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What is DEI? (And What’s Missing from Your Strategy?)

What is DEI? (And What’s Missing from Your Strategy?)

by | Mar 28, 2023 | Blog

What is DEI? (And what’s missing from your strategy?) DEI is a key piece of any successful organization. Here’s how DEI can transform your workforce.

Diversity, equity and inclusion initiatives are integral to a successful benefit strategy. Companies with a diverse workforce earn 19% higher revenue than their non-diverse competitors, according to a study by the Boston Consulting Group.

Keep reading to learn how DEI initiatives benefit employees and organizations and what you can do to improve your company’s DEI strategy.

What is Diversity, Equity, and Inclusion? (DEI)

DEI initiatives are programs designed to promote practices that combat inequities within your organization. The goal of these initiatives is to create a workplace culture where everyone feels valued, regardless of their race, ethnicity, age, gender, religion, sexual orientation, gender identity, disability, economic status or other diverse background. DEI initiatives can include everything from celebrating cultural holidays office-wide to creating mentorship programs for minority groups.  

Diversity initiatives can benefit your organization in a number of ways. First and foremost, they help to attract and retain a robust team. According to a 2021 Glassdoor survey, 76% of current and aspiring employees report that a diverse workforce is an important factor when evaluating companies and job offers.

A diverse team also brings a wider range of perspectives to the table, which can lead to better ideas and a greater array of problem-solving strategies. In addition, by providing training on how to overcome unconscious biases, you can create an  equitable workplace where everyone has an opportunity to succeed. This can lead to increased morale, teamwork and productivity. In fact, companies with a diverse workforce are 1.7 times more innovative, per Forbes.

Finally, companies that have more diverse teams can connect with a wider range of customers and clients, which improves your organization’s bottom line. According to a 2020 McKinsey study, companies in the top quartile for being ethnically and culturally diverse are 36% more profitable than those in the bottom quartile.

4 initiatives for your benefits program

Despite the clear benefits of diversity initiatives, however, some employers still struggle to create strategies that stick. Here are a few key areas where DEI initiatives can help improve your benefits program:

Pay transparency: Even if your company has a diverse workforce, there may still be disparities in upward mobility based on race and gender. In order to create a truly inclusive workplace, your company needs to ensure that all employees are paid fairly and have equal opportunities for advancement. According to a Visier survey, 68% of employees would switch employers for greater pay transparency, even if compensation was the same.

Financial education solutions: Raising the baseline financial literacy for your employees is one of the best ways to improve equity within your organization. 73 percent of employees who receive financial wellness training from their company say it helps them feel more secure, per TalentLMS. Providing tools that limit financial stress can have substantial impacts on the wellbeing of your employees and your company.

Inclusive hiring practices: In order to truly create a diverse team, your company should examine its hiring practices and ensure that it is inclusive and fair. This may involve removing biases from job descriptions, using diverse candidate pools and ensuring that hiring managers are trained on unconscious bias.

Cultural awareness programs: A diverse workforce will not thrive in an environment that is not inclusive. Your organization should create a culture where everyone feels valued, regardless of their background or identity. This may involve providing sensitivity training and creating a zero-tolerance policy for discrimination and harassment.

Support financial equity in your workplace with comprehensive financial education 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.

3 Ways to Help Employees Fight Financial Stress and Economic Uncertainty

3 Ways to Help Employees Fight Financial Stress and Economic Uncertainty

by | Mar 28, 2023 | Blog

3 ways to help employees fight financial stress and economic uncertainty. Learn more about how companies can help employees dial down financial stress during times of economic uncertainty.

U.S. workers face an uncertain economic future, and the stress takes its toll. Nearly half of U.S. adults say that money issues negatively impact their mental health, according to a Bankrate study. Financial stress can result in depression, insomnia and lowered productivity for those affected. However, the right financial wellness programs can help your team face an uncertain financial future head-on.

