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The 5 Best Benefits for Remote and Hybrid Teams

The 5 Best Benefits for Remote and Hybrid Teams

by | May 9, 2023 | Blog

The 5 best benefits for remote and hybrid teams? Remote and hybrid work is changing the landscape of HR. Here are 5 benefits that are ideal for remote and hybrid workers.

According to a study by Upwork, 22% of all working Americans (around 36.5 million people) will be working remotely by 2025. This marks a dramatic 16 million person increase from the number of remote and hybrid workers before the COVID-19/Coronavirus pandemic.

With remote and hybrid teams becoming much more commonplace, employers must rethink their benefits strategies for a new work landscape. Here are 5 benefits that are ideal for remote workers.
 important stats about the helpfulness of financial wellness for remote and hybrid teams

5 Top Benefits for Remote and Hybrid Teams

  1. Digital wellness initiatives

All employees, whether remote or not, need some kind of wellness benefits. For remote and hybrid teams, digital wellness initiatives offer key advantages to keeping teams connected and well. Offer employees digital solutions for every area of their wellbeing from healthcare to financial fitness. A 2022 study by Bank of America found that 84% of American employees said that employers offering personal finance tools would increase their ability to retain employees. Comprehensive wellness solutions can help employees in any location tackle diverse financial hurdles.

  1. Remote mental health support

Another way to help your remote workforce is to acknowledge and alleviate stressors brought on by forces outside of the workplace. According to a study by Apollo Technical, remote workers feel very burnt out 11% of the time and about half of workers responded that they don’t feel as if they have the emotional support in place at work to help them through larger tasks. Assisting employees with their mental health is a great way to ensure their stress and burnout is low during particularly taxing tasks and projects. 

  1. Flexible work hours/Increased PTO

Just because an employee is now working from home does not mean they no longer need PTO or the ability to complete work outside of a typical 9-5 schedule. It can be easy as an employer to think that employees are taking advantage of working from home to slack off. However, the opposite has been true. According to a study by Apollo Technical, 65% of remote workers they surveyed reported working more hours when they switched to remote work than when they were in the office. Many remote workers are enticed by working from home due to the ability to work around their personal schedules. It’s important as an employer to understand the needs of your remote workers and provide benefits that help meet their expectations of the role.

  1. Home office improvement stipends

Working remotely increases an employee’s dependency on the tech they have available around the house. Offering funds for at-home upgrades can improve employee productivity. Another hidden cost of working from home is an increased energy bill. According to the National Bureau of Economic Research, remote workers average a $40-50 a month increase on their energy bill. A stipend to employees helps ensure they have the correct tools to maximize their efficiency and productivity in their home office.

  1. Home delivery/Subscription services

These benefits can range from monthly subscription boxes to pick your employee’s spirits up with small gifts each month, to streaming services so employees can enjoy the newest movies and TV shows after a long day or week at work. Sending a gift basket or a similar package to all of your employees can help grow bonds and build connections amongst remote employees.

Looking for the right digital wellness platform to reach your remote team? Try 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.

What Causes Financial Stress?

What Causes Financial Stress?

by | Mar 28, 2023 | Blog

What causes financial stress? Here are 3 of the top causes of financial stress among your team. (Plus, what you can do about them.) 

According to a study by the FINRA Investor Education Foundation, 60% of American adults feel anxious while thinking about their personal finances, and 50% feel stressed when talking to another person about their finances. There are many reasons that an individual could be suffering from financial stress.

Here are 3 root causes and then a way employers can lend a hand in calming those concerns.

1. Lack of access to emergency cash

The COVID-19/Coronavirus pandemic forced many families to tap into cash reserves, making it more difficult to prepare for the future. According to a study by ALM Benefits Pro, a dwindling emergency fund was the 3rd most common cause of financial stress across all participants and the most common cause amongst respondents over 65. Having an emergency fund is crucial to avoid pitfalls such as accumulating credit card debt or taking out high-interest loans. It is important to assist employees in setting healthy savings goals from their paychecks in order to alleviate financial stress from this root cause.

2. Poor money management skills

The weight of this financial stress can lead to cyclical overspending and other poor personal finance habits. Many Americans in general don’t know that they are often spending hundreds of dollars a month in unnecessary excess. According to a survey by OppLoans, 73% of Americans said that they did not follow a budget. The best budgets can identify areas where non-essential spending is too high so employees can address those problems head-on.

