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3 Big Benefits Mistakes to Erase From Your Program

3 Big Benefits Mistakes to Erase From Your Program

by | Jul 30, 2024 | Blog

3 big benefits mistakes to erase from your program. Your employees are disappointed in their benefits. Avoid these common benefits mistakes to improve engagement and promote wellbeing at your company.

The right benefits strategy is critical to attracting and retaining talent at any company. In a recent PeopleKeep survey, 81 percent of respondents felt that an employer’s benefits package was a deciding factor when accepting a new job.

In fact, according to MetLife’s 2024 Employee Benefit Trends Study, 93 percent of employees consider workplace wellbeing as important as salary. 

However, despite this importance, employers still fall short when it comes to selection — and these benefits mistakes can lead to serious consequences for your team. Forty percent of employers see workers leave their jobs for access to better benefits, according to data from Forbes Advisor. The wrong strategy can leave employees feeling undervalued and overworked, resulting in high turnover and other expensive problems.

Don’t let simple benefits mistakes derail your entire organization. Avoid these costly missteps when putting together your benefits packages. Benefits mistakes from MetLife’s 2024 Employee Benefit Trends Study

1. Having an unclear benefits offering

A lack of understanding is the most common issue that prevents employees from accessing benefits. According to Ameritas, 85 percent of workers don’t understand their benefits options. Responsibilities at work and at home often push accessing benefits far down the list of priorities. The intricacies of plan choices and coverage options may also overwhelm employees who haven’t engaged with them before.

The solution, then, is clear. Providing educational benefits materials is key to improving engagement and making the most out of your current offering. Breaking down complex benefits into digestible steps can help employees of all backgrounds get a jumpstart on their benefits. Also, be sure to provide support and answer questions as they come up.

2. Choosing irrelevant and outdated benefits

Before considering any benefits, it’s important to understand what employees want out of their compensation package. According to PeopleKeep, the most important resources to employees include health benefits, dental insurance, paid time off and retirement options.

However, just because a resource is requested doesn’t mean it’ll be utilized. Consider the usage of each of your benefits when evaluating which ones are best for your organization.

To provide relevant benefits, it’s important to survey your workforce to understand what they are looking for. In the same PeopleKeep survey, only 47% of respondents claimed that the benefits their employers offered fit their specific needs. As a result, personalization is another major aspect of benefits that goes unnoticed. According to Benefit Hub, 75% of employees want custom support based on their mental, physical and financial needs.

3. Overlooking employee financial security

Financial stress is one of the top issues affecting Americans and may be taking its toll on your employees. According to CNBC, nearly 60% of Americans live paycheck-to-paycheck. And this financial stress comes at a cost. In a 2024 SoFi survey, 1 in 4 employees claimed that this financial stress was detrimental to their workplace performance.

According to MetLife’s 2024 Employee Benefits Trend survey, 45 percent of employees reported that financial stress was the top cause of their poor mental health.

The key to financial stress is a holistic financial wellness program. And employees have taken notice. A 2023 Transamerica Institute report found that 77% of employees want a financial wellness program, but only 28% of employers provide it.

Financial wellness provides clarity when making big decisions and hitting important financial milestones. With educational resources and tools, your workforce can rest assured that their most pressing financial questions are answered.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ 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.

5 Simple Ways to Increase Engagement for Financial Wellness Benefits

5 Simple Ways to Increase Engagement for Financial Wellness Benefits

by | Jul 24, 2024 | Blog

5 simple ways to increase engagement for financial wellness benefits. 5 proven strategies to increase employee engagement for your financial wellness programs.

Financial wellness benefits are more important than ever before, as financial stress weighs heavily on Americans. Nearly half of all respondents (47%) in a recent MarketWatch survey claim that 2024 has been the most stressful year of their financial lives.

Financial wellness benefits offer the resources and education required to curtail the effects of long-term financial stress. For employees, they provide financial security, customized guidance and peace of mind beyond their primary source of compensation. For employers, the right financial benefits help attract talent and keep their workforce satisfied.

According to A TIAA survey, 65 percent of Gen Zers and 61 percent of millennials believe it is a company’s responsibility to help employees improve and maintain their financial wellness. However, despite these concerns, financial wellness programs may go overlooked among the other, more common benefits an employer may provide.

