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Financial Wellness Leads to Employee Retention, Says Bank of America Report

Financial Wellness Leads to Employee Retention, Says Bank of America Report

by | Dec 5, 2022 | Blog

Financial wellness leads to employee retention, says Bank of America report. Researchers find increasing evidence between financial wellness benefits and employee retention. Plus, 4 more highlights from the survey.

Employers are starting to realize the fuel value of financial wellness benefits. Compared to last year, more companies are offering financial wellness benefits and about 85% of employers say they reduce employee attrition, according to Bank of America’s 2022 Workplace Benefits report.

a helpful statistic about the connection between financial wellness programs and employee retention

Financial wellness resources are just one of many ways that companies can boost employee retention and attract top talent. Here are four retention-boosting ideas fit for any workforce:

1. Improve employee retention by investing in the health of your team.

Since the onset of the Covid-19 pandemic, companies have taken a more holistic approach to employee wellness. Instead of just focusing on physical health, companies have started offering benefits that support employees’ mental, financial and emotional health, too. In fact, 97% of employers feel somewhat responsible for their employee’s financial wellness, according to Bank of America’s survey. 

Exhibiting genuine care for employees’ wellbeing and wellness goes a long way, especially with attracting the best and brightest talent. Studies have shown that employees actively seek out companies that are invested in employee wellbeing, even if that means looking for a new job. 

2. Elevate DEI initiatives and programs.

Today, young employees are increasingly more diverse than older generations. In fact, only 17% of the Baby Boomer workforce is diverse, compared to 35% of the Gen Z and Millennial workforce. To capture top, diverse talent, companies have invested in diversity, equity and inclusion (DEI) efforts. When enacted efficiently, these DEI efforts can simultaneously bolster recruitment and talent management efforts.

About 3 in 4 employers believe that DEI programs are important for retaining talent, per the same Bank of America survey. Moreover, the diverse talent that flow through these corporate DEI programs are set to become the future leaders of tomorrow.

3. Help employees build future wealth to reduce employee retention.

Preparing for retirement doesn’t happen overnight, neither does accumulating wealth. Both processes require commitment and dedication over time, and more importantly, the resources to fund such efforts. Many Americans find it difficult to manage their current expenses and future savings, this likely explains why 1 in 4 Americans don’t have any retirement savings, according to a PwC survey. 

To help employees build future wealth, consider offering company match programs or financial advising to your workforce. Company match programs help employees multiply their retirement funds with the financial help of their employer. On the other hand, a financial advisor can help employees balance current and future money goals, with a personally tailored financial plan to follow. Both solutions are ways to help employees increase their financial security for the future.

4. Welcome upward feedback from all employees.

One way that companies continue to remain agile and grow is by incorporating upward feedback, a development evaluation for direct managers or upward leadership. 

Don’t wait until exit interviews to find out what’s working well and what needs tinkering, hold your firm accountable by actively commentary about the current ways of working. Leverage upward feedback as an opportunity to find out what makes people seek opportunities elsewhere and what makes them stay. 

Looking for a premium financial wellness solution to improve employee retention? Try Best Money Moves!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Ways to Support Divorced Employees at Work

3 Ways to Support Divorced Employees at Work

by | Nov 30, 2022 | Blog

3 Ways to support divorced employees at work. Divorce is a common but often overlooked strain on your workforce. Here are 3 ways to support the divorced employees on your team. 

The saying that, “half of all marriages end in divorce,” still holds true, according to data from the CDC. But despite the number of divorced employees in the workforce, employers are often unaware of how badly divorce can affect productivity and employee wellness.

According to data from Good Housekeeping, 67 percent of divorced people experience health and financial strain. Even more experience absenteeism and decreased productivity.

Consider these three ways to support divorced employees at work and relieve employee stress during times of difficult transition.

1. Provide flex time benefits to divorced employees who are navigating court dates or new childcare schedules.

Divorce also means facing the difficult emotions that come with an important relationship ending. According to the Holmes-Rahe Stress Scale, divorce is the second highest stressor a person can face, topped only by the death of a spouse. A Danish Frontiers in Psychology study found that men and women who had recently gone through a divorce displayed worse physical health, lower interest in social activities and  lower vitality than those who had not gone through a divorce. 

Offer a helping hand by investing in any of the wide array of behavioral health coaching programs available online. Nearly 88 percent of human resource professionals believe that mental health resources can boost employee productivity, according to data from CNBC. Data from SHRM also found that 35% of employees believe that mental health benefits are more important than salary or higher pay. 

You can also support your employees by lifting some of the financial weight and offering a financial wellness solution like Best Money Moves.

2. Offer a space to discuss mental health resources.

Many HR professionals have only created benefits packages while the economy was in full swing. Rocky roads ahead will force companies to transform quicker and be more open to change. Flexibility is a strength, but creating too many changes and losing sight of the long-term goals of a benefits program will lead to more issues. 