3. Persistent debt

During the pandemic, a high percentage of Americans needed to go into debt in order to cover their basic expenses. This debt has persisted into the current day and is the most common cause of financial stress. According to Business News Daily, six in ten employees admit they are concerned about the amount of household debt they have and are also stressed by the lack of employer resources that address those problems. It is important for companies to provide financial wellness benefits that are comprehensive and accessible to employees.

What to do about financial stress in the workplace?

Financial stress affects not only the mental health of your employees but also their focus and productivity. Lost hours and poor performance can have a tangible effect on your organization’s bottom line. According to the Financial Post, employee financial stress cost U.S. employers $40 billion dollars in 2022. This loss is due to increased absenteeism, diminished productivity and an increase in workplace accidents.

It’s important for employers to take a stand and start addressing these problems. Adding a personal finance wellness solution. According to the 2021 PWC Employee Financial Wellness Survey, 88% of U.S. employees utilize the financial wellness programs that their companies offer. The new wave of incoming workers is increasingly placing the responsibility of personal finance squarely on the shoulders of the employer. According to that same study, 65% of Gen Z employees say that their employers are responsible for their financial wellness. Providing a comprehensive financial wellness program is a signal to employees that their best interests are the company’s best interests while also increasing productivity.

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.

4 Surprising Ways Financial Stress Impacts Your Team

4 Surprising Ways Financial Stress Impacts Your Team

by | Feb 8, 2023 | Blog

4 surprising ways financial stress impacts your team. Whether you know it or not, your team is struggling with financial stress. Here’s what you could be missing. 

Financial stress is on the rise among American workers and, whether you know it or not, your team is feeling the effects. The Thriving Wallet Survey, conducted by Discover and Thrive Global highlights startling financial health statistics and dives into the connection between workplace performance and employee mental health. 

Here are 4 surprising insights from the survey highlighting the ways that financial stress could be affecting your team.

 

1. Money is the number one cause of stress in the United States.

As the world recovers from the effects of the COVID-19 era, many managers are trying to return to “business as usual” without keying in on the longer-lasting ramifications of the pandemic. While the cause of the problem does not fall solely on employers, many employees feel as if their organizations should be doing more to assist their personal finances. A Bank of America study found that 82% of employees say employers should play a role in supporting their financial wellness. Additionally, in the same study, 97% of employers feel responsible for their employees’ financial health. While many employers feel responsible, few are making enough action towards solving the issue.

2. Over 35% of employees wish they could have a “fresh start” in regards to their finances.

While 35% of employees feel this, taking the steps necessary in order to retool their financial health can be difficult and embarrassing. Providing financial health benefits not only makes it easier for employees to access financial education, but helps destigmatize the idea of receiving personal finance assistance.  According to a recent survey conducted by Commonwealth and MetLife Foundation, 65% of workers said employers should be doing more to address financial insecurity. Part of “doing more” includes proactively taking measures to ensure the most people are comfortable participating in their benefits.

3. Ninety percent of individuals say that they are impacted by financial stress.

In a study by the Anxiety and Depression Association of America, 56% of employees reported that their anxiety and stress impacted their work performance. Stressed employees turn into distracted and unproductive employees. Providing financial wellness benefits is a mutually beneficial practice amongst employers and employees. Also, taking extra steps in order to ensure the mental health of employees can help businesses attract and retain staff.

4. Employers lose up to $250 billion dollars per year due to employees’ financial stress

With talks of a potential recession populating the front page of many major news sites, organizations should act now in order to help assuage concerns and ensure the health of their employees. Providing employees with financial health benefits not only increases the wellbeing of employees, it can also provide financial benefit to organizations. The most effective benefits strategy is to provide a comprehensive financial wellness platform that can be personalized to each employee’s unique needs.

By offering financial wellness programs, like Best Money Moves, employers can help employees manage their financial stress.

Best Money Moves is a mobile-first platform that offers personalized financial planning and coaching resources, focused on solving your employees’ pain point. The program uses artificial intelligence, along with a human-centered design, to measure employee financial stress and then dial it down with personalized solutions. Our triggers and alerts system — as well as budgeting tools, personal finance resources and more — help guide employees to 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.

Financial Wellness: The Missing Piece of Your DEI Strategy

Financial Wellness: The Missing Piece of Your DEI Strategy

by | Jan 11, 2023 | Blog

Financial Wellness: The missing piece of your DEI strategy. Financial wellness could be the key benefit that your DEI initiative is missing. Here’s what to consider.  

Organizations are constantly trying to improve diversity. But while progress has been made, many workplaces are still a long way from achieving true equity. 

The median wealth for white households is $187,300, according to data released by the U.S. Census bureau. However the median wealth is only $31,700 for hispanic households and $14,100 for black households.

