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3 Ways to Prepare Your Employees for a 2023 Recession

3 Ways to Prepare Your Employees for a 2023 Recession

by | Feb 8, 2023 | Blog

3 ways to prepare your employees for a 2023 recession . Financial experts predict a possible 2023 recession. Here are 3 key strategies to consider to help employees through a recession.

Economists say there is a 60/40 chance that the US will face a recession in 2023, according to a survey conducted by the Wall Street Journal. This news follows a year where significant inflation and climbing interest rates challenged employee financial confidence. 

Employers need to equip their staff with the right resources if they hope to remain productive amid a large scale financial downturn. Here are three ways to prepare your employees for a 2023 recession.

1. Address the challenges of a 2023 recession head-on with accessible financial wellness tools.

Financial wellness tools are always a good investment for you team, but they’re never more important than during periods of economic upheaval. Over 62% of employees are stressed about their finances, according to The Bank of America 12th Annual Workplace Benefits Report. What’s more, 80% of employees worry about inflation and 71% of those feel that their wages are not on track to keep up with the cost of living.

With a 2023 recession on the horizon, it’s time to address employee financial needs head-on. In the same Bank of America study, research found a significant link between employer involvement in financial wellness and employee attrition. A whopping ninety-seven percent of employers report feeling responsible for their employee’s financial wellness. What’s more, 84% of employers felt that offering financial wellness tools helped with retention. With this in mind, it’s hardly a surprise that financial wellness is shaping up to be one of the top benefits of 2023. 

2. Invest in benefits with a DEI edge.

Research suggests that workplaces who prioritize diversity, equity and inclusion efforts tend to fare better during times of upheaval. Data collected by AARP international and Great Place to Work, found that diverse organizations performed nearly four times better than their competitors who employed less diverse teams, during the 2008 recession. 

Financial wellness solutions are a key benefit when thinking about DEI. All employees, regardless of their backgrounds, have to deal with financial matters in some capacity. Moreover, minority employees often find themselves the most in need of financial wellness support. White families have an average eight times the wealth of black families, and five times the wealth of hispanic families, according to 2020 research from the federal reserve. Female employees are also disproportionately affected by financial stress compared to their male colleagues. Data from the Financial Health Network found that the pandemic only served to widen this gap. 

Addressing these disparities among your team starts with making sure everyone has access to the same financial tools, resources and education to address their individual needs. Financial solutions can can also be a great way to retain and attract new, diverse talent as 4 out of 5 employees said they would prefer benefits over a pay increase, per Human Resources Director.

3. Promote work-life balance and build trust in your team — wherever they work.

If employees are to face a 2023 recession, work-life support from employers will become more important than ever. A 2021 survey conducted by Ernst & Young Global recorded that 54% of respondents worldwide said they might leave their jobs without flexibility in the post-pandemic era. And the reason why often comes down to a matter of money. 

For many families, tough financial times means making hard decisions about inflexible expenses like health or childcare. Juggling personal responsibilities is a big part of employees’ budgeting: for some working parents, a recession could mean determining if they can afford to keep sending a child to daycare during the workweek. 

Knowing that their companies trust them to do their jobs well remotely can have a huge impact on employee retention and attracting new employees. When surveyed by Harris Poll, seventy-six percent of workers cited a desire for their employers to implement remote work some or all of the time. 

Be prepared for a 2023 recession with financial wellness tools from 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.

4 Top 2023 Employee Benefits

4 Top 2023 Employee Benefits

by | Jan 9, 2023 | Blog

4 top 2023 employee benefits. Here are the trending employee benefits that companies are investing in for 2023, to help cope with financially stressful times.

The International Monetary Fund estimates that 2023 will see global economic growth decline to only 2.7 percent in 2023. This is a significant drop from the 6.0 percent growth recorded in 2021, and the lowest since 2001. 

Employers should consider these numbers when planning their 2023 employee benefits: A recession is likely on the horizon. 

The top 2023 employee benefits 

Here are 4 top 2023 employee benefits to inspire your staff and keep them feeling secure in a financially uncertain year. 

1. Financial wellness benefits

Ninety-seven percent of employers feel responsible for employee financial wellness, according to a 2022 study conducted by Bank of America. And 91% of employers report a higher level of employee satisfaction when providing financial wellness resources to their teams. It’s no surprise that more workforces are adding financial wellness benefits in 2023.

What’s more, research shows that financial stress is debilitating to productivity. A company of just 50 employees will face a productivity loss of upwards of $87,000 due to individual employees’ financial stress and those numbers only increase along with the size of your organization. Employers looking for ways to ease the burden of financial stress, while improving overall productivity and well-being should consider adding a financial wellness offering to their 2023 employee benefits package.  

