the past year. Among those respondents, 12 percent only started during the pandemic. Freelance work has long provided employees with needed flexibility and for those out of work, it can be an excellent way to build stability and earn extra cash.

The adaptability of remote work means the pool of freelancers has grown significantly because of the pandemic. For employers, freelancers can be an efficient way to complete tasks without having to onboard a full-time salaried employee. Plus, remote teams mean freelancers can be found in areas outside of where an organization might be headquartered.

3. Cybersecurity will become more important than ever.

If organizations incorporate remote work into their long-term plans, then it’s likely remote security will play a bigger part in daily work than ever before. In fact, we’re already seeing this. According to Cisco’s Future of Secure Remote Work, 97 percent of American organizations already made changes to support remote work. An additional 82 percent said that cybersecurity is extremely important or more important than before COVID-19.

4. Big changes are coming for physical office spaces.

One huge benefit of remote work that’s hard for employers to ignore: remote employees are much cheaper than maintaining a physical office space. So, whether a team is remote full-time or is working on a hybrid strategy, corporate real estate could be in for a big change.  According to the same 2021 PWC survey, 87 percent of executives are planning on changing their real estate strategy in 2021. While many employers plan to consolidate their locations, others are planning to open new satellite offices in more residential areas. In fact, 56 percent of executives think they’ll need more space in the next three years. In short, we’ll be seeing people both accommodate for the hybrid model, but also reinvest in a better in-person experience that makes employees more likely to want to return to the office.

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

Employees Are Planning to Quit Post-COVID. What Can You Do About It?

Employees Are Planning to Quit Post-COVID. What Can You Do About It?

by | May 11, 2021 | Blog

Employees are planning to quit post-COVID. What can you do about it? Many employees burnt out from the COVID-19 pandemic are looking to leave their employers. How can workforces keep their top talent?

The return of in-person work has ramped up across the country, following  the national vaccine rollout. However a new problem is on the horizon: An estimated 1 in 4 workers plans to quit their job once the pandemic ends, according to Prudential Financial’s Pulse of The American Worker survey from March 2021. 

Considering the challenges of working at home during the pandemic and the increasing reports of  burnout, news of an employee mass-exit may not seem surprising. If organizations want to keep their strongest team members happy and in-place, it’s important to understand why so many employees are planning a post-COVID career change.

Here’s why more employees are planning to quit post-COVID and what you can do to avoid the wrong end of the potential mass-exit. 

Flexibility is here to stay.

Working from home has been an adjustment for many teams, but not one without its silver linings. Remote work offers employees a sense of agency over their schedule and flexibility in their lives, something that has been sorely needed in the uncertain early days of the pandemic. And employees are taking notice. In fact, according to the same Prudential Financial survey, 68 percent of employees agreed that a hybrid workplace model is the best fit.

What’s more, a lack of flexibility could directly contribute to employees quitting post-COVID. The survey also highlighted that 42 percent of respondents said that if their company doesn’t offer long-term remote options then they will look for a company that does. When so much of life is out of your workforce’s hands, a hybrid workplace might just be essential to employee wellness.

Employees fear the pandemic has erased upward mobility.

After a year at home, many employees are asking themselves if their personal career growth can be still achieved in their current environment. The Prudential Financial survey revealed that of the respondents planning to quit after the COVID-19 pandemic, 80 percent expressed concerned about career growth.

So, what are some ways to improve your company’s internal mobility? For one, consider your current employees for new positions before new hires. If you can reward an individual’s hard work by promoting them, you’re building loyalty and long-term sustainability. Other strategies to consider are investing in external workshops to support the upskilling of your employees, or creating a system of internal mentoring that places value on mutual feedback between peers and managers.

Isolation leads to disconnection.

According to the Prudential Financial survey, another major factor for the large number of employees on the move is a lack of connection with coworkers. In fact, 42% of workers planning to leave post-pandemic gave their employers a “C” grade for ability to maintain company connectedness during COVID-19. To learn some strategies to improve employee culture and engagement check out our previous articles on the subject. 

The pandemic has been a difficult time for everyone and many folks are seeking change. The thing is, for many companies that change can come from within.

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