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Video: Using Technology in Financial Wellness Services

Video: Using Technology in Financial Wellness Services

by | Feb 23, 2024 | Blog

Using technology in financial wellness services. Help your team achieve their most important goals by including financial technology services in your benefits program.

 

 

Nearly 60 percent of Americans say that money is the top cause of stress in their lives, according to data from PWC. Chances are your employees are dealing with many of the same struggles.

Financial stress includes both everyday habits, like building a budget, and bigger goals, like paying off student debt. Tackling these problems while juggling responsibilities at work and at home, can be overwhelming for employees.  

To help your team achieve the goals most important to them, include financial technology services in your benefits program. 

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 Support your employees with Best Money Moves!

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.

How Small Businesses Can Develop a Financial Wellness Strategy

How Small Businesses Can Develop a Financial Wellness Strategy

by | Feb 7, 2024 | Blog

How small businesses can develop a financial wellness strategy. Learn more about how small businesses can embrace financial wellness to increase employee well-being.

A comprehensive benefits package is one of the best strategies small businesses can use to retain employees and attract top talent. When salaries are comparable, the decision to take an offer often comes down to the level and quality of an employer’s benefits program. 

In fact, according to a survey conducted by ConsumerAffairs, 42% of employees stated they would likely leave their jobs for another position with better benefits.

a surprising statistic about the necessity of financial wellness for small businesses

Why are employee benefits important to small businesses?

Employee benefits are forms of compensation outside of a traditional salary or wage. Small businesses often include a suite of benefits when advertising a job offer to stand out among larger competitors in their industry. 

Some benefits, such as health insurance, workers’ comp and social security are required by law. These are known as statutory benefits and serve to protect employees from struggling with money directly after leaving a job or provide coverage if there is a workplace accident or illness.

However, benefits also serve as a method for small businesses to satisfy employees. To retain employees in full-time positions, a quality benefits strategy is vital. Small businesses are often competing with the tools and resources of larger organizations and may struggle to find ways to stand out when looking for top talent.

According to a Pew Research Center study, in 2021, 43% of workers who quit their jobs left due to lack of benefits flexibility, including poor health insurance and mediocre paid time off. Although statutory benefits are necessary to support a workforce, auxiliary opportunities are usually the backbone of a comprehensive benefits program, especially for small businesses.

Why should your small business offer financial wellness as a benefit?

When considering the costs of statutory benefits, including a financial wellness component may seem unnecessary, especially for small businesses. However, according to Morgan Stanley, 75% of Americans believe that financial wellness should be a part of their company’s programs. 

It’s also important to note that workers are struggling with their finances at an alarming rate. According to a Bankrate survey, 52% of U.S. adults said their financial issues harmed their mental health, which included an increase in stress. These mental declines impact employees at the office, leading to lower productivity and increased rates of absenteeism.

Data also suggest a disturbing trend toward the lack of financial resources for employees. And problems with financial wellness can span far beyond an employee’s life at home. According to data collected by management software engineer TeamStage, employees who experience severe financial stress levels lose between 29 and 39 workdays every year to attend to concerns. 

At small businesses, financial wellness benefits are the key to solving your workers’ most pressing issues. These programs usually include a host of resources and tools that help employees manage their finances and provide an easy outlet to address the most common money concerns.

The bottom line is that financial wellness benefits can have a positive impact on engagement at work, improve your company’s brand among prospective employees and save your small business money in the long run.

How small businesses can develop a financial wellness strategy

If you have a small business, considering the financial well-being of your employees is one of the best ways to support and grow your workforce. With a small business, you can tailor benefits to fit your company’s culture and address your employees’ needs. 

Here are some tips for supporting your team’s financial well-being. 

1. Ask your employees what financial wellness benefits are right for them. A smaller team can help you get individual responses and create a more personalized benefits solution. Ask employees how they feel about their financial wellness and if extra resources would be beneficial. Compared to large corporations, small businesses can be much more in tune with their workers’ needs, so take advantage of that when considering what benefits to offer.  

2. Promote a financial wellness initiative. Including a comprehensive financial wellness program into your business can help employees get back to setting and achieving their most important financial goals. Financial wellness can take many forms, but you might consider basic financial literacy courses, budgeting classes, retirement planning, and the tools a benefits solution might offer. At a small business, it can be easier to create tailored offerings based on the demographics of your company. 

