3 Ways to Attract Gen Z and Millennial Employees

by Amirah Ford | Jun 29, 2022 | Blog

3 ways to attract Gen Z and Millennial employees. Gen Z and Millennials are the next generation of American workers. Here are three top benefits to help attract these key employees.

Gen Z and Millennial employees now comprise roughly 46% of the U.S. workforce, according to data from Gallup, and with them comes a new way to think about benefits. LinkedIn research shows that young employees demand new talent strategies.

Here are 3 ways companies are working to attract, and retain, Gen Z and Millennials within the job market.

Gen Z and Millennial employees: Who is who?

To help distinguish between Gen Z and Millennial employees, Pew Research Center defined Millennials as those born between 1981-1996 and unveiled a new generational cohort — Gen Z. Anyone born in 1997 and onward is considered Gen Z.

In terms of generation age, Millennials would be 26 to 41 years old in 2022 and Gen Z would be 10 to 25 years old. Currently, there is no official end point for Gen Z; however, Pew Research Center estimates a cutoff point for those born around 2012.

3 ways to attract Gen Z and Millennial employees

1. Highlight flexibility and continue offering remote work

Benefits like flexibility and remote work are no longer seen as luxuries or temporary adjustments. Today, young employees value flexibility and remote work as workplace essentials here to stay, even post-pandemic.

Gen Z has been the most mobile segment of the labor force since the onset of the pandemic, with a migration rate up 23%, according to LinkedIn data, surpassing Millennials and later generations. In addition, Gen Z is 17% more likely to apply for remote jobs than other generations.

To help capture young employees, companies have been highlighting the latitude and freedom that they offer employees by using target keywords like “flexibility” in job descriptions. According to Microsoft’s 2022 Work Trend Index, Gen Z is 77% likely to engage with a LinkedIn job posting if it mentions “flexibility,” followed by Millennials (30%).

2. Invest in employee wellbeing and financial wellness

The pandemic has encouraged companies to take a newfound approach to wellbeing, which is driven by the sentiments of young Americans today. Compared to older generations, young people are more likely to believe that companies are responsible for the overall health of employees. In response, companies are increasingly investing in mental and physical health resources, as well as financial wellness programs.

According to TIAA’s 2022 Financial Wellness Survey, over 60% of Gen Z and Millennials believe that employers are responsible for the financial wellness of employees, compared to just 41% of Baby Boomers and 29% of the Silent Generation. By investing in financial wellness programs, companies can support the overall wellness of all employees, while specifically attracting the younger generations.

3. Support a healthy work-life balance

Young Americans deeply value a work-life balance — this allows them to freely engage with side projects, businesses and other personal interests. According to Microsoft’s research, about 70% of Gen Z and Millennials want to generate more income via their side projects and businesses within the next year. Companies can support a healthy work-life balance by offering flexible work schedules, increased paid time off or even gym reimbursements, to name a few.

While some companies may see this as a threat to productivity, Renate Norman, Microsoft’s, general manager of global university recruiting, encourages companies to see this as helping employees find a creative outlet and the space to pursue their passions.

Failure to meet the wants of young employees can cause companies to miss out on top talent and earn higher attrition rates. According to Microsoft’s 2022 survey, young employees are more likely to switch employers in pursuit of their wants and non-negotiables (52%), compared to Generation X and Baby Boomers (35%).

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Whether it be financial planning, trying to secure a car loan or mortgage, , Best Money Moves can guide employees through the most complex 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.

5 Advantages of Digital Benefits

by Sam Johnson | Jun 22, 2022 | Blog

5 advantages of digital benefits. Digital benefits options may be the next wave of HR. These are 5 major advantages of offering digital benefits in the workplace.

The work landscape looks different today than it did just two years ago and HR teams everywhere are working hard to keep up. According to Mercer, 85% of organizations are changing their benefits due to the pandemic and 60% of companies are increasing their investment in employee wellbeing.

With remote and hybrid work as the new normal, digital benefits have become the hottest trend in HR. Here are 5 advantages that digital benefits can offer your team.

1. Digital benefits can increase retention and attract new hires.

Offering digital benefits can be attractive to many employees as going digital often means a more flexible schedule and a better work-life balance. According to Lorman, 83% of millennials say work-life balance is the most important factor when considering a potential job. An all-inclusive benefits program can also wind up saving employers on the back end. As reported by Employee Benefit News, on average, it costs 33% of an employee’s salary to replace them.

