3 Ways to Attract Gen Z and Millennial Employees

by Amirah Ford | Jun 29, 2022 | Blog

3 ways to attract Gen Z and Millennial employees. Gen Z and Millennials are the next generation of American workers. Here are three top benefits to help attract these key employees.

Gen Z and Millennial employees now comprise roughly 46% of the U.S. workforce, according to data from Gallup, and with them comes a new way to think about benefits. LinkedIn research shows that young employees demand new talent strategies.

Here are 3 ways companies are working to attract, and retain, Gen Z and Millennials within the job market.

Gen Z and Millennial employees: Who is who?

To help distinguish between Gen Z and Millennial employees, Pew Research Center defined Millennials as those born between 1981-1996 and unveiled a new generational cohort — Gen Z. Anyone born in 1997 and onward is considered Gen Z.

In terms of generation age, Millennials would be 26 to 41 years old in 2022 and Gen Z would be 10 to 25 years old. Currently, there is no official end point for Gen Z; however, Pew Research Center estimates a cutoff point for those born around 2012.

3 ways to attract Gen Z and Millennial employees

1. Highlight flexibility and continue offering remote work

Benefits like flexibility and remote work are no longer seen as luxuries or temporary adjustments. Today, young employees value flexibility and remote work as workplace essentials here to stay, even post-pandemic.

Gen Z has been the most mobile segment of the labor force since the onset of the pandemic, with a migration rate up 23%, according to LinkedIn data, surpassing Millennials and later generations. In addition, Gen Z is 17% more likely to apply for remote jobs than other generations.

To help capture young employees, companies have been highlighting the latitude and freedom that they offer employees by using target keywords like “flexibility” in job descriptions. According to Microsoft’s 2022 Work Trend Index, Gen Z is 77% likely to engage with a LinkedIn job posting if it mentions “flexibility,” followed by Millennials (30%).

2. Invest in employee wellbeing and financial wellness

The pandemic has encouraged companies to take a newfound approach to wellbeing, which is driven by the sentiments of young Americans today. Compared to older generations, young people are more likely to believe that companies are responsible for the overall health of employees. In response, companies are increasingly investing in mental and physical health resources, as well as financial wellness programs.

According to TIAA’s 2022 Financial Wellness Survey, over 60% of Gen Z and Millennials believe that employers are responsible for the financial wellness of employees, compared to just 41% of Baby Boomers and 29% of the Silent Generation. By investing in financial wellness programs, companies can support the overall wellness of all employees, while specifically attracting the younger generations.

3. Support a healthy work-life balance

Young Americans deeply value a work-life balance — this allows them to freely engage with side projects, businesses and other personal interests. According to Microsoft’s research, about 70% of Gen Z and Millennials want to generate more income via their side projects and businesses within the next year. Companies can support a healthy work-life balance by offering flexible work schedules, increased paid time off or even gym reimbursements, to name a few.

While some companies may see this as a threat to productivity, Renate Norman, Microsoft’s, general manager of global university recruiting, encourages companies to see this as helping employees find a creative outlet and the space to pursue their passions.

Failure to meet the wants of young employees can cause companies to miss out on top talent and earn higher attrition rates. According to Microsoft’s 2022 survey, young employees are more likely to switch employers in pursuit of their wants and non-negotiables (52%), compared to Generation X and Baby Boomers (35%).

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Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. From young adults to seniors, Best Money Moves is an easy-to-use, financial wellness solution offering 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 financial planning, trying to secure a car loan or mortgage, , Best Money Moves can guide employees through the most complex 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 Benefits to Support Working Women

by Amirah Ford | May 18, 2022 | Blog

4 benefits to support working women. Female employees face unique hurdles in the post-COVID workforce. These 4 benefits can help support working women.

The COVID-19 pandemic led to an unprecedented number of women exiting the workforce. Academics and employers alike have coined the term “she-cession” to highlight this exodus, particularly women with young children

There are two key drivers behind this phenomenon, according to an International Monetary Fund (IMF) report. One driver is women work in occupations and industries that were disproportionately affected by COVID-related job losses. Driver two is, school closures forced women to choose between caregiving and their career.

Here are 4 ways organizations can support working women through this difficult period.

