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2024 Employee Benefits Trends: Focus on Employee Wellbeing

2024 Employee Benefits Trends: Focus on Employee Wellbeing

by | Dec 5, 2023 | Blog

2024 Employee benefits trends: Focus on employee wellbeing. The right benefits strategy is key to employee satisfaction. Here are the top 2024 employee benefits trends.

Employee benefits are a driving force keeping your workforce satisfied. A study from the Society for HR Management found that the quality of employee benefits was likely linked to happiness at work. Yet both benefits and job satisfaction were at historic lows in 2023, falling multiple percentage points from the previous year.

A new year means revisiting your existing benefits strategy and experimenting with new programs to help keep your team engaged.

4 Top 2024 Employee Benefits 

A key statistic about the need for 2024 employee benefits

1. Financial wellness programs

Financial health is one of the most important aspects of employee well-being and productivity. A study from the American Psychological Association (APA) found that 72% of Americans report stressing about money at least some of the time. According to Morgan Stanley, financial stress in employees can lead to declines in productivity, weakened company culture and delayed retirement, among other risks. 

The answer is to meet employee financial strain head-on by providing a comprehensive financial wellness program in your 2024 employee benefits.

Financial wellness programs are expanding to include personalized financial planning, budgeting tools and educational resources. Other opportunities include student loan assistance, debt management programs, and employee assistance programs that provide financial counseling. Offering a wide range of interactive benefits helps employees. Budget tools can help save money for retirement, while debt management programs can help get a person’s situation back on track.   

Mercer’s Health & Benefit Strategies for 2024 Survey Report found that almost half of surveyed employees believed digital tools would be useful to self-manage their well-being.  Addressing the financial issues facing your workforce that their workforce faces can positively the lives of your team.

2. Flexible work schedules

Flexibility in scheduling continues to matter to employees moving into 2024, as companies recognize the value of work-life balance. The pandemic has shown the world that juggling work and family obligations is extremely difficult. But this reality is not just a pandemic-era issue. The news of a large-scale “return to the office” for workers has not been making much headway, as employees enjoy the flexibility provided by remote and hybrid work. 2024 benefits are projected to reflect those needs.

According to the same Mercer report, at least 80% of companies surveyed allowed the option for some employees to regularly work from home.

Hybrid or generally flexible work hours may allow your team to complete tasks at their own pace, which increases productivity. This way, location becomes less important and employers can prioritize results over hours in the office. The use of tools that support remote work for those working from home has also seen a resurgence in the past few years.

3. Expanded opportunities for PTO

Employee expectations for time out of office are moving far beyond standard PTO. In 2024, companies will allow more opportunities for time off related to mental health and caregiving needs. Inclusive PTO policies help destigmatize mental health-related absences and can help protect employees from losing pay when faced with unexpected circumstances.

These paid time off options include parental, adoption and paid surrogacy leave. Even unlimited vacation policies are gaining traction, which can encourage employees to take time off without the constraints of a set number of days. In 2021, the majority (72%) of employers with unlimited PTO policies reported that the amount of time off employees took was the same as it was under their prior policy. 

Also, according to the Mercer report, about one in four employers provide unlimited PTO to at least some employees and the threshold for taking time off has increased. The median number of paid time off provided increased to 7 weeks among companies surveyed in the Mercer report.

4. Reproductive and caregiving benefits

Reproductive health will also see a spotlight in 2024. Employers are looking to expand healthcare coverage to include fertility treatments, family planning resources and maternity and paternity leave policies. Scheduling flexibility can also be a boon for working parents, along with subsidized care or resources.

Common caregiving benefits include child care consultations, subsidized child care services and special needs support. Currently, some employers surveyed by Mercer offer specialized benefits for high-risk pregnancy (31%), preconception family planning (32%), post-partum (24%) and more. According to the Mercer report, 46% of employers will offer one or more of these benefits in 2024, up from 37% in 2023.

Employees get to take advantage of a variety of programs that are beneficial to their specific situation. Companies will see increased support for caregivers as a vital tool for recruitment and talent retention. The future of caregiving benefits will consider the many needs of employees, and prioritize a wide-ranging plan regardless of gender or family structure.

Give your 2024 employee benefits strategy an edge and offer financial wellness tools from 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 an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

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 Ways to Support Employees During the Holidays

5 Ways to Support Employees During the Holidays

by | Nov 14, 2023 | Blog

5 ways to support employees during the holidays. Holiday stress can cause big problems for your workforce. Here are 5 ways to support employees during the holidays. 