2. Accessible data makes information management easier.

There are many available pieces of information that can be useful for HR divisions. Utilizing a digital benefits system that aggregates all employee data in one place makes it easy for the HR department to make beneficial changes to the office and work environment. At the same time, the system can keep personal data personal and only provide the HR representative with the data they need.

3. Better benefits accessibility can mean improved employee mental health.

One way employers can play a role in reducing the stigma associated with mental health services is by providing readily available services in their comprehensive digital benefits package. The lack of readily available digital mental health benefits shows a disconnect between employer and employee.

According to a survey from Bank of America, 60% of employees said that their mental health significantly impacts their wellbeing while only a third of employers communicate about mental and physical health more than twice a year. Improved mental health for employees can also increase productivity and increase office morale. Nearly 86% of employees report increased work performance and lower rates of missing work after receiving treatment for depression according to a SHRM survey.

4. It’s important to keep your benefits offerings visible, even while working remote.

This can be hugely beneficial for employees to ensure often-marginalized groups have their voices heard. If an employee’s voice goes unheard, it can lead to lower motivation and productivity. According to Joblist, 38% of employees have gone above and beyond to increase their visibility since work went remote. Providing a digital benefits package is a great way for employers to return the favor. However, it’s important that employers toe the line between monitoring work on a digital space and invasions of privacy into employee’s data.

5. Digital benefits lead to increased employee satisfaction.

Digital benefits are a great way to signal to employees that their needs are being met. According to Willis Tower Watson, 78% of employees said they were more likely to stay with an employer because of their benefits program. However, to it’s vital for employers to ensure that their employees understand how to use their benefits effectively and to listen to what their employees want. One of the best ways to do that is by providing a comprehensive digital financial wellness program. According to a Bank of America survey, the demand for professional, personalized financial advice from employees has steadily increased since the pandemic.

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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.

5 Benefits to Help Employees Cope with Inflation

by Sam Johnson | Jun 1, 2022 | Blog

5 benefits to help employees cope with inflation. Inflation is the highest it’s been in years. Here’s how employers can support their teams cope with inflation with the right benefits choices.

As inflation skyrockets, the effects are felt throughout the US workforce. According to BenefitsPro, 82% of HR executives are concerned that their employees’ personal finance issues affect workplace productivity.

Luckily, there are methods employers can use to help employees weather this period. Here are 5 benefits employers can use to help employees cope with inflation.

1. Improved Retirement Benefits

Increased inflation is straining “rainy day funds” and other savings for employees. According to the AARP, 39% of employees have nothing saved for emergencies and 20% have nothing in their retirement accounts. A few great ways for employers to assist employees are auto-enrolled retirement plans and increasing 401(k) contributions. Improving retirement benefits can also be a great way for employers to keep up with the competition in their industry. According to SHRM, 16% of large and midsize US employers plan to raise 401(k) contributions or reinstate a contribution match for 2022.

2. Health Care Assistance

A strategy for employers to signal to employees that their needs are being cared for is by increasing health care benefits. This assistance can come in many forms such as covering the cost of health insurance or assisted savings programs. Health care costs can often drag behind increases in consumer prices, so employees may face an increase in costs that will last throughout this year and next.

According to the Kaiser Family Foundation, 46% of employees reported that they have less than $1,000 in out-of-pocket costs for any unexpected hospital/doctor visit. Assisting with health care can also help alleviate mental health problems amongst workers. According to AFLAC, about half of all employees report having anxiety about covering the cost of healthcare beyond what their insurance covers.

3. Student Loan Repayment Assistance

Repaying the student loans that employees are indebted to is a great way to repay the workers for the investment they made in higher education. The government has tried to encourage businesses to implement these programs in their benefits packages. In 2020, employers that offered student loan repayment assistance doubled from 4 to 8%. However, in a survey by SHRM, 41% of young adult employees placed student loan assistance in their top 3 benefit choices.

4. Financial Planning and Coaching

Financial Planning and Coaching benefits showcase a gap between employer benefits and what employees want. According to BenefitsPro, only 35% of employers offer financial planning and 24% offer financial coaching while 60% of employees want personalized financial planning and 54% of employees want personalized financial coaching. Utilizing a service like Best Money Moves makes it easy for employees to find custom solutions to each employee’s problems.