3. Regularly assess the effectiveness of your benefits strategy. Simply offering the benefit to your employees is only the first step. For your employees to get the full freight of the benefits you offer, make sure to consistently ask for feedback to facilitate the right changes. From there, you can make the adjustments that will help your workforce the most. 

Ready to embrace financial wellness for your small business?

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 Impacts of Employee Student Debt in 2024

3 Impacts of Employee Student Debt in 2024

by | Jan 3, 2024 | Blog

3 impacts of employee student debt in 2024. Student debt payments have resumed following 3 years of forbearance. Learn how student debt could impact your team during 2024.

After a three-and-a-half-year forbearance period, federal student debt payments resumed in October of 2023. Depending on the individual, student debt can pose anything from a minor headache to a crippling financial hurdle that delays other milestones for years to come.  

The Education Data Initiative estimates that there are more than 43 million student borrowers in the United States, with an average debt balance of $37,718 per borrower. So, more likely than not, at least some members of your team were affected by the loan restart. Keep an eye out for these three ways that employee student debt may impact your team in 2024. 

A surprising statistic about the prevalence of employee student debt1. Financial stress from employee student debt negatively impacts employee mental health.

The average monthly employee student debt payment for graduates is about $500, according to more data from the Education Data Initiative. It takes almost 20 years for people to fully pay off their debts.  Borrowers are expected to fit these monthly expenses alongside existing financial responsibilities. But for many employees, especially those living paycheck-to-paycheck, that can be easier said than done. Paying an extra hundreds of dollars per month can be backbreaking and often leads to an increase in financial stress. 

In a recent Education Trust report, 64 percent of graduates surveyed said that student debt negatively impacted their mental health. And this stress isn’t uncommon even among high earners. According to CNBC15% of workers earning $100,000 say they still live paycheck to paycheck.

An increase in financial stress generally leads to reduced productivity as well. A recent PwC survey found that more than 50% of workers spend three hours or more per week at work dealing with issues related to their finances.

2. Employee student debt may delay other financial milestones.

The reintroduction of employee student debt payments also may delay financial milestones. Goals like saving for retirement, purchasing a home or building an emergency fund can be delayed or even gutted due to the pressure for additional monthly payments.  

According to a Bankrate survey, around 60 percent of U.S. adults who currently struggle with student loan debt have put off making important financial decisions as a result.

Delaying financial milestones can drastically affect a person’s mental health, as they are forced to forego life-changing events (such as getting married or having children) due to financial strain. The same Bankrate study found that 57 percent say their quality of life has been negatively impacted by the economy. Postponing milestones can also affect an employee’s earning power. Without the ability to receive more education due to debt, employees are stuck with lower-level jobs and the difficulty of trying to get a new degree or certification.

3. Employees juggling student debt may face career setbacks.

Graduates who struggle with student loans often need to postpone additional education or training while they work on their debt. This may stagnate potential career growth and limit the opportunities employees may have to excel at their jobs.  

Financial stress can also impact performance at work, as a SHRM survey found that these issues have resulted in a 34% increase in absenteeism and tardiness. 

In fact, employees who aren’t reaching their financial goals often decide to take initiative and find new jobs altogether. According to the ADP Research Institute, employees who consider their student loan debt to be a “heavy burden” are 2.4 times more likely to be in the process of leaving their organization.” 

In conjunction with this is the issue of job satisfaction. Almost one in five employees say that their jobs are not doing enough to support their financial goals. Whether it’s not making enough to support themselves or being unable to save for any sort of emergency expense, employees are often left with questions regarding their financial future.

Addressing employee student debt head-on

Although the student loan crisis is dire, there are still ways employers can help curtail the negative effects of student loans to keep their workforce thriving and happy. 

Financial Wellness Initiatives

  • Financial wellness programs are some of the most effective ways to address the issues student loans create. Debt can be difficult to understand and can seem impossible to navigate for first-time borrowers. But these programs empower employees to take control of their debt and their financial futures. Financial wellness initiatives go beyond traditional benefits, as they focus on teaching financial literacy with topics like budgeting, saving, and managing debt.

