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What is Company Culture? (And How to Make Your Team Feel Valued)

What is Company Culture? (And How to Make Your Team Feel Valued)

by | Jun 20, 2023 | Blog

What is company culture? (And how to make your team feel valued). Company culture is a key component of a successful workplace. Here’s how to cultivate a culture that will make your team feel valued. 

A strong company culture is a driving factor in keeping your employees motivated at the office. According to a recent survey by Eagle Hill Consulting, 74% of American workers said that having a strong company culture positively impacts efficiency and productivity.

As an employer, it’s important to know what company culture is and to recognize the best ways to foster a collaborative work environment. Here are 4 great ways to improve company culture and get more out of your employees.

a surprising statistic about employees wanting financial wellness tools and how it can benefit company culture

What is Company Culture?

Company culture refers to the shared ideas, values, standards and behaviors regarding how a workplace operates. Culture is developed among all members of your team — from C-suite executives to your newest hires. How are things done around your workplace? How do your employees communicate with one another? How are employees recognized, promoted or terminated? Are key organizational decisions made? The answers to all of these questions make up your organization’s culture.

Company culture plays an important role in how current and potential employees feel about your workplace. According to a 2018 study by Robert Half Talent Solutions, 35% of employees would turn down a role if the role was a perfect fit but the culture wasn’t. Additionally, another survey conducted by Glassdoor found that 71% of employees would leave their current role if their current company culture deteriorated.

Employers who recognize the importance of company culture can refine their workplace to gain a crucial leg up in hiring and retention.

4 Ways to Build a Culture that Validates Your Team

If you’re looking to build a stronger workforce, start by curating a strong company culture. These four strategies are key. 

1. Curate strong leaders to promote deeper employee connection

Setting the tone of the office starts at the top. A leader, whether of a small team or of an entire organization, is in a unique position to motivate and support their employees affecting a large portion of the company. According to O.C. Tanner’s 2019 Global Culture Report, having a leader who is an active mentor led to a 102% increase in feeling motivated and a 76% increase in employees feeling connected with their leadership. Creating a deeper bond with co-workers makes it easier to elevate the employee experience.

2. Be flexible with the members of your team

Employees increasingly want control over their schedules and the amount they work from home. Outside of the daily schedule, employees respond well if they know they can take time for themselves to deal with a wide range of problems from sudden tragedies to mental health concerns. When surveyed by Deloitte, over 94% of respondents felt that flexibility would be beneficial to their workplace performance, citing improved mental health outcomes and a better work/life balance. In the same survey, over 30% of respondents said that flexibility would improve their overall job satisfaction and another 30% felt it would increase their productivity overall.

3. Identify and celebrate key contributors

Recognition can come in many forms from financial to social. The main point here is to create some sort of reward system that can help motivate employees and band people together. According to that same study by O.C. Tanner, 78% of employees said they are highly engaged when working for a company that has strong recognition compared to 34% of employees who are highly engaged when working for a company with weak recognition. It’s important to keep this competition friendly, which in turn can help bolster interoffice relationships.

4. Provide essential and holistic workplace benefits

Providing a holistic financial wellness program sends a message from employer to employee that their needs both in the office and at home are important. According to ADP, 75% of employees want to work for a company that cares about their financial well-being. Problems at home can often trickle into the office, affecting workplace mood and productivity. Addressing these issues makes it easy to build a healthy company culture with a team of workers who know their employer cares about them on all levels, not just professionally.

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.

Student Debt Relief: 3 Financial Wellness Benefits to Support Employees With Student Loans

Student Debt Relief: 3 Financial Wellness Benefits to Support Employees With Student Loans

by | Jun 20, 2023 | Blog

Student debt relief: 3 financial wellness benefits to support employees with student loans. Many employees struggle to manage their student debt. These 3 wellness benefits can help. 

In summer 2022, the Biden administration announced its one-time student loan relief program, intended to cancel student debt for Pell Grant recipients and middle-class families. However, with ongoing litigation, the program has been blocked, leaving borrowers unsure whether they’ll receive up to $20,000 in relief or not.