1. Support working women with on-site childcare or subsidies.

Amid school closures and limited daycare options, data shows that the burden of childcare has had detrimental effects on women’s employment. This is largely because societal expectations position women as the primary caregiver, even if that comes at the expense of their job. According to an IMF report, the burden of childcare accounts for 45% of the increase in the employment gap between men and women.

By offering childcare benefits like on-site daycare or subsidies, companies can help support women as both employees and working moms without the stress and costs of childcare. In fact, childcare benefits show that your company is a family-friendly employer, which can go a long way in attracting and retaining top talent.

2. Consider menstrual leave as an added health benefit.

Menstruating employees may experience menstrual health issues that can impede work performance, such as period pain and menopause symptoms. With a focus on equity and employee inclusion, companies are starting to incorporate menstrual leave into employee benefit packages.

Menstrual leave would allow employees to take time off for menstrual or menopausal symptoms, in addition to their regular vacation and sick leave. This allows employees to recover without the pressures of 24/7 productivity. Moreover, it helps foster inclusivity within the workplace and increase company-employee trust.

3. Focus on financial empowerment to support working women.

Across different indicators of financial wellness, women tend to report a lower level of financial wellness compared to men. Women employees have less access to financial advice compared to men, according to a Morgan Stanley survey, and they’re less likely to express a need for financial advice to their employers.

To promote financial wellbeing, specifically women’s financial empowerment, companies can invest in financial wellness programs and tailor them to the needs of working women. From loan calculators to money coaching, financial wellness resources can help equip women with the necessary tools to meet their personal finance goals (e.g., planning for college or learning about stock investments). Moreover, this can help address financial gender gaps, like wealth and access to advice.

4. Invest in accessible breastfeeding resources.

Transitioning back to the workplace is often difficult, and it even more challenging for breastfeeding parents. Studies have shown that breastfeeding has benefits for both parent and baby; however, most work environments don’t adequately support breastfeeding employees. This is one of many reasons why many women feel forced to choose between their jobs and caregiving.

Companies can extend support by offering breastfeeding resources. A simple way to start is by providing reasonable and protected break time for nursing employees to pump their breast milk. Some companies have even invested in breast milk delivery services, so moms can send home milk even on work travel. Regardless of the solution, it is important that company policy is implemented to protect the rights of breastfeeding employees and ensure that they don’t receive formal or informal penalties.

Attract and retain top talent with financial wellness solutions 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. 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.

High-Earning Employees Need Financial Help, Too

by Amirah Ford | May 4, 2022 | Blog

High-earning employees need financial help, too. A six-figure salary doesn’t always translate to financial security. Here are 4 ways high-earning employees can benefit from financial wellness programs.

It’s a common misconception that a six-figure salary always translates to financial security and that high-earning employees have no need for financial wellness benefits. However, this isn’t always the case. What’s more, a good financial wellness program offers tools for those who are secure and not just at-risk employees.

Here are 4 reasons that even your high-earning employees still need financial wellness resources.

1. More money doesn’t always mean fewer financial concerns for high-earning employees.

Financial wellness means different things to different people, even those with higher-than-average incomes. However, with rising rents and record-high inflation, even a six-figure salary doesn’t necessarily guarantee financial security. Almost 20% of employees earning over $100,000 live paycheck to paycheck, according to a Willis Towers Watson survey. Living paycheck to paycheck means that termination, or even a late paycheck, can put an individual and their family at risk.

It’s important to limit broad assumptions about your team’s financial security based on pay alone. Companies can help prevent financial vulnerability through personally tailored budgeting and spending tools. These financial resources can support employees, at all income levels, toward increased financial wellness.

2. Even employees with a basic level of financial wellness want more.

A Morgan Stanley at Work survey found that even employees with a good foundation of financial wellness still admit needing help to reach their short-term and long-term financial goals.

Companies can get more specific on the financial goals of their own employees by conducting internal surveys, and then matching those needs with the right financial wellness resources. Together, this can help companies further employees’ financial knowledge and empower their financial wellness.

3. High-earning employees want three key financial wellness benefits.

According to the Morgan Stanley data, high earners were generally attracted to three financial wellness benefits:

Retirement planning (69%)
Access to financial advising (57%)
General financial education (41%)

This poll data may be surprising to some, but again, more income doesn’t mean better money management. In fact, the same Morgan Stanley poll showed that high-earning employees who are less confident about their personal finances are more likely to gravitate toward certain benefits, even those that may seem simplistic like budgeting and spending tools. There is no shame in asking for more help and with the right financial wellness program, companies can deliver such help to all employees.