3 Ways to Help Employees Fight Financial Stress and Economic Uncertainty

1. Offer budgeting and other money management tools.

Food, gas and other household staples have increased dramatically throughout 2023. For example, eggs, a common household staple, have skyrocketed in price. According to Consumer Price Index data, egg prices in December 2022 are 60% higher compared to the year prior. 

To afford increased prices for common household staples, some families may need to revisit their budgets and see where they can cut costs. 

When it comes to budgeting, the more detailed the budget, the better. Robust budgeting tools allow employees to go tracking basic income and expenses — they help employees visualize points of overspending so that they can make choices about where to pare back. By detailing how each dollar is spent, employees have a deeper, more accurate view of their monthly expenses. This makes it easier to identify areas where they can dial back spending.

2. Help employees alleviate financial stress with an emergency fund.

Whether it be an emergency car repair or medical bill, generally, 4 in 10 Americans cannot afford a $1000 emergency without going into debt, according to a Bankrate study. To cover emergency expenses, many employees use a credit card or take out a loan; however, these options can contribute to a rise in debt and drop in credit scores. Moreover, financial emergencies can exacerbate employees’ money-related stress and anxiety.

To help address financial uncertainty, some companies have been helping employees proactively prepare for unexpected expenses by offering emergency funds. As a benefit offering, emergency funds encourage employees to save money for a rainy day, while improving their financial wellness. Rather than going into debt or borrowing from one’s 401(k), emergency funds provide a sense of security for when unexpected costs arise.

Similar to retirement match programs, some companies are matching employees’ contributions to their emergency savings fund. Match programs incentivize employees to allocate savings toward their emergency fund. Simultaneously, match programs give employees the opportunity to multiply and accelerate their fund’s savings.

3. Provide 1:1 financial advising to those who need it most.

Most financially-stressed employees want help, however many don’t know where to begin. There’s a lot of stigma around money and debt — some people are embarrassed about their debt and don’t want anyone to know, according to a PwC report. For others, money isn’t discussed in their family, resulting in apprehension about asking for help. By offering financial wellness benefits, like money coaching, employers can help break down these stigmas and empower those seeking help. 

According to a Bankrate study, over 60% of Americans don’t expect their financial situation to improve in 2023. This leaves many Americans at risk for prolonged financial stress and worries, which can have detrimental impacts to the body and overall wellbeing.

To help employees dial down their stress, many companies are adding financial advising to their benefit offerings. For some employees, budgeting tools aren’t enough. They need someone to talk to and more importantly, they need personalized guidance on how to navigate financial situations. By having a financial advisor, employees can receive 1:1 support and ultimately improve their financial wellbeing and situation.

Financial stress putting a strain on your workforce? Fight back 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 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 retirement 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.

Employee Burnout in 2023: 3 Key Benefits to Help

Employee Burnout in 2023: 3 Key Benefits to Help

by | Feb 10, 2023 | Blog

Employee burnout in 2023: 3 key benefits to help. Help your employees fight back against burnout in 2023 with these 3 solutions.

Burnout remains a persistent problem for today’s employees and can have significant consequences for health, mental well-being and performance. A recent Slack survey found that 43% of middle managers reported burnout in 2022.

Luckily, the right wellness tools can help your employees manage their level of burnout and stay on top of their game. Here are three benefits your business can provide to keep employees happy and healthy.

3 Top Benefits to Help Fight Employee Burnout in 2023

Burnout is the physical or emotional exhaustion that stems from taxing work environments or difficult outside circumstances. 

Burnout might occur when someone is forced to work long hours at a stressful job over a significant period of time. These factors might affect people in a multitude of ways in the workplace, including increased fatigue, irritability and a lack of motivation.

Here are three key benefits that can combat burnout among your team.

1. Invest in comprehensive financial education.

Financial stress is one of the most widespread determinants to an employee’s mental health. The 2020 pandemic caused a global financial crisis that still has lasting effects to this day. With a looming recession and inflation increasing living expenses, financial stress is not uncommon for employees around the country. With the added strain, many workers experience elevated levels of burnout.

Financial education plays a crucial role in promoting wellness and limiting stress in the workplace. In a study conducted by TalentLMS, 68% of employees said they were more likely to stay longer at their current job if their employer offered them financial wellness benefits. 