Tuition Reimbursement 

  • A key benefit for employees in 2024 will be a comprehensive tuition reimbursement program. Some companies allow their employees to use earnings as a way to pay off student debt, similar to a 401(k) plan. Others use a simple recurring payment option as an incentive for employees. A direct repayment program can ease the burden of student loans and allow workers to focus on their financial milestones without feeling set back.

Luckily, 74% of workers who are stressed about money actively seek help during an important financial decision, whether it’s from their employers or online resources. Creating a space where employees can learn about financial wellness effectively is one of the greatest boons you can give to your workforce. Through budgeting tools, educational resources and personalized recommendations, these programs allow employees to take control of their financial lives.

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.

2024 Employee Benefits Trends: Focus on Employee Wellbeing

2024 Employee Benefits Trends: Focus on Employee Wellbeing

by | Dec 5, 2023 | Blog

2024 Employee benefits trends: Focus on employee wellbeing. The right benefits strategy is key to employee satisfaction. Here are the top 2024 employee benefits trends.

Employee benefits are a driving force keeping your workforce satisfied. A study from the Society for HR Management found that the quality of employee benefits was likely linked to happiness at work. Yet both benefits and job satisfaction were at historic lows in 2023, falling multiple percentage points from the previous year.

A new year means revisiting your existing benefits strategy and experimenting with new programs to help keep your team engaged.

4 Top 2024 Employee Benefits 

A key statistic about the need for 2024 employee benefits

1. Financial wellness programs

Financial health is one of the most important aspects of employee well-being and productivity. A study from the American Psychological Association (APA) found that 72% of Americans report stressing about money at least some of the time. According to Morgan Stanley, financial stress in employees can lead to declines in productivity, weakened company culture and delayed retirement, among other risks. 

The answer is to meet employee financial strain head-on by providing a comprehensive financial wellness program in your 2024 employee benefits.

Financial wellness programs are expanding to include personalized financial planning, budgeting tools and educational resources. Other opportunities include student loan assistance, debt management programs, and employee assistance programs that provide financial counseling. Offering a wide range of interactive benefits helps employees. Budget tools can help save money for retirement, while debt management programs can help get a person’s situation back on track.   

Mercer’s Health & Benefit Strategies for 2024 Survey Report found that almost half of surveyed employees believed digital tools would be useful to self-manage their well-being.  Addressing the financial issues facing your workforce that their workforce faces can positively the lives of your team.

2. Flexible work schedules

Flexibility in scheduling continues to matter to employees moving into 2024, as companies recognize the value of work-life balance. The pandemic has shown the world that juggling work and family obligations is extremely difficult. But this reality is not just a pandemic-era issue. The news of a large-scale “return to the office” for workers has not been making much headway, as employees enjoy the flexibility provided by remote and hybrid work. 2024 benefits are projected to reflect those needs.

According to the same Mercer report, at least 80% of companies surveyed allowed the option for some employees to regularly work from home.

Hybrid or generally flexible work hours may allow your team to complete tasks at their own pace, which increases productivity. This way, location becomes less important and employers can prioritize results over hours in the office. The use of tools that support remote work for those working from home has also seen a resurgence in the past few years.

3. Expanded opportunities for PTO

Employee expectations for time out of office are moving far beyond standard PTO. In 2024, companies will allow more opportunities for time off related to mental health and caregiving needs. Inclusive PTO policies help destigmatize mental health-related absences and can help protect employees from losing pay when faced with unexpected circumstances.

These paid time off options include parental, adoption and paid surrogacy leave. Even unlimited vacation policies are gaining traction, which can encourage employees to take time off without the constraints of a set number of days. In 2021, the majority (72%) of employers with unlimited PTO policies reported that the amount of time off employees took was the same as it was under their prior policy. 

Also, according to the Mercer report, about one in four employers provide unlimited PTO to at least some employees and the threshold for taking time off has increased. The median number of paid time off provided increased to 7 weeks among companies surveyed in the Mercer report.

4. Reproductive and caregiving benefits

Reproductive health will also see a spotlight in 2024. Employers are looking to expand healthcare coverage to include fertility treatments, family planning resources and maternity and paternity leave policies. Scheduling flexibility can also be a boon for working parents, along with subsidized care or resources.