4. Financial wellness can help you go beyond with company retirement matching.

Retirement planning is a priority for employees of all backgrounds; however, not every retirement benefit can be utilized by high-earning employees. For instance, companies cannot match 401(k) contributions on income above the annual compensation cap, which is currently $305,000, according to the IRS. This puts high earners at a disadvantage because their company is only matching a small percentage of their income for retirement.

Instead, according to Tom Conlon, Head of Retirement Sales for Morgan Stanely at Work, companies should go beyond the retirement match and consider equity or nonqualified deferred compensation plans, which are gaining popularity in the workplace.

Conlon emphasizes that a good financial wellness plan considers what top earning employees need, and it can be a way to stand out and retain top talent.

Looking for a financial wellness program to fit earners of all sizes? 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 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.

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 Ways to Promote Social Justice in the Workplace

by Amirah Ford | Apr 26, 2022 | Blog

4 ways to promote social justice in the workplace. Social justice and DEI issues are a must-have for workforces. Here are 4 ways to keep social justice in mind while planning your benefits strategy.

Diversity, equity and inclusion have become critical values to employees. In a 2021 survey of 3,000 workers, Garter HR found that 68 percent would consider quitting their current job for an organization with a stronger stance on relevant social justice issues.

What exactly is social justice?

Social justice is generally described as an effort to secure equal rights, opportunities and treatment for all individuals. Today, many companies also incorporate economic justice as an integral part of their DEI strategy.

Many social justice causes may directly impact members of your workforce. So, supporting social justice and DEI efforts in the workplace, whether through employee benefits programs or other means, is a key component of supporting overall employee wellness.

Here are 5 ways companies can support employees by keeping social justice and DEI issues in mind when planning employee benefits.

4 ways to support employees and promote social justice in the workplace

One of the most important aspects of an effective employee retention strategy is to listen to employees and respond to their needs. According to SHRM, 56% of US employees with employer-sponsored healthcare benefits surveyed said whether or not they like their healthcare plan is a key component in their decision to stay with their current job. Offering a healthcare plan is also a way for employees to keep up with competitors as 58% of companies offer health benefits making it the most common workplace perk.

1. Integrate DEI and social justice efforts into your organization’s hiring practices.

Conscious and unconscious biases can lead to inequitable hiring processes and disparities in unemployment. For instance, candidates with white-sounding names on their resumes receive 25% more callbacks than those with Black-sounding names, according to a Harvard research study.

It’s important that HR teams stay aware of such biases during the hiring processes. Companies can take it a step further by integrating diverse representation into their hiring teams. Diverse HR professionals can help companies expand the colleges, networks and talent pools that they hire from, ultimately increasing employee representation.

2. Use financial wellness resources to help address wealth and financial literacy inequalities.

Social justice is closely linked to economic and wealth equality, according to the United Nations and the Center for Economic and Social Justice. However, wealth inequalities based on race, gender and other identities remain prevalent.

Almost 64 percent of the U.S. population lives paycheck-to-paycheck, according to a report from LendingClub. And that insecurity often disproportionately affects minority families. The median net worth of white families is nearly $190,000, compared to Black and Hispanic families, with $24,100 and $36,400, respectively, according to 2022 data collected by the Federal Reserve Bank of St. Louis.

Companies can help bridge these structural wealth gaps by offering access to financial wellness programs. Whether employees are saving for retirement, managing a day-to-day budget, or working toward a personal milestone, financial wellness and literacy programs can offer much-needed resources to employees of all backgrounds.

3. Show support for social justice causes through company match programs.

With Company match programs, employees donate to an organization (either one of their choice or from a pre-approved pool) and their employer promises to match the donation. These programs, also known as matching gift programs, are an effective way to garner support and economic justice for social causes.

Studies have shown that employees feel more motivated to support social causes when their employer offers company match programs.

4. Offer time off for cultural holidays and volunteering opportunities.

Many employees celebrate culturally significant moments that extend beyond federally observed holidays. Recognizing this, employers are increasingly allowing time off for cultural holidays like Holi, Yom Kippur and Juneteenth. This flexibility allows employees to celebrate the moments that matter most to them while maintaining a work-life balance.