While the holidays should be a restful and celebratory time of year, they can also introduce financial stress into the lives of many employees. Between the cost of gifts, holiday dinners, long-distance travel and hosting family, your team may face significant holiday costs. In a survey from the American Psychiatric Association (APA), 31% of adults said they expect to feel more stressed during the upcoming holiday season compared to years prior. 

Luckily employers can take steps to support their workers during the holidays and keep the season merry.

a surprising statistic about employee stress during hte holidays

1. Make flexible schedules the norm.

The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Different people have different traditions, celebrations and customs, So, flexibility is vital for limiting stress. Whether your employees are hourly, salaried or gig workers, flex time can help accommodate everyone’s needs and save your team from major headaches. 

In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.

Flexibility allows your team to complete their work on their own terms, while still managing their own personal lives. This fosters an environment where work-life balance is valued but also respects your team’s time and effort.

2. Encourage time off during the holidays

Taking time off during the holidays is important for everyone to recharge and spend quality time with their loved ones. But, many employees may hesitate to utilize their allocated time off. 

According to Pew Research, nearly half of workers say they’d worry about falling behind at work if they took more time off. However, this mentality can lead to increased levels of employee burnout, which has severe consequences for teams. In a Deloitte study on burnout, 91 percent of respondents said that having an unmanageable amount of stress or frustration negatively impacted the quality of their work. 83 percent of respondents said burnout from work could even negatively impact their personal relationships.

 Limiting burnout can also help with employee retention. According to the same Deloitte survey, nearly half of millennials said they have left a job specifically because they felt burned out. 

To support your employees, actively encourage them to take advantage of their vacation days and spend time with their loved ones.

Prioritizing a healthy work-life balance will help your employees feel comfortable using their paid time off without fear of judgment. A supportive work environment helps you keep your best talent.

3. Promote your existing mental health services.

Employers should take proactive steps to support their staff’s mental health all year, but the holidays can be especially tough for some. Take the time to promote any mental health resources and short-term benefits you offer, as they can be most important at the end of the year. According to an APA survey, 38% of people said their stress increased during the holiday season, which can lead to physical illness, depression and anxiety. 

These benefits can help improve these symptoms and get your workforce into a healthier place for the new year.  

4. Ask about employee goals for the new year.

Supporting your employees might also mean discussing their long-term career goals, especially if productivity dips at the end of the year. A Robert Half survey of more than 2,700 U.S. workers found that 30% of respondents saw difficulty balancing work and holiday obligations. Engaging in a conversation about future aspirations is a great way to organize your workforce and help refocus. Asking about goals can also provide clarity for your employees and shift your team’s thinking past their everyday tasks. These conversations can be great opportunities to set achievable goals and prepare for the new year together.

5. Prioritize financial wellness during the holidays and beyond.

The holidays can be an expensive time for all of your employees. Between gift-giving, decorations, travel and higher utility costs, this time of year often sets people back in their financial journeys. 

In fact, the Money and Holiday Mental Health survey from 2022 found that as consumer prices have continued to increase, 55% of millennials felt more stressed about the holiday season. However, programs like Best Money Moves offer effective solutions to their financial concerns. With budget tools, calculators and other resources, the right system can get your employees back on track in time for the new year.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

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 Surprising Statistics About the State of Employee Financial Wellness

5 Surprising Statistics About the State of Employee Financial Wellness

by | Nov 7, 2023 | Blog

5 surprising statistics about the state of employee financial wellness. Economic uncertainty has reshaped how employees think about their benefits. Here are key insights into the state of employee financial wellness.

Economic uncertainty throughout the past few years has reshaped how employees think about their benefits. In their 2023 Workplace Benefits Report, Bank of America surveyed 800+ American workers, examining the success of their benefits programs. The responses illuminate the growing strain of financial stress on many workforces — and just how important financial wellness benefits are to offsetting that stress. 

Here are 5 key statistics from the survey that reveal important insights into the state of employee financial wellness.

A surprising statistic about the state of employee financial wellness

1. 63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans.

Employees feel the strain of prolonged economic uncertainty, although different generations show their stress differently.  Workers in the baby boomer generation are having to delay retirement due to the instability of the current economy. Millennial and Gen Z employees grapple with high levels of student debt and may worry about their current financial situation. But however your team is affected, one thing remains constant: workplace morale and productivity suffer.

