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4 Ways to Support Female Team Members After COVID

4 Ways to Support Female Team Members After COVID

by | Jul 7, 2021 | Blog

4 Ways to Support Female Team Members After COVID. Research increasingly finds that women have been disproportionately affected by the pandemic. What can employers do to support female team members? 

Women, especially women of color, have been disproportionately impacted by the COVID-19 pandemic. According to a 2020 study conducted by McKinsey & Company, women comprise roughly 39 percent of global employment, but have accounted for 54 percent of all pandemic-related job losses. 

Even as the pandemic wanes, many women continue to face long-term hurdles to their career development due to inaccessible childcare options or gaps in their work history from forced time off. What can employers do to provide better support to these female team members? 

Consider these 4 benefits that can help provide much needed support to women in your post-pandemic workforce. 

1. Facilitate flexibility for all employees.

It comes as no surprise that many women with families are still the primary caregivers in their homes. In fact, according to research from the Society of Human Resource Management, as many as one in five people know a woman who left the workforce during the pandemic in order to handle child care that became suddenly inaccessible after daycares and schools closed.

Consider pivoting your team to a results-focused rather than time-focused schedule. This can not only support productivity, but also keep workers less stressed and more focused as they know they have support for their duties both at work and at home. 

2. Provide paid parental leave for new parents, regardless of gender.

Similarly, if your workers are welcoming a new family member as part of the anticipated post-COVID baby boom, aim to provide mothers and fathers alike with paid parental leave. According to a report from the U.S. Bureau of Labor Statistics, only 21% of US workers have access to paid family leave through their employers. This puts the U.S. well behind any other wealthy country, where paid parental leave is not only available, but often nationally mandated.

Paid parental leave has been shown to help combat income inequality and improve job continuity, especially for lower-income families. Plus, providing leave to men in addition to women normalizes the practice and combats the “motherhood” bias. This is a prejudice that women may face in competitive fields should they choose to take time off work to be with their new children.

3. When hiring new team members, be realistic about the gaps in work history related to the pandemic.

For those women forced out of the workforce by the pandemic, returning to the office may not be as simple as picking up their careers where they left off. Even as they return to work, many women fear long-term damage to their career trajectory and salaries, which have been thrown off track by the unexpected absence. When approaching the hiring process after COVID, try not to penalize applicants who may have been forced to take time off work due to the pandemic. 

4. Institute (and stick to) pay equity measures among team members.

Finally, and perhaps most importantly, be sure that you compensate your female workers with the same criteria you use to compensate male employees. On average, white women still earn only 79 cents to every dollar that their male coworkers earn for the same positions. Women of color are often even more significantly impacted, earning anywhere from 54 to 62 cents on the dollar compared to white men.

One idea some companies are using to successfully address this issue is to conduct transparent salary audits. This holds the company accountable and signals to potential employees that there is an active effort to achieve equity. Another successful strategy is banning inquiries about past salaries. This effort stops employers from importing unequal salaries from past companies.

Gender equality benefits all employees in your organization. Be sure to review and update your strategy for gender parity often to make sure you’re supporting the team members who may need it most.

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

3 Things to Plan For When Returning to Work After COVID-19

3 Things to Plan For When Returning to Work After COVID-19

by | Jun 23, 2021 | Blog

3 things to plan for when returning to work after COVID-19. Workforces nationwide are gearing up to return to physical office spaces. Consider these 3 strategies to help your team with the transition.

At the height of the pandemic, it was hard to imagine crowded restaurants or sidewalks, let alone bustling offices. But now the vaccine rollout has resulted in a return to “normalcy.” While working from home may continue to be an option for some people, a slow and steady return to the office will be the right move for many companies. But how should you take those first cautious steps back into the workplace? 

Let’s break down the three must-haves for your return-to-work strategy.

1. Consider a phased approach.

The key here is not to overwhelm. Inviting all employees back to the office at once is almost sure to create anxiety among employees. Consider scheduling only some of your employees to return and then slowly increasing in-person commitments as needed and as is comfortable for the people in the office. This not only helps maintain social distancing protocols for the early days back, but also gives people extra time to reacclimate to the office.

You might also consider implementing a staggered approach and require certain cohorts of employees to come on different days or weeks. This approach has a few benefits. First, you can maintain physical distance in the office. Second, working in smaller teams can often lead to more intimate bonds. Facilitating social bonds is particularly important after so much time away from one another. The last benefit is that if a situation arises where you need to track a contagious outbreak, you’re limiting exposure and creating a window between groups to further disinfect the office. 

2. Get creative with your office layout.

Once you’re ready to start welcoming your team back (whether all at once or staggered over time), lend a discerning eye to your physical office space. In many cases, especially if your organization is large or open-concept, the office layout that worked for your pre-pandemic workforce might not be useful for your current employees. 

