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Employee Financial Resilience: Help Your Team Weather Any Crisis

Employee Financial Resilience: Help Your Team Weather Any Crisis

by | Aug 23, 2023 | Blog

Employee financial resilience: Help your team weather any crisis. After years of economic turmoil, employee financial resilience has never been more important. Here’s how to foster financial resilience among your team. 

Employees have faced several years of significant economic turmoil. From a global pandemic to prolonged inflation and the looming threat of a recession, the budgets and spending habits of many have been strained. Today, 61% of Americans live paycheck to paycheck, according to data from LendingClub, a 9.3 million person increase from 2021. 

Employee financial resilience has never been more important. Here’s how employers can foster resilience in their employees to help their workforce whether any storm.

a key fact about the need for employee financial resilience

What is employee financial resilience? (And what does it matter to your team?)

Financial resilience is the ability to withstand major unexpected life events without leaving a major impact on personal finances. This is an ability that can be honed for minimum-wage and high-salaried employees alike. According to PWC’s 2023 employee financial wellness survey, even amongst employees making over $100,000 a year, 47% are stressed about their finances. The impact of financial stress can have a significant negative impact on the mental health of your employees as well. As an employer, it’s mandatory to understand financial resilience and to provide financial wellness tools that will help your employees through difficult periods. 

Employee financial strain has many negative side effects ranging from a decrease in productivity to negatively influencing company culture. An additional benefit to a financially resilient workforce is a reduced turnover rate. According to the 2022 PWC Employee Financial Wellness Survey, employees who are undergoing financial stress are twice as likely to seek new employment. Employers who take the initiative in curbing their employee’s personal finance woes will see increased returns in both the personal and the business sides of their organizations.

Building a financially resilient workforce

Building a financially resilient workforce takes a concerted effort from employers to assist and connect with their employees. One of the easiest ways to do so is by changing the culture of your workplace especially when it comes to discussions about money. Talking about personal finance is a sensitive subject, but that unwillingness to open up can push employees further down a spiral of poor habits. Changing the culture around finances will not only help identify when an employee is in trouble but can also assist in increasing participation in programs that companies provide to their employees.

These recent periods of instability have also highlighted the importance of providing comprehensive financial wellness programs. Many companies include some form of personal finance assistance in their employee benefits program, but it doesn’t cover all of their worker’s needs. When problems arrive, it’s important that employees have some base of financial education to improvise and adapt to their ever-changing situations. Each employee has their own set of diverse and challenging personal finance problems, so having a solution that can apply to everyone is imperative.

Bolster employee financial resilience with key 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 stress. 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 wellbeing. Our intuitive, easy-to-use program platform is fit for employees of any age and level of financial literacy.

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 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.

3 Ways to Maximize Your Financial Wellness Benefits

3 Ways to Maximize Your Financial Wellness Benefits

by | Aug 23, 2023 | Blog

3 ways to maximize your financial wellness benefits. Financial wellness is a must-have employee benefit — learn how to maximize your financial wellness program.

Today, almost 35% of companies have financial wellness offerings for their employees, up from 25% in 2020, according to the Employee Benefit Research Institute (EBRI). Financial wellness benefits help companies help reduce attrition, attract top talent and improve the overall wellbeing of their employees.

Whether your team already offers financial wellness tools or is looking to build a new plan these three strategies can help maximize your benefits.

a surprising fact about the importance of employee financial wellness benefits

1. Supplement online tools with live, 1:1 financial guidance.

Every employee’s financial situation is unique — with a financial advisor, employees can talk through any issues they’re facing and receive personally tailored support. For some employees, live money coaching is an easier, less intimidating avenue to receive financial support than engaging with self-guided online tools. Working with an advisor can offer a more accessible avenue for receiving financial advice.  

It’s also a good idea to contract financial advisors outside of your employees’ retirement plan. Of the employers that offer financial advising, 65% of them offer this benefit through their retirement representative, according to EBRI’s report. 

