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3 Ways to Improve Your Employee Retirement Benefits

3 Ways to Improve Your Employee Retirement Benefits

by | Jan 31, 2023 | Blog

3 ways to improve your employee retirement benefits. Retirement benefits are a vital tool for your workforce. Here are three key ways to support your team with better retirement options. 

Almost 4 in 10 employees say they’re not confident about reaching their retirement goals, according to a 2022 Bank of America report, and even more are unsure if they have enough savings to retire. 

When it comes to retirement benefits, employees are looking for more than just a 401(k) — they want comprehensive guidance on how to prepare for the future. Here are 3 ways to help all employees get prepared for life during retirement.

1. Supplement retirement benefits with a digital financial wellness program that offers the latest technology.

Today, most employees prefer to manage their finances using digital apps and technology (including banking and investing), according to Bank of America’s 2022 report. And since employees are generally comfortable with using technology to manage their finances, consider delivering financial resources the same way. Similar to digital banking and investing tools, digital financial wellness programs offer a streamlined dashboard that help employees track their financial goals and debts. 

Many digital financial wellness programs offer easy-to-use tools and resources for users to engage with on their own free time, like nest egg calculators, personalized savings plans and other retirement ready resources. Moreover, employees can learn how to manage competing financial goals like tackling credit card debt, while saving for retirement.

2. Educate employees Social Security, Medicare and other retirement benefits.

While Social Security and Medicare are designed to help aging and retired populations, unfortunately, many of these benefits get left on the table due to lack of knowledge. About half of employees say they aren’t getting enough education about Social Security and Medicare benefits. Without knowing the importance of these benefits, employees are less likely to seek them out.

For ideas on how to educate employees on their benefits, consider using targeted email marketing or hosting financial planning workshops (food and refreshments are always a good incentive). 

With the right education on their benefits, employees can appropriately plan for the future and its associated costs, like supplemental health care, for example. One in 3 medical costs in retirement are not covered by Medicare. By understanding what’s covered in Medicare’s policy and what’s not, employees and pre-retirees can make the appropriate adjustments for retirement preparedness.

3. Invest in 1:1 financial consulting.

In addition to a retirement account, employees are looking for financial advice on how to best prepare for retirement. About 60% of employees said they feel stressed while managing their retirement savings, according to a Goldman Sachs report. With a financial advisor, employees can develop a comprehensive retirement plan with less stress and in less time. 

All employees are in different stages of retirement preparedness and security. Some may be at the beginning stages and need help simply choosing between a Roth IRA or 401(k). Others may have thousands already saved for retirement and need help shifting from saving to using retirement funds. 

No matter one’s age or stage of retirement preparation, most people can benefit from money coaching and guidance. And rather than giving cookie-cutter advice, the best advisors will give employees personalized counsel that empowers them to make well-informed financial decisions.

Looking for a digital financial wellness program to bolster your retirement benefits? 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 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.

3 Top Reasons for Employee Resignation & How Companies Can Help

3 Top Reasons for Employee Resignation & How Companies Can Help

by | Jan 25, 2023 | Blog

3 top reasons for employee resignation & how companies can help. Dissatisfaction at the office is leading to higher amounts of employee resignation. Here’s what your company can do to help. 

The U.S. labor force continues to be affected by the Great Resignation. According to Bank of America’s 2022 report, there are three leading reasons behind recent employee exodus: compensation, burnout and work-life balance. 

By investing in financial wellness and similar employee-focused benefits, companies can challenge these three drivers of resignation and boost employee retention.

Here are the top 3 drivers of employee resignation, plus 3 solutions

1. Compensation

When evaluating a job opportunity, candidates factor in much more than just wage or salary. They evaluate the total compensation of the job — that is the sum of the salary plus additional benefits, such as retirement, medical, childcare and more. Today, many employees are resigning due to their dissatisfaction with their current compensation — they are looking for better pay, benefits and increased corporate empathy.

About 60% of employees say they are attracted to another company that cares more about employee financial wellness, according to a PwC 2022 study. This can create concern about employee wellbeing and potential resignations, especially in today’s hybrid labor force. 

To help retain and attract top talent, companies have upped their total compensation packages by adding financial wellness benefits. According to the same PwC survey, more than 8 in 10 employers report that their investment in employee financial wellness benefits has led to positive results, including increased employee engagement, loyalty and morale.

2. Burnout

Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line. 

Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck. 

When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit. 

3. Work-life balance

Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line. 

Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck. 

When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit. 

Looking to curb employee resignation with a premium financial wellness solution? 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 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.

