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Most Americans Live Paycheck-To-Paycheck. Here’s How Employers Can Help

Most Americans Live Paycheck-To-Paycheck. Here’s How Employers Can Help

by | Jul 19, 2022 | Blog

Most Americans live paycheck-to-paycheck. Here’s how employers can help. With inflation the highest it’s been since the 1980s, more and more families are living paycheck-to-paycheck. What can employers do to help their teams?

Inflation has caused food, gas and housing prices to skyrocket. Between May 2021 and May 2022, inflation hit 8.6% — the highest increase since December 1981, according to the Bureau of Labor Statistics — and economists are unsure when prices may fall.

Trying to make ends meet, about 60% Americans are living paycheck-to-paycheck, according to a LendingClub report, making it the primary financial lifestyle in the U.S.

Living check-to-check isn’t sustainable — it leaves people susceptible to increased debt and high-stress levels. Here are 4 ways companies can help employees manage rising inflation and create viable money habits for the future.

1. Offer budgeting tools and 1:1 money coaching to help employees living paycheck-to-paycheck.

Even with a high income, poor budgeting or not budgeting at all can create a paycheck-to-paycheck lifestyle. For instance, although 7 in 10 Americans have a budget, only 25% have detailed budget, according to a TIAA report. Without a detailed budget, it is difficult to accurately keep track of how much money is coming in and going out each month.

To help employees break with a paycheck-to-paycheck lifestyle, companies can offer budgeting tools and personalized money coaching. These resources are to help employees focus on necessitates and better allocate their money, regardless of their income level. Moreover, it can help identify savings gaps or where to cut down spending.

2. Provide student loan repayment assistance.

Since the federal student loan pause started in 2020, repayment has not been top-of-mind for most Americans. However, this is expected to change starting August 31, 2022 — when student loan repayment, interest and collections pause is scheduled to expire.  This means millions of Americans will have to reintegrate student loan payments into their monthly budget, but with rising inflation, many are worried if they can afford to resume payment. 

By providing student loan repayment assistance, firms can demonstrate a commitment to employee financial wellness and wellbeing. Not only will this help employees lower their student loan debt, but it will also help them weather inflation and financial stress.

3. Invest in mental health resources for those living paycheck-to-paycheck.

Money stress does not function in a vacuum — it can bring on emotional stress, physical stress and even wear down someone’s mental health. According to TIAA, 59% of Americans carry financial stress and with prices on the rise, this number may grow. 

To help dial down stress levels and support all-around employee wellbeing, firms are investing mental health resources like talk therapy and meditation apps. Consider ways your company can make mental health resources more affordable and accessible for employees at all paygrades.

4. Expand financial literacy and education opportunities.

With the right tools and resources, companies can help employees strengthen their financial wellbeing and knowledge, simultaneously. At every budget, there are ways institute financial wellness programming and resources, whether it be tax filing workshops or retirement planning seminars. 

Companies are most successful when they listen to the wants and needs of their own employees, then creatively follow through in their financial wellness offerings and approach. When searching for a quality financial wellness program, try to avoid one-size-fits-all solutions and keep an eye out for customized services (e.g., 1:1 money coaching, mortgage and loan calculators and other personalized solutions).

Need a top-notch, budget-friendly financial wellness program? Try Best Money Moves!

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

Best Money Moves is designed to 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 Attract Gen Z and Millennial Employees

3 Ways to Attract Gen Z and Millennial Employees

by | Jun 29, 2022 | Blog

3 ways to attract Gen Z and Millennial employees. Gen Z and Millennials are the next generation of American workers. Here are three top benefits to help attract these key employees.

Gen Z and Millennial employees now comprise roughly 46% of the U.S. workforce, according to data from Gallup, and with them comes a new way to think about benefits. LinkedIn research shows that young employees demand new talent strategies. 

Here are 3 ways companies are working to attract, and retain, Gen Z and Millennials within the job market.

Gen Z and Millennial employees: Who is who?

To help distinguish between Gen Z and Millennial employees, Pew Research Center defined Millennials as those born between 1981-1996 and unveiled a new generational cohort — Gen Z. Anyone born in 1997 and onward is considered Gen Z. 

