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4 Factors Driving the Great Resignation (And What You Can Do to Help)

4 Factors Driving the Great Resignation (And What You Can Do to Help)

by | Oct 19, 2021 | Blog

4 factors driving the great resignation (and what you can do to help). With the U.S. in the middle of a mass-employee exit, it’s vital for employers to look at the root causes. 

An estimated 1 in 4 employees quit their job in 2021, according to data from analytics firm Visier, with more expected to leave by the end of the year. This is the highest number the Bureau of Labor Statistics has recorded in two decades of data tracking. 

Anthony Klotz, an associate professor of management at Texas A&M University, coined the term “the great resignation” to describe this unprecedented period. Here are 4 key factors driving this great resignation — and what you can do to keep your employee retention high.

1. Widespread and long-lasting employee burnout

For many, the pandemic has led to increased workloads and longer working hours, all while people are dealing with the external stressors of a health crisis. Employees who work from home have found their professional and personal lives blurred. Plus, without a physical office space to leave, it can be difficult to “log off” when there still may be work to be done. For those in healthcare or service industries, smaller staffs and increased demands have led to grueling hours and more work.

In a June survey from Monster.com, 95 percent of the U.S. workers polled said they were considering leaving their jobs, and one-third of them listed burnout as the top reason. To combat this, employers can commit to regular mental health check ins, offer increased time off or consider more flexibility when it comes to work hours.

2. A decreased feeling of employee belonging

With longer and harder hours has also come lower employee engagement and a decreased sense of belonging. Per a recent report from BetterUp, belonging is a leading indicator of both intent to stay and performance. The isolation of the pandemic, though, has made it more challenging for employers to feel connected to their colleagues and to their work. 

The report recommends that employers focus on providing strong leadership, listen to employees’ needs and desires and think about which groups, such as parents or underrepresented minorities, may require more support in order to feel a strong sense of belonging.

3. Major work environment changes

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Increased financial stress among workers

COVID-19 has also undoubtedly led to higher levels of financial stress — in the American Psychological Association’s 2020 Stress in America report, 63 percent of adults said their finances were a significant source of stress. This is a major jump from the previous year, when just 46 percent said the same. With stress being a leading cause of resignation, it’s essential to tackle financial wellness within the workplace. 

Adding financial wellness to employee benefits’ packages is one way to both lower overall stress and increase retention. Last year, Prudential found that 6 in 10 workers said they were more committed to their employer and more productive when their employers demonstrated a commitment to their financial wellness.

When it comes to actually implementing such benefits for your employees, programs like Best Money Moves can help. Best Money Moves uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points. Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, guide employees to make smarter financial decisions and reduce their overall stress, which in turn, can help improve your company’s retention rates.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

5 Ways to Improve Remote Cybersecurity for Your Hybrid Team

5 Ways to Improve Remote Cybersecurity for Your Hybrid Team

by | Oct 12, 2021 | Blog

5 ways to improve remote cybersecurity for your hybrid team. As workforces increasingly pivot to hybrid models, teams need to consider the unique security challenges posed by working from home.

Hybrid work environments, where employees work from home and come to the office, pose unique challenges when it comes to cybersecurity.  In a recent survey conducted by OpenVPN, 90 percent of IT workers polled said they believe remote workers are not secure. Over one-third said they have experienced a security incident due to unsecured remote workers. 

We’ve outlined five ways you can improve your remote cybersecurity, so you can avoid putting your hybrid team at risk. 

1. Set up a secure network.

When you’re in a physical office space, it’s important to have a private, password-protected WiFi network that all employees can use to work. However, when working from home, workers will be using whatever wireless network they have access to remotely. Setting up a virtual private network, or VPN, is one way to add an extra layer of cybersecurity protection. Using a VPN allows people within your company to connect and interact on one, secure private network, regardless of where they are geographically. 

2. Encourage multi-factor authentication (MFA).

Multi-Factor authentication, sometimes also called two-factor authentication, is another way to add a layer of security to your work logins. MFA requires the user to present two different credentials from two different categories when logging in to an account. One of the most common examples is entering a unique password and then entering a verification code that is sent via text or third party authentication app. Because the two factors have to be from different categories, two passwords would not qualify as MFA. This system makes it more difficult for hackers to break into users’ accounts and keeps your work network better protected.

3. Invest in email scanning and encryption software.

Scam emails spiked majorly at the start of the COVID pandemic, with IT company Barracuda Networks saying in April 2020 that it had seen a 667 percent increase in phishing emails amid the health crisis. As such, investing in email scanning or filtering software to detect potentially malicious messages could save you in the long run. Such software typically filters inbound and outbound emails to detect whether they classify as phishing, spam, a virus or a suspicious link. Emails also often contain sensitive or confidential data and it’s important to protect that information from any outsiders. You can do this by using a software to encrypt the data attached to emails on your server to prevent any unintended recipients from seeing it.