Regardless, many student loan payments are set to potentially resume in 2023 and many borrowers still have remaining debt that needs to be paid off. According to a CNBC poll, most Americans feel stress and mental anguish when it comes to their student loan debt (60%). Learn how companies can help employees manage their student loan debt and dial down their overall financial stress.

important statistic about how employees are impacted by student debt

3 financial wellness benefits to help employees tackle student debt:

1. Scenario planning

Employees are increasingly worried about inflation — over 40% of employees say inflation has recently had a detrimental impact on their finances, according to PwC’s 2023 Financial Wellness Survey. With talks of a potential recession, focusing on what may or may not happen can cause employees’ fears and worries around finances to increase.

Scenario planning helps employees see how their budget will change amid different “what if” scenarios. For instance, employees can see how their finances may change if inflation continues to rise — they can also gain insight on how their loan repayments may change with or without the student debt relief program. Rather than thinking hypothetically, with scenario planning, employees can address financial uncertainty, make well-informed decisions and dial down their financial worries and stress.

2. Budgeting tools and calculators

Many borrowers haven’t paid their student loans since March 2020, when the U.S. government commenced the Covid-19 student loan repayment pause. There’s a strong likelihood of student loan repayment resuming this year and employees may need help re-integrating their loan payments into their monthly budget — online tools like budgeting calculators can help with this.

With budgeting tools, employees can manage student loan repayments and other expenses, digitally, all from their phone. Budgeting calculators can help employees put in perspective how much money is coming in versus how much money is going out. These insights can identify areas where employees can scale back spending and increase saving. Moreover, 52% of employees prefer digital financial wellness tools, including budget calculators, according to Bank of America’s 2022 survey, given their ease of use and accessibility. 

3. One-on-one financial advisors

Juggling short-term and long-term financial goals can be overwhelming. Some employees have trouble deciding how to best allocate their money across various goals, like saving for retirement while balancing student loan payments. Over 80% of people with student loans say they delayed key life milestones to pay off student loan debt, according to CNBC’s poll. And about 40% of student loan borrowers say they’ve delayed saving for retirement due to looming student debt. 

For some employees, having personalized financial advising can help them manage short-term financial goals alongside their long-term financial goals. Student loans, for example, is a long-term debt that likely involves some long-term planning. A financial advisor can help employees gradually work toward their long-term financial goals, without losing sight of short-term goals, like paying rent on time or saving for a trip. Moreover, as employees’ financial situations change, a financial advisor can provide guidance on how to best navigate such changes.

To help employees get the most out of their financial wellness benefits, consider bundling benefits together. For instance, giving employees access to budgeting tools and financial advisors can allow them to leverage both for improved financial wellness. Plug-and-play budgeting tools can be used to answer one-off questions and for more in-depth guidance, employees can speak to a financial advisor. Moreover, financial advisors can help employees learn how to best utilize calculators and other financial wellness tools for their personal financial situation.

Looking for an easy-to-use financial wellness program to target employee student debt? 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 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 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.

Employee Debt Is Hurting Your Workforce. Here’s How To Help.

Employee Debt Is Hurting Your Workforce. Here’s How To Help.

by | Jun 12, 2023 | Blog

Employee debt is hurting your workforce. Here’s how to help. Here’s what to know about employee debt, how it occurs and what you can do to lighten the load for your team.

Personal debt is a major issue for Americans, and it’s getting worse. According to the Federal Reserve, American household debt was at $16.9 trillion at the end of 2022, up $2.75 trillion from 2019. As the issue continues to grow, the responsibility of maintaining healthy personal finances falls on employers as well as employees.

Surprising statistic block concerning employee debt and Federal Reserve data.

How does employee debt occur?

According to EBRI’s 2022 Workplace Wellness Survey, 80% of employees are bothered by their debt level. But where does this debt originate?

Employee debt can occur from a number of different sources. Credit card debt is one of the foremost challenges for employees. According to the same EBRI survey, among employees with debt, 78% of those surveyed cited credit card debt as a ‘problem’ for their financial situation. Another survey conducted by LendingTree estimates that Americans owe a collective $986 billion in credit card debt.

Student loans and medical debt also pose a significant challenge. The U.S. owes over $1.6 trillion in student loan debt dispersed between around 43 million borrowers, according to data by Forbes. Meanwhile, data from the Kaiser Family Foundation estimates that 1 in 10 American adults owes some form of medical debt, and Americans’ collective debt totals at least $195 billion.

