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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.

What is DEI? (And What’s Missing from Your Strategy?)

What is DEI? (And What’s Missing from Your Strategy?)

by | Mar 28, 2023 | Blog

What is DEI? (And what’s missing from your strategy?) DEI is a key piece of any successful organization. Here’s how DEI can transform your workforce.

Diversity, equity and inclusion initiatives are integral to a successful benefit strategy. Companies with a diverse workforce earn 19% higher revenue than their non-diverse competitors, according to a study by the Boston Consulting Group.

Keep reading to learn how DEI initiatives benefit employees and organizations and what you can do to improve your company’s DEI strategy.

What is Diversity, Equity, and Inclusion? (DEI)

DEI initiatives are programs designed to promote practices that combat inequities within your organization. The goal of these initiatives is to create a workplace culture where everyone feels valued, regardless of their race, ethnicity, age, gender, religion, sexual orientation, gender identity, disability, economic status or other diverse background. DEI initiatives can include everything from celebrating cultural holidays office-wide to creating mentorship programs for minority groups.  

Diversity initiatives can benefit your organization in a number of ways. First and foremost, they help to attract and retain a robust team. According to a 2021 Glassdoor survey, 76% of current and aspiring employees report that a diverse workforce is an important factor when evaluating companies and job offers.

A diverse team also brings a wider range of perspectives to the table, which can lead to better ideas and a greater array of problem-solving strategies. In addition, by providing training on how to overcome unconscious biases, you can create an  equitable workplace where everyone has an opportunity to succeed. This can lead to increased morale, teamwork and productivity. In fact, companies with a diverse workforce are 1.7 times more innovative, per Forbes.

Finally, companies that have more diverse teams can connect with a wider range of customers and clients, which improves your organization’s bottom line. According to a 2020 McKinsey study, companies in the top quartile for being ethnically and culturally diverse are 36% more profitable than those in the bottom quartile.

4 initiatives for your benefits program

Despite the clear benefits of diversity initiatives, however, some employers still struggle to create strategies that stick. Here are a few key areas where DEI initiatives can help improve your benefits program:

Pay transparency: Even if your company has a diverse workforce, there may still be disparities in upward mobility based on race and gender. In order to create a truly inclusive workplace, your company needs to ensure that all employees are paid fairly and have equal opportunities for advancement. According to a Visier survey, 68% of employees would switch employers for greater pay transparency, even if compensation was the same.

Financial education solutions: Raising the baseline financial literacy for your employees is one of the best ways to improve equity within your organization. 73 percent of employees who receive financial wellness training from their company say it helps them feel more secure, per TalentLMS. Providing tools that limit financial stress can have substantial impacts on the wellbeing of your employees and your company.

Inclusive hiring practices: In order to truly create a diverse team, your company should examine its hiring practices and ensure that it is inclusive and fair. This may involve removing biases from job descriptions, using diverse candidate pools and ensuring that hiring managers are trained on unconscious bias.

Cultural awareness programs: A diverse workforce will not thrive in an environment that is not inclusive. Your organization should create a culture where everyone feels valued, regardless of their background or identity. This may involve providing sensitivity training and creating a zero-tolerance policy for discrimination and harassment.

Support financial equity in your workplace with comprehensive financial education from Best Money Moves

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be college planning or securing a mortgage, Best Money Moves can 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.

Employee Burnout in 2023: 3 Key Benefits to Help

Employee Burnout in 2023: 3 Key Benefits to Help

by | Feb 10, 2023 | Blog

Employee burnout in 2023: 3 key benefits to help. Help your employees fight back against burnout in 2023 with these 3 solutions.

Burnout remains a persistent problem for today’s employees and can have significant consequences for health, mental well-being and performance. A recent Slack survey found that 43% of middle managers reported burnout in 2022.

Luckily, the right wellness tools can help your employees manage their level of burnout and stay on top of their game. Here are three benefits your business can provide to keep employees happy and healthy.

3 Top Benefits to Help Fight Employee Burnout in 2023

Burnout is the physical or emotional exhaustion that stems from taxing work environments or difficult outside circumstances. 

Burnout might occur when someone is forced to work long hours at a stressful job over a significant period of time. These factors might affect people in a multitude of ways in the workplace, including increased fatigue, irritability and a lack of motivation.

Here are three key benefits that can combat burnout among your team.

1. Invest in comprehensive financial education.

Financial stress is one of the most widespread determinants to an employee’s mental health. The 2020 pandemic caused a global financial crisis that still has lasting effects to this day. With a looming recession and inflation increasing living expenses, financial stress is not uncommon for employees around the country. With the added strain, many workers experience elevated levels of burnout.

Financial education plays a crucial role in promoting wellness and limiting stress in the workplace. In a study conducted by TalentLMS, 68% of employees said they were more likely to stay longer at their current job if their employer offered them financial wellness benefits. 

By providing education programs, workshops and resources, you can help your employees gain the knowledge and skills they need to manage their finances effectively. These skills include budgeting, debt management and advice on career advancement. 