One area that employees are clamoring for more flexibility is in their work schedules. As travel costs skyrocket, providing employees remote work opportunities can help their wallets. According to LiveCareer, 3 out of 10 employees wouldn’t consider working at a company that didn’t offer remote work and 87% of working professionals felt connected with their organization despite working from home. Adapting to employee needs will keep employees afloat through difficult times without affecting productivity.

3. Offer financial wellness benefits to help divorced employees adjust to their new situation.

Divorcing employees are faced with significant new financial challenges, such as transitioning to a one-income household or navigating the new costs of childcare or alimony. 

They must also tackle the expenses associated with divorce itself. Forbes reports that the average divorce costs each spouse $7,000. Most divorces are agreed upon uncontested, which is more affordable than a contested divorce and doesn’t involve court dates. But a contested divorce can get expensive, as a lawyer will need to walk separating spouses through disagreements like child custody, visitation rights and spousal support. All parties involved have to spend a lot of time to reach agreements over these matters and usually, they aren’t resolved without going to court. 

Best Money Moves offers an extensive library of financial topics, which include how to handle financial stress. Our money coaches can walk your divorcing employee through budgeting and debt, and work with him or her to temper this new financial stressor. Your employee going through divorce can use the Best Money Moves budgeting tool to visualize their spending in categories, and receive overspending alerts. The budgeting tool gathers data on employees’ personal financial statuses to organize and attain healthy finances. 

Looking for financial wellness benefits to help your employees experiencing divorce? Start with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial wellbeing.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Ways to Recession-Proof Your Benefits Program

3 Ways to Recession-Proof Your Benefits Program

by | Nov 15, 2022 | Blog

3 ways to recession-proof your benefits program.  How can your workforce prepare as a recession looms on the horizon? Here are 3 ways to recession-proof your benefits program. 

With a potential recession on the horizon, employers must focus on the financial wellbeing of their employees. Thirty-one percent of Americans are unprepared for an economic downturn, according to a report by Bankrate.

If companies hope to address the ever-changing needs of their employees they must create a benefits package that’s fit for economic hard-times. Here are 3 strategies to recession-proof your benefits program.

1. Before you recession-proof your strategy, know what your employees want most

A comprehensive benefits package can be the difference between landing a good and a great candidate. There are many aspects to a perfect benefits package, but it comes down to what the employees value the most. Sending out an employee survey is beneficial in finding how to best allocate your benefits budget. Also, in a tumultuous economic period, employees are looking for substance over flash.

Employees ranked work scheduling flexibility, healthcare and financial wellness programs as the benefits most important to them according to PeopleKeep. Focusing on the benefits that people want the most will also help employers save money on benefits with low utilization rates.

2. Have a concrete benefits philosophy, but be flexible

Many HR professionals have only created benefits packages while the economy was in full swing. Rocky roads ahead will force companies to transform quicker and be more open to change. Flexibility is a strength, but creating too many changes and losing sight of the long-term goals of a benefits program will lead to more issues. 

One area that employees are clamoring for more flexibility is in their work schedules. As travel costs skyrocket, providing employees remote work opportunities can help their wallets. According to LiveCareer, 3 out of 10 employees wouldn’t consider working at a company that didn’t offer remote work and 87% of working professionals felt connected with their organization despite working from home. Adapting to employee needs will keep employees afloat through difficult times without affecting productivity.

3. Make your plan recession-proof with a focus on financial wellness

One of the biggest changes caused by the recession is how employees treat their financial wellness. Workers will be more focused on their personal finances and it will take a toll on their mental health. 

Providing a comprehensive financial wellness benefit package is a perfect way for employers to tackle this issue head-on. A comprehensive package is beneficial to employees and employers alike. According to PWC’s financial employee wellness survey, 76% of financially stressed employees said their worries affected their productivity. The best financial wellness programs will undertake a holistic approach, tackling all arenas of personal finance from budgeting to investing. 

Take the first step toward a recession-proof benefits strategy with Best Money Moves. 

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age, right from their mobile phones.

Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Financial Struggles Faced by Black and Latinx Gen Zers — And How Companies Can Help

3 Financial Struggles Faced by Black and Latinx Gen Zers — And How Companies Can Help

by | Nov 8, 2022 | Blog

3 financial struggles faced by Black and Latinx Gen Zers — and how companies can help. The number of Gen Z employees entering the workforce is on the rise. Here’s how to address the unique challenges facing the Black and LatinX Gen Zers on your team.  

By 2025, Gen Z employees will comprise nearly one-third of the total workforce, according to data from the World Economic Forum. According to the U.S. Census Bureau, they’re also the most diverse generation yet.

When it comes to financial issues, Gen Z already has a different approach than previous generations. But when you factor in race, ethnicity and gender, Black and brown young adults disproportionately experience more economic headwinds. 

By taking a deeper look at the financial struggles unique to Black and brown young adults, companies support their newest generation of workers

3 financial struggles faced by Black and Latinx Gen Zers — and how companies can help

1. Black and Latinx Gen Zers have lower levels of financial education and literacy

In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.

