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4 Ways to Support Employee Mental Health and Wellbeing

4 Ways to Support Employee Mental Health and Wellbeing

by | Apr 15, 2024 | Blog

4 Ways to Support Employee Mental Health and Wellbeing. Employers should be proactive and create support systems to enhance overall organizational success.

Employers play a significant role in shaping the mental well-being of their employees. Recognizing and addressing mental health challenges not only benefits individuals but also contributes to the company’s overall success. A University of California, Riverside study found that organizations that invested in physical and emotional well-being saw a 5% increase in productivity.

Prioritizing employee mental health fosters healthier and more productive work environments.
In their 2024 Voice of the Workplace Report, mental health and wellness app Calm highlighted 4 key mental health trends that are shaping modern workplaces.

Here’s what to know about employee mental health at work — plus, how you can better support employees who may be struggling.

A fact about employee mental health and productivity.

1. Consider financial wellness benefits to target a top threat to employee mental health.

Around 59% of employees grapple with heightened feelings of anxiousness and worry regarding their financial futures, according to Calm. Around 71% of employees report that financial stress adversely impacts both their professional and personal lives. Another 62% have scaled back their contributions to both their short- and long-term savings as a result of this financial strain.

As a response to these financial pressures, 52% of employees express a desire for access to a financial advisor directly through their workplace, according to a study conducted by Morgan Stanley. Furthermore, 48% of employees seek goals-based retirement investment planning from their employer, while 46% are eager for retirement planning tools and calculators.

By offering comprehensive financial wellness benefits, ensuring transparent communication about the services available, and providing ongoing education about these benefits to promote their utilization, employers can effectively address the challenges associated with employee financial stress.

2. Monitor technology burnout to safeguard employee mental health

In recent years, technological innovations such as AI, project management software and messaging and video apps have become integral to many workplaces. While these programs offer numerous benefits including heightened efficiency and increased flexibility, they also blur the boundaries between professional and personal life, exacerbating burnout among employees. 

The pressure to remain constantly connected to the workplace, even beyond regular working hours, is increasing. Around 58% of employees report they are always available to work and 46% often extend their work into non-office hours, according to Calm data. 

In light of the swiftly evolving technological landscape, it’s imperative to foster increased communication between employers and employees. Employers must establish clear guidelines regarding technology usage to safeguard employees’ well-being. This could entail disabling app notifications during non-working hours, promoting micro breaks throughout the day and granting employees the flexibility to decline meetings when necessary. 

Employers can further support their workforce by implementing mechanisms to gauge and monitor employee well-being, such as quarterly pulse surveys that inquire about workloads and work-life balance. To aid employees in managing stress and anxiety on a day-to-day basis, employers might consider proactive resources like Employee Assistance Programs (EAPs) that ensure employees are well-informed about their benefits options.

3. Provide specific support for women’s mental health.

Female employees consistently report higher levels of exhaustion and poorer mental and spiritual health compared to their male counterparts. They confront a multitude of unique challenges, spanning societal expectations, gender biases and structural discrimination, all of which can compound the strain on their overall well-being.

These experiences have considerable potential to erode women’s mental health. An overwhelming 90% of women identify family planning challenges as all-encompassing, profoundly impacting their mental well-being and ability to concentrate at work.

Many employees report an overall lack of support in the workplace concerning women’s reproductive health, with menopause, in particular, emerging as the least-discussed topic.

In recent years, there has been a noticeable uptick in employer attention towards family-forming benefits and the need for support felt by parents. By providing enhanced support for caregivers, employers can effectively mitigate exhaustion, retain valuable talent, and bolster overall business performance.

Furthermore, it’s imperative to acknowledge the disproportionate impact of workplace flexibility on women’s mental and spiritual well-being, as well as their exhaustion levels. Increasing flexibility measures, such as enabling remote work and granting more autonomy over schedules, can help support women’s holistic health.

Recognizing that women have diverse health needs extending beyond reproductive concerns, employers can explore avenues to offer comprehensive health and wellness benefits, fostering an environment where women feel empowered to vocalize their health-related needs.

