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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.

3 Ways to Improve Your Employee Benefits Communication

3 Ways to Improve Your Employee Benefits Communication

by | Nov 1, 2023 | Blog

3 ways to improve your employee benefits communication. Use these 3 strategies to improve your employee benefits communication and help your team make the most of your benefits offerings.

Even the most robust employee benefits programs can fall flat without clear communication. More than 40% of employees do not feel adequately informed about the programs their employers offer, according to a Financial Health Network poll.

Better employee benefits communication is key to a happier, healthier workforce. Use these three tips to give your communication strategy a boost.

a surprising statistic about the importance of clear employee benefits communication

Why aren’t your employees using their benefits?

A lack of communication keeps employees in the dark: Simply put, if employees don’t know what you offer, they will not use their benefits.

Overly complex benefits intimidate employees: Important benefits such as private health care, retirement or life insurance often feel too complex for employees to tackle. A 2021 study from Bend Financial found that 56% of Americans admitted to feeling “completely lost” when trying to understand how their health insurance worked.

Financial strain diverts employees from investing in their benefits: According to CNBC, 58% of Americans are living paycheck to paycheck. When employees struggle to cover basic bills, they may not be willing to pay for extra benefits.

3 Ways to Improve Your Employee Benefits Communication

Better benefits communication starts with clarity, simplicity and personalization. 

1. Keep open lines of employee benefits communication.

It is most important to clearly communicate the value and purpose of each benefit you offer to your employees. 

This can start from the onboarding process, where new employees can learn and take advantage of your company’s benefits package. According to MetLife, 55% of employees note that benefit programs are necessary benefits to accept a new job offer. 

Beyond that, creating a dedicated and easily accessible place where employees can find detailed information about benefits is another great way to improve communication. This may include forms, links and other resources that can help employees learn about all the benefits you offer.

Benefit fairs and workshops can also be a useful way to promote new benefits or bolster old ones. Discuss relevant information, such as how to apply, enrollment deadlines and any other updates. This strategy keeps benefits top of mind for employees and encourages them to make use of what they are being offered.

Determining how you communicate these benefits is also a major factor in how your employees respond. For example, in-person meetings might be good for new hires, while employees who already know about existing benefits might respond more positively over email. All of this depends on your employees and what kinds of benefits you offer.

2. Regularly review your employee benefits communication strategy.

Whether you feel your benefits strategy is working or not, it’s worth it to review it periodically so that you can reassess and implement new approaches. 

Annual benefits reviews with employees can help you better understand their needs and whether your offerings are actually relevant to what they need. This is especially important if you have employees who are reaching major financial milestones such as student loans, children or retirement. You might also consider including extra perks for those who take advantage of what you offer. 

Communication goes both ways, so be sure to create avenues for employees to provide feedback on each benefit you offer. This can help you understand what’s working well and where you can add improvements, as employees are willing to engage with benefits relevant to them. In fact, 49% of employees would bear more of the cost to have access to more benefits that fit their needs, according to the same MetLife report.

3. Personalize your benefits offerings to meet the needs of your team.

Personalizing benefits to suit your employees is the next step after reviewing your current package. With employee feedback, you should be able to make a more informed decision about what your workforce needs and how you can best help them. 73% of employees would be encouraged to stay with their current employer for longer if offered access to more relevant benefits, according to MetLife.

Programs that are part of the benefits package, such as financial wellness solutions, can encourage employees to participate in these programs and improve their overall well-being. By providing clear information, support, and personalized guidance, you can help employees make the most of their benefits and set themselves up for success.

Maximize your financial wellness benefits 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. 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 Following a Natural Disaster

5 Ways to Support Employees Following a Natural Disaster

by | Oct 4, 2023 | Blog

5 ways to support employees following a natural disaster. Now more than ever, it’s imperative that companies support their employees following a large-scale natural disaster. Learn how to provide support. 

In 2022, natural disasters displaced nearly 3.4 million people, according to data from the U.S. Census Bureau. Climate-related catastrophes have affected many communities across the country, and the COVID-19 pandemic demonstrated that even non-weather-related disasters can leave an enormous impact.

Now more than ever, it’s imperative that companies support their employees following a large-scale natural disaster. Without a proper strategy in place, your staff may be left without critical assistance in the wake of a natural disaster. 

Here are five ways you can support employees following a natural disaster.

surprising stat about how employees are unprepared for expenses related to natural disaster

1. Have a plan in place before a natural disaster occurs.

Having a dedicated disaster plan in case of an emergency can make the transition for your company and employees much smoother. Ensure that your staff understands emergency protocol and that the information is easily accessible. A solid plan won’t prevent a national disaster, but it can help support your employees through tough periods and possibly save lives. Whether it’s an evacuation strategy or up-to-date medical supply kits stored around the workplace, being well-prepared is key.

2. Reach out to affected employees.

Create a contact list for all of your employees and reach out every step of the way. Use social media or your company’s personal lines of communication to distribute important information to your workforce. It’s critical that your staff understands the next steps and any support your company may offer. These channels can also be a way to let employees know what your organization’s schedule will look like during and after the event.