Addressing employee debt in the workplace

Employees with debt are three times as likely to suffer from depression, anxiety and general stress, according to AIMS Public Health, and these poor mental health outcomes have long been linked with poor performance at work. Employee stress costs an estimated $7,000 per employee per year. 

However, the nature of debt means that your employees could be suffering in silence. A recent financial well-being index from TELUS Health found that while 2 in five workers felt overwhelmed by their debt, almost 75% of those surveyed had yet to reach out to their employers for help due to embarrassment. 

It’s important that employers confront this issue head-on with accessible financial wellness tools. Providing a financial wellness solution increases workplace productivity and signals to your employers that their personal well-being is being cared for.

Workers gravitate towards the idea that their employer should play a role in relieving their debt. A 2022 Bank of America study found that 4 out of 5 employees say that their companies should be playing a role in their own financial wellness. The solution isn’t a simple paying off of debt but requires education and training in order to instill healthy financial habits in employees.

Best Money Moves could be the solution you’re looking for!

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

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

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

3 Top Wellness Benefits for LGBTQ+ Employees

3 Top Wellness Benefits for LGBTQ+ Employees

by | Jun 7, 2023 | Blog

3 top wellness benefits for LGBTQ+ employees. Encourage pride year-round with these three top wellness benefits to support your LGBTQ+ employees.

According to a 2022 Catalyst study, almost a quarter of LGBTQ+ Americans have experienced some sort of discrimination when applying for jobs. Almost half claim to have experienced forms of unfair treatment due to their sexual orientation or identity. 

By recognizing the needs of your LGBTQ+ employees, you can empower your workforce and create a workplace culture that is more inclusive. These three top wellness benefits are key to making a tangible difference.

An important state about the financial challenges facing LGBTQ+ employees

  1. Accessible healthcare for LGBTQ+ employees.

Access to inclusive healthcare is a fundamental part of overall wellness for LGBTQ+ employees. Some progress has been made, but there are significant healthcare disparities within the LGBTQ+ community. 

A 19th News survey found that LGBTQ+ individuals are more likely to be refused medical services, blamed for their health problems and discriminated against than cisgender and heterosexual people. 

Many of the necessary medical procedures and pharmaceuticals for LGBTQ+ individuals often have exorbitant costs attached, putting them firmly out of reach for a large percentage of the community. 

For example, gender-affirming surgeries can cost up to $100,000 in total according to Mount Sinai. However, even less expensive hormone replacement therapy may still require patients to pay thousands of dollars out of pocket every month. 

By offering comprehensive healthcare benefits, you can bridge this gap and demonstrate a commitment to supporting the diverse needs of your workforce.

  1. Mental health support.

Prioritizing mental health support for LGBTQ+ employees is another key element you can use in your benefits strategy. LGBTQ+ individuals often face higher rates of anxiety, depression, and other mental health challenges due to discrimination. 

According to a US Census Bureau survey, 61% of LGBTQ+ respondents from ages 18 to 29 reported feeling symptoms of anxiety compared to 35% of non-LGBTQ+ respondents in the same age range. The same survey found similar results for depression, with nearly 50% of LGBTQ+ respondents citing symptoms.

By offering mental health benefits tailored to their needs, you can significantly improve this disparity and the well-being of your employees. These benefits may include coaching, mental health training and support groups for your team.

LGBTQ+ individuals may face unique challenges related to their sexual orientation or gender identity, including being uncomfortable expressing their identity at work. According to a 2023 Indeed survey, the vast majority of 732 full-time, adult U.S. workers who identify as LGBTQ+ have not come out to all of their work colleagues. 

Counseling services can also help employees navigate their personal and professional lives with less resistance. Creating a culture that accepts everyone ensures that employees are culturally competent creates a welcoming and safe environment for all. This includes updating policies that promote acceptable language, hiring LGBTQ+ employees into leadership roles and creating resource groups for all employees.

  1. Financial wellness initiatives to address the financial challenges unique to LGBTQ+ employees.

A healthy financial life is a major boon for all employees, but can be incredibly helpful for workers LGBTQ+ community. Economic disparities and challenges getting affordable healthcare can have a profound impact on the financial stability of LGBTQ+ employees. 