4. Keep work and personal technology separate.

A recent HP Wolf Security report conducted during the pandemic found that 46 percent of workers now think of their work laptop as a personal device, while 84 percent of IT leaders surveyed were concerned that using work devices for personal tasks has increased their company’s risk of a security breach. Work from home also presents the problem of workers accessing sensitive data from their personal devices, which may not be as secure as company-issued ones. Both of these situations pose a cybersecurity risk, so you may consider instituting a policy for employees to keep their work and personal devices completely separate whenever possible.

5. Commit to ongoing employee training.

One of the most important aspects of improving your cybersecurity is making sure your employees, and everyone who has access to your network, are on board and up to speed on the best practices. This process can include conducting cybersecurity training sessions or simply sending regular reminders about using the VPN, crafting secure passwords, spotting phishing emails and other fraudulent activity or whatever security concerns apply to your unique situation. 

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Reasons to Reskill Your Workforce

4 Reasons to Reskill Your Workforce

by | Sep 21, 2021 | Blog

4 reasons to reskill your workforce. Reskilling has long been associated with training employees who are about to leave the company, but data continues to show strong benefits for offering reskill opportunities for all workers.

Reskilling helps employees develop new skills beyond the scope of their current jobs. Often, reskilling programs are reserved for employees who will be laid off. Data, however, suggests that reskilling all employees can help improve retention, lower hiring costs, boost team morale and more. 

In February 2020, McKinsey conducted a survey in which 87 percent of executives felt they were experiencing skill gaps in the workforce or expected them within a few years. The COVID-19 pandemic has also brought reskilling to the forefront, as work from home technology and other new challenges in the workforce have widened skill gaps even further. 

So why should you prioritize reskilling for all employees — not just those preparing to leave the company? Here are four key reasons to consider: 

1. Retention.

One of the most compelling reasons to reskill is that it can improve your employee retention rates, thus reducing the time, money and effort you spend on hiring and training new employees. Investing in employees’ skills shows them you care about their development and increases their desire to remain on at the company — an IBM study found that new employees are 42 percent more likely to stay if they are receiving the training they need to do their jobs properly.

2. Training and hiring costs.

Going hand-in-hand with retention rates, reskilling your workforce can lower your training and hiring costs. If you’re reskilling your employees, when a new position pops up you can hire someone internally by teaching them the responsibilities of the role, rather than having to look outside the company. Promoting internal mobility is also attractive to employees who want to see that their employer is dedicated to helping them grow and improve.

3. New talent.

Committing to reskilling can also help attract new, top talent in an increasingly competitive job landscape. According to a Gallup poll, 87 percent of millennials — who make up the majority of the workforce — said that professional development is very important to them in a job. Maintaining those aforementioned low retention rates can also work in your favor for attracting talent, as it shows potential new hires that employees want to stay on at the company and suggests a positive work culture.

4. Employee morale.

Boosting company morale is an essential reason to consider reskilling. In addition to showing employees that you care and are invested in them, reskilling can improve employee confidence and, as a result, make them more committed to their jobs and to producing high-quality work. Per one 2020 study,  80 percent of employees said their confidence improved from reskilling training. Reskilling also gives employees a greater sense of job security, because it offers them the opportunity to learn skills outside of their role, and protects them in case their current position is eliminated.

Once you’ve decided to reskill your employees and identified any glaring skills gaps within your company, the process can take on a variety of forms, from focusing on digital skills to creating a job shadowing program to facilitate peer learning. Provide your team members with encouragement to grow and offer them the tools to facilitate that development.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

For Retention, Reducing Financial Stress is Key

For Retention, Reducing Financial Stress is Key

by | Sep 15, 2021 | Blog

For retention, reducing financial stress is key. Financial stress is a major but often overlooked factor to employee turnover. So, financial wellness initiatives can be invaluable retention tools.

Turnover is a major problem for employers — and it’s getting worse. In June alone, 3.9 million U.S. workers quit their jobs. More alarming, 65 percent of employees surveyed by PwC in August of 2021 stated they were looking for a new job. 

In addition to the challenges of losing top talent, turnover is highly disruptive due to the time and money it takes to train new hires. The Society for Human Resource Management (SHRM) estimates that the average replacement cost of a salaried employee is six to nine months’ salary. That means that an employee earning $60,000 per year costs around $30,000 to $45,000 to replace. 

So, how can you increase employee retention? One answer is financial wellness.

What is employee financial wellness?

Stress is a top reason employees leave their jobs, according to recent research by iHire, and financial stress is an under-recognized part of that picture. So, putting your efforts towards reducing financial stress can help keep people on at your company longer. Per the American Psychological Association’s 2020 Stress in America report, 63 percent of adults say their finances are a significant source of stress, a major jump from the previous year, when just 46 percent said the same. 

