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The 3 Best Benefits for a Multigenerational Workforce

The 3 Best Benefits for a Multigenerational Workforce

by | Aug 18, 2021 | Blog

The 3 best benefits for a multigenerational workforce. In a multi-generational workforce, it can be difficult to find employee benefits that address the needs of every employee. This article highlights the top 3 benefits that work well for multi-generational teams.

It’s no secret that employees of different generations expect different kinds of support from their employers. A gen Z employee, fresh out of college, is going to have significantly different challenges than a millennial or gen X employee who’s balancing work and childcare. Meanwhile, older employees will have greater concerns about retirement.  

Multigenerational workforces pose a unique challenge for employers and HR teams: How do you build a benefits package that’s equally attractive to all members of your workforce, when your team members are at radically different stages of their lives? The answer involves big ideas, realistic expectations and room for nuance.

Here are the three benefits to satisfy all members of your multigenerational workforce. 

1. Accessible and comprehensive health benefits

Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits. Health Insurance is especially useful for a multigenerational team because it’s applicable to individuals of all ages and situations, even those who are otherwise healthy individuals. 

In addition to standard group health insurance, you might consider offering your team access to a health savings account, or HSA. An HSA is a specialized savings account that lets you aside pre-tax funds for later use on qualified medical expenses. HSAs can allow employees additional flexibility in covering significant health expenses. 

2. Widespread flexibility and emphasis on work/life balance

The same Fractyl study found one other consideration to be equal to health benefits. Almost everyone takes flexibility into account when weighing jobs. An equivalent 88% of respondents said they would give “some consideration” or “heavy consideration” to a job with more flexible hours, even if it is lower pay. What’s more, flexibility has never been more important to employees than it is now, in a workforce still recovering from the effects of the COVID-19 pandemic. Research consistently supports the pivot to remote and hybrid work models and many workforces are expected to pivot to full remote and hybrid models in the months to come.

3. Holistic financial wellness that can target individual employee needs

Multigenerational teams need benefits that work for employees of all ages, and regardless of what life phase employees might be in, there’s always a need for financial wellness. Whether your employees need to pay off student loans, manage their daily finances, plan for their retirement or something in-between — all employees deal with financial issues. Financial wellness platforms are a strong way to appeal to a variety of demographics with different needs. 

To learn more, check out this article and consider Best Money Moves:

Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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

Combat COVID-19 Burnout With These 3 PTO Strategies

Combat COVID-19 Burnout With These 3 PTO Strategies

by | Aug 11, 2021 | Blog

Combat COVID-19 Burnout With These 3 PTO Strategies. PTO benefits can be an important weapon in fighting widespread pandemic burnout. Try these three strategies to encourage PTO use.

The quickest short-term solution to employee burnout is rest. Yet, even before the COVID-19 pandemic, American workers have a history of not taking full advantage of their PTO. In 2018, there were 768 million unused vacation days according to the US Travel Association – that’s an average of 6.5 days for every full time worker.

Even though burnout has increased dramatically during the pandemic, PTO use has actually  decreased overall, according to data from Deloitte. Paid days off are a vital part of healthy work life and can help keep teams feeling focused, connected and motivated to work. So why aren’t employees taking them? The problem is part culture and part policy. 

Let’s break down three strategies to combat COVID-19 burnout by encouraging PTO.

1. Make PTO a mandatory part of office life.

One of the things that makes wasted PTO so prevalent is that workplace culture often rewards employees who sacrifice their own rest. This mentality, also labeled “workplace martyrdom,” encourages the mindset that the whole office takes a hit with one team member missing. Employees then feel a sense of guilt, denying their own need for a break, which in turn causes burnout. By making PTO mandatory for your team, you remove the idea that rest equates laziness or selfishness on the part of your employees. Instead, build a culture where breaks are a necessary and encouraged part of an employee’s job.

2. Separate vacation and sick days to discourage employees from working through illness in favor of vacation time.

According to XpertHR’s Paid Leave Survey 2021, 41% of paid leave plans are PTO bank plans. In these plans, most or all paid leave is bundled together for non-distinguishable use. This forces employees to pit their health against their vacation. This doesn’t make much sense and sometimes leads employees to come in sick in order to save vacation days. Not only is this obviously a health risk, but it also encourages all sorts of mental gymnastics that detract from an employee’s wellbeing.

