Financial Wellness: The Must-Have Employee Benefit in 2022

Financial Wellness: The Must-Have Employee Benefit in 2022

Financial Wellness: The must-have employee benefit in 2022. If you aren’t incorporating financial wellness into your 2022 benefits strategy, your employees are missing out.

The COVID-19 pandemic has had a long-lasting impact on your employees’ financial health. According to a study by Morgan Stanley and SHRM more than one in four employees report financial trouble related to the pandemic. In the same study, 31% of employees reported having finance-related anxiety.

Financial wellness programs are a must-have for your 2022 benefits strategy. Here’s how these programs can offer a lifeline for your team.

Financial Wellness is the must-have employee benefit for 2022

Money management is a universal issue for your employees, whether they’re fresh out of college or approaching retirement age. But not all of your employees are financially stable. In fact, according to data from CapitalOne, 73 percent of Americans rank their finances as their top source of stress. The problem has only grown over the last few years due to the significant economic strain of the pandemic. 

Long-term financial stress has far-reaching effects on those struggling with debt and other challenges. Twenty-three percent of Americans report that their financial challenges keep them from a full night’s sleep and financial stress has long been linked to an increase in anxiety, depression and burnout. Meanwhile, around the office, financially stressed employees are often less focused, less productive and at a greater risk of employee turnover than their financially stable peers. 

That’s why comprehensive financial wellness programs, like Best Money Moves,  aim to allow employees to take control of their finances on their own terms. 

What employees want from financial wellness programs

Adding financial wellness programs to an employer’s benefits package is a great way to meet the needs of employees. According to a SHRM survey, 74% of employers have not added benefits that address employee’s financial stress since the beginning of the pandemic. However, in the same survey, over half of the employees said they wanted some form of financial wellness benefits. 

Seventy-seven percent of employees want retirement planning and 54 percent of employees want safety net insurance as a part of their financial wellness programs. Employees also want advice from professionals. Employees listed access to a financial advisor, information on retirement plans, and help developing good financial skills and habits as three problem areas that they want their employers to address.  

It’s not just the employees that reap the rewards of these benefits. According to a Bank of America survey, 8 out of 10 employers surveyed agreed that including a financial wellness program led to more productive, engaged and loyal employees.

Best Money Moves can help

If you’re looking for a first-in-class financial wellness solution, Best Money Moves could be the answer you need. Best Money Moves is a financial wellness program that provides all the guidance and support employees need to help them reduce their financial stress. It has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. 

Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans and buying their first homes with access to a library of over 700 articles, videos and calculators. 

Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

Employers want a financial wellness program that is expansive, engaging and suited to meet each of their employee’s unique needs and they’ve found it in Best Money Moves.

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

4 Top Benefits Trends for 2022

4 Top Benefits Trends for 2022

4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022. 

The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.

Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.

4 of the top employee benefits trends to keep in mind for 2022

1. Personalized Benefits

Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided. 

Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to

2. Increased flexibility/remote work

The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work.  In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home. 

Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees.  In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more.  Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.

3. Mental health benefits

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Financial wellness benefits

Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression.  Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators.

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

5 Financial Steps to Support Employees in 2022

5 Financial Steps to Support Employees in 2022

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress in their life. And stress has real life implications: Eighty percent of US employees spend 12-20 hours per month dealing with financial concerns at work according to the IFEBP (International Foundation of Employee Benefit Plans). Financial wellness can help alleviate that stress and lead to more focused employees.

Here are five steps to increasing employee financial wellness for 2022.

1. Help your employees plan for the future

According to a study by EBRI and Greenwald Research, about two in three employees expressed concern about their financial future. There are programs employers can offer such as a rainy day savings account program that can help ease these issues. Utilizing these programs is also a good way to signal to employees that their financial wellness is a priority. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer.

2. Instruct your employees on how to use your current financial benefits

A recent survey by Voya financial found that 35% of employees do not fully understand the benefit programs in which they were enrolled. This does not mean that employees are discouraged from enrolling in these programs or learning more about their finances. The same study found that around two-thirds of employees want their employer to help them better understand their employee benefits. Talking about financial well-being and asking for help with their financial wellness can be daunting for many employees. Employers should take a proactive approach to alert their employees to available benefits.

3. Alleviate your employee’s stress with debt reduction programs

The average American household has $15,706 in credit card debt and the average federal student loan debt is $36,510 per borrower. Debt can be a burden that contributes to long-term stress as well as mental health strain. Employer-sponsored student loan relief programs have grown increasingly popular among workforces. Many potential employees, especially those just entering the workforce, feel burdened by their student debt. Offering these programs is a great way for an employer to stand out to potential new hires.

4. Be sure your retirement strategy is still going strong

According to a study conducted by the Department of Labor, only 40% of Americans have calculated the amount they need to save for retirement. The best time for employees to start saving is right now. Employers can emphasize this by using 401(k) or other retirement plans. The most common retirement plan is the 401(k) match where the employer grants a certain amount to the plan based on how much the employee contributes. Employers that utilize these plans are desirable to potential new hires. According to a survey by Willis Towers Watson, 51% percent of employees joined their current employer primarily because they offered a retirement plan.

5. Utilize financial wellness benefit programs

A good way to aid your employees in minimizing the stress associated with finance is by instituting financial wellness programs or benefits. There are a wide variety of these programs from financial counseling sessions to employer matching programs. Employees will appreciate the access to financial education as over 50% of financially-stressed employees are afraid to ask for help with their finances according to Pwc. The cost of these programs is manageable for most employers and is often well worth the additional productivity seen from workers who use the benefits. 

There are many benefits to financial education including being prepared to tackle debt, making smarter decisions with how to spend money and a less stressful 2022. 

Whether your employees need help saving money, paying their bills, raising their credit scores or getting ready for retirement, Best Money Moves is there to support them every step of the way with best-in-class products, services and benefits tailored to suit your workforce needs. 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. Give your employees the very best financial wellness experience.