While retirement providers are often a source for financial advice, they are not the preferred source for financial advice among employees. According to PWC’s 2023 report, employees of all ages say they’d prefer and trust an objective financial advisor not tied to financial products or their company retirement plan. Look for advisors who can provide objective, personalized guidance across a range of financial topics.

2. Shift toward a holistic financial wellness benefits.

Employees across different demographics suffer from different pain points. Instead of simply offering one aspect of financial wellness, like a retirement plan or student loan support, a holistic program packages multiple offerings together. Tools such as budgeting aids and loan calculators can help boost employees’ overall financial wellness and are helpful across a wide spectrum of financial situations. 

For companies unsure of where to begin with building a holistic financial wellness program, start by bundling together financial wellness benefits that are beneficial for your specific workforce. Consider: What are the main financial issues, stressors, or insecurities that your employees face? What tools and/or resources can help employees face these issues head-on?

Even if you already offer a holistic financial wellness program, companies are continuously innovating their financial wellness offerings, so it’s important to look for a program that provides new materials and tools over time. In fact, 79% of the companies currently offering financial wellness initiatives said they were encompassing more benefits, according to EBRI’s report.

3. Provide savings tools to help employees build funds for a rainy day.

While there are many forms of emergency fund or employee hardship benefits, many of the existing options rely on already-available money sources — the most common emergency fund benefit offered is withdrawals from after-tax retirement, followed by employee relief/compassion funds. The least commonly offered emergency fund benefit is rainy day funds.

However, rainy day funds allow employees to prepare for short-term emergencies without obstructing their monthly budget and finances. Today, more than 1 in 5 Americans do not have any emergency savings and cannot afford a $1000 emergency, according to a Bankrate 2023 survey. By helping employees build designated emergency savings, employers can help employees boost their financial wellness, and avoid going into debt or dipping into their retirement accounts.

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.

5 Surprising Facts About Employee Financial Wellness

5 Surprising Facts About Employee Financial Wellness

by | Jul 12, 2023 | Blog

5 surprising statistics about employee financial wellness. Employee financial wellness has a big impact on employee wellbeing and productivity. Here are a few key statistics to know. 

Stress over personal finances continues to impact workers both in the home and at the office. Your workforce is suffering as a result.

In January 2023, PWC surveyed 4,000 employed U.S. adults about their personal finances and financial stress. The resulting answers reveal several alarming facts about how financial stress impacts overall employee well-being and performance.

Here are 5 of the most surprising facts from the survey — plus, what employers can do to help. 

surprising statistic about how employee financial wellness impacts productivity

5 Surprising Statistics About Employee Financial Wellness

1. Employees are losing sleep over their financial situation.

In the past year, 56% of employees said that their personal finances had a negative impact on their sleep. Another 55% of employees said that their finances had a negative impact on their mental health. The most startling aspect of this fact is that these numbers are higher than during the height of the pandemic. 

Stress has long been linked to physical ailments including insomnia, anxiety, restlessness and irritability — all of which may contribute to negative employee outcomes including lowered engagement and increased absenteeism. Targeting financial strain may actually help improve an employee’s overall wellness.

2. Financially stressed employees are more distracted at work and more likely to seek another job.

Among financially stressed workers, only 54% said that they felt a future at their current position compared to 69% amongst those who are not financially stressed. Additionally, financially stressed employees are twice as likely to be actively seeking a new position. Only around half of financially stressed employees report seeing a future with their current employer. 

One of the bigger causes of stress for employees is organizational change, showing that stability throughout an organization company can pay dividends down the line. One way to reduce employee turnover is to curate a company culture that fosters employee resilience, even through times of financial uncertainty. Look to provide tools that address employee stress head-on and talk to your employees openly about the importance of financial well-being.

3. Cost-of-living is outpacing employee earnings.

59% of employees say that their salaries are not keeping up with the cost of living expenses. What’s more, the financial tools provided by their employers aren’t enough to bridge the gap. Most financial wellness benefits are geared toward future goals, such as building savings or retirement. While these can be helpful for long-term planning, they miss the mark for employees who are struggling with day-to-day expenses.