Make sure work spaces are spacious and physical barriers cut clear lines of where employees can/should sit, work, eat or socialize. This not only helps reduce risk and make contact tracing easier, but it makes people feel safe. It’s vitally important to have an office layout that inspires comfort and safety. Ease of mind is top of mind after such an anxiety-inducing time apart.

3. Establish clearly defined health and safety protocol.

The emphasis here is on “clearly defined.” Not only should you create robust guidelines for social distancing and mask expectation, but you should relay them very explicitly to anyone involved in the return to the office. 

Workers have varying opinions about COVID-19 and they may feel comfortable with different levels of risk. Creating straightforward and clearcut rules will improve workflow by avoiding arguments on this front. This applies not only to COVID-19 prevention tactics in the office, but also what workers are expected to do if they think they may be falling ill. Be sure to consider firm rules for handling sick days as as returning to work after an illness. 

Armed with these three pillars of a return-to-work plan, getting back to the office is entirely doable. One final piece of advice, however, is to be flexible. Our times are constantly changing and staying attuned to the best practices requires patience and malleability.

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

What is Financial Wellness — and Why Should It Matter to Your Team?

What is Financial Wellness — and Why Should It Matter to Your Team?

by | Jun 15, 2021 | Blog

What is Financial Wellness — and Why Should It Matter to Your Team? After the pandemic, Financial Wellness is in greater focus than ever before. Here’s what to know about this important wellness benefits.

After the financial upheaval of the Coronavirus/COVID-19 pandemic, financial wellness has come to the forefront of many HR plans. But what exactly is financial wellness — and Why Should It Matter to Your Team?

What is financial wellness?

Financial wellness or financial health is one facet of your overall well being, much like mental, emotional or physical health. It refers to the stability of your personal finances. 

Everyone’s financial situation and needs are different, so there’s no one way to be financially healthy. However financial wellness can usually be determined by the indicators such as the size and accessibility of your savings, your retirement preparedness, your creditworthiness and more.

Are financial wellness and physical wellness connected?

Like any other type of stress, chronic financial stress affects the hormone balance in your body. Consequently, this can lead to physical symptoms ranging from from sleep loss and migraines, to muscle aches and high blood pressure. In fact, according to a report from PwC, more than 30 percent of employees say their health has been impacted by their financial worries. 

The physical effects aren’t just the symptoms caused directly by the stress itself. Financial insecurity can have a serious impact on access to care. Individuals often skip buying or refilling their medicine because of the cost. A 2019 survey from the Kaiser Family Foundation found that 29% of Americans failed to take their medication as prescribed because of the cost. 

The state of financial health has the biggest impact on Americans with chronic diseases. According to Forbes, 56% of Americans with chronic diseases say they’ve missed medication because of the cost.

Why should your workforce be thinking about financial wellness?

COVID-19 left most Americans in a worse financial state than it found them. As it stands, 63% of workers claim their financial stress has increased since the start of the pandemic, according to PwC’s 2021 Employee Financial Wellness Survey. This number is unsurprising, when you consider the pandemic’s effect on employment, emergency savings, and physical health. 

Thankfully, employers are listening. Financial wellness is trending upwards. According to a study by MassMutual, 86% of employers characterize financial wellness programs as important. 

One major key to incorporating financial wellness into your company’s benefits is finding a program that fits the particular individuals you employ. Everyone’s financial stress is personal, and they deserve a personalized set up.

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.

5 Benefits for the Post-COVID Workforce

5 Benefits for the Post-COVID Workforce

by | Jun 2, 2021 | Blog

5 Benefits for the Post-COVID Workforce. As the US recovers from the pandemic, organizations must reevaluate which benefits can best help their employees. 

The Coronavirus/COVID-19 pandemic brought significant change to the way that many Americans work. Some workforces have pivoted to full-time remote work, while others have blended models. However across all sectors and industries it’s clear that many employees have changed over the course of the pandemic and, as a result, the benefits they need from their employers are changing as well.

In the post-COVID workforce, attracting and retaining strong employees will likely look very different than it did pre-pandemic. These are some of the top employee benefits expected in the post-COVID workplace.

1. Reimbursement for a better work-from-home setup.

The International Foundation of Employee Benefit Plans (IFEBP) released a January 2021 survey of 527 employers. The report highlights the effects of the pandemic on organizations’ employee benefits programs. One of the major findings was that because of the influx in employees working from home, many companies are offering reimbursements for necessary tools that employees would have previously had access to at the office.

For example, 31% of employers are reimbursing workers for items such as office supplies, electronic devices, and internet service. An additional 8% of employers are offering a general work-from-home stipend, and 17% of employers are considering work-from-home reimbursement for the future.

