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5 Benefits for Employers to Retain and Attract Top Talent

5 Benefits for Employers to Retain and Attract Top Talent

by | May 10, 2022 | Blog

5 benefits for employers to retain and attract top talent. High turnover creates an expensive problem for employers and stressful environment for employees. Retain and attract top talent with these 5 standout benefits.

The cost of replacing an employee can range anywhere from six to nine months’ salary, according to data from SHRM. If your team is worried about the cost of losing talent, it could be time to reevaluate your benefits strategy. According to a survey by ArmadaCare, 78% of employees are more willing to stay with their employer due to their employee benefits. 

Here are the 5 best benefits to help retain and attract top talent.

1. Offer competitive, matched retirement planning options.

Retirement planning is one of the most common employee benefits offered by employers, specifically a 401(k) matching plan. According to a study by SHRM and Morgan Stanley, the most important financial wellness benefit for employees was retirement planning. The additional financial security that employees feel when their retirement needs are taken care of can help reduce stress and improve office morale.  For these programs, employers don’t only receive the benefit of being more attractive to potential new hires, they can also receive tax benefits for contributing to employees’ retirement accounts.

2. Support top talent with emergency fund assistance.

One of the lingering effects of the pandemic is the reduced amount of “rainy day funds” available to employees. According to a survey by PWC, 38% of employees have less than $1,000 stowed away for emergencies. Employer-sponsered emergency savings accounts may be funded similarly to 401(k) accounts. However, the money added to the accounts does not have to stay in the account long-term and the cash taken from employee’s paychecks is taxed as income.

3. Allow flexible time-off policies.

According to a survey by JustWorks, 68% of employees felt as if flexible hours had a positive impact on their team. And, according to another survey conducted by SHRM, 80% of employees said they would be more loyal to their company if they had flexible work options.

Employees have put a high value on flexible schedules and the loss of productivity is often more than worth providing the option than having to replace employees. According to that same survey by JustWorks, 76% of employers felt that flexible hours had a big impact on their ability to attract new talent. Also, flexible schedules do not necessarily result in a lack of productivity. According to SHRM, about ⅔ of employees said they are more productive working outside of a traditional work environment.

4. Invest in top talent with employee loan assistance programs.

One of the hottest new trends in employee benefits is student loan repayments. It can be a huge bonus in attracting younger talent to a company. Assistance programs go far beyond loan repayments. Many companies offer purchasing programs that assist employees in making larger purchases such as a new computer. Employee assistance programs can go outside of directly benefitting the employee as many offer aid to immediate family members of employees or anyone living with an employee.

5. Offer your top talent personalized financial coaching.

Offering the service of financial coaches adds a personal touch to the offered benefits and lets employees know that their specific needs are met. 43% of employers offer “personalized financial counseling, coaching or planning and an additional 35% are considering adding the service to their benefits according to research by the Employee Benefit Research Institute in partnership with Mercer. According to a study by Questis, companies that welcome financial empowerment through employee benefit programs and provided access to personal finance education and coaching were able to reduce turnover by 33%.

Attract and retain top talent with financial wellness solutions from Best Money Moves.

Best Money Moves can help your employees address their financial stress and improve your retention in the new year. The program 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, help guide employees to make smarter financial decisions and reduce their overall stress.

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.

High-Earning Employees Need Financial Help, Too

High-Earning Employees Need Financial Help, Too

by | May 4, 2022 | Blog

High-earning employees need financial help, too. A six-figure salary doesn’t always translate to financial security. Here are 4 ways high-earning employees can benefit from financial wellness programs.

It’s a common misconception that a six-figure salary always translates to financial security and that high-earning employees have no need for financial wellness benefits. However, this isn’t always the case. What’s more, a good financial wellness program offers tools for those who are secure and not just at-risk employees.

Here are 4 reasons that even your high-earning employees still need financial wellness resources.

1. More money doesn’t always mean fewer financial concerns for high-earning employees.

Financial wellness means different things to different people, even those with higher-than-average incomes. However, with rising rents and record-high inflation, even a six-figure salary doesn’t necessarily guarantee financial security. Almost 20% of employees earning over $100,000 live paycheck to paycheck, according to a Willis Towers Watson survey. Living paycheck to paycheck means that termination, or even a late paycheck, can put an individual and their family at risk. 

surprising stat about high-earning employees

It’s important to limit broad assumptions about your team’s financial security based on pay alone. Companies can help prevent financial vulnerability through personally tailored budgeting and spending tools. These financial resources can support employees, at all income levels, toward increased financial wellness. 