Common caregiving benefits include child care consultations, subsidized child care services and special needs support. Currently, some employers surveyed by Mercer offer specialized benefits for high-risk pregnancy (31%), preconception family planning (32%), post-partum (24%) and more. According to the Mercer report, 46% of employers will offer one or more of these benefits in 2024, up from 37% in 2023.

Employees get to take advantage of a variety of programs that are beneficial to their specific situation. Companies will see increased support for caregivers as a vital tool for recruitment and talent retention. The future of caregiving benefits will consider the many needs of employees, and prioritize a wide-ranging plan regardless of gender or family structure.

Give your 2024 employee benefits strategy an edge and offer 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 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 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.

5 Ways to Support Employees During the Holidays

5 Ways to Support Employees During the Holidays

by | Nov 14, 2023 | Blog

5 ways to support employees during the holidays. Holiday stress can cause big problems for your workforce. Here are 5 ways to support employees during the holidays. 

While the holidays should be a restful and celebratory time of year, they can also introduce financial stress into the lives of many employees. Between the cost of gifts, holiday dinners, long-distance travel and hosting family, your team may face significant holiday costs. In a survey from the American Psychiatric Association (APA), 31% of adults said they expect to feel more stressed during the upcoming holiday season compared to years prior. 

Luckily employers can take steps to support their workers during the holidays and keep the season merry.

a surprising statistic about employee stress during hte holidays

1. Make flexible schedules the norm.

The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Different people have different traditions, celebrations and customs, So, flexibility is vital for limiting stress. Whether your employees are hourly, salaried or gig workers, flex time can help accommodate everyone’s needs and save your team from major headaches. 

In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.

Flexibility allows your team to complete their work on their own terms, while still managing their own personal lives. This fosters an environment where work-life balance is valued but also respects your team’s time and effort.

2. Encourage time off during the holidays

Taking time off during the holidays is important for everyone to recharge and spend quality time with their loved ones. But, many employees may hesitate to utilize their allocated time off. 

According to Pew Research, nearly half of workers say they’d worry about falling behind at work if they took more time off. However, this mentality can lead to increased levels of employee burnout, which has severe consequences for teams. In a Deloitte study on burnout, 91 percent of respondents said that having an unmanageable amount of stress or frustration negatively impacted the quality of their work. 83 percent of respondents said burnout from work could even negatively impact their personal relationships.

 Limiting burnout can also help with employee retention. According to the same Deloitte survey, nearly half of millennials said they have left a job specifically because they felt burned out. 

To support your employees, actively encourage them to take advantage of their vacation days and spend time with their loved ones.

Prioritizing a healthy work-life balance will help your employees feel comfortable using their paid time off without fear of judgment. A supportive work environment helps you keep your best talent.

3. Promote your existing mental health services.

Employers should take proactive steps to support their staff’s mental health all year, but the holidays can be especially tough for some. Take the time to promote any mental health resources and short-term benefits you offer, as they can be most important at the end of the year. According to an APA survey, 38% of people said their stress increased during the holiday season, which can lead to physical illness, depression and anxiety. 

These benefits can help improve these symptoms and get your workforce into a healthier place for the new year.  

4. Ask about employee goals for the new year.

Supporting your employees might also mean discussing their long-term career goals, especially if productivity dips at the end of the year. A Robert Half survey of more than 2,700 U.S. workers found that 30% of respondents saw difficulty balancing work and holiday obligations. Engaging in a conversation about future aspirations is a great way to organize your workforce and help refocus. Asking about goals can also provide clarity for your employees and shift your team’s thinking past their everyday tasks. These conversations can be great opportunities to set achievable goals and prepare for the new year together.

5. Prioritize financial wellness during the holidays and beyond.

The holidays can be an expensive time for all of your employees. Between gift-giving, decorations, travel and higher utility costs, this time of year often sets people back in their financial journeys. 

In fact, the Money and Holiday Mental Health survey from 2022 found that as consumer prices have continued to increase, 55% of millennials felt more stressed about the holiday season. However, programs like Best Money Moves offer effective solutions to their financial concerns. With budget tools, calculators and other resources, the right system can get your employees back on track in time for the new year.

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 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.