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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.

3 Top Wellness Benefits for LGBTQ+ Employees

3 Top Wellness Benefits for LGBTQ+ Employees

by | Jun 7, 2023 | Blog

3 top wellness benefits for LGBTQ+ employees. Encourage pride year-round with these three top wellness benefits to support your LGBTQ+ employees.

According to a 2022 Catalyst study, almost a quarter of LGBTQ+ Americans have experienced some sort of discrimination when applying for jobs. Almost half claim to have experienced forms of unfair treatment due to their sexual orientation or identity. 

By recognizing the needs of your LGBTQ+ employees, you can empower your workforce and create a workplace culture that is more inclusive. These three top wellness benefits are key to making a tangible difference.

An important state about the financial challenges facing LGBTQ+ employees

  1. Accessible healthcare for LGBTQ+ employees.

Access to inclusive healthcare is a fundamental part of overall wellness for LGBTQ+ employees. Some progress has been made, but there are significant healthcare disparities within the LGBTQ+ community. 

A 19th News survey found that LGBTQ+ individuals are more likely to be refused medical services, blamed for their health problems and discriminated against than cisgender and heterosexual people. 

Many of the necessary medical procedures and pharmaceuticals for LGBTQ+ individuals often have exorbitant costs attached, putting them firmly out of reach for a large percentage of the community. 

For example, gender-affirming surgeries can cost up to $100,000 in total according to Mount Sinai. However, even less expensive hormone replacement therapy may still require patients to pay thousands of dollars out of pocket every month. 

By offering comprehensive healthcare benefits, you can bridge this gap and demonstrate a commitment to supporting the diverse needs of your workforce.

  1. Mental health support.

Prioritizing mental health support for LGBTQ+ employees is another key element you can use in your benefits strategy. LGBTQ+ individuals often face higher rates of anxiety, depression, and other mental health challenges due to discrimination. 

According to a US Census Bureau survey, 61% of LGBTQ+ respondents from ages 18 to 29 reported feeling symptoms of anxiety compared to 35% of non-LGBTQ+ respondents in the same age range. The same survey found similar results for depression, with nearly 50% of LGBTQ+ respondents citing symptoms.

By offering mental health benefits tailored to their needs, you can significantly improve this disparity and the well-being of your employees. These benefits may include coaching, mental health training and support groups for your team.

LGBTQ+ individuals may face unique challenges related to their sexual orientation or gender identity, including being uncomfortable expressing their identity at work. According to a 2023 Indeed survey, the vast majority of 732 full-time, adult U.S. workers who identify as LGBTQ+ have not come out to all of their work colleagues. 

Counseling services can also help employees navigate their personal and professional lives with less resistance. Creating a culture that accepts everyone ensures that employees are culturally competent creates a welcoming and safe environment for all. This includes updating policies that promote acceptable language, hiring LGBTQ+ employees into leadership roles and creating resource groups for all employees.

  1. Financial wellness initiatives to address the financial challenges unique to LGBTQ+ employees.

A healthy financial life is a major boon for all employees, but can be incredibly helpful for workers LGBTQ+ community. Economic disparities and challenges getting affordable healthcare can have a profound impact on the financial stability of LGBTQ+ employees. 

According to a 2023 LEAF Economic and Financial Survey, 57% of LGBTQ+ people reported a household income of less than $50,000 per year, compared to 36% of adults nationwide. This is also coupled with another staggering statistic — over half of LGBTQ+ people had less than $5,000 in savings, including 20% who had no savings whatsoever. 

Offering financial wellness benefits can help alleviate some of these burdens and create a more equitable work environment for your team.

It is crucial to address the unique challenges faced by LGBTQ+ employees in the workplace while creating an environment where all employees can thrive.

Attract and retain top talent with financial wellness solutions 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 wellbeing. Our intuitive, easy-to-use program platform is fit for employees of any age and level of financial literacy. 

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.

How Much Does Financial Illiteracy Cost Your Team?

How Much Does Financial Illiteracy Cost Your Team?

by | Apr 12, 2023 | Blog

How much does financial literacy cost your team? Financial illiteracy is a growing problem among American workers. Here’s how financial wellness can help your team thrive.

Financial illiteracy is a growing problem among Americans and it could be costing your people dearly. An NFEC survey found that financial illiteracy costs about $1,819 per person on average. In fact, 15% of those surveyed said their lack of knowledge cost them upwards of $10,000. Luckily, the right financial wellness program can help your team.

statistic illustrating the impact of financial illiteracy

What is financial illiteracy?

Financial illiteracy refers to a person’s lack of understanding about personal finance and related concepts. Financial illiteracy comes in many forms including:

  • Misunderstanding basic financial concepts such as interest or inflation
  • Being unable to save money, create an emergency fund or build a budget
  • Misusing credit cards and struggling to pay off debt
  • Taking out high interest loans with no repayment plan
  • Missing out on long-term investment/retirement opportunities  

A lack of financial literacy can prevent someone from managing their day-to-day financial affairs and slow a person’s ability to long-term goals. According to a Banrakate study, 56% of Americans are unable to cover $1,000 for an emergency fund, making it difficult to plan for the future. People who are financially illiterate may also be unaware of the consequences of poor financial decisions, potentially leaving them trapped in cycles of bad debt.  

Annually, the biggest culprit of money lost to financial illiteracy is credit card interest and late fees, totalling around $120 billion among all Americans, according to the same NFCC survey. The next highest offenders are luxury spending at $64.8 billion and overdrafts at $17 billion. Other common financial drains included identity theft and fraud, which cost Americans around $13 billion collectively.

Many of these costs would be otherwise avoidable, if employees had access to more comprehensive financial education. 

How can financial illiteracy impact a workforce?

Financial illiteracy can lead to stress, poor decision making and decreased productivity while at work, among other things. Even the highest earners aren’t safe from the dangers of financial illiteracy. A 2022 survey conducted by Willis Towers Watson found that 36% of Americans making over $100,000 a year still lived paycheck to paycheck — an amount double that of 2019. 

These financial issues may increase stress levels that can affect employees while on the job. A Morgan Stanley survey found that 78% of employees with high financial stress see its effects while at work. Another 49% claim that they spend 3 or more hours during their work week dealing with their financial issues. Beyond being a major distraction, this additional stress has many dangerous mental health implications for employees. 

A 2019 survey found that employees with money worries were 4 times more likely to suffer

from depression and 3.4 times more likely to suffer from anxiety and panic attacks. Because of the major effects financial struggles have on employees, many employers have started to take notice. According to Forbes, 80% of employers in the U.S. report that financial stress is lowering their employees’ productivity. These companies also lose almost half a trillion dollars a year due to employees’ financial stress. 

These issues have clear and measurable effects on workers, so solving them is in the best interest of every employer.

How can employers improve financial literacy?

Employees make some of their most important financial decisions in the workplace, whether they are beginning a retirement plan or choosing a health insurance provider. So, providing financial education at work can help combat the most common consequences of financial illiteracy.  

Developing a strategy that teaches the basics of personal finance can be a great boon for your employees. Financial wellness programs can cover topics like budgeting, saving, investing and debt management.

The same Morgan Stanley survey found that around 74 percent of workers consider it important for their employer to provide financial wellness benefits, while 60 percent expressed their increased likelihood of staying at their current job if financial wellness benefits were offered. A 2020 survey from HR Daily Advisor found that 90% of employers who offered financial wellness benefits say that the programs had a positive impact on employees.

Financial literacy is an essential skill that employees need. The cost of financial illiteracy can be significant for them and for your own business. Help your employees improve their financial literacy with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings, and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.