4. Increase transparency and community to alleviate Gen Z’s mental health concerns.

Gen Z (which generally encompasses workers born between 1997 and 2012) is the generation grappling with the highest levels of stress and anxiety. When surveyed, nearly 75% of Gen Z workers reported feelings of sadness or depression, according to Calm. Moreover, Gen Z stands out as the loneliest generation, stressed about heightened career uncertainty, the escalating cost of living, financial instability and being overworked.

However, Gen Z also distinguishes itself by being 60% more inclined than other generations to advocate for accessible mental health support; over 75% actively push for a stronger emphasis on workplace benefits. As the first digitally native cohort, prioritizing transparency and fostering open access through two-way dialogues can empower Gen Z individuals to feel more in control.

Recognizing Gen Z’s inclination towards purpose-driven endeavors, outlining the significance of individual contributions and offering specific, constructive feedback underscore investment in their growth. Establishing a sense of community through opportunities for both in-person and remote meetings fosters a supportive environment. Employers can also implement measures such as mental health days and initiatives like Employee Resource Groups (ERGs) to champion wellness.

Employee mental health is an ongoing conversation and evolution. It’s critical to recognize these trends and take steps toward mental health advocacy to help not only individual employees but the workplace as a whole.

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 1000+ 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.

Boosting Employee Engagement: How Financial Wellness Leads to Productivity

Boosting Employee Engagement: How Financial Wellness Leads to Productivity

by | Apr 9, 2024 | Blog

Boosting Employee Engagement: How Financial Wellness Leads to Productivity. Learn how you can boost your employee engagement and why it should be a priority.

Money is a leading stressor for employees of all ages and income levels. About 60% of employees say that they are financially stressed, according to PwC’s 2023 Employee Financial Wellness survey, and for those earning $100,000+ annually, 1 in 2 employees report having financial stress. 

Poor financial wellness among employees can lead to larger problems for employers, including negative impacts on employee engagement and workplace productivity. The same PWC survey found that 76% of all financially stressed workers felt their financial stress harmed their overall performance. 

Learn more about how money worries may be impacting your workforce and how investing in a robust financial wellness program can help dial down employee financial stress, improve overall well-being and even boost workplace productivity.

A fact about employee engagement and financial wellness.

3 ways financial wellness positively impacts employee engagement and productivity

1. Fewer sick days and lower absenteeism

The effects of financial stress go beyond the wallet and bank account. Over time, money worries can compound and lead to a wide range of physical and mental health issues, such as insomnia, anxiety, depression and more. Stress-induced health issues can lead to increased employee absenteeism, use of sick days and decreased productivity. 

According to Gallup data, about 75% of employer medical costs are due to preventable conditions. For instance, prioritizing financial wellness can help companies address the root cause behind many employees’ physical and mental health issues: financial stress.

By addressing the root cause (and not just the symptoms of financial stress), companies can reduce employee absenteeism and the number of sick days used.

2. A less distracted workforce

Money worries aren’t only limited to the home — for many employees, financial stress also bleeds into the workplace, damaging day-to-day engagement. According to PwC’s survey, financially stressed employees are five times more likely to say their money worries are a distraction at work.

Moreover, 56% of financially stressed employees say they’ve spent at least 3 hours at work thinking about or tending to their finances. Over time, these money-driven distractions can add up and cost employers productivity. A quality financial wellness program helps dial down employees’ financial stress, minimize money-related distractions and ultimately boost company productivity and outcomes.

3. Increased job satisfaction and retention

Financially stressed employees are less likely to see a secure, stable future for themselves at their current employer, compared to employees who aren’t facing financial stress. For instance, financially stressed employees are twice as likely to look for a new job than their peers, according to PwC’s 2023 survey. They’re also more likely to lack a sense of belonging at their company. Together, these factors can lead to higher attrition and employee turnover.