2. Even employees with a basic level of financial wellness want more.

A Morgan Stanley at Work survey found that even employees with a good foundation of financial wellness still admit needing help to reach their short-term and long-term financial goals. 

Companies can get more specific on the financial goals of their own employees by conducting internal surveys, and then matching those needs with the right financial wellness resources. Together, this can help companies further employees’ financial knowledge and empower their financial wellness.

3. High-earning employees want three key financial wellness benefits.

According to the Morgan Stanley data, high earners were generally attracted to three financial wellness benefits:

  • Retirement planning (69%)
  • Access to financial advising (57%)
  • General financial education (41%)

This poll data may be surprising to some, but again, more income doesn’t mean better money management. In fact, the same Morgan Stanley poll showed that high-earning employees who are less confident about their personal finances are more likely to gravitate toward certain benefits, even those that may seem simplistic like budgeting and spending tools. There is no shame in asking for more help and with the right financial wellness program, companies can deliver such help to all employees.

4. Financial wellness can help you go beyond with company retirement matching.

Retirement planning is a priority for employees of all backgrounds; however, not every retirement benefit can be utilized by high-earning employees. For instance, companies cannot match 401(k) contributions on income above the annual compensation cap, which is currently $305,000, according to the IRS. This puts high earners at a disadvantage because their company is only matching a small percentage of their income for retirement.

Instead, according to Tom Conlon, Head of Retirement Sales for Morgan Stanely at Work, companies should go beyond the retirement match and consider equity or nonqualified deferred compensation plans, which are gaining popularity in the workplace. 

Conlon emphasizes that a good financial wellness plan considers what top earning employees need, and it can be a way to stand out and retain top talent.

Looking for a financial wellness program to fit earners of all sizes? 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 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.

4 Ways to Promote Social Justice in the Workplace

4 Ways to Promote Social Justice in the Workplace

by | Apr 26, 2022 | Blog

4 ways to promote social justice in the workplace. Social justice and DEI issues are a must-have for workforces. Here are 4 ways to keep social justice in mind while planning your benefits strategy.

Diversity, equity and inclusion have become critical values to employees. In a 2021 survey of 3,000 workers, Garter HR found that 68 percent would consider quitting their current job for an organization with a stronger stance on relevant social justice issues.

What exactly is social justice?

Social justice is generally described as an effort to secure equal rights, opportunities and treatment for all individuals. Today, many companies also incorporate economic justice as an integral part of their DEI strategy. 

Many social justice causes may directly impact members of your workforce. So, supporting social justice and DEI efforts in the workplace, whether through employee benefits programs or other means, is a key component of supporting overall employee wellness. 

Here are 5 ways companies can support employees by keeping social justice and DEI issues in mind when planning employee benefits.

4 ways to support employees and promote social justice in the workplace

One of the most important aspects of an effective employee retention strategy is to listen to employees and respond to their needs. According to SHRM, 56% of US employees with employer-sponsored healthcare benefits surveyed said whether or not they like their healthcare plan is a key component in their decision to stay with their current job. Offering a healthcare plan is also a way for employees to keep up with competitors as 58% of companies offer health benefits making it the most common workplace perk.

1. Integrate DEI and social justice efforts into your organization’s hiring practices.

Conscious and unconscious biases can lead to inequitable hiring processes and disparities in unemployment. For instance, candidates with white-sounding names on their resumes receive 25% more callbacks than those with Black-sounding names, according to a Harvard research study. 

It’s important that HR teams stay aware of such biases during the hiring processes. Companies can take it a step further by integrating diverse representation into their hiring teams. Diverse HR professionals can help companies expand the colleges, networks and talent pools that they hire from, ultimately increasing employee representation.

2. Use financial wellness resources to help address wealth and financial literacy inequalities.

Social justice is closely linked to economic and wealth equality, according to the United Nations and the Center for Economic and Social Justice. However, wealth inequalities based on race, gender and other identities remain prevalent. 