2. Tackle employee burnout head-on with mental health resources.

Burnout also leads to detrimental effects on employee mental health. In a recent survey conducted by Bankrate and Psych Central, 42% of respondents claimed that money was negatively impacting their mental health. The stress of possibly losing a job, being unable to pay bills or having issues supporting a family can be taxing for anyone, but are especially difficult without the proper resources.

This is why mental health initiatives in the workplace are vital for creating a positive work environment and supporting the overall well-being of employees. They are essential for employees to be productive, engaged and able to handle the demands of their job. 

In fact, according to a 2022 American Psychological Association study, 81% of employees agree that how employers support their mental health would be a factor in choosing a job. 

The option for flexible working conditions is similarly cited as an important factor to consider when creating an environment that supports mental health. These schedules can allow employees to complete tasks on their own time, limiting stress and burnout. In a Skynova study that surveyed 1,000 work-from-home employees, 9 in 10 workers said that a flexible schedule can help businesses retain top talent.

3. Use DEI initiatives to broaden your impact for all employees.

Inclusivity in the workplace ties directly into the rates of burnout that employees feel. According to a Gallup poll, employees who strongly agreed that they are accepted and valued in their companies were 52% less likely to be feeling high levels of burnout. Also, those who reported feeling like a valued member of their team are 57% less likely to be experiencing burnout.

In a 2022 ICIMS study, 89% of the 1,000 employees surveyed said that DEI in some form was important to them. The study also found that 56% of respondents were more likely to work for an employer that promotes diversity in the workplace.

Providing wellness benefits is an excellent way for you to improve the overall well-being of your employees. By focusing on these initiatives, you can create a significantly more engaging environment for your employees that limits burnout. These benefits can also improve retention, as your employees will feel valued and supported.

Help your team fight employee burnout with powerful financial wellness tools from Best Money Moves.

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background. 

Whether it be college planning or securing a mortgage, Best Money Moves can 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.

4 Surprising Financial Facts About Millennial and Gen Z Employees

4 Surprising Financial Facts About Millennial and Gen Z Employees

by | Jan 25, 2023 | Blog

4 surprising financial facts about millennial and gen Z employees. Your Millennial and gen Z employees are struggling with unique financial issues. Here are 4 things to know about the youngest members of your team.

Millennial and Gen Z employees struggle with unique financial issues and are turning to employers for help. A recent, in-depth survey conducted by Prudential Financial found that many employees in the younger generations are seeking additional financial assistance in order to bring stability to their lives.

Here are 4  surprising financial facts about Millennial and Gen Z employees.

1. Many millennials find their salaries insufficient and turn to outside income to support their costs of living.

According to the same Prudential study, millennials and Gen Z were more likely than Gen X or baby boomers to turn to gig work, take on debt, or receive monetary support from family to meet their financial goals. In addition, one-third of millennials and 46% of Gen Z have switched employers since the start of the pandemic, compared to 29% of all workers. Many of these workers believed that changing employers every few years was the best way to increase their earning potential. When searching for new jobs, younger generations often sought out more flexible ways of working and more financial support from their employers. 

Financial wellness tools can provide employees with a snapshot of their current situation, including how much they are spending, how much they are saving, and what debts they may have. This can help employees identify areas where they may be able to improve their financial health.

2. Millennials often do not have emergency savings.

Fifty percent of all survey respondents had less than $500 or no emergency savings fund and nearly 4 in 10 respondents reported they are not on track to meet their long-term goals. The survey also found that more than half of all respondents believed that the pandemic had a negative impact on their long-term financial security. Over half of millennials said that debt prevented them from accomplishing personal goals, like owning a home and starting a family.

According to a 2021 study from the Federal Reserve, families with increased financial literacy had more savings on average and were better equipped to handle unexpected expenses.

3. Student loan debt for many millennials negatively impacts their mental health.

Almost one third of respondents said student loan debt was a barrier to accomplishing their personal goals. Offering financial wellness tools can help your own employees develop strategies to improve their own economic well-being. A 2019 study from ADP, the most recent data available, found that almost 90% of employers and employees believe that financial wellness, including student loan debt management, is important to overall well being. The study also found that 8 in 10 employees believe that companies should “take an interest in the financial well being of their workers.”

4. Millennial and Gen Z workers look to their employer for support in times of financial need.

Almost 60% of Gen Z and millennial workers believe their employer has a responsibility to help them feel more financially empowered. 29% of millennials who switched jobs in the last year took a pay cut, with over a quarter of millennials attributing the change to wanting to achieve a better work/life balance.

Financial stress can have negative impacts on mental health and may affect employees’ work performance. With financial wellness programs, employers can support their millennial and Gen Z workers to help mitigate concerns. Budgeting, savings and debt management tools simplify common money problems and help employees reach their financial goals.

Luckily, employers see improved employee outcomes by addressing financial stress head on. According to a Bank of America study, 84% of employers say that offering financial wellness tools helped increase employee retention. 

Provide the unique support that millennial and Gen Z employees need by offering financial wellness tools from Best Money Moves.

If you are looking for a financial wellness program that can alleviate some employee stress, try Best Money Moves!

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background. 

Whether it be college planning or securing a mortgage, Best Money Moves can 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.

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.