In terms of generation age, Millennials would be 26 to 41 years old in 2022 and Gen Z would be 10 to 25 years old. Currently, there is no official end point for Gen Z; however, Pew Research Center estimates a cutoff point for those born around 2012.

3 ways to attract Gen Z and Millennial employees

1. Highlight flexibility and continue offering remote work

Benefits like flexibility and remote work are no longer seen as luxuries or temporary adjustments. Today, young employees value flexibility and remote work as workplace essentials here to stay, even post-pandemic. 

Gen Z has been the most mobile segment of the labor force since the onset of the pandemic, with a migration rate up 23%, according to LinkedIn data, surpassing Millennials and later generations. In addition, Gen Z is 17% more likely to apply for remote jobs than other generations. 

To help capture young employees, companies have been highlighting the latitude and freedom that they offer employees by using target keywords like “flexibility” in job descriptions. According to Microsoft’s 2022 Work Trend Index, Gen Z is 77% likely to engage with a LinkedIn job posting if it mentions “flexibility,” followed by Millennials (30%).

2. Invest in employee wellbeing and financial wellness

The pandemic has encouraged companies to take a newfound approach to wellbeing, which is driven by the sentiments of young Americans today. Compared to older generations, young people are more likely to believe that companies are responsible for the overall health of employees. In response, companies are increasingly investing in mental and physical health resources, as well as financial wellness programs. 

According to TIAA’s 2022 Financial Wellness Survey, over 60% of Gen Z and Millennials believe that employers are responsible for the financial wellness of employees, compared to just 41% of Baby Boomers and 29% of the Silent Generation. By investing in financial wellness programs, companies can support the overall wellness of all employees, while specifically attracting the younger generations. 

3. Support a healthy work-life balance

Young Americans deeply value a work-life balance — this allows them to freely engage with side projects, businesses and other personal interests. According to Microsoft’s research, about 70% of Gen Z and Millennials want to generate more income via their side projects and businesses within the next year. Companies can support a healthy work-life balance by offering flexible work schedules, increased paid time off or even gym reimbursements, to name a few. 

While some companies may see this as a threat to productivity, Renate Norman, Microsoft’s, general manager of global university recruiting, encourages companies to see this as helping employees find a creative outlet and the space to pursue their passions. 

Failure to meet the wants of young employees can cause companies to miss out on top talent and earn higher attrition rates. According to Microsoft’s 2022 survey, young employees are more likely to switch employers in pursuit of their wants and non-negotiables (52%), compared to Generation X and Baby Boomers (35%). 

Need a financial wellness solution? Give Best Money Moves a try!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. From young adults to seniors, Best Money Moves is an easy-to-use, financial wellness solution offering 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 financial planning, trying to secure a car loan or mortgage, , Best Money Moves can guide employees through the most complex 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.

5 Advantages of Digital Benefits

5 Advantages of Digital Benefits

by | Jun 22, 2022 | Blog

5 advantages of digital benefits. Digital benefits options may be the next wave of HR. These are 5 major advantages of offering digital benefits in the workplace. 

The work landscape looks different today than it did just two years ago and HR teams everywhere are working hard to keep up. According to Mercer, 85% of organizations are changing their benefits due to the pandemic and 60% of companies are increasing their investment in employee wellbeing.

With remote and hybrid work as the new normal, digital benefits have become the hottest trend in HR. Here are 5 advantages that digital benefits can offer your team.

1. Digital benefits can increase retention and attract new hires.

Offering digital benefits can be attractive to many employees as going digital often means a more flexible schedule and a better work-life balance. According to Lorman, 83% of millennials say work-life balance is the most important factor when considering a potential job. An all-inclusive benefits program can also wind up saving employers on the back end. As reported by Employee Benefit News, on average, it costs 33% of an employee’s salary to replace them.

2. Accessible data makes information management easier.

There are many available pieces of information that can be useful for HR divisions. Utilizing a digital benefits system that aggregates all employee data in one place makes it easy for the HR department to make beneficial changes to the office and work environment. At the same time, the system can keep personal data personal and only provide the HR representative with the data they need.