Twenty-eight percent of full-time employees report running out of money between paychecks. In addition to long-term help, employees need financial wellness benefits that address day-to-day financial challenges. Look for wellness solutions that can provide budgeting and debt repayment options in addition to planning for future goals. The right solutions can help your team avoid living paycheck-to-paycheck.

4. Employee performance consistently suffers as a result of financial stress.

Financial stress is a major distraction — 56% of employees admit to spending three or more work hours per week dealing with issues related to their finances. Data suggests that these stressed employees are also less engaged with their work overall.

One of the best ways to combat distraction is to provide financial wellness solutions that are personalized for each employee. Look for tools that cover a wide range of financial wellness topics, whether or employees are looking for help budgeting, saving, paying down debt or something in-between. Selecting tools with in-depth personalized advice can cut down the amount of time employees spend looking for help while still on the clock.

5. Employees are increasingly looking towards their employers when searching for help with their personal finances.

Some good news among more worrisome data: 74% of employees seek financial assistance when facing financial decisions, crises or life events. 

Additionally, the stigma of asking for help with your finances has decreased. According to PWC data, 33% of employees said they would be embarrassed to ask for assistance compared to 42% in 2019. Push that number down even further by openly promoting your benefits offerings around the office, so that employees know help will be available when they’re ready to ask for it.

Best Money Moves could be the solution you need to support your employees.

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 well-being. 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.

What is Financial Anxiety? Is Hidden Stress Hurting Your Team?

What is Financial Anxiety? Is Hidden Stress Hurting Your Team?

by | Jul 12, 2023 | Blog

What is financial anxiety? Financial anxiety is a huge pain point for many workforces. Here are 3 strategies to help combat financial anxiety at work.

Worrying about finances is becoming more commonplace among employees. According to the Mind over Money survey by Capital One and The Decision Lab, 77% of Americans report feeling anxious about their financial situation. With financial anxiety comes decreased productivity and increased absenteeism.

Whether your employees are stressing about bills or struggling with saving, taking steps to curb financial anxiety is essential to getting the most out of your workforce.

a surprising statistic about Americans suffering from financial stress

What is financial anxiety?

Financial anxiety is a term used to describe the stress associated with a person’s monetary obligations. Debt, lack of savings, unexpected expenses or job loss are all major causes of financial anxiety.  People dealing with these issues may have further challenges in the office and their lives at home. 

In fact, according to a Bankrate survey, of the respondents who claimed money was a stressor, 29 percent said they worry about it daily.

Financial anxiety is also directly linked to a host of issues that affect employee productivity and well-being. Reduced engagement, lower retention and mental health issues round up the most concerning problems related to financial anxiety.

And, according to a PwC survey, financially stressed employees are nearly five times as likely to admit personal finance issues have been a distraction at work.

Creating a space to address the root causes of financial anxiety is essential for developing a supportive work environment. Here are 3 strategies you can use to address financial anxiety.

Take stock of your employees’ needs

Financial anxiety looks different for everyone. For example, some in your workforce might be prioritizing learning how to budget effectively, while others might be more worried about their retirement plan. 

According to the same Bankrate study, 56% of respondents claimed emergency savings was the issue at the top of their minds. If you find a similar trend with your employees, providing training in that area could be a first step.

No matter how it takes shape, creating a strategy that touches all of your employees’ most pressing concerns is key to making a tangible difference in their lives.

Revise your benefits strategy to target financial anxiety

Unfortunately, employees who don’t know about the benefits they already have are not going to take advantage of them.

According to MetLife, almost 35% of employees do not understand their benefits as they are presented. 

You could have a winning strategy, but it might not be transparent enough to a large section of your workforce. If this is the case, try being more upfront about the benefits you offer and how they can specifically help. This could mean devoting time to explaining your programs through events and consistently communicating to employees what you offer.

Once employees learn how your wellness benefits can solve their financial needs, they are more likely to use them.