To improve engagement in your financial wellness programs, consider implementing the following five strategies with your workforce.

47% of employees claim that 2024 has been the most stressful year of their financial lives. Financial wellness.

1. Clarify why financial wellness is important.

An open line of communication is the best way to maximize the benefits your employees get from your benefits programs. This goes beyond initial presentations and quarterly emails. Be sure to clarify the resources your wellness program offers and why they are important. Building habits that promote financial wellness are proven to eliminate stress and set your employees up for success.

Effective communication is key to ensuring employees are aware of and understand the benefits available to them. Consistently check in with your workforce to find out what resources will help them best and explain how financial wellness is the solution. This may include communication via emails, messaging channels, newsletters and in-person meetings. To see engagement increase, it’s important to use as many lines of communication as possible.

2. Explain how financial wellness programs can help.

Although the majority of Americans are stressed about finances, employees don’t take advantage of financial wellness benefits and they don’t understand how they work. But the fix is simple. Workshops, webinars and coaching sessions can all be used to explain how the benefits work and how they can improve employees’ financial situations.

For example, budgeting programs allow users to track expenses and see where their spending might be causing issues. Educational resources like articles and videos provide the necessary context to their pressing financial questions. Without understanding why financial skills are necessary, employees are unlikely to use the programs being offered to them.
Financial wellness programs can seem complicated, but the goal is to make them more approachable to the employees who need them most.

3. Understand the necessity of personalized benefits solutions.

Benefits may feel out of reach for many of your employees due to their current circumstances. Instead of using a one-size-fits-all approach, try personalizing your benefits to match the needs of your team. Employees who resonate with their benefits are more likely to use and see results from them. As Deloitte’s 2023 Employer Health Benefits Survey reports, “Today’s workers need a much more customized experience to feel appreciated and valued for what they do.”

Speak directly with employees to find out where their financial strengths and weaknesses lie. With this information, you can understand exactly what your staff needs. For example, an employee fresh out of college will likely be more interested in student loan repayment assistance, while older employees might get the most from family planning or retirement resources. Personalization ensures that the benefits are relevant and valuable to each individual, leading to higher engagement rates.

4. Provide incentives for using financial wellness benefits programs.

Incentivizing employees for their efforts while using financial wellness programs can be a powerful strategy to improve engagement. For example, consider offering rewards for participation or reaching certain financial milestones. Instead of forcing benefits communication, provide employees the opportunity to opt-in using friendly competitions or rewards programs.

Also, consider highlighting the success stories of those who already use your offerings. Employees who see their peers benefiting from financial wellness programs may be more inclined to take action. By providing real rewards, you can encourage employees to engage with the programs and create a positive association with financial wellness.

5. Consider employee feedback.

Alongside consistent communication, learning from feedback is the best way to improve engagement in your benefits.

Use this feedback to develop your strategy to ensure the needs of your employees are being met. Employees who see their feedback lead to real changes are more likely to feel invested in and engaged with the financial wellness benefits offered. These programs are built for employees, so it’s important to incorporate suggestions that are provided by them.

Improving engagement in financial wellness benefits requires a concerted effort, but is well worth the investment. Financial stress is one of the most powerful detractors of productivity and well-being. Financial wellness programs are the key to improving employee financial health and contributing to a satisfied workforce.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ 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.

LGBTQ+ Employees and Money: 4 Unique Challenges to Wellbeing

LGBTQ+ Employees and Money: 4 Unique Challenges to Wellbeing

by | Jun 10, 2024 | Blog

LGBTQ+ Employees and Money: 4 unique challenges to wellbeing. LGBTQ employees have unique struggles that can affect their ability to build wealth. Here are the most important challenges to be aware of.

LGBTQ+ employees face unique financial challenges that affect their ability to earn money, build savings and achieve long-term financial stability.

According to a survey of 2,5000 LGBTQ+ individuals conducted by the Center for LGBTQ Economic Advancement & Research (CLEAR), over half of LGBTQ+ respondents had less than $5,000 in savings – and a significant portion had no savings at all. This figure is staggering compared to the average median savings reported by non-LGBTQ+ individuals: $25,700.