3. Better benefits accessibility can mean improved employee mental health.

One way employers can play a role in reducing the stigma associated with mental health services is by providing readily available services in their comprehensive digital benefits package. The lack of readily available digital mental health benefits shows a disconnect between employer and employee. 

According to a survey from Bank of America, 60% of employees said that their mental health significantly impacts their wellbeing while only a third of employers communicate about mental and physical health more than twice a year.   Improved mental health for employees can also increase productivity and increase office morale. Nearly 86% of employees report increased work performance and lower rates of missing work after receiving treatment for depression according to a SHRM survey.

4. It’s important to keep your benefits offerings visible, even while working remote.

This can be hugely beneficial for employees to ensure often-marginalized groups have their voices heard. If an employee’s voice goes unheard, it can lead to lower motivation and productivity. According to Joblist, 38% of employees have gone above and beyond to increase their visibility since work went remote. Providing a digital benefits package is a great way for employers to return the favor. However, it’s important that employers toe the line between monitoring work on a digital space and invasions of privacy into employee’s data.

5. Digital benefits lead to increased employee satisfaction.

Digital benefits are a great way to signal to employees that their needs are being met. According to Willis Tower Watson, 78% of employees said they were more likely to stay with an employer because of their benefits program. However, to it’s vital for employers to ensure that their employees understand how to use their benefits effectively and to listen to what their employees want. One of the best ways to do that is by providing a comprehensive digital financial wellness program. According to a Bank of America survey, the demand for professional, personalized financial advice from employees has steadily increased since the pandemic.

 

Real world financial guidance. Digital tools. All in the palm of your hand.  That’s 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 wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background. 

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.

5 Benefits to Help Employees Cope with Inflation

5 Benefits to Help Employees Cope with Inflation

by | Jun 1, 2022 | Blog

5 benefits to help employees cope with inflation. Inflation is the highest it’s been in years. Here’s how employers can support their teams cope with inflation with the right benefits choices. 

As inflation skyrockets, the effects are felt throughout the US workforce. According to BenefitsPro, 82% of HR executives are concerned that their employees’ personal finance issues affect workplace productivity. 

Luckily, there are methods employers can use to help employees weather this period. Here are 5 benefits employers can use to help employees cope with inflation.

1. Improved Retirement Benefits

Increased inflation is straining “rainy day funds” and other savings for employees. According to the AARP, 39% of employees have nothing saved for emergencies and 20% have nothing in their retirement accounts. A few great ways for employers to assist employees are auto-enrolled retirement plans and increasing 401(k) contributions. Improving retirement benefits can also be a great way for employers to keep up with the competition in their industry. According to SHRM, 16% of large and midsize US employers plan to raise 401(k) contributions or reinstate a contribution match for 2022.

2. Health Care Assistance

A strategy for employers to signal to employees that their needs are being cared for is by increasing health care benefits. This assistance can come in many forms such as covering the cost of health insurance or assisted savings programs. Health care costs can often drag behind increases in consumer prices, so employees may face an increase in costs that will last throughout this year and next.

According to the Kaiser Family Foundation, 46% of employees reported that they have less than $1,000 in out-of-pocket costs for any unexpected hospital/doctor visit. Assisting with health care can also help alleviate mental health problems amongst workers. According to AFLAC, about half of all employees report having anxiety about covering the cost of healthcare beyond what their insurance covers.

3. Student Loan Repayment Assistance

Repaying the student loans that employees are indebted to is a great way to repay the workers for the investment they made in higher education. The government has tried to encourage businesses to implement these programs in their benefits packages. In 2020, employers that offered student loan repayment assistance doubled from 4 to 8%. However, in a survey by SHRM, 41% of young adult employees placed student loan assistance in their top 3 benefit choices.

4. Financial Planning and Coaching

Financial Planning and Coaching benefits showcase a gap between employer benefits and what employees want. According to BenefitsPro, only 35% of employers offer financial planning and 24% offer financial coaching while 60% of employees want personalized financial planning and 54% of employees want personalized financial coaching. Utilizing a service like Best Money Moves makes it easy for employees to find custom solutions to each employee’s problems.