Companies can demonstrate their commitment to improved employee well-being and reduced financial stress by adopting quality financial wellness benefits (e.g., money coaching, budgeting tools, etc.) Investing in financial wellness can lead to a more engaged workforce, increased job satisfaction and a higher likelihood of retention.

When it comes to employee engagement, the right financial wellness tool can make all the difference.

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 1000+ 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.

Financial Literacy Month: What Makes a Great Financial Literacy Strategy?

Financial Literacy Month: What Makes a Great Financial Literacy Strategy?

by | Apr 2, 2024 | Blog

Financial Literacy Month: Fundamentals of Financial Literacy. A quality benefits strategy should include financial literacy tools to better support employees.

April is Financial Literacy Month, which recognizes the role that financial education plays in a person’s long-term success and stability.

Without the right education, your employees are much more susceptible to financial hardship. According to a Forbes Advisor survey, 68% of Americans say financial regrets from 2023 caused them stress in the following year. However, compensation alone isn’t enough to cultivate a worker’s financial well-being.

Successful financial literacy requires a holistic approach, one that recognizes financial stress as a complex issue and offers many solutions to help address employee pain points. Here are the key components of a successful financial literacy strategy, plus how you can use the right benefits to improve the quality of life for your team.

A fact about financial stress and Financial Literacy Month.

1. Budgeting and saving skills are the foundation of financial literacy.

Unfortunately, 44% of Americans can’t pay $1,000 for an emergency expense from their savings. So when a financial emergency occurs, they may be forced to rely on credit cards, personal loans or other types of consumer debt. Employees need a reliable savings account to face tough financial setbacks, and building savings starts with the right budget.

Employee financial wellness programs are the first line of defense when it comes to teaching employees to budget and save. These helpful, interactive platforms teach foundational financial skills through a mixture of reading materials, interactive tools and customizable financial guidance.

These programs are in high demand among employers and workers alike. In PNC’s Financial Wellness in the Workplace Study, 80% of employees said they would stay longer with an employer that offered more financial wellness benefits.

2. Debt management skills help employees plan for a debt-free future.

Understanding how debt works is one of the most important aspects of employee financial literacy. The average American adult holds around $104,215 in debt across mortgages, auto loans, student loans and credit cards, according to data from the Federal Reserve. The average debt for Millennials alone rose more than 8% in 2023.

Dealing with long-term debt issues can lead employees to postpone other major financial decisions like buying homes, getting married or starting a family. According to a Bankrate survey, nearly 60 percent of U.S. adults with student debt have put off making important financial decisions due to that debt. Delaying major milestones puts employees behind their peers and makes it difficult to build long-term wealth.

To combat debt, employers can use a variety of strategies, including loan contribution plans and tuition reimbursement. Look for tools to help employees visualize and track the repayment process, with an emphasis on understanding interest costs.

3. Don’t overlook retirement and investing skills.

The ability to save for a secure future is one of the most important reasons to teach financial literacy. Retirement plans are core to building a solid foundation, but many Americans are still not saving enough. 

According to the St. Louis Federal Reserve, in April of 2023, personal savings only accounted for 4.1% of disposable personal income. This means that Americans are saving only a small percentage of their wages, which won’t be enough to fully support a retirement plan. These numbers also represent a sharp decline from the pandemic when the majority of Americans saved upwards of 30% of their income in April of 2020. Without a proper savings plan, employees may have to work past retirement age.

While employer-sponsored retirement benefits are almost always offered to full-time employees, many workers overlook their existing benefits due to a lack of education. Use your financial literacy strategy to target retirement planning. Doing so can improve the take rate of your existing benefits and help employees feel more confident planning for the future. In a 2023 MetLife study, 62% of employees said understanding how to use their benefits would give them more financial stability.

4. A successful financial literacy strategy knows that accessibility is key.

Although online resources built to improve financial literacy are out there, it doesn’t mean they are all accurate or accessible. Education for all ages, incomes and experience levels is the most important factor for a successful financial wellness program. Even employees earning more than $100,000 a year struggle with debt and issues paying bills.