Provide comprehensive financial benefits

One of the best ways to support employees dealing with financial stress is to offer a robust financial benefits package. A program that provides quality information, personalized advice and one-on-one coaching is key to getting your workforce the help it needs. And this is consistent across all industries. 

According to a 2022 Bank of America survey, 80% of employers said offering financial wellness assistance can result in more satisfied, loyal, engaged and productive employees.

A financial wellness program is the backbone of any strategy used to support employees, especially one that looks to curb the effects of financial anxiety.

Looking for a financial wellness program fit for all? 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 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. Our platform, with a human-centered design, is fit for employees of any age.

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 Unique Challenges Facing Women in the Workplace

3 Unique Challenges Facing Women in the Workplace

by | Jul 12, 2023 | Blog

3 unique challenges facing women in the workplace. Women in the workplace face many unique challenges compared to their male coworkers. What steps can you take to improve the experience of your team?

Although women in the workplace have come a long way in the fight for parity, employees still face many unique challenges compared to their male coworkers. This year, in Deloitte’s 2023 Women @ Work report, Deloitte shares several powerful insights into women’s unique challenges at work.

We’ve highlighted our top three takeaways from the survey, along with 3 solutions to promote equity and inclusion for all members of your team.

surprising statistics about Women in the workplace

1. Over 50% of women in the workplace struggle with their mental health

Mental health in the workplace looks very different today than from pre-pandemic times — companies provide increasingly more support and open discussion about the importance of mental health. However, despite this progress, more than half of women say they’re concerned about their mental health. 

On top of chronic stress and burnout, women increasingly report that they don’t feel like they can turn “off” from work (60% per Deloitte’s report). This means that in moments where female employees are supposed to be “off” or unplugged from work (e.g., time off, vacation, break time, etc.), there’s a looming pressure to be plugged into work (often by checking emails, replying to direct messages or even actively working or projects). Without having time to turn off and unplug, women’s well-being and overall productivity become at risk. 

Having the opportunity to rest and recharge allows employees to show up as their best selves. Managers, executives and HR professionals alike can support employees’ mental health by finding ways to ensure protected time off. For instance, when an employee is granted time off, ensure there are systems in place such as effective project management, balancing workloads or even looping in additional support resources.

2. Women with menstrual health and menopausal challenges suffer in silence.

The lack of open dialogue around women’s health has caused many of them to suffer in silence, including in the workplace. About 40% of women with menstrual health challenges report that they work through their pain and ailment, as opposed to speaking up and requesting time off. This is largely because of the prevailing stigma and lack of support around women’s health, especially in the workplace. 

For the few women that did end up taking time off and disclosed menstrual health or menopause as the reason why, several expressed that they did not receive the appropriate support from their employer, according to Deloitte’s findings. About 5% of the women surveyed say this lack of support was a contributing factor in them leaving their employer.

Supporting women’s health and well-being may require companies to revisit and update policies around sick leave and/or personal days. For instance, it may be beneficial to change the language in your corporate handbook to explicitly include menstrual and menopausal health as valid reasons to take sick time and/or a personal day. This can extend inclusive and equitable support for any women and non-binary employee dealing with menopausal and menstrual health challenges.

3. About 60% of women in the workplace worry about financial security

A leading worry among women in the workplace is financial security — according to Deloitte’s report, about 60% of women cite money as a top concern. And financial stability and security is an even greater worry among women of color.

There are several factors behind women’s financial stress and worry — first, women tend to earn less wages than men for the same work (and women of color earn even less than their white peers). On top of the gender wage gap, many women feel the need to prioritize their partner’s career over their own — largely because their partner is the breadwinner.  Regardless of a person’s financial standing, financial stress can affect anyone — but with the right tools and resources, financial stress can be addressed and dialed down.

One way companies can help women improve their financial wellness and security is by offering targeted financial wellness benefits. One of the first places employees turn to for well-being support is their place of work. By offering a robust financial wellness program, companies can support women employees toward improved financial well-being and security. Moreover, these benefits can empower women employees to confidently manage their finances and improve their financial well-being.

Looking for a financial wellness program fit for all? 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 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.