5. Comprehensive Financial Benefit Packages

The best way to address the evolving personal finance needs of employees is by providing financial wellness benefits that can address a wide range of issues. According to Obsidian, 34% of workers spend some of their work hours on personal finances. Working in close communication with workers about what plan works best for them makes it easy to have a healthy workplace and can increase productivity. Best Money Moves is a platform that provides many of the solutions that employees are searching for.

Help employees cope with inflation with financial wellness solutions from Best Money Moves.

If you’re looking for a first-in-class financial wellness solution, Best Money Moves could be the answer you need. Best Money Moves is a financial wellness program that provides all the guidance and support employees need to help them reduce their financial stress. It 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 and buying their first homes with access to a library of over 700 articles, videos and calculators. 

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.

Employers want a financial wellness program that is expansive, engaging and suited to meet each of their employee’s unique needs and they’ve found it in Best Money Moves.

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.

4 Benefits to Support Working Women

4 Benefits to Support Working Women

by | May 18, 2022 | Blog

4 benefits to support working women. Female employees face unique hurdles in the post-COVID workforce. These 4 benefits can help support working women.  

The COVID-19 pandemic led to an unprecedented number of women exiting the workforce. Academics and employers alike have coined the term “she-cession” to highlight this exodus, particularly women with young children

There are two key drivers behind this phenomenon, according to an International Monetary Fund (IMF) report. One driver is women work in occupations and industries that were disproportionately affected by COVID-related job losses. Driver two is, school closures forced women to choose between caregiving and their career. 

Here are 4 ways organizations can support working women through this difficult period.

1. Support working women with on-site childcare or subsidies.

Amid school closures and limited daycare options, data shows that the burden of childcare has had detrimental effects on women’s employment. This is largely because societal expectations position women as the primary caregiver, even if that comes at the expense of their job. According to an IMF report, the burden of childcare accounts for 45% of the increase in the employment gap between men and women.

By offering childcare benefits like on-site daycare or subsidies, companies can help support women as both employees and working moms without the stress and costs of childcare. In fact, childcare benefits show that your company is a family-friendly employer, which can go a long way in attracting and retaining top talent.

2. Consider menstrual leave as an added health benefit.

Menstruating employees may experience menstrual health issues that can impede work performance, such as period pain and menopause symptoms. With a focus on equity and employee inclusion, companies are starting to incorporate menstrual leave into employee benefit packages. 

Menstrual leave would allow employees to take time off for menstrual or menopausal symptoms, in addition to their regular vacation and sick leave. This allows employees to recover without the pressures of 24/7 productivity. Moreover, it helps foster inclusivity within the workplace and increase company-employee trust.

3. Focus on financial empowerment to support working women.

Across different indicators of financial wellness, women tend to report a lower level of financial wellness compared to men. Women employees have less access to financial advice compared to men, according to a Morgan Stanley survey, and they’re less likely to express a need for financial advice to their employers.

To promote financial wellbeing, specifically women’s financial empowerment, companies can invest in financial wellness programs and tailor them to the needs of working women. From loan calculators to money coaching, financial wellness resources can help equip women with the necessary tools to meet their personal finance goals (e.g., planning for college or learning about stock investments). Moreover, this can help address financial gender gaps, like wealth and access to advice.

4. Invest in accessible breastfeeding resources.

Transitioning back to the workplace is often difficult, and it even more challenging for breastfeeding parents. Studies have shown that breastfeeding has benefits for both parent and baby; however, most work environments don’t adequately support breastfeeding employees. This is one of many reasons why many women feel forced to choose between their jobs and caregiving.

Companies can extend support  by offering breastfeeding resources. A simple way to start is by providing reasonable and protected break time for nursing employees to pump their breast milk. Some companies have even invested in breast milk delivery services, so moms can send home milk even on work travel. Regardless of the solution, it is important that company policy is implemented to protect the rights of breastfeeding employees and ensure that they don’t receive formal or informal penalties.

Attract and retain top talent with financial wellness solutions from 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 wellbeing 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.