What’s more, LGBTQ+ employees are more likely to report discrimination in industries like banking and healthcare. Special healthcare needs such as family planning procedures and gender-affirming care may cost thousands of dollars – and are often paid out of pocket. Compounded with lower savings, this can make necessary care inaccessible to many Americans.

To support your LGBTQ+ employees, it’s essential not to overlook these unique challenges. Here are some of the financial roadblocks facing these workers, along with proven strategies to help mitigate their effects.A stat about LGBTQ+ Employees and finances.

1. LGBTQ+ employees face higher levels of debt.

Debt is a significant issue for many Americans. A Northwestern Mutual study found that two-thirds of all respondents carried at least some debt.

However, LGBTQ+ individuals are disproportionately affected by their debt loads due to lower wages (90 cents to the dollar compared to the average worker), leading to higher levels of financial stress and instability. Overall, LGBTQ individuals have more credit card and student debt, yet are less likely to carry valuable assets from their debt, such as mortgages or auto loans. This heightened debt burden can impede their ability to save for the future, invest in property or build wealth. The inability to pay off debt may also lead to mental health concerns including sleep problems, stress and anxiety.

The key to getting rid of bad debt is to use proven strategies that can be applied to different financial situations. Employers can use financial wellness programs to provide education on debt management and planning. These programs can access financial tools that help employees create and stick to a budget, manage debt, and create long-term goals.

2. LGBTQ+ employees have limited access to financial education.

A significant percentage of the LGBTQ+ community has less access to financial education, which affects their confidence in making financial decisions. According to Mercer, more than 30% of LGBTQ+ women and 25% of LGBTQ+ have difficulty addressing their financial options. Only 49% of LGBTQ+ individuals feel they understand their financial options very well, compared to 61% of non-LGBTQ+ Americans. Financial illiteracy often leads to common pitfalls such as a lack of retirement savings and an inability to accumulate wealth over time.

Providing access to financial education that addresses the needs of the LGBTQ+ community is critical to closing the gap. Facilitating resources that tackle retirement planning, investment strategies and debt management is one of the best ways to set your employees up for success.

3. LGBTQ+ employees struggle with reduced access to elder care and retirement benefits.

LGBTQ+ seniors face significant challenges in accessing elder care and retirement benefits. Nearly two-thirds of LGBTQ+ Americans live paycheck to paycheck and struggle with building personal savings. Additionally, LGBTQ+ seniors often have fewer options for informal aging care, as they are more likely to be single or childless.

In fact, until changes in legislation over the past few years, LGBTQ+ seniors even lacked basic retirement rights including the ability to transfer Social Security, pension benefits and retirement plans to their surviving partners.

In order to support their employees, companies can offer retirement planning resources and benefits tailored to their specific needs. This includes providing access to financial wellness resources that discuss the unique challenges faced by LGBTQ+ seniors and offering comprehensive retirement plans that consider their circumstances and provide for their loved ones.

3. LGBTQ+ individuals face higher, more prohibitive healthcare costs.

LGBTQ+ employees also face higher healthcare costs and barriers to accessing appropriate care. Health plans may lack support for LGBTQ+ needs, such as gender-affirming care and non-traditional family planning. In fact, a 2022 CAP study, the most recent data available, found that LGBTQ+ adults are more than twice as likely as non-LGBTQ+ adults to postpone or forgo needed medical care because of costs.

Employers should ensure that their healthcare plans are inclusive and provide coverage for LGBTQ+ employees. This includes offering benefits that cover mental health services, nondiscriminatory care, and other specific healthcare needs. Providing access to this kind of support boosts wellbeing and makes potentially life-saving care more accessible.

Addressing the financial struggles of LGBTQ+ employees requires a holistic approach that focuses on financial wellness. Creating an inclusive workplace culture and offering targeted support requires hard conversations and input from your LGBTQ+ employees.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ 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.

Video: Tackling Financial Stigma: How to Discuss Money At Work

Video: Tackling Financial Stigma: How to Discuss Money At Work

by | May 29, 2024 | Blog

Tackling Financial Stigma: How to Discuss Money At Work. Financial stigma prevents employees from having conversations and seeking out the right education. Here are the best ways to help. 

 


More than half of Americans say they never discussed personal finances growing up and now actively avoid the topic in daily life. It’s no surprise that financial stigma extends into the workplace too. Yet 74% of employees report wanting clear and unbiased guidance when it comes to handling tough financial situations.