Providing employer-sponsored financial benefits is one way to put your team at ease. 3 out of 5 respondents reported that they would feel confident investing in a 401(k) or alternative retirement plan through their employer will help build their savings for retirement.

2. Women feel economic strains more acutely: 39% of women had to look for additional employment to keep up with rising costs compared to 17% of men.

According to Bank of America, women generally feel financial stress more significantly than their male counterparts. More women lie awake at night worried about their personal finances and more women are worried that due to inflation, they won’t be able to make ends meet. The workplace benefits that you provide need to be tailored to each employee and account for differences between demographics. A static solution that is the same for everyone does not address the complex needs that the world of personal finance creates.

3. The percentage of employees that prioritized saving for retirement has dropped by ⅓.

As economic situations fluctuate, the priorities of your workplace do as well. As retirement planning dropped in focus, employees prioritized paying off credit card debt and building an emergency savings fund. These statistics highlight the need for a comprehensive financial wellness program. A band-aid solution such as a 401(k) matching plan or something similar may work in some years, especially prosperous ones. However, these programs need to do a better job of lending a hand to your workforce during turbulent economic periods.

4. 2 in 5 workers rate their employee financial wellness as “good or excellent”, the lowest figure since 2010.

This is alarming but not necessarily surprising, considering the tumultuous economic strain of the COVID-19/Coronavirus pandemic and subsequent years. When surveyed, only 56% of employees said that they felt optimistic about the future, a decrease from 61% the previous year. As these feelings persist, it becomes more imperative for employers to provide some form of financial wellness solution to help employees build financial confidence.

5. ¾ of workers feel that employee financial wellness is the responsibility of their employer

This idea of improved financial wellness does not solely come from increasing pay. The responsibility also encompasses employers that must instill healthy personal finance habits through education or additional resources. Not only do employees think it’s the responsibility of their company, but employers think so as well. Ninety-six percent of employers that Bank of America surveyed said that their employee’s financial wellness is on their shoulders. However, there is a disconnect between what companies say and how they’ve put their thoughts into action. Currently, only 40% of companies offer any sort of financial wellness program.

Address employee financial wellness head-on with help from 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 an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

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 Improve Your Employee Benefits Communication

3 Ways to Improve Your Employee Benefits Communication

by | Nov 1, 2023 | Blog

3 ways to improve your employee benefits communication. Use these 3 strategies to improve your employee benefits communication and help your team make the most of your benefits offerings.

Even the most robust employee benefits programs can fall flat without clear communication. More than 40% of employees do not feel adequately informed about the programs their employers offer, according to a Financial Health Network poll.

Better employee benefits communication is key to a happier, healthier workforce. Use these three tips to give your communication strategy a boost.

a surprising statistic about the importance of clear employee benefits communication

Why aren’t your employees using their benefits?

A lack of communication keeps employees in the dark: Simply put, if employees don’t know what you offer, they will not use their benefits.

Overly complex benefits intimidate employees: Important benefits such as private health care, retirement or life insurance often feel too complex for employees to tackle. A 2021 study from Bend Financial found that 56% of Americans admitted to feeling “completely lost” when trying to understand how their health insurance worked.

Financial strain diverts employees from investing in their benefits: According to CNBC, 58% of Americans are living paycheck to paycheck. When employees struggle to cover basic bills, they may not be willing to pay for extra benefits.

3 Ways to Improve Your Employee Benefits Communication

Better benefits communication starts with clarity, simplicity and personalization. 

1. Keep open lines of employee benefits communication.

It is most important to clearly communicate the value and purpose of each benefit you offer to your employees. 

This can start from the onboarding process, where new employees can learn and take advantage of your company’s benefits package. According to MetLife, 55% of employees note that benefit programs are necessary benefits to accept a new job offer. 

Beyond that, creating a dedicated and easily accessible place where employees can find detailed information about benefits is another great way to improve communication. This may include forms, links and other resources that can help employees learn about all the benefits you offer.

Benefit fairs and workshops can also be a useful way to promote new benefits or bolster old ones. Discuss relevant information, such as how to apply, enrollment deadlines and any other updates. This strategy keeps benefits top of mind for employees and encourages them to make use of what they are being offered.

Determining how you communicate these benefits is also a major factor in how your employees respond. For example, in-person meetings might be good for new hires, while employees who already know about existing benefits might respond more positively over email. All of this depends on your employees and what kinds of benefits you offer.