2. Increased remote flexibility and greater focus on work/life balance.

Corporate offices aren’t the only place where people are experimenting with hybrid models of in-person and at-home time. For plenty of employees, their children’s schooling arrangements can be a cause of conflict with work. As such, we’ve learned through COVID that flexible working hours are a huge positive for both productivity and wellbeing.

According to the same IFEBP survey from January 2021, a majority of 59% of employers have permitted flexible hours to employees in order to accommodate child care. Additional child support is also extremely helpful for many employees. The survey said 14% of employers are providing resources for childcare, tutoring, and emergency back-up care. Another 13% are considering doing the same.

3. More robust and inclusive healthcare options.

First and foremost, COVID-19 is a health crisis. That feels obvious, but oftentimes the conversation shifts to the social and economic outcomes of the pandemic. That said, one of the biggest moves a company can make is ensuring their employees feel secure in their physical wellbeing. Expect more robust healthcare options to be a main factor in employee benefits. This could mean anything from improved telehealth coverage, to paid time off for COVID-19 vaccines or booster shots.

4. Accessible mental health support.

The pandemic’s effect on the population has expedited the rise of mental health struggles such as anxiety and depression. Thankfully, employer’s seem to be trending in the right direction when it comes to offering mental health services. According to Care.com’s “The Future of Benefits” report, 41% of companies surveyed planned to expand mental health support in 2021. An additional 59% cited improved mental health as a primary outcome of their caregiving benefits.

5. A focus on financial wellness.

For many Americans, the pandemic led to significant financial stress as households lost income, childcare became less accessible and uncertainty reigned supreme. Although discussing money may feel taboo, financial stress can be overwhelming and lead to real consequences for mental and physical health. In a post-COVID world, the significance of financial wellness is more understood than ever before. Expect employee benefits to include personal finance resources in addition to traditional compensation packages.

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.

4 Predictions for the Future of Remote Work

4 Predictions for the Future of Remote Work

by | May 18, 2021 | Blog

4 predictions for the future of remote work. The COVID-19 pandemic has pivoted much of the American workforce to telecommuting. What does the future of remote work look like in a Post-COVID world?

According to the Pew Research Center, 71 percent of workers who can work from home are. What’s more, 54 percent of those workers have expressed a desire to continue to do so, even after the Coronavirus/COVID-19 pandemic has passed.

The transition to a primarily remote workforce hasn’t been seamless for all organizations, but many employees have come to rely on the increased flexibility and comfort of working from home. Now, with an end to the pandemic in sight, workers are urging their employers to consider new, long-term remote work solutions — and many employers are listening. 

As the conversation around telecommuting grows, here are four predictions for the future of remote work:

1. For many organizations, the hybrid work model is here to stay.

Remote work certainly has its benefits: zero commute time, increased flexibility, and the ability to connect team members who might otherwise work across the country, to name a few.  However, employers and employees seem to be on slightly different pages when it comes to whether or not full-time remote work could really benefit their workforces.

According to a PWC survey from January 2021, 55 percent of employees would prefer to be remote at least three days a week after the pandemic. On the other hand, 68 percent of employers said a typical employee should be in the office at least three days a week. The likely outcome of this dissonance? A new and improved hybrid work model that strikes a balance between complete remote work and time in a physical office.

2. An increase in temporary workers and freelancers is likely.

According to an Upwork survey from June 2020, 59 million people had done freelance work at some point in the past year. Among those respondents, 12 percent only started during the pandemic. Freelance work has long provided employees with needed flexibility and for those out of work, it can be an excellent way to build stability and earn extra cash.

The adaptability of remote work means the pool of freelancers has grown significantly because of the pandemic. For employers, freelancers can be an efficient way to complete tasks without having to onboard a full-time salaried employee. Plus, remote teams mean freelancers can be found in areas outside of where an organization might be headquartered.

3. Cybersecurity will become more important than ever.

If organizations incorporate remote work into their long-term plans, then it’s likely remote security will play a bigger part in daily work than ever before. In fact, we’re already seeing this. According to Cisco’s Future of Secure Remote Work, 97 percent of American organizations already made changes to support remote work. An additional 82 percent said that cybersecurity is extremely important or more important than before COVID-19.

4. Big changes are coming for physical office spaces.

One huge benefit of remote work that’s hard for employers to ignore: remote employees are much cheaper than maintaining a physical office space. So, whether a team is remote full-time or is working on a hybrid strategy, corporate real estate could be in for a big change.  According to the same 2021 PWC survey, 87 percent of executives are planning on changing their real estate strategy in 2021. While many employers plan to consolidate their locations, others are planning to open new satellite offices in more residential areas. In fact, 56 percent of executives think they’ll need more space in the next three years. In short, we’ll be seeing people both accommodate for the hybrid model, but also reinvest in a better in-person experience that makes employees more likely to want to return to the office.

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