Financial Wellness Leads to Employee Retention, Says Bank of America Report

Financial Wellness Leads to Employee Retention, Says Bank of America Report

by | Dec 5, 2022 | Blog

Financial wellness leads to employee retention, says Bank of America report. Researchers find increasing evidence between financial wellness benefits and employee retention. Plus, 4 more highlights from the survey.

Employers are starting to realize the fuel value of financial wellness benefits. Compared to last year, more companies are offering financial wellness benefits and about 85% of employers say they reduce employee attrition, according to Bank of America’s 2022 Workplace Benefits report.

a helpful statistic about the connection between financial wellness programs and employee retention

Financial wellness resources are just one of many ways that companies can boost employee retention and attract top talent. Here are four retention-boosting ideas fit for any workforce:

1. Improve employee retention by investing in the health of your team.

Since the onset of the Covid-19 pandemic, companies have taken a more holistic approach to employee wellness. Instead of just focusing on physical health, companies have started offering benefits that support employees’ mental, financial and emotional health, too. In fact, 97% of employers feel somewhat responsible for their employee’s financial wellness, according to Bank of America’s survey. 

Exhibiting genuine care for employees’ wellbeing and wellness goes a long way, especially with attracting the best and brightest talent. Studies have shown that employees actively seek out companies that are invested in employee wellbeing, even if that means looking for a new job. 

2. Elevate DEI initiatives and programs.

Today, young employees are increasingly more diverse than older generations. In fact, only 17% of the Baby Boomer workforce is diverse, compared to 35% of the Gen Z and Millennial workforce. To capture top, diverse talent, companies have invested in diversity, equity and inclusion (DEI) efforts. When enacted efficiently, these DEI efforts can simultaneously bolster recruitment and talent management efforts.

About 3 in 4 employers believe that DEI programs are important for retaining talent, per the same Bank of America survey. Moreover, the diverse talent that flow through these corporate DEI programs are set to become the future leaders of tomorrow.

3. Help employees build future wealth to reduce employee retention.

Preparing for retirement doesn’t happen overnight, neither does accumulating wealth. Both processes require commitment and dedication over time, and more importantly, the resources to fund such efforts. Many Americans find it difficult to manage their current expenses and future savings, this likely explains why 1 in 4 Americans don’t have any retirement savings, according to a PwC survey. 

To help employees build future wealth, consider offering company match programs or financial advising to your workforce. Company match programs help employees multiply their retirement funds with the financial help of their employer. On the other hand, a financial advisor can help employees balance current and future money goals, with a personally tailored financial plan to follow. Both solutions are ways to help employees increase their financial security for the future.

4. Welcome upward feedback from all employees.

One way that companies continue to remain agile and grow is by incorporating upward feedback, a development evaluation for direct managers or upward leadership. 

Don’t wait until exit interviews to find out what’s working well and what needs tinkering, hold your firm accountable by actively commentary about the current ways of working. Leverage upward feedback as an opportunity to find out what makes people seek opportunities elsewhere and what makes them stay. 

Looking for a premium financial wellness solution to improve employee retention? 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 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 Financial Struggles Faced by Black and Latinx Gen Zers — And How Companies Can Help

3 Financial Struggles Faced by Black and Latinx Gen Zers — And How Companies Can Help

by | Nov 8, 2022 | Blog

3 financial struggles faced by Black and Latinx Gen Zers — and how companies can help. The number of Gen Z employees entering the workforce is on the rise. Here’s how to address the unique challenges facing the Black and LatinX Gen Zers on your team.  

By 2025, Gen Z employees will comprise nearly one-third of the total workforce, according to data from the World Economic Forum. According to the U.S. Census Bureau, they’re also the most diverse generation yet.

When it comes to financial issues, Gen Z already has a different approach than previous generations. But when you factor in race, ethnicity and gender, Black and brown young adults disproportionately experience more economic headwinds. 

By taking a deeper look at the financial struggles unique to Black and brown young adults, companies support their newest generation of workers

3 financial struggles faced by Black and Latinx Gen Zers — and how companies can help

1. Black and Latinx Gen Zers have lower levels of financial education and literacy

In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.

A recent trend in employee benefits has been an increased emphasis on financial wellness.  68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report.  Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.

2. Compare financial wellness platforms to find a comprehensive solution. 

Black and brown Gen Zers have disproportionately lower levels of financial education and literacy, compared to their peers. Specifically, 42% of Latinx Gen Zers said they do not have investments because they don’t know where to start, compared to 27% of their non-Latinx peers, per a Bank of America survey. This lack of education and resources makes Black and brown Gen Zers limited in their investments and accumulation of wealth.

