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3 Reasons Financial Wellness is Important to Employees in a Post-COVID Workforce

3 Reasons Financial Wellness is Important to Employees in a Post-COVID Workforce

by | May 4, 2021 | For Employers

3 reasons financial wellness is important to employees in a post-COVID workforce. After COVID-19 highlighted the financial vulnerabilities of millions of employees, financial wellness is expected to be a big component of Post-COVID HR Strategies.

With vaccine rollouts progressing across the country,  Americans are increasingly optimistic about a return to normal life. But even as the physical effects of the virus diminish, financial recovery is complicated.

The pandemic illuminated significant vulnerabilities for Americans working across all industries. In fact, 63% of workers claim their financial stress has increased since the start of the pandemic, according to PwC’s 2021 Employee Financial Wellness Survey. So, when it comes to rethinking benefits in a post-COVID world, Employees need more than a 401(k) and desk back at the office. They need comprehensive and long-term financial wellness solutions to help regain their footing after multiple years of financial uncertainty.  

These are the three major reasons that financial wellness is important to employees in a post-COVID workforce:

1. Your employees need help rebuilding their savings post-COVID. 

For many, digging into savings has been the only way to make it through the pandemic. In September 2020, CNBC reported that 14% of Americans had wiped out their emergency savings. Prudential Financial’s November 2020 report claimed the number of workers who have reduced or exhausted their emergency savings was up to 1 in 4 employees. It’s hard to know how to manage savings especially when we’re living through one very long and nightmarish emergency. According to the Prudential Financial report, 65% and 72% of respondents stated that lack of emergency and retirement savings respectively were the largest barriers to financial security. It’s absolutely critical for employees to feel supported by their companies on the quest towards financial security. 

2. There’s an undeniable connection between mental health and money. 

COVID-19 took a toll on the collective mental health of most (if not all) employees. As workers continue to perform remotely and the lines between work and life blurr, employers are increasingly aware of their responsibility to support the mental health of their employees. That’s part of what employee benefits are all about. Improving the financial wellbeing of your employees helps significantly reduce stress.

3. Your employees need resources that address their individual needs.

Understanding the never-ending array of financial terms and fiscal expectations can be daunting and stressful. The government has provided various support since COVID-19 began but it isn’t always easy to sort through it. Employees could benefit greatly from a one-stop shop to help them work through their individual financial needs. 

That’s where Best Money Moves can help. 

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.

Workplace Vaccine Strategy for COVID-19

Workplace Vaccine Strategy for COVID-19

by | Apr 27, 2021 | Blog

Workplace Vaccine Strategy for COVID-19. As COVID-19 vaccines become more widely available to Americans, workforces must decide how to handle vaccine strategies among their employees.

As COVID-19 vaccines become more available, more and more employers are evaluating their role in the immunization program. Some organizations are incentivizing vaccinations, others are wrestling with vaccination mandates and still others are taking a more laissez faire approach.

This is how workforces are tackling vaccine strategy among their employees.

Current State of Vaccination Strategy

At the time of this publication, more than half of US adults have received at least one dose of the COVID-19 vaccine, according to the CDC. Eligibility restrictions continue to lessen as accessibility increases. There is a general sense that perhaps the proverbial light at the end of the tunnel is in sight. That said, there is still a lot of work left to be done. Employers can be an important cog in the machine as we endeavor to reach herd immunity.

Mandate Debate

While the health benefits of the COVID-19 vaccine are undeniable by any respectable medical professional, some employees are still against the vaccine. According to a survey of 1000 employees by Perceptyx Research and Insight from Jan. 2021, 43% of employees claimed they would consider leaving their place of employment if they required the vaccine.

While some companies are leaving the choice entirely up to their employees, a sizable section are requiring the vaccine if employees want to return to the office. The same Perceptyx survey reported that 38% of employees said their employers were requiring them to get vaccinated in order to return to the physical workspace.

But perhaps encouragement without force is the best approach. The Perceptyx report also suggested that employees are more likely to get the vaccine if they are encouraged but not required as opposed to required. So what does encouragement look like?

Common Incentives for Vaccine Strategy

While we don’t often look towards McDonald’s as a model of health, the company is strongly encouraging vaccination efforts by providing four hours of paid time to any employee with proof of vaccination. They are also connecting employees with informational resources about the vaccine. Many companies are doing the same. Chobani yogurt is offering six hours of paid time off, three for each dose. Paid time off isn’t the only form of motivation. American Airlines is offering an extra day off and a flight voucher. Bolthouse Farms is offering an impressive $500 bonus for every full-time worker that gets vaccinated, the Wall Street Journal first reported.