In fact, financial concerns can be completely different based on the individual’s age group. According to Business Insider, building a savings account is one of the most pressing stressors for Gen Z, while older millennials are generally more concerned about credit card debt. Both of these issues require specific solutions and it can be difficult for employees to find the answers they are looking for.

A financial wellness benefit offers an all-in-one package where employees can ask questions and learn how to avoid common pitfalls.

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 1000+ 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 Key Insights About the Gig Economy in 2024

5 Key Insights About the Gig Economy in 2024

by | Mar 26, 2024 | Blog

5 key insights about the gig economy in 2024. Gig work now makes up a significant portion or the American economy. Here are 4 key takeaways and trends from the gig economy in 2024.

The term “gig economy” refers to the collection of workers who receive income from short-term contracts, side hustles and freelancing. According to McKinsey’s American Opportunity Survey, 36% of respondents identified as independent workers, representing nearly 60 million Americans.

Gig workers now comprise a significant and ever-growing portion of the U.S. workforce, with many participating in the gig economy in addition to other, full-time employment. These workers offer unique perspectives on the nature of part-time work and are redefining what’s possible when it comes to building a career.

Here are 5 key takeaways from the gig economy in 2024.

A fact about the gig economy in 2024

1. The gig economy is dominated by immigrants and Gen Z workers

The benefits of working as a freelancer are attractive to a younger generation. Those in Gen Z tend to be more tech-savvy, utilizing the internet as a marketing tool to promote their talents and offerings, leading to an influx of younger workers. Around 70% of Gen Z respondents consider freelance work a viable full-time career option, according to survey data from Fiverr. Another 41% of Gen Z respondents felt freelancing was a good way to increase their income amid economic uncertainty.

The gig economy is also highly attractive to first-generation immigrants. According to the same McKinsey survey data, nearly half of all surveyed immigrants participate in the gig economy. This type of work may be particularly attractive to immigrants as it often offers a lower barrier to entry and can be a helpful stepping stone to pursuing full-time employment.

2. Flexibility is king

Many gig economy employers allow employees to set their own hours, attracting employees away from more traditional jobs with the promise of increased flexibility. According to Financial Executives International, 63% of freelance workers cited flexibility as the number one reason they chose to enter the gig economy.

This flexibility is important to employees in more than just their schedules. One of the bigger draws of gig work is getting paid quickly and outside of a typical pay period structure. According to a survey by HRO Today, Almost 4 in 10 gig workers get paid immediately when their job is finished, as opposed to a more structured payout.

3. The majority of gig economy workers are not attempting to replace a full-time income

The point of adding on freelance work for many gig employees was not to replace full-time employment but rather to supplement their income to help pay for household bills and other expenses. According to that same survey by HRO Today, as many as 1 in 4 workers either do their gig work simply because they like it, or because they want to be more intentional with their spare time.

The growth in the gig economy is paired with the increase of interest in “side hustles”, a popular strategy to combat inflation and address rising costs. Gig work may help alleviate concern for employees to have a steady stream of income while within a fast-changing and rapidly evolving economy.

4. Many workers see their gigs not as the final step, but as a gateway to opportunity

Gig economy participants tend to be more optimistic about their future job prospects than full-time employees. According to the American Opportunity Survey by McKinsey, over 33% of gig workers say that they expect to have more economic opportunities in a year, as opposed to 20% of full-time employees.

This optimism is likely well-placed as the demand for gig positions only continues to grow across the U.S. A report by the World Bank found that the demand for gig work increased 41% between 2016 and 2023. If you are looking to start a financial wellness initiative in your business, try Best Money Moves.

5. Gig economy workers increasingly want better benefits

Due to the competitive nature of the gig economy for both employers and contractors, the availability of benefits can be an important factor for people choosing where to work. According to Financial Executives International, only 8% of female gig workers hold a pension plan. Pre-pandemic benefits such as health insurance and sick leave were considered as a trade-off to flexibility in permanent employment.