This imbalance highlights just one aspect of the stark wealth equality problems that still exist both in the office and at home. For teams looking to bridge the opportunities gap between employees of different backgrounds, one thing is clear: Financial Wellness is a key piece of DEI. 

Financial Wellness: The missing piece of your DEI strategy.

An emerging strategy to increase diversity, enquiry and inclusion that corporations still underrate is utilizing financial wellness resources. Employing a comprehensive financial wellness program is a great way for management to understand and tackle the unique personal finance problems that confront each of their workers. It also can be a great way to retain and attract talent as 4 out of 5 employees said they would prefer benefits over a pay increase, per Human Resources Director.

A financial wellness solution is only an assistant on the journey towards equality. Being transparent and vocal with your employees about unequal discrepancies in wages can help increase employee mood and assist in restoring the economy. According to the Bureau of Labor Statistics, women make 82 cents for every dollar a man makes. Additionally, black and latina women with a bachelor’s degree make 65% of what a white man with the same education makes. This gap in pay can be easily overlooked when talking broadly about equity and inclusion, so addressing these problems head on is a great step forward towards a solution.

Many of these issues have been more prevalent since COVID-19 became an issue. Since the beginning of the pandemic, stress levels have increased across the board for many workers. According to SoFi at Work, 51% of employees are more stressed about their finances now than they were at the height of the pandemic. Additionally, employees spend around 25% of their workweek dealing with financial issues. This stress can be increased due to a lack of financial literacy and a feeling of hopelessness when confronting the turbulent economic situation of today. Providing a comprehensive financial wellness program can ease stress and allow workers to focus on their work.

Elevate your DEI initiatives with 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.

Financial Stress in 2023: 3 Problems Facing Your Workforce

Financial Stress in 2023: 3 Problems Facing Your Workforce

by | Jan 10, 2023 | Blog

Financial Stress in 2023: 3 Problems Facing Your Workforce. 2023 is shaping up to be a tough financial year. Keep an eye out for these 3 major causes of financial stress among your employees.

Average savings decreased by 15% in 2022, according to Northwestern Mutual’s 2022 Planning & Progress Study.  What’s more, data from the same study confirms that over half of U.S. adults feel somewhat or very anxious about their financial situation. 

With a recession looming in 2023, helping employees bolster their financial health should be at the top of every employer’s to-do list. Here are the top 3 financial issues facing your workforce in 2023.

1. Inflation remains the top cause of financial stress for many employees.

Inflation was one of the biggest news stories throughout 2022, so it’s no surprise that rising prices remain top of mind for many employees. According to CNN, global inflation rose from 4.7% in 2021 to 8.8% this year and is projected to be at 6.5% in 2023. This growth has forced families to tighten their budgets and make tough choices about competing expenses. In a survey of roughly 1,000 U.S. adults conducted by NPR/PBS news, 72% reported having to cut at least one major expense in the wake of rising inflation. 

Stress over inflation and other financial hurdles frequently follows employees into the office. Financial stress results in higher levels of absenteeism and lowered productivity. The American Institute of Stress reports that more than 275 million days of work are lost annually due to the stress of American workers.

2. Rising interest rates could slow your employees’ financial progress.

To help combat inflation, the Federal Reserve has steadily raised interest rates throughout the course of 2022. According to the Economist, the markets are expecting the Federal Reserve to raise interest rates as high as 5% in 2023. Increased interest rates may help curb inflation, but they also present a stumbling block for employees on the road to homeownership or debt repayment. This is especially true for households of color, according to data from housing research nonprofit, the Urban Institute. Many of these households are still recovering from the significant financial ramifications of the COVID-19 pandemic. 

It should be a major focus for employers to help workers assuage their fears around interest rates and provide assistance for their personal finances. Including these benefits not only increases the well-being of current staff, but also entices potential newcomers. According to Financial Wellness Magazine, 40% of employees say that financial planning and education benefits are important when deciding a new job. These programs are also increasing in importance for younger generations, so providing financial wellness programs can also set your company up for the future.

3. Slowing economic growth creates financial stress and uncertainty about the future.

Looking towards 2023, global economic prospects are the 3rd weakest since 2021, according to the International Monetary Fund. The effects of the slowdown have fully trickled down, affecting many Americans and their salaries.  

According to CNBC, 60% of Americans are currently living paycheck to paycheck. Many people who are used to living comfortably have been forced to drastically cut costs and change their spending behavior. It can be difficult to pin down what areas are hurting your personal finances the most. Utilizing a comprehensive financial wellness program is an effective tool to combat your employee’s personal finance woes.

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 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.