By providing education programs, workshops and resources, you can help your employees gain the knowledge and skills they need to manage their finances effectively. These skills include budgeting, debt management and advice on career advancement. 

2. Tackle employee burnout head-on with mental health resources.

Burnout also leads to detrimental effects on employee mental health. In a recent survey conducted by Bankrate and Psych Central, 42% of respondents claimed that money was negatively impacting their mental health. The stress of possibly losing a job, being unable to pay bills or having issues supporting a family can be taxing for anyone, but are especially difficult without the proper resources.

This is why mental health initiatives in the workplace are vital for creating a positive work environment and supporting the overall well-being of employees. They are essential for employees to be productive, engaged and able to handle the demands of their job. 

In fact, according to a 2022 American Psychological Association study, 81% of employees agree that how employers support their mental health would be a factor in choosing a job. 

The option for flexible working conditions is similarly cited as an important factor to consider when creating an environment that supports mental health. These schedules can allow employees to complete tasks on their own time, limiting stress and burnout. In a Skynova study that surveyed 1,000 work-from-home employees, 9 in 10 workers said that a flexible schedule can help businesses retain top talent.

3. Use DEI initiatives to broaden your impact for all employees.

Inclusivity in the workplace ties directly into the rates of burnout that employees feel. According to a Gallup poll, employees who strongly agreed that they are accepted and valued in their companies were 52% less likely to be feeling high levels of burnout. Also, those who reported feeling like a valued member of their team are 57% less likely to be experiencing burnout.

In a 2022 ICIMS study, 89% of the 1,000 employees surveyed said that DEI in some form was important to them. The study also found that 56% of respondents were more likely to work for an employer that promotes diversity in the workplace.

Providing wellness benefits is an excellent way for you to improve the overall well-being of your employees. By focusing on these initiatives, you can create a significantly more engaging environment for your employees that limits burnout. These benefits can also improve retention, as your employees will feel valued and supported.

Help your team fight employee burnout with powerful financial wellness tools from Best Money Moves.

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, 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 Surprising Ways Financial Stress Impacts Your Team

4 Surprising Ways Financial Stress Impacts Your Team

by | Feb 8, 2023 | Blog

4 surprising ways financial stress impacts your team. Whether you know it or not, your team is struggling with financial stress. Here’s what you could be missing. 

Financial stress is on the rise among American workers and, whether you know it or not, your team is feeling the effects. The Thriving Wallet Survey, conducted by Discover and Thrive Global highlights startling financial health statistics and dives into the connection between workplace performance and employee mental health. 

Here are 4 surprising insights from the survey highlighting the ways that financial stress could be affecting your team.

 

1. Money is the number one cause of stress in the United States.

As the world recovers from the effects of the COVID-19 era, many managers are trying to return to “business as usual” without keying in on the longer-lasting ramifications of the pandemic. While the cause of the problem does not fall solely on employers, many employees feel as if their organizations should be doing more to assist their personal finances. A Bank of America study found that 82% of employees say employers should play a role in supporting their financial wellness. Additionally, in the same study, 97% of employers feel responsible for their employees’ financial health. While many employers feel responsible, few are making enough action towards solving the issue.

2. Over 35% of employees wish they could have a “fresh start” in regards to their finances.

While 35% of employees feel this, taking the steps necessary in order to retool their financial health can be difficult and embarrassing. Providing financial health benefits not only makes it easier for employees to access financial education, but helps destigmatize the idea of receiving personal finance assistance.  According to a recent survey conducted by Commonwealth and MetLife Foundation, 65% of workers said employers should be doing more to address financial insecurity. Part of “doing more” includes proactively taking measures to ensure the most people are comfortable participating in their benefits.

3. Ninety percent of individuals say that they are impacted by financial stress.

In a study by the Anxiety and Depression Association of America, 56% of employees reported that their anxiety and stress impacted their work performance. Stressed employees turn into distracted and unproductive employees. Providing financial wellness benefits is a mutually beneficial practice amongst employers and employees. Also, taking extra steps in order to ensure the mental health of employees can help businesses attract and retain staff.