Almost 64 percent of the U.S. population lives paycheck-to-paycheck, according to a report from LendingClub. And that insecurity often disproportionately affects minority families. The median net worth of white families is nearly $190,000, compared to Black and Hispanic families, with $24,100 and $36,400, respectively, according to 2022 data collected by the Federal Reserve Bank of St. Louis. 

Companies can help bridge these structural wealth gaps by offering access to financial wellness programs. Whether employees are saving for retirement, managing a day-to-day budget, or working toward a personal milestone, financial wellness and literacy programs can offer much-needed resources to employees of all backgrounds.

3. Show support for social justice causes through company match programs.

With Company match programs, employees donate to an organization (either  one of their choice or from a pre-approved pool) and their employer promises to match the donation. These programs, also known as matching gift programs, are an effective way to garner support and economic justice for social causes. 

Studies have shown that employees feel more motivated to support social causes when their employer offers company match programs.

4. Offer time off for cultural holidays and volunteering opportunities.

Many employees celebrate culturally significant moments that extend beyond federally observed holidays. Recognizing this, employers are increasingly allowing time off for cultural holidays like Holi, Yom Kippur and Juneteenth. This flexibility allows employees to celebrate the moments that matter most to them while maintaining a work-life balance. 

Companies are also beginning to extend time off benefits to volunteering and social impact opportunities. This benefits allows employees to take time off to focus on social causes they care most about, while furthering company commitments to corporate social responsibility.

Take your benefits strategy to the next level 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 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.

5 Benefits to Include In Your Employee Retention Strategy

5 Benefits to Include In Your Employee Retention Strategy

by | Apr 20, 2022 | Blog

5 benefits to include in your employee retention strategy. The Great Resignation isn’t over yet. Up your employee retention strategy and keep your team where they belong with these five benefits. 

Nearly 4.4 million Americans quit their jobs in February of 2022, according to the U.S. Department of Labor. These numbers suggest that the period of record employee turnover known as the “Great Resignation” is not slowing down. 

The costs to employers are staggering. It costs six to nine months of an employee’s salary to hire and acclimate their replacement, according to data from SHRM. It also takes a new employee 1 to 2 years to reach the level of productivity of an existing employee. 

To help avoid the high costs of turnover, employers should be prepared to reevaluate their benefits packages. Here are 5 benefits to include in your employee retention strategy.

1. Boost employee retention with personalized financial wellness benefits.

Around 87% percent of employees want help when it comes to managing their finances, according to PwC’s 2021 financial wellness survey. And employees that have financial wellness report higher levels of job satisfaction, loyalty and productivity – factors that make employees less likely to leave their current job. According to data from prudential, 60% of workers feel more committed to their employer when the employer shows an investment in their overall financial wellbeing. 

However, when it comes to financial assistance, too many organizations focus solely on helping employees plan for retirement. A fully comprehensive financial wellness plan can help addresses a wide range of employee concerns. Look for a solution that is as dynamic as your workforce and support your team with comprehensive financial wellness benefits that cover everything from financial planning and coaching to building an emergency fund or paying down debt.

2. Ease employee stress with comprehensive healthcare offerings.

One of the most important aspects of an effective employee retention strategy is to listen to employees and respond to their needs. According to SHRM, 56% of US employees with employer-sponsored healthcare benefits surveyed said whether or not they like their healthcare plan is a key component in their decision to stay with their current job. Offering a healthcare plan is also a way for employees to keep up with competitors as 58% of companies offer health benefits making it the most common workplace perk.

3. Support employee wellness by destigmatizing mental health benefits.

In a response to the needs of their employees, around 40% of employers expanded their mental health benefits during the pandemic. Mental health benefits can come in many forms. Some of the best solutions have been including mental health coverage in the company’s health plan, promoting mental health programs to try and reduce the stigma around the issue and establishing an employee assistance program.

According to a survey by Teamstage, 91% of Gen Z and 78% of Millenials think that companies should implement a mental health policy. A survey by Calm found that 76% of potential employees consider mental health benefits as critical when evaluating potential job prospects.

4. Offer family-friendly benefits to care for employees and their loved ones.

The term “family-friendly” encompasses a wide range of benefits from fertility planning to extended maternity leave to childcare benefits. Family-friendly benefits may suggest to employees that the workplace has a legitimate interest in their wellbeing and is another way for companies to keep employees happy. According to a study by Utah State University, 94% of companies that implemented family-friendly policies reported a higher level of employee satisfaction.