Whatever your preferred vaccine strategy, one thing is clear. Employers have a certain responsibility for the health and wellbeing of their employees. After a year and a half cooped up at home, the time is now to make an impact and take those first steps towards normalcy, both in the workplace and elsewhere.

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

4 Ways to Combat Zoom Fatigue While Working Remotely

4 Ways to Combat Zoom Fatigue While Working Remotely

by | Apr 14, 2021 | Blog

4 ways to combat zoom fatigue while working remotely.  Zoom has been an invaluable tool for keeping workforces connected throughout the pandemic, but overuse could lead to burnout. 

Remote work helps you gain back commute time and you can easily connect team members across the country through the Internet. However, after months of working remotely, more and more employees are finding themselves with a new problem: Zoom fatigue.

What is Zoom Fatigue?

Zoom fatigue, as identified and studied by researchers in places like the Stanford Virtual Human Interaction Lab, is a type of burnout associated with virtual calls.  Zoom fatigue can be caused by a number of factors, but the biggest seems to be that the cognitive load of virtual meetings is actually higher than what employees experience in-person. Workers strain to stay engaged behind a screen and interpret conversations with significantly less non-verbal cues than we do in person.

How can you avoid zoom fatigue?

Researchers have found there are four ways to combat zoom fatigue while working remotely. Try to adopt the following:

1. After meetings, take time out to rest your eyes.

Stanford researchers suggest that the increased levels of eye contact that occur during virtual meetings can feel unnatural and exhausting. So, following meetings, it’s a good idea to take a break from the screen. A walk outside, a stretch or a snack can go a long way toward giving your eyes and brain a break — just try not to trade one screen for another and avoid picking up your phone or turning on the television to unwind. You might also try a break strategy such as the 20-20-20 rule. This rule, developed by Jeffrey Anshel, states that every 20 minutes you should look at something 20 feet away for 20 seconds.

2. Learn how to organize your Zoom screen to avoid feeling overwhelmed.

Seeing a person up-close and face-to-face is intense, and can leave our brains feeling stressed or on-edge. So, the default speaker-view of many zoom calls may not actually be ideal. Does the intensity of looking at one person in speaker-view throw you off? Or does seeing a speaker up close help you better read their facial expressions? If your camera is on, do you fixate on yourself? Or does it help you focus to know that your coworkers can see you? Organizing the way you see yourself and others in Zoom calls may help you feel less overwhelmed and gradually reduce Zoom fatigue.  Look for tutorials to optimize your experience, just make sure you know what you want.

3. Aim to define the difference between your workspace and your home.

This can be hard to achieve when we’re literally working from home, but sometimes Zoom fatigue is simply a product of feeling like the work day never ends. Look for ways to make a clearer divide in your day. Try working from a dedicated space that helps you feel “in the office.” Consider putting on work clothes even if you don’t leave the house, just to put your best foot forward for the day.

You might also want to work set hours. This one is important, especially with regards to Zoom fatigue. Make sure your meetings have hard end times as well as start times. This keeps everyone efficient and allows you to plan your breaks with more time in advance. Take these breaks seriously and try not to schedule back-to-back meetings if you can.

4. Before you agree to Zoom, confirm that a meeting is in fact needed.

Zoom has been an amazing tool in maintaining some semblance of normalcy and connection in our workspaces. However, if you know that you or your coworkers are suffering Zoom Fatigue from constant video calls, ask yourself before your next call: Is a face-to-face meeting really the best course of action? Would detailed written instructions or an articulate email suffice? If so, maybe take a break from the Zoom altogether and opt for an approach that will allow yourself and your team members to work at your own pace.

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

4 Reasons Employee Financial Wellness is a Top Priority for Employers

4 Reasons Employee Financial Wellness is a Top Priority for Employers

by | Apr 7, 2021 | Blog

4 reasons why employee financial wellness should be a top priority for employers. Employers  recognize the importance of employee financial wellness. Here’s why.

The importance of financial wellbeing is becoming increasingly clear to many employers, made all the more urgent  as the economic fallout of the Coronavirus/COVID-19 pandemic continues. In fact, 90 percent of employers reported they planned to create or expand their financial wellbeing programs beyond retirement decisions, according to HR Consultancy Alight Solutions. The February 2021 survey, which involved over 115 employers that lead over 5.4 million employees, found that employers are expanding their focus on financial wellbeing, with 67 percent of employers offering a broader wellbeing initiative in the past two years alone. 

4 Reasons Why Financial Wellness is a Top Priority for Employers

Here are four key reasons why employee financial wellbeing is a top priority, as highlighted by Alight Solutions’ survey. 