The COVID-19 pandemic has increased financial stress — 62 percent of those in households that experienced job or wage loss since the outbreak began told Pew Research Center that the economic impact of the pandemic will make it harder for them to achieve their financial goals. COVID’s ongoing impact on the economy and the world at large make it all the more important to start thinking about how your company can commit to employees’ financial wellness now. 

Incorporating financial wellness into employee benefits’ packages is not only desired — 87% of employees want help when it comes to personal finance, according to PwC — but also a proven solution. Financial wellness programs improve overall health and well-being, leading to lower stress and lower healthcare costs. Plus, employees say it keeps them sharper at work: 6 in 10 say they are more committed to their employer and more productive when employers demonstrate a commitment to their financial wellness, Prudential found last year.

Finding financial wellness solutions that work

According to research conducted by FinFit between 2018 and 2020, when organizations offered financial wellness assistance, there was a nearly 20 percent increase in employee retention across salaried and hourly employees, $1,855 annual turnover cost-savings per employee and nearly $2 million saved annually for every 1,000 employees. 

When it comes to actually implementing financial wellness benefits for your employees, programs like Best Money Moves can help. Best Money Moves uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points.

Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, guide employees to make smarter financial decisions and reduce their overall stress, which in turn, can help improve your company’s retention rates.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

What Are the Deadlines for Open Enrollment 2022?

What Are the Deadlines for Open Enrollment 2022?

by | Sep 7, 2021 | Blog

What Are the Deadlines for Open Enrollment 2022? Open enrollment for 2022 is just around the corner. Here are the deadlines and exceptions to know. 

As fall approaches, so does open enrollment — the annual period where most Americans enroll in a health insurance plan for the upcoming calendar year. 

With the COVID-19 pandemic far from over, health insurance remains more important than ever. So, whether you’re insured through your employer or venturing into the insurance marketplace on your own, it’s vital to know how and when to obtain coverage.

Below, we’ll outline all the important opening and closing dates for the 2022 period, as well as any extensions or exceptions.

When is open enrollment 2022?

For health coverage that starts January 1, 2022, nationwide open enrollment begins November 1, 2021 and ends December 15, 2021.

However, the Centers for Medicare & Medicaid Services have proposed extending the deadline 30 days, through January 15, 2022. Even if this extension is passed, residents in most states will still need to enroll by December 15 in order to have coverage by January 1. 

There are also some states and areas that have different dates from the above: 

  • California: October 15, 2021 through January 31, 2022 
  • Colorado: November 1, 2021 through January 15, 2022
  • Connecticut: November 1, 2021 through January 15, 2022
  • Idaho: November 1, 2021 through December 31, 2020
  • Massachusetts: November 1, 2021 through January 23, 2022
  • Minnesota: November 1, 2021 through December 22, 2021
  • Nevada: November 1, 2021 through January 15, 2022
  • New Jersey: November 1, 2021 through January 31, 2022
  • New York: November 1, 2021 through January 31, 2022
  • Pennsylvania: November 1, 2021 through January 15, 2022
  • Rhode Island: October 15, 2021 through December 31, 2022

Washington DC: November 1, 2021 through January 31, 2022

Other Dates and Special Enrollment Periods

Medicaid and CHIP. Open enrollment for Medicaid and the Children’s Health Insurance Program (CHIP) is year-round for those who qualify. 

Native Americans. Members of federally recognized tribes and ANCSA shareholders are eligible to enroll year-round. 

Qualifying Events. There are a few life events that can qualify you for a special enrollment period if anyone in your household has experienced them in the last 60 days.   

  • Marriage
  • Having a baby, adopting a child or placing a child for foster care
  • Getting divorced or legally separated and losing health insurance (Divorce or legal separation without losing coverage doesn’t qualify you for a special enrollment period)
  • Death of someone on your plan (this qualifies you for a special enrollment period if the death results in you being no longer eligible for your current health plan)
  • Changes in residence: 
    • Moving to a new home in a new ZIP code or county
    • Moving to the U.S. from a foreign country or U.S. territory
    • If you’re a student, moving to or from the place you attend school
    • If you’re a seasonal worker, moving to or from the place you both live and work
    • Moving to or from a shelter or other transitional housing
  •  Loss of health insurance

COVID-related. In light of the ongoing COVID-19 pandemic, there was also a nationwide special enrollment period for obtaining 2021 coverage that ended on August 15. For some of the states that run their own open enrollment, though, these special periods are ongoing. 

  • California: Through December 31 for uninsured residents and those switching from off-exchange to on-exchange coverage.
  • Connecticut: Through October 31
  • DC: Through the end of the pandemic emergency period
  • Minnesota: Minnesota’s special enrollment period for COVID ended in July, but those who have received unemployment compensation in 2021 can still enroll
  • New Jersey: Through December 31
  • New York: Through December 31
  • Vermont: Through October 1 for uninsured residents 

For more information and updated information about the open enrollment period, refer to healthcare.gov. 

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.