3. Rollover unused PTO days and encourage employees to use them quarterly.

Not all employees operate on the same schedule. Allow employees the flexibility to plan their time off in a way that works for them. Instead of having their vacation days wiped at the end of the year, they can utilize them in individual ways. Although this doesn’t solve every part of the problem, it adds value to off days and gives employees more agency.

Time off can look a variety of ways. Whether it’s a minimum per year, a company-wide “holiday,” or incentivized PTO, it’s critical that employees feel that their boss actively wants them to take time off. If being a workplace martyr is motivated by a desire to demonstrate dedication to the company, the key is switching the framework to signal to employees that sometimes dedication to the company can look like making sure you bring the best version of yourself to work every day. That isn’t possible without rest and self-consideration.

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

5 Ways to Help Employees Reacclimate to the Office

5 Ways to Help Employees Reacclimate to the Office

by | Aug 3, 2021 | Blog

5 ways to help employees reacclimate to the office. The COVID-19 pandemic saw millions begin working remotely and many employees are stressed about returning to the office. What can employers do to help?

After months of fine tuning their return-to-work strategies, many organizations are finally making the move back to in-person offices. However, not all employees are happy about it. A May 2021 survey of 1,000 adults found that 39% would consider quitting their jobs if employers weren’t flexible about remote options.

Teams might benefit from working in-person, but that doesn’t mean that letting go of remote work is easy for employees. Many members of your team are likely to dread being back at the office, or struggle to adapt to another new normal. So, how can teams and managers help employees reacclimate to the office? 

These five strategies could be the way to go. 

1. Be transparent about your motives for in-person work.

Any time your organization undertakes a big shift in strategy, it’s vital that your team stays informed about the change. Uncertainty can be breeding ground for anxiety and confusion. Even if the reasons for returning to the office seem obvious to you, be sure to explain your rationale. Highlight the benefits of in-person work and be sure to emphasize any individual benefits to the employees. You’ll likely ease some people’s anxiety, and establish a better connection when everyone is on the same page.

2. Don’t ignore how employees are feeling about the shift.

While explaining yourself as a leader is valuable, listening to the people who follow you is even more important. If everyone on your team is ecstatic about seeing each other again, then you know you’re in for a smooth transition. But, if not, your anxious employees will feel so much more supported if they’re given the opportunity to voice their concerns. Allow room for feedback and reactions to this big decision. You might even consider an anonymous survey to encourage honesty from anyone who is less likely to speak up publicly.

3. Foster transparency in your organization in order to make the work your employees do feel meaningful.

Research from the Harvard Business Review discovered that employees tend to trust our top public health experts when it comes to reentry timelines. It also showed that fewer than one in 10 employees would feel safe returning to the office on the word of their employer alone. Make sure every decision you make is in accordance with health guidelines from the CDC and state health departments.

4. Continue to prioritize employee mental health.

According to a CDC study from August 2020, 40% of US adults reported struggling with mental health or substance abuse in late June of last year. Although we’ve come a long way with vaccinations, the pandemic is not over. The value of mental health support has always been high, and a period of transition only amplifies the need for strong resources. If you plan to return to the office, keep mental health top of mind. 

5. Be empathetic to the concerns of your team.

Ultimately, a lot of comfort is inspired by not only what you say, but how you say it. It’s been a difficult period for almost everyone in the country. People react to things differently, but we’ve all experienced a collective trauma with this pandemic. The best thing you can do is be kind and patient. The best way to achieve personal growth for your employees with company goals, is to work together.

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

4 Ways to Support Employee Mental Health Post-COVID

4 Ways to Support Employee Mental Health Post-COVID

by | Jul 27, 2021 | Blog

4 ways to support employee mental health post-COVID. Mental health issues are on the rise in the wake of the COVID-19 pandemic. What can employers do to support struggling employees?

A major issue emerging from the COVID pandemic is the long-term effect on mental health. 

Despite a return to normalcy (endangered now by the new Delta variant), more and more employees are reporting mental health challenges as a result of the pandemic. One in four U.S. adults report symptoms of anxiety or depressive disorders, according to data from the Kaiser Family Foundation. And additional data from KFF has linked pandemic-related stress to problems sleeping and eating as well as increased alcohol and substance use. 