2. Regularly review your employee benefits communication strategy.

Whether you feel your benefits strategy is working or not, it’s worth it to review it periodically so that you can reassess and implement new approaches. 

Annual benefits reviews with employees can help you better understand their needs and whether your offerings are actually relevant to what they need. This is especially important if you have employees who are reaching major financial milestones such as student loans, children or retirement. You might also consider including extra perks for those who take advantage of what you offer. 

Communication goes both ways, so be sure to create avenues for employees to provide feedback on each benefit you offer. This can help you understand what’s working well and where you can add improvements, as employees are willing to engage with benefits relevant to them. In fact, 49% of employees would bear more of the cost to have access to more benefits that fit their needs, according to the same MetLife report.

3. Personalize your benefits offerings to meet the needs of your team.

Personalizing benefits to suit your employees is the next step after reviewing your current package. With employee feedback, you should be able to make a more informed decision about what your workforce needs and how you can best help them. 73% of employees would be encouraged to stay with their current employer for longer if offered access to more relevant benefits, according to MetLife.

Programs that are part of the benefits package, such as financial wellness solutions, can encourage employees to participate in these programs and improve their overall well-being. By providing clear information, support, and personalized guidance, you can help employees make the most of their benefits and set themselves up for success.

Maximize your financial wellness benefits 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 an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

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.

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

by | Oct 13, 2023 | Blog

What are employee wellness initiatives? Wellness initiatives can give your benefits plan a powerful boost. Here are 5 key initiatives to try for your team.

Eighty-seven percent of employees consider health and wellness benefits when choosing an employer, according to a study by recruiting website Zippia. Adding wellness initiatives programs to your benefits package can provide your company an advantage in attracting talent over your competitors. 

Here’s what to know about employee wellness initiatives as well as 5 key initiatives that your team can implement to improve the employee experience.

a surprising statistic about the need for employee wellness initiatives

What are employee wellness initiatives?

Employee wellness initiatives are benefits programs that a company provides its employees. The purpose of these solutions is to promote the health and wellbeing of all the members of the office. Not only do companies see improvements in their workers mental and physical health, they often will see positive returns on their productivity and quality of work as well. In addition to cultivating a better work environment, according to the same Zippia study, 72% of employers saw a reduction in their healthcare costs after implementing these programs. 

These wellness programs can come in many different forms. Here are 5 key wellness initiatives to help your team succeed.

1. Fitness classes and health education

Encouraging your employees to exercise can positively impact both their physical and mental health. Fitness benefits can also appeal to all manner of employees, whether they enjoy complex lifting courses or low-impact aerobics. Providing stipends for these classes offers a cost-saving alternative to building an on-site gym or health club.

2. Schedule flexibility

In the post-COVID-19 workforce, flex-time is one of the most requested employee benefits. Employees want the ability to set their schedule for when to come into the office and when to work from home. The flexibility has the added benefit of reducing stress and anxiety in the workplace which will help increase productivity in the long run. Flexibility also provides added benefits for working parents trying to balance work and childcare duties.

3. Health screenings

Common reasons that people don’t go to the doctor include a fear of what a routine checkup might cost, a feeling of embarrassment or they lack access to the proper resources. All of these issues can be alleviated by providing onsite health screenings. Screenings only take 15-20 minutes of people’s time and to increase participation, can be provided during work hours.

Some employees may be dissuaded or nervous in volunteering in a program like this. Common incentives for participation include cash bonuses, reducing contributions towards health insurance and providing a flexible spending account.

4. Wellness goals

Declaring a shared goal that employees work on together while encouraging others to participate and excel in the programs helps raise the participation percentage of the benefits and can double as team-bonding exercises as well.

These goals can be carried out individually or workers can form teams and try to achieve them together. Some common challenges that workplaces have thought up are meditation, drinking more water, keeping a gratitude journal and walking/biking to work.

5. Financial wellness programs

Only 42% of employees rate their financial wellness as good or excellent, according to a report by Bank of America. But 76% of employees feel that it’s their employer’s responsibility to help them bridge the gaps in their financial wellbeing.

In response, many companies have started to provide financial wellness programs that assist clients with their budgets and guide them on a path towards financial security. When it comes to financial wellness programs, the best path forward is to provide a comprehensive one. Personal finance comes with unique issues for each of your employees and requires holistic answers for employees of all ages and financial backgrounds.

Give your team best-in-class employee financial wellness initiatives like 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 an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.  

Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 900+ 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.