1. Financial wellness enhances the overall employee experience.

85% of employers are creating or expanding their financial wellbeing program in order to enhance the overall employee experience, according to Alight Solutions. An average employee’s 40-hour work week accounts for almost a quarter of the hours in their week. Enhancing the overall experience should be a top priority simply because it can enhance the life of an employee altogether by providing additional financial security.

2. Financially stable employees are engaged employees.

72% of employers cited increasing employee engagement as a reason to create or expand their financial wellbeing program. Additionally, when employees feel their employers care about their health and well-being, they’re 38 percent more engaged, according to a report by Quantum Workplace and Limeade.

3. Organizations that invest in employee financial wellness are more appealing places to work.

If you make an effort to enhance the engagement and experience of your employees, your company looks more attractive to prospective employees. Employers generally understand this. In fact, 47% claimed they created or expanded financial wellbeing programs to  differentiate themselves as an employer. Being able to offer a full range of benefits beyond the job description can help bring in the best talent.

4. The impact of COVID-19 has made the need for financial wellness more apparent.

In 2020, almost 80% of employers increased communications about the retirement and/or financial wellbeing benefits that they provide to their workers. The COVID-19 pandemic has caused collective trauma among employees. Pandemic-related financial insecurity has taken a toll. Many employers recognize the need to uplift their employees and guide them through these financial difficulties.

It’s Easy to Bring Employee Financial Wellness to Your Workforce

Insightful, comprehensive and easy-to-use. Best Money Moves offers consumer-focused financial education designed to help users of all experience levels learn more about their money. More than a simple budgeting tool, Best Money Moves helps your employee educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. Plus, Best Money Moves connects employers with data they can use to help their workforces succeed by  leveraging user analytics to create individualized employee content.

Do Your Employees Need Help Paying Bills?

Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, 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 of all, Best Money Moves is portable, so when your employees move on, they can take it with them. 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 Best Practices for Communication Among Remote Teams

4 Best Practices for Communication Among Remote Teams

by | Mar 30, 2021 | Blog

4 best practices for communication among remote-work teams. These four remote-work strategies can help keep your workforce connected, regardless of their location. 

They say the most important part of any relationship is communication. For workforces in the new world of remote work, that’s easier said than done. While technological advancements including Zoom, Slack and Google Suite can go a long way in helping teams stay connected, distance among remote-work teams can easily cause miscommunication and mistakes.

What remote-work strategies can employers enact to enhance communication?

What are some successful remote-work strategies that employers can initiate to keep a remote-workforce connected? Consider these four best practices for communication among remote teams during the pandemic.

1. Communication at work goes beyond long-form emails.

One big loss when working from home is that employees may be less willing to reach out to one another on non-work related issues. In the office, team members often connect through casual moments between tasks and during lunch. Casual conversation is not only good for team morale, but may contribute to more creative problem solving and a willingness among employees to help their organization and coworkers.

Finding a space to talk casually and encouraging employees to use that space may help improve communication for remote teams. Quick-paced, instant messaging systems like Slack, Microsoft Teams, Zoom, and Google Hangouts can allow your employees to connect quickly and stay in contact more regularly. Create channels for work announcements, but also allow a space for non-work conversation, and general communication.

2. Clearly define tasks and be open to questions.

This is true for both remote communication and in-person work but has only become more vital in the age of COVID-19. When employees are assigned a task in-person, it’s easy for them to follow up with clarifying questions or ask for additional guidance. The same isn’t always true during remote work. Make sure when an employee has a task, that they know when it’s due, what’s due and exactly how to complete what’s been asked of them. Be open and available to questions in the same way you would be if they were at the desk next to you. This may mean offering up a phone number or chatroom where you can be easily reached or otherwise making sure they know that you’re available to assist as needed.

3. When an issue arises, pick up the phone.

Inevitably, part of leading a team is knowing how to resolve conflict when it arises. Whether a miscommunication about a work assignment, or a disagreement between two team members, be proactive in the way you handle lapses in communication. Email and messaging platforms may provide quick responses, but they also generally lack the emotion and investment that a phone call or video chat can convey. It can be so easy to misinterpret a sentence in an email that would be so obviously non-controversial in a face-to-face or at least in a voice-to-voice conversation. In times of crisis, a quick phone call can often be the best type of communication for remote teams.

4. Communicate more than you think is necessary.

Clarity and shared vision is critical to the success of any team. Working remotely, it’s easy to stay in your individual worlds, but  whether you’re sharing more clarification, information, or just normal conversation, it’s almost always a positive to communicate. It’s not just that you’re erring on the side of caution in terms of transparency. Working from home can be lonely. You want to make people feel involved, engaged and connected.

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