Employees need robust mental health support in a post-COVID workplace. Luckily: Employers are listening. A solid 41% of companies surveyed plan to expand mental health support in 2021,  according to Care.com’s The Future of Benefits report. Here are 4 strategies for supporting employee mental health through the end of the pandemic and into a post-COVID world.

1. Give mental health support the significance it deserves.

In order for mental health to reach the same significance in the workplace as physical health, it needs to be incorporated into the policies and training. In a post-COVID world, just as managers will be equipped to handle social distancing or mask guidelines, they ought to also be educated on how to best support mental health. This might include knowing how to spot signs of increasing mental illness, or simply knowing what resources to offer to struggling employees.

2. Recognize mental health days as sick days and don’t penalize employees for taking them.

One of the best ways to support mental health is to break the stigma surrounding it. If an employee needs a sick day because of the flu or injury, a team will do their best to accommodate. However the same can’t always be said for time off related to mental health.  Create a culture of trust by not only allowing mental health sick days but encouraging employees to take them when they are necessary. Often, a day or two at home goes a long way in helping struggling employees feel rested and focused. Plus, these policies let employees know they won’t be penalized for struggling.

3. Foster transparency in your organization in order to make the work your employees do feel meaningful.

It can be draining for an employee when they don’t see the purpose behind their work. As company leadership, it’s critical to communicate your vision and goals to the whole team. When an employee can understand why their work matters, it gives them so much more motivation to get out of bed every morning. In fact, some researchers claim that meaningfulness is the most important factor of work for employees, even more than pay or mobility. As such, being a transparent employer can go a long way to improving the mental health of your employees.

4. Be flexible and patient with your team as it continues to grow.

The pandemic affected many of our lives logistically. People moved. Companies moved. Now, as employees return to the office, it might not be so simple to get things back the way they were. The thought of in-person work might be overwhelming for some and exciting for others. Employers must recognize that many people experienced the pandemic differently. Their mental and physical needs will be different. As we settle back in, allowing time and space for the folks who are slower to adjust is critical. Mental health support is not one-size fits all and an individual approach can go a long way.

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

4 Ways Financial Wellness Can Boost Employee Retention

4 Ways Financial Wellness Can Boost Employee Retention

by | Jul 14, 2021 | Blog

4 ways financial wellness can boost employee retention. Retention is an increasing problem in the post-COVID workforce. Financial wellness benefits could be the solution employers need. 

In the post-COVID world, retention is an increasingly complex problem that organizations are struggling to solve. 

In fact, 64% of American workers are seeking or considering new employment according to a November 2020 study by HR software firm Ceridian. That number jumps to 75% for workers under 30. For organizations to have any hope of combatting this wave of turnover, they need to first get real about the pain points driving employees to leave. That’s where financial wellness comes in. 

Consider these four ways that financial wellness benefits can help boost employee retention.

1. Financial stress is a bigger problem than most employers realize.

Vaccinations have significantly improved the state of the pandemic, but experts estimate that it could take years for Americans to recover financially. Now, most Americans rank their finances as the single biggest source of stress in their life. Finances can be a taboo topic at work, but chances are you have multiple team members that are struggling. Offering financial wellness benefits can provide valuable help to employees of all ages, incomes and backgrounds. 

2. Financial wellness provides tangible benefits to stressed employees — and their workforces.

Financial stress can lead to a loss of productivity, increased absenteeism and widespread mental health challenges among employees. So, learning how to manage your money doesn’t just reduce stress in an abstract sense. When employees are less stressed about money, they’re more focused at the office and spend less time on non-work related issues. This, in turn, can reduce absenteeism and improve overall retention rates.

3. Financial wellness programs can help employees feel seen by their employers.

When you offer financial wellness programs to your employees, you signal to them that you care and have a realistic view of their work/life balance. Staying connected with the struggles of your employees helps create a more intimate work culture, which in turn creates a more positive overall experience at the office and makes it that much harder to leave.

4. Money impacts every aspect of your employees life. Financial wellness can too.

At its core, retention is about ensuring employee satisfaction and successful retention strategy finds a way to help employees feel fulfilled in all areas of their lives. Money touches nearly every aspect of a person’s life, from daily spending, to housing, to family planning, or saving for a future retirement. So financial wellness can bring wide-reaching, impactful help to employees at any stage or circumstance.

Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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