5. Invest in paid time off today to improve employee retention in the future.

Research from SHRM suggests that encouraging employees to enjoy vacation time can actually increase productivity in the long run. However, simply providing paid time off may not be not enough for employees to enjoy the benefits. In a 2021 survey, Priceline found that only 21% of Americans used all of their PTO in 2020 and 19% felt their positions were too demanding to allow them time away. PTO is not only an important part of employee compensation but a vital tool for fighting burnout that can contribute to turnover. So, it’s important employees feel supported when taking a break.

Take your benefits strategy to the next level 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.

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 Ways Financial Stress Harms Overall Employee Wellness

4 Ways Financial Stress Harms Overall Employee Wellness

by | Apr 5, 2022 | Blog

4 ways financial stress harms overall employee wellness. Financial stress can have ramifications that affect far more than your wallet. Here’s what to keep an eye out for among your team. 

According to Financial Fitness Group, companies lose roughly $7,000 per employee per year due to stress caused by personal finance issues. And for employees, the effects of stress go far beyond dollars and cents. Long-term financial stress can take a huge toll on overall employee wellness and can even lead to emotional and physical consequences. 

Here are 4 ways that financial stress impacts overall employee wellness.

cost of financial stress

1. Financial stress can keep your employees up at night.

A good night’s sleep is important for both physical and mental health. A full night’s sleep has been linked to boosting the immune system, brightening mood, improving memory and even increasing day-to-day productivity. Unfortunately, those who are financially stressed are among the worst sleepers in America, according to the Better Sleep Council’s State of America’s Sleep survey.

Without healthy sleeping habits, an employee is more likely to experience mental strain, anxiety and depression, along with physical symptoms such as a weakened immune system. And those effects can spill over into the workday. According to the sleep foundation, sleep-deprived employees take more time to react in critical situations and are more likely to make mistakes than their well-rested counterparts. Reducing the financial stress that’s keeping your employees up at night is one step toward helping them rest easier.

2. Prolonged stress upsets employee work/life balance.

Proper work/life balance has already become a challenge following the COVID-19 pandemic, with millions of employees transitioning out of the office and into remote work. 

Burnout is a rising concern associated with stressed employees. Job burnout is a specific type of work-related stress that causes physical/emotional fatigue. Employees who suffer from significant levels of burnout can suffer from insomnia and increased stress levels and are more likely to take sick leave or look for another job. 

Employers can help their employees avoid burnout by creating a healthy workplace culture, allowing employees to work on a flexible schedule, and providing resources to address mental health concerns. Burnout remains a rampant problem in the workplace as, according to Deloitte, 77% of professionals have felt burnout at their current job.

3. Financial stress is a physical problem too.

Stress not only raises anxiety levels, but it can also take a physical toll on the body, causing high blood pressure, headaches, fatigue, pains and aches among other things. 

If the problem persists, stressed employees are more likely to get cardiovascular disease and other ailments that wind up killing around 120,000 people per year. Reducing that kind of stress in the workplace can avoid a cycle of various stressors that poor financial habits can cause.

4. Stress could be harming your workplace culture.

According to the Mayo Clinic, some of the most common effects of stress include increased irritability or anger. Employees burdened by stress are nine times more likely to have troubled relationships with coworkers and twice as likely to be searching for a new job.

It’s vital to address employee stress to foster a positive workplace culture  — one that allows employees to ask for personal finance assistance when they need it. One solution is to offer your team a financial wellness program. Providing employees with comprehensive financial wellness tools can help them address their financial stress head-on Plus, it signals to your employees that you care about their overall wellbeing.

Offer your employees relief from financial stress with Best Money Moves.

Less than 33% of workers have access to benefits that can assist with their financial needs according to a Financial Health Network survey. 

By offering financial wellness programs, like Best Money Moves, employers can help employees manage their personal finance goals and stress. 

Best Money Moves is a mobile-first platform that offers personalized financial planning and coaching resources, focused on solving your employees’ pain points. The program uses artificial intelligence, along with a human-centered design, to measure employee financial stress and then dial it down with personalized solutions. Our triggers and alerts system — as well as budgeting tools, personal finance resources and more — help guide employees to make more informed financial decisions and reduce their overall stress.

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.