However, since 2020, there has been an increase in flexibility allowed by those positions especially seen with the increase of remote work. Companies that employ these freelancers are always trying to gain an advantage in hiring, and providing benefits offers a significant one.

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.

The 4 Best Benefits in 2024, According to Employees

The 4 Best Benefits in 2024, According to Employees

by | Mar 11, 2024 | Blog

The 4 best benefits in 2024, according to employees. Your benefits choices go a long way toward attracting the right employees. Here are the 4 best benefits in 2024, according to employees.

A holistic benefits strategy is one of the most important factors that job-seekers consider when deciding where to work. In fact, according to Forbes Advisor, 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits.

Well-tailored, helpful employee benefits go a long way toward keeping your existing team members satisfied while also attracting new talent. With dozens of options, each catered to different ages, incomes and needs, how do you know the right program to choose?

To evolve your benefits strategy, you need to understand what will help your employees the most. Here are the best benefits in 2024 based on input from real workers.

A fact about the best benefits in 2024

1. Affordable healthcare

Healthcare costs are a major concern for employees, especially for those who earn lower wages.

Average healthcare premiums for American families increased 7% in 2024, according to research from KFF. As these costs rise, so do concerns about affordability. To ease the financial burden, employees look to their compensation packages for support.

The study from Forbes Advisor shows that 67% of employees and 68% of employers believe healthcare to be the most important benefit.

Healthcare benefits can be wide-ranging, but usually include some sort of insurance package that helps make medical costs more affordable for employees. Employer-paid healthcare benefits allow employees flexibility when dealing with a medical visit and peace of mind when the bill comes.

Employees also value alternative health benefits, such as gym memberships, wellness programs and mental health programs. According to Forbes Advisor, a third of employees surveyed named mental health programs as a top benefit.

Mental health benefits include everything from inclusive paid leave to workplace meditation. Programs that support mental health have shown improved performance at work among employees. Research from the National Library of Medicine reveals that 86% of employees treated for a mental health condition reported an increase in productivity.

2. Paid time off

PTO allows employees to take breaks from their busy schedules and recharge. In turn, potential burnout is replaced with productivity and a positive working environment.

Post-pandemic, there has been a significant shift toward flexible benefits that emphasize work-life balance. More companies are even adopting remote work strategies and four-day work weeks to help their employees.

Making these benefits as inclusive as possible is another factor to consider. Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave.

With non-standard work schedules becoming the norm, flexibility in general is in high demand among most employees. Some lesser-known benefits in this area include virtual team bonding activities, a home office stipend and financial assistance to cover internet costs.

3. Pension and retirement plans

The same Forbes Advisor study found that 34% of employees and 34% of employers agree that retirement plans are a vital part of a company’s benefits strategy. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

In a study from PeopleKeep, 87% of employees surveyed said they valued retirement benefits or retirement accounts. However, only 54% of the employers surveyed even offered those benefits.
Retirement plans are tax deductible, flexible and are a great way to attract new talent to your business. Introducing quality retirement plans is a great way to keep your employees satisfied and set them up for future success.

4. Financial wellness benefits

For employees struggling to keep up with their finances, financial wellness benefits have been shown to greatly improve stress levels, well-being and retention.

Costs of common goods and groceries are rising due to different economic factors, making it harder for salaried workers to manage their finances. According to BenefitsPro, 53% of US adults are financially anxious, while more than 60% of families don’t have an emergency fund. Financial stress leads to decreased productivity at work and an overall lower quality of life for your employees.

A comprehensive wellness strategy is the answer to financial stress outside of the workplace. These benefits provide personalized advice for all aspects of a person’s financial life. Financial wellness programs also provide a convenient place for employees to manage their budget, track spending and set achievable goals.

In fact, in PWC’s 2023 Financial Wellness Survey, 74% of employees who responded sought guidance when faced with a major financial decision, crisis or life event.

If you are looking to start a financial wellness initiative in your business, try Best Money Moves.

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.

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 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.