4. Employers lose up to $250 billion dollars per year due to employees’ financial stress

With talks of a potential recession populating the front page of many major news sites, organizations should act now in order to help assuage concerns and ensure the health of their employees. Providing employees with financial health benefits not only increases the wellbeing of employees, it can also provide financial benefit to organizations. The most effective benefits strategy is to provide a comprehensive financial wellness platform that can be personalized to each employee’s unique needs.

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

Best Money Moves is a mobile-first platform that offers personalized financial planning and coaching resources, focused on solving your employees’ pain point. 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.

3 Ways to Prepare Your Employees for a 2023 Recession

3 Ways to Prepare Your Employees for a 2023 Recession

by | Feb 8, 2023 | Blog

3 ways to prepare your employees for a 2023 recession . Financial experts predict a possible 2023 recession. Here are 3 key strategies to consider to help employees through a recession.

Economists say there is a 60/40 chance that the US will face a recession in 2023, according to a survey conducted by the Wall Street Journal. This news follows a year where significant inflation and climbing interest rates challenged employee financial confidence. 

Employers need to equip their staff with the right resources if they hope to remain productive amid a large scale financial downturn. Here are three ways to prepare your employees for a 2023 recession.

1. Address the challenges of a 2023 recession head-on with accessible financial wellness tools.

Financial wellness tools are always a good investment for you team, but they’re never more important than during periods of economic upheaval. Over 62% of employees are stressed about their finances, according to The Bank of America 12th Annual Workplace Benefits Report. What’s more, 80% of employees worry about inflation and 71% of those feel that their wages are not on track to keep up with the cost of living.

With a 2023 recession on the horizon, it’s time to address employee financial needs head-on. In the same Bank of America study, research found a significant link between employer involvement in financial wellness and employee attrition. A whopping ninety-seven percent of employers report feeling responsible for their employee’s financial wellness. What’s more, 84% of employers felt that offering financial wellness tools helped with retention. With this in mind, it’s hardly a surprise that financial wellness is shaping up to be one of the top benefits of 2023. 

2. Invest in benefits with a DEI edge.

Research suggests that workplaces who prioritize diversity, equity and inclusion efforts tend to fare better during times of upheaval. Data collected by AARP international and Great Place to Work, found that diverse organizations performed nearly four times better than their competitors who employed less diverse teams, during the 2008 recession. 

Financial wellness solutions are a key benefit when thinking about DEI. All employees, regardless of their backgrounds, have to deal with financial matters in some capacity. Moreover, minority employees often find themselves the most in need of financial wellness support. White families have an average eight times the wealth of black families, and five times the wealth of hispanic families, according to 2020 research from the federal reserve. Female employees are also disproportionately affected by financial stress compared to their male colleagues. Data from the Financial Health Network found that the pandemic only served to widen this gap. 

Addressing these disparities among your team starts with making sure everyone has access to the same financial tools, resources and education to address their individual needs. Financial solutions can can also be a great way to retain and attract new, diverse talent as 4 out of 5 employees said they would prefer benefits over a pay increase, per Human Resources Director.

3. Promote work-life balance and build trust in your team — wherever they work.

If employees are to face a 2023 recession, work-life support from employers will become more important than ever. A 2021 survey conducted by Ernst & Young Global recorded that 54% of respondents worldwide said they might leave their jobs without flexibility in the post-pandemic era. And the reason why often comes down to a matter of money. 

For many families, tough financial times means making hard decisions about inflexible expenses like health or childcare. Juggling personal responsibilities is a big part of employees’ budgeting: for some working parents, a recession could mean determining if they can afford to keep sending a child to daycare during the workweek. 

Knowing that their companies trust them to do their jobs well remotely can have a huge impact on employee retention and attracting new employees. When surveyed by Harris Poll, seventy-six percent of workers cited a desire for their employers to implement remote work some or all of the time. 

Be prepared for a 2023 recession with 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 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, 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.