2. Mental health support

The Money and Mental Health Policy Institute depicts the relationship between financial and mental wellness as a cycle: Financial strain can cause stress, anxiety, depression and other mental health challenges. This lack of motivation can in turn make it harder to earn and manage money, resulting in more financial stress. The cycle of financial stress and depression is found to have long-term, lingering effects on employee well-being.

Luckily, employers are poised to help by expanding mental health coverage in 2023. According to benefits expert SHRM, nearly 83% of wellness plan providers plan to assist with finding employee mental health care in addition to other wellness support. These resources, in addition to strong financial wellness efforts, can greatly alleviate employee pain points.

4. Increased work-from-home options

Many companies are also exploring permanent work-from-home options. According to Fortune, 78% of employers will offer the option to work from home regularly in 2023, and 66% will offer a four-day workweek or will work with employees to craft a flexible schedule. 

Remote or hybrid work can have strong benefits for employees. McKinsey’s American Opportunity Survey worked with market research leader Ipsos to survey 25,000 Americans on whether or not they would benefit from the option to work from home, returning 58 percent. With the cost of gas on the rise, allowing employees to work from home will relieve them of any transportation expenses. Additionally, just having the option to stay home means more personal time with no headache of a long commute. And for parents, it can mean being available to fit vital childcare around work duties.

Give your 2023 Employee Benefits a boost with a financial wellness solution from Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to 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 Ways to Support Divorced Employees at Work

3 Ways to Support Divorced Employees at Work

by | Nov 30, 2022 | Blog

3 Ways to support divorced employees at work. Divorce is a common but often overlooked strain on your workforce. Here are 3 ways to support the divorced employees on your team. 

The saying that, “half of all marriages end in divorce,” still holds true, according to data from the CDC. But despite the number of divorced employees in the workforce, employers are often unaware of how badly divorce can affect productivity and employee wellness.

According to data from Good Housekeeping, 67 percent of divorced people experience health and financial strain. Even more experience absenteeism and decreased productivity.

Consider these three ways to support divorced employees at work and relieve employee stress during times of difficult transition.

1. Provide flex time benefits to divorced employees who are navigating court dates or new childcare schedules.

Divorce also means facing the difficult emotions that come with an important relationship ending. According to the Holmes-Rahe Stress Scale, divorce is the second highest stressor a person can face, topped only by the death of a spouse. A Danish Frontiers in Psychology study found that men and women who had recently gone through a divorce displayed worse physical health, lower interest in social activities and  lower vitality than those who had not gone through a divorce. 

Offer a helping hand by investing in any of the wide array of behavioral health coaching programs available online. Nearly 88 percent of human resource professionals believe that mental health resources can boost employee productivity, according to data from CNBC. Data from SHRM also found that 35% of employees believe that mental health benefits are more important than salary or higher pay. 

You can also support your employees by lifting some of the financial weight and offering a financial wellness solution like Best Money Moves.

2. Offer a space to discuss mental health resources.

Many HR professionals have only created benefits packages while the economy was in full swing. Rocky roads ahead will force companies to transform quicker and be more open to change. Flexibility is a strength, but creating too many changes and losing sight of the long-term goals of a benefits program will lead to more issues. 

One area that employees are clamoring for more flexibility is in their work schedules. As travel costs skyrocket, providing employees remote work opportunities can help their wallets. According to LiveCareer, 3 out of 10 employees wouldn’t consider working at a company that didn’t offer remote work and 87% of working professionals felt connected with their organization despite working from home. Adapting to employee needs will keep employees afloat through difficult times without affecting productivity.

3. Offer financial wellness benefits to help divorced employees adjust to their new situation.

Divorcing employees are faced with significant new financial challenges, such as transitioning to a one-income household or navigating the new costs of childcare or alimony. 

They must also tackle the expenses associated with divorce itself. Forbes reports that the average divorce costs each spouse $7,000. Most divorces are agreed upon uncontested, which is more affordable than a contested divorce and doesn’t involve court dates. But a contested divorce can get expensive, as a lawyer will need to walk separating spouses through disagreements like child custody, visitation rights and spousal support. All parties involved have to spend a lot of time to reach agreements over these matters and usually, they aren’t resolved without going to court. 

Best Money Moves offers an extensive library of financial topics, which include how to handle financial stress. Our money coaches can walk your divorcing employee through budgeting and debt, and work with him or her to temper this new financial stressor. Your employee going through divorce can use the Best Money Moves budgeting tool to visualize their spending in categories, and receive overspending alerts. The budgeting tool gathers data on employees’ personal financial statuses to organize and attain healthy finances. 

Looking for financial wellness benefits to help your employees experiencing divorce? Start with 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. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial wellbeing.

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.