You can also use this strategy to share general information, such as road closures or weather updates. Information about disaster relief programs may not be common in your area, so ensure that any relevant material is distributed regularly. In addition to what your company may offer, the Federal Emergency Management Agency (FEMA) may offer programs to support disaster victims, including mass care assistance, crisis counseling and emergency alerts.

3. Set up a home base.

If at all necessary and practical, for employees who are displaced because of a disaster, consider setting up a shelter. This may include working with a local school or church that will offer your staff a safe space. This can serve as a daycare, pet care center or even charging station where people can congregate and consider the next steps. Food and water may also be scarce in the wake of a natural disaster, making a home base even more necessary. 

4. Provide mental health benefits.

Everyone reacts to a disaster differently. The loss of personal items, homes or even close relationships takes its toll. It’s common for employees recovering from a disaster to experience heightened anxiety and increased levels of burnout.

Communicate with members of your team to see how they are affected by the event. Encourage staff to make use of any mental health services your company may offer and understand that the effects of the disaster may linger, even after the event has ended. According to a survey by the Harris Poll, almost 70% of workers say mental health services offered by employers are beneficial.

5. Utilize financial wellness programs.

Natural disasters can cause billions of dollars in damages and families pay the price. According to an analysis by the JP Morgan Chase Institute, during Hurricanes Harvey and Irma, home expenses rose 15 to 37 percent and inflows to checking accounts dropped 20 percent.

Arming your workforce with the financial education they need is key to supporting them through any disaster. Without it, they may be left vulnerable to unexpected expenses, increased consumer debt and other financial pitfalls. Proper financial planning can prevent unnecessary challenges and help them through the difficult process.

For example, emergency funds are one of the biggest problem areas for Americans. In 2023, only about 30% of people have some emergency savings, but not enough to cover three months of expenses, according to Bankrate. Financial wellness programs offer assistance with emergency funds no matter the financial situation, by providing saving strategies and educational information.  

Do your employees need financial guidance while navigating natural disaster relief? Consider 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 bolster employee financial wellbeing. 

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

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 is Financial Anxiety? Is Hidden Stress Hurting Your Team?

What is Financial Anxiety? Is Hidden Stress Hurting Your Team?

by | Jul 12, 2023 | Blog

What is financial anxiety? Financial anxiety is a huge pain point for many workforces. Here are 3 strategies to help combat financial anxiety at work.

Worrying about finances is becoming more commonplace among employees. According to the Mind over Money survey by Capital One and The Decision Lab, 77% of Americans report feeling anxious about their financial situation. With financial anxiety comes decreased productivity and increased absenteeism.

Whether your employees are stressing about bills or struggling with saving, taking steps to curb financial anxiety is essential to getting the most out of your workforce.

a surprising statistic about Americans suffering from financial stress

What is financial anxiety?

Financial anxiety is a term used to describe the stress associated with a person’s monetary obligations. Debt, lack of savings, unexpected expenses or job loss are all major causes of financial anxiety.  People dealing with these issues may have further challenges in the office and their lives at home. 

In fact, according to a Bankrate survey, of the respondents who claimed money was a stressor, 29 percent said they worry about it daily.

Financial anxiety is also directly linked to a host of issues that affect employee productivity and well-being. Reduced engagement, lower retention and mental health issues round up the most concerning problems related to financial anxiety.

And, according to a PwC survey, financially stressed employees are nearly five times as likely to admit personal finance issues have been a distraction at work.

Creating a space to address the root causes of financial anxiety is essential for developing a supportive work environment. Here are 3 strategies you can use to address financial anxiety.

Take stock of your employees’ needs

Financial anxiety looks different for everyone. For example, some in your workforce might be prioritizing learning how to budget effectively, while others might be more worried about their retirement plan. 

According to the same Bankrate study, 56% of respondents claimed emergency savings was the issue at the top of their minds. If you find a similar trend with your employees, providing training in that area could be a first step.

No matter how it takes shape, creating a strategy that touches all of your employees’ most pressing concerns is key to making a tangible difference in their lives.

Revise your benefits strategy to target financial anxiety

Unfortunately, employees who don’t know about the benefits they already have are not going to take advantage of them.

According to MetLife, almost 35% of employees do not understand their benefits as they are presented. 

You could have a winning strategy, but it might not be transparent enough to a large section of your workforce. If this is the case, try being more upfront about the benefits you offer and how they can specifically help. This could mean devoting time to explaining your programs through events and consistently communicating to employees what you offer.

Once employees learn how your wellness benefits can solve their financial needs, they are more likely to use them.

Provide comprehensive financial benefits

One of the best ways to support employees dealing with financial stress is to offer a robust financial benefits package. A program that provides quality information, personalized advice and one-on-one coaching is key to getting your workforce the help it needs. And this is consistent across all industries. 

According to a 2022 Bank of America survey, 80% of employers said offering financial wellness assistance can result in more satisfied, loyal, engaged and productive employees.

A financial wellness program is the backbone of any strategy used to support employees, especially one that looks to curb the effects of financial anxiety.

Looking for a financial wellness program fit for all? Try 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. Our platform, with a human-centered design, is fit for employees of any age.

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.