To help start the conversation, try Best Money Moves.  

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Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more.

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

3 Things to Know About the Future of Work and Financial Wellness

3 Things to Know About the Future of Work and Financial Wellness

by | Apr 30, 2024 | Blog

Employee needs are changing which means benefits must follow suit.

To prepare for the future of work, make financial wellness a part of your benefits strategy.

New developments in benefits technology are reshaping the future of work. Over 85% of organizations surveyed in the World Economic Forum’s 2023 Future of Jobs Report identified increased use of new technologies as the trend most likely to drive growth over the next few years.  

With benefits technology constantly evolving, compensation alone is no longer enough to keep your workplace competitive for new hires. Employers must prioritize new technology and cutting-edge support programs if they hope to attract the best talent. 

Here are some of the most promising developments employers can expect from the future of work. We offer a special focus on the growing demand for employee financial wellness benefits.

A fact about the future of work and benefits.

1. Financial wellness tools will become central to the future of work.

Financial wellness tools are gaining popularity among employees of different backgrounds and income levels — and it’s not surprising why. The cost of living has increased steadily over the past few years. According to Forbes, more than a third of Americans struggle with their bills. Another 80% are living paycheck to paycheck.

However, most employers offer outdated benefits as a substitute for financial literacy. Around 98% of employers provide health coverage and 94% provide retirement planning support. Yet, these programs are not equipped to address some of the biggest employee pain points, such as high levels of student debt, the need for credit guidance, and the growing demand for elder care resources.

In PWC’s 2023 Employee Financial Wellness Survey, 73% of financially stressed employees said they would be attracted to another employer that cares more about their financial well-being. Financial stress affects everything from mental health to personal relationships. So, financial wellness is already becoming a must-have benefit. Its importance is only expected to grow in the coming years. Addressing this issue will be something the majority of employers simply cannot ignore. Financial wellness benefits provide the information and tools needed to combat complex financial hurdles. They empower your employees to take control of their finances.

2. The desire for flexibility and accessibility will expand to benefits options.

The Coronavirus/COVID-19 pandemic shifted the landscape of corporate work in the direction of flexibility and accessibility. Now more than ever, employees are looking for jobs that allow them to work how and when they want. A recent Upwork study suggested that 22% of workers in America will be remote by 2025. This change has been generally positive. In the same study, 56% of hiring managers claimed the shift to remote work has gone better than expected.

Flexibility in these environments also applies to employee benefits. Financial wellness benefits, for example, are fully customizable – meaning employees can choose the areas that are most pertinent to their situation. Whether someone is looking to pay off debt or learn about savings accounts, these benefits offer resources that support all levels of knowledge and income.

Personalization is the answer to making these benefits accessible and is a key component of the most effective financial wellness tools. According to a Vestwell study, employees hoping to save money are looking for highly tailored financial wellness solutions to solve their issues. For example, 74% of employees with student loans agree that they would be more likely to continue working for an employer that offered student loan-related benefits.

When it comes to financial wellness, the ability to personalize and answer specific questions is key to creating quality benefits that work. Flexible, effective and relevant benefits will improve your employees’ financial lives and improve productivity and quality of life in your company.

3. AI tools are an inevitable addition to the future of work.

AI tools have evolved greatly over the past few years to occupy almost every industry. As it continues to develop at such a significant rate, it’s difficult to imagine a future of work without significant AI involvement:

  • Artistic fields: AI has streamlined the creative process, assisting in the creation of music, art, writing and more.
  • Healthcare: AI helps eliminate human error in administrative work, providing a streamlined experience when distributing medication and making appointments.
  • Customer success: AI chatbots help meet consumer demand by answering client questions.

AI tools are expected to be just as valuable a tool for businesses. This is especially true when it comes to creating better benefits for employees. With AI, employers can evaluate their workforce’s demographics, health records and usage trends to create a benefits system that is best suited for each employee. These tools can be invaluable for HR, enabling them to shape their campaigns to accommodate employees’ needs and preferences.

Workers are consistently looking for ways to get their problems addressed without giving up autonomy. Giving them the tools they need will help your organization stand out in the job market and continue to attract top talent.

Choose an award-winning financial wellness platform for your employees

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ 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.