Companies are also beginning to extend time off benefits to volunteering and social impact opportunities. This benefits allows employees to take time off to focus on social causes they care most about, while furthering company commitments to corporate social responsibility.

Take your benefits strategy to the next level with financial wellness solutions 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.

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.

Closing the Gender Retirement Gap: How Financial Wellness Can Help

by Amirah Ford | Mar 28, 2022 | Blog

Closing the gender retirement gap: How financial wellness can help. Female employees still face workplace disparity when it comes to retirement planning. Here’s what employers can do to close the gender retirement gap.

Despite progress toward gender equity in the workplace, women still face disparities in retirement preparedness. Men have about 40% more income than women during retirement, according to the OECD, and this trend isn’t limited to the U.S. In fact, nearly every retirement system in the world suffers from the gender retirement gap.

Find out how the gender retirement gap affects your employees, and how financial wellness and other strategies can help level the playing field.

What is the gender retirement gap?

The gender retirement gap refers to the difference in retirement preparedness between men and women — it largely stems from the gender wage gap. According to data from the Center for American Progress, white women earn only 79 cents for each $1 earned by white men. Race furthers this disparity, with Black and brown women earning only 60 cents.Preparing for retirement takes years of saving. So, lower wages earned for an entire career compound into significant differences in retirement preparedness.

How to fix the gender retirement gap:

Employers can help bridge the gender retirement gap; however, doing so requires dedication to employee financial wellness and equity.

While there is no fix-all solution, here’s 3 ways to help join the gender retirement gap:

1. Extend flexibility and family leave to parents of all genders

Women are more associated with time away from the office, especially when it comes to childrearing and the home. Under federal law, employees are only guaranteed 12 workweeks of unpaid family medical leave; however, the loss of income can be detrimental to household finances.

With little federal guidance, employees must depend on their employers’ leave policy.

Parental leave policies typically give women substantially more time off than men, and for most women, their leave is unpaid. Less than 25% of employees receive paid parental leave, according to BLS data, and they typically receive only a percentage of their original paycheck.

When thinking about family leave policies, consider birthing and non-birthing parents and how each may need support. Some companies allow flexible or hybrid work hours, which allow working moms to gradually re-enter the workforce. Others offer family leave of at least six weeks to both, so it’s easier to balance and share home duties.

2. Address career differentials by gender to avoid wage gaps

Since women take on more part-time and unpaid work than men, overtime, this accumulates to women spending less time in the workforce than men. On average, women spend nine fewer years in the workforce, which can hurt women’s pay and promotional opportunities. Less money now means even less during retirement.

Pension plans often require a minimum salary or hours worked for pension payouts. This lessens retirement security for low earners and part-time workers, who are disproportionately women.

Take an honest, critical look at your company and see how you may overlook employees on leave during promotions and bonuses. This can help create equal opportunities for men and women to advance their careers and pay — which may mean reforming employee skills matrices to be more inclusive of those who take leave. Employees should never feel penalized or professionally stagnated for taking time off.

3. Offer employee financial wellness resources and education

Women, on average, are less financially literate than men. When quizzed on personal finance, 21% of women exhibited a relatively low level of financial literacy, compared to 15% of men, according to the TIAA Institute. And when looking at specific financial topics, like investing, the financial literacy gap only widens. Gaps in financial knowledge, such as these, can enlarge the gender retirement gap.

Researchers also think the gap could be explained by women spending more income on the home (e.g., groceries, daycare and cleaning) than they do on retirement or themselves.

Nonetheless, as a solution, experts at Mercer have advocated for financial wellness to help close the gender retirement gap. Through financial wellness programs, women can receive personalized money coaching and other tools to increase their overall financial preparedness.

A major perk of financial wellness programs is that their personalization helps employees of all income brackets and ages. From fresh post-grads, to even those close to retirement, all can benefit from financial wellness resources and guidance — they are to help people achieve their financial goals, while dialing down financial stress.

Need a financial wellness solution? Try Best Money Moves!

Best Money Moves can help your employees address their financial stress and become prepared for retirement, regardless of their stage in life or previous money habits. Best Money Moves offers personalized financial wellness resources and education, focused on solving your employees’ pain points. The program uses artificial intelligence and a human-centered design to measure employee financial stress and then dial it down with personalized solutions. Our budgeting tools, personal finance guidance and more helps employees 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.

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