According to a 2023 LEAF Economic and Financial Survey, 57% of LGBTQ+ people reported a household income of less than $50,000 per year, compared to 36% of adults nationwide. This is also coupled with another staggering statistic — over half of LGBTQ+ people had less than $5,000 in savings, including 20% who had no savings whatsoever. 

Offering financial wellness benefits can help alleviate some of these burdens and create a more equitable work environment for your team.

It is crucial to address the unique challenges faced by LGBTQ+ employees in the workplace while creating an environment where all employees can thrive.

Attract and retain top talent with financial wellness solutions 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 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 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 Financial Stress Impacts Different Generations

3 Ways Financial Stress Impacts Different Generations

by | May 31, 2023 | Blog

3 ways financial stress impacts different generations. Learn more about how financial stress can vary across generations — plus what you can do to dial down your employees’ financial worries.

Money habits vary across the generations in your workforce. After all, the financial needs of a Gen Z employee are going to be different than those of Baby Boomer. However, financial stress affects all Americans, regardless of their age, income or how they choose to spend their money.

Learn more about how financial stress can vary across generations — plus what you can do to dial down your employees’ financial worries.

important stats about financial stress for various generations

3 Ways Financial Stress Impacts Various Generations

  1. Millennials and Gen Z are less likely to afford a $2000 emergency.

When it comes to saving for a rainy day, older generations fare better than their younger counterparts. In the face of a financial emergency, Millennials and Gen Z are less likely to come up with $2000, according to KeyBank’s Financial Mobility survey. A quarter of Gen Zers said they certainly cannot come up with $2000 in a pinch, whereas most individuals over 50 are confident they can afford a $2000 emergency.

  1. Baby Boomers’ top financial priority is preparing for retirement.

For most generational cohorts, affording everyday bills is their top financial priority. However, for Baby Boomers, their number one financial priority is preparing for retirement, according to a Society of Actuaries study. 

A potential reason why retirement readiness is more of a concern for Baby Boomers, compared to other generations, is because they are the generation closest to retirement age. While younger generations have decades, Baby Boomers have a limited number of years to prepare for retirement. 

Nearly 1 in 5 employees over the age of 59 do not have a retirement account, per a Credit Karma poll, the highest percentage for any generation. With retirement near on the horizon, this leaves less opportunity for older generations to save for the later years.

  1. Employees under 35 are more likely to ignore their finances when facing financial stress.

For many Americans, their worries and stress around money have only exacerbated in the past few years. However, when it comes to coping with financial stress, different generations tend to use different tactics. 

About 4 in 10 employees of all ages spend less and budget more to cope with financial stress, according to a KeyBank survey. However, for employees under the age of 35, almost 1 in 5 cite ignoring their bank and investment accounts to cope with financial stress.

By ignoring their finances, employees are at risk for burnout and compounded financial problems. Overtime, this can worsen employees’ financial wellness, productivity and overall wellbeing.

3 Ways Financial Stress Impacts Various Generations

  • Find engaging ways to educate employees across different generations on how to build a rainy day fund. For instance, to target Millennials and Gen Z, consider offering digital financial wellness tools and resources, instead of relying on literature and seminars. Younger generations prefer to manage their money and banking digitally, according to Bank of America’s Workplace Benefits report, so they may be more receptive to receiving financial wellness tools and support digitally.
  • Offer employees an objective financial wellness provider and source. For many employees, a common source for retirement and financial advice for employees is their retirement plan provider. However, a PwC study found that employees across all generations want an objective financial wellness advisor or program not tied to their retirement plan provider. Think about which vendors are providing financial wellness benefits and consider where you may be able to add choice and variety of vendors.
  • Invest in 1:1 financial advising and money coaching. Managing financial stress is difficult, especially when managing it alone. However, by investing in financial advisors, employers can provide a trusted guide to help employees navigate their most personal financial problems and stressors. Rather than relying solely on online resources, like budgeting tools, financial advisors provide employees with live, human support — this personalized touch can make it easier for employees to discuss sensitive financial matters.

Need a financial wellness program suitable for all generations? 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 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 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.