In addition, studies have shown that Gen Z women tend to have less financial know-how than their male counterparts. And for women of color, their lack of education is compounded, as they lie at the intersection of race and gender.  

Solution: Invest in a well-rounded financial wellness program

Having a robust financial wellness program can help elevate employees’ financial wellbeing and education, regardless of their income or education level. With access to online resources like budgeting tools or loan calculators, employees can launch their financial education journey. Moreover, with a mobile-ready financial wellness program, employees can learn about stocks, investments and other financial topics, at the ease of their fingertips

2. Black Gen Zers are more likely to experience barriers to saving for retirement, such as debt

Preparing for retirement requires saving over time, but with looming debt it can be difficult to save for the future. According to a Bank of America study, Black Gen Zers are more likely to have student loan or credit card debt than their non-Black peers (60% vs. 44%) and twice as likely to cite debt as a barrier to financial success and retirement security. In turn, this exacerbates the disparity in retirement security between Black and brown Americans and their white counterparts. 

Solution: Start a company match program for retirement contributions

Some companies have incentivized employees to save for retirement by instituting match programs, where employees have their retirement contributions matched by their employer, even if it’s a few dollars a year. Match programs can help employees multiply their retirement fund at a rate they likely can’t achieve on their own.

3. Family is a leading financial motivator for Latinx Gen Zers

Family lies at the cornerstone of Latinx Gen Zers’ financial priorities, more than their counterparts. Over 50% of Latinx Gen Zers say the definition of financial success is the ability to provide for their family’s future, including passing down generational wealth and making their parents proud. Moreover, Latinx Gen Z are more likely to start working at 15-18 to financially support their family financially than any other demographic. 

Solution: Offer employees 1 on 1 financial advice

Managing multiple financial goals can be difficult, but with 1 on 1 financial advising, employees can achieve their most top of mind money goals — both long-term and short-term. Whether it’s helping sending money home or saving for a sibling’s college fund, financial advisers serve as a neutral, trusted resource to help employees balance their budget and multiple financial goals. 

Need a financial wellness solution for your workforce? Try 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 Digital Tools That Can Help Boost Employee Wellness

3 Digital Tools That Can Help Boost Employee Wellness

by | Oct 11, 2022 | Blog

3 digital tools that can help boost employee wellness. In today’s hybrid workforce, digital resources are more important than ever before. These 3 tools are key to supporting employee wellness.

Whether your team is remote or heading back to the office, digital solutions can make it easier for your team to get the benefits they are eligible for. Companies have been turning to online tools to improve the reach and accessibility of employee wellness benefits.

Here are 3 digital tools that can boost employee wellness.

Across the globe, workforces have integrated digital wellness tools into their employee benefits offerings. The specifics of these tools vary depending on the company. However, these digital benefits can provide well-being support, at unprecedented levels of accessibility.

1. Financial wellness apps

Financial stress can worsen a person’s physical and emotional health and even work productivity. In fact, according to PwC, 49% of financially-stressed employees said their money worries had a severe impact on their mental health. Yet, despite the abundance of employees who are financially stressed and want help, 41% are embarrassed to seek help with their finances. 

To make financial support more accessible and approachable, many companies have turned to digital financial wellness solutions. From budgeting apps to AI-driven money software, digital financial wellness tools allow employees to budget, save, and more — on their own time, all from their mobile devices.

2. Meditation and fitness apps

It can be challenging to balance work life while tending to your mental and physical health. To help employees dial down their anxiety and stress, whether personal or work-related, companies have started offering free memberships to meditation and fitness apps.

Meditation apps allow employees to tend to their mental and emotional wellness, when and wherever they feel the most comfortable — this can be at home, on their commute to work, or even after a stressful meeting. 

Moreover, studies have shown that physical outlets can help reduce stress and anxiety, so investing in fitness apps not only boost employees’ physical health but their emotional and mental health too.

3. Online talk therapy

Looking deeper into Biden’s plan, the administration is vying to change how people repay their loans. For example, the administration has proposed that borrowers pay 5% of their income each month in repayments, compared to the previous 10%. 

In addition, the Department of Education proposed a rule to cover a borrower’s unpaid monthly interest, as long as they make their monthly payments. This is to curtail the exponential growth of loan balances, due to compounding interest fees. With a financial advisor, employees can learn how to navigate these changes and understand what they may mean for their financial situation.

Does your workforce need a financial solution for employee wellness? 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 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.