A recent trend in employee benefits has been an increased emphasis on financial wellness.  68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report.  Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.

2. Compare financial wellness platforms to find a comprehensive solution. 

Black and brown Gen Zers have disproportionately lower levels of financial education and literacy, compared to their peers. Specifically, 42% of Latinx Gen Zers said they do not have investments because they don’t know where to start, compared to 27% of their non-Latinx peers, per a Bank of America survey. This lack of education and resources makes Black and brown Gen Zers limited in their investments and accumulation of wealth.

In addition, studies have shown that Gen Z women tend to have less financial know-how than their male counterparts. And for women of color, their lack of education is compounded, as they lie at the intersection of race and gender.  

Solution: Invest in a well-rounded financial wellness program

Having a robust financial wellness program can help elevate employees’ financial wellbeing and education, regardless of their income or education level. With access to online resources like budgeting tools or loan calculators, employees can launch their financial education journey. Moreover, with a mobile-ready financial wellness program, employees can learn about stocks, investments and other financial topics, at the ease of their fingertips

2. Black Gen Zers are more likely to experience barriers to saving for retirement, such as debt

Preparing for retirement requires saving over time, but with looming debt it can be difficult to save for the future. According to a Bank of America study, Black Gen Zers are more likely to have student loan or credit card debt than their non-Black peers (60% vs. 44%) and twice as likely to cite debt as a barrier to financial success and retirement security. In turn, this exacerbates the disparity in retirement security between Black and brown Americans and their white counterparts. 

Solution: Start a company match program for retirement contributions

Some companies have incentivized employees to save for retirement by instituting match programs, where employees have their retirement contributions matched by their employer, even if it’s a few dollars a year. Match programs can help employees multiply their retirement fund at a rate they likely can’t achieve on their own.

3. Family is a leading financial motivator for Latinx Gen Zers

Family lies at the cornerstone of Latinx Gen Zers’ financial priorities, more than their counterparts. Over 50% of Latinx Gen Zers say the definition of financial success is the ability to provide for their family’s future, including passing down generational wealth and making their parents proud. Moreover, Latinx Gen Z are more likely to start working at 15-18 to financially support their family financially than any other demographic. 

Solution: Offer employees 1 on 1 financial advice

Managing multiple financial goals can be difficult, but with 1 on 1 financial advising, employees can achieve their most top of mind money goals — both long-term and short-term. Whether it’s helping sending money home or saving for a sibling’s college fund, financial advisers serve as a neutral, trusted resource to help employees balance their budget and multiple financial goals. 

Need a financial wellness solution for your workforce? Try Best Money Moves!

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Financial Wellness Platforms: How To Launch the Best One for Your Employees

Financial Wellness Platforms: How To Launch the Best One for Your Employees

by | Nov 2, 2022 | Blog

Financial Wellness Platforms: How to launch the best one for your employees. Financial wellness platforms can help support employees through tough times. Here’s how to launch the best one for your team. 

Employees are feeling the heat. According to John Hancock’s 2022 study of stress, 89% of employees said it was important that employers provided a financial wellness program and 74% said a financial wellness program would help reduce their stress. 

Choosing and implementing the right financial wellness platform for your company is critical for reducing employee stress and increasing productivity. Here are 3 steps a company needs to ensure a successful financial wellness program.

1. Evaluate your team’s need for financial wellness platforms.

In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.

A recent trend in employee benefits has been an increased emphasis on financial wellness.  68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report.  Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.

2. Compare financial wellness platforms to find a comprehensive solution. 

The most successful financial wellness platforms will include a wide array of tools and resources. Some of the best will include:

  • Personalized solutions. Personal finance is a wide-ranging topic that can affect many areas of life. According to a PWC study, the most requested employee benefit is a financial wellness program that grants access to unbiased counselors. However, Best Money Moves grants access to trained, accredited professionals that are tailor-made to help each individual.
  • An easy-to-use interface. It can be a big leap for many employees to ask for help on their personal finances and it can be overwhelming to figure out where to begin. According to PWC, 41% of financially stressed employees said they were too embarrassed to ask for assistance on their personal finances. Best Money Moves lends a helping hand and provides detailed instructions on where to start and how to use our services.
  • Intuitive tools. One of the most important components of a financial wellness platform is the tools made available for employees to use. According to a Sofi study, 62% of employees requested budgeting tools as a part of their wellness package. The Best Money Moves platform provides a simple and effective budgeting tool that takes user data and personalized solutions. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits.

3. Take time to implement your chosen program

It’s integral to introduce a plan that can be easy for employees to comprehend. According to TIAA’s 2022 Financial Wellness Survey, 9 in 10 employees with high financial wellness scores reported that they understand their program very well compared to 4 in 10 with low financial wellness scores. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits. 

Also, it’s beneficial to have metrics within the programs that show employers how often their employees are interacting with the program. 

Best Money Moves is a mobile-first financial wellness solution designed to help employees meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial well-being.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.