5. Comprehensive Financial Benefit Packages

The best way to address the evolving personal finance needs of employees is by providing financial wellness benefits that can address a wide range of issues. According to Obsidian, 34% of workers spend some of their work hours on personal finances. Working in close communication with workers about what plan works best for them makes it easy to have a healthy workplace and can increase productivity. Best Money Moves is a platform that provides many of the solutions that employees are searching for.

Help employees cope with inflation with financial wellness solutions from Best Money Moves.

If you’re looking for a first-in-class financial wellness solution, Best Money Moves could be the answer you need. Best Money Moves is a financial wellness program that provides all the guidance and support employees need to help them reduce their financial stress. It has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies.

Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans and buying their first homes with access to a library of over 700 articles, videos and calculators.

Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

Employers want a financial wellness program that is expansive, engaging and suited to meet each of their employee’s unique needs and they’ve found it in Best Money Moves.

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 Benefits to Support Working Women

by Amirah Ford | May 18, 2022 | Blog

4 benefits to support working women. Female employees face unique hurdles in the post-COVID workforce. These 4 benefits can help support working women.

The COVID-19 pandemic led to an unprecedented number of women exiting the workforce. Academics and employers alike have coined the term “she-cession” to highlight this exodus, particularly women with young children

There are two key drivers behind this phenomenon, according to an International Monetary Fund (IMF) report. One driver is women work in occupations and industries that were disproportionately affected by COVID-related job losses. Driver two is, school closures forced women to choose between caregiving and their career.

Here are 4 ways organizations can support working women through this difficult period.

1. Support working women with on-site childcare or subsidies.

Amid school closures and limited daycare options, data shows that the burden of childcare has had detrimental effects on women’s employment. This is largely because societal expectations position women as the primary caregiver, even if that comes at the expense of their job. According to an IMF report, the burden of childcare accounts for 45% of the increase in the employment gap between men and women.

By offering childcare benefits like on-site daycare or subsidies, companies can help support women as both employees and working moms without the stress and costs of childcare. In fact, childcare benefits show that your company is a family-friendly employer, which can go a long way in attracting and retaining top talent.

2. Consider menstrual leave as an added health benefit.

Menstruating employees may experience menstrual health issues that can impede work performance, such as period pain and menopause symptoms. With a focus on equity and employee inclusion, companies are starting to incorporate menstrual leave into employee benefit packages.

Menstrual leave would allow employees to take time off for menstrual or menopausal symptoms, in addition to their regular vacation and sick leave. This allows employees to recover without the pressures of 24/7 productivity. Moreover, it helps foster inclusivity within the workplace and increase company-employee trust.

3. Focus on financial empowerment to support working women.

Across different indicators of financial wellness, women tend to report a lower level of financial wellness compared to men. Women employees have less access to financial advice compared to men, according to a Morgan Stanley survey, and they’re less likely to express a need for financial advice to their employers.

To promote financial wellbeing, specifically women’s financial empowerment, companies can invest in financial wellness programs and tailor them to the needs of working women. From loan calculators to money coaching, financial wellness resources can help equip women with the necessary tools to meet their personal finance goals (e.g., planning for college or learning about stock investments). Moreover, this can help address financial gender gaps, like wealth and access to advice.

4. Invest in accessible breastfeeding resources.

Transitioning back to the workplace is often difficult, and it even more challenging for breastfeeding parents. Studies have shown that breastfeeding has benefits for both parent and baby; however, most work environments don’t adequately support breastfeeding employees. This is one of many reasons why many women feel forced to choose between their jobs and caregiving.

Companies can extend support by offering breastfeeding resources. A simple way to start is by providing reasonable and protected break time for nursing employees to pump their breast milk. Some companies have even invested in breast milk delivery services, so moms can send home milk even on work travel. Regardless of the solution, it is important that company policy is implemented to protect the rights of breastfeeding employees and ensure that they don’t receive formal or informal penalties.

Attract and retain top talent with financial wellness solutions 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. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age.

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 Benefits for Employers to Retain and Attract Top Talent

by Sam Johnson | May 10, 2022 | Blog

5 benefits for employers to retain and attract top talent. High turnover creates an expensive problem for employers and stressful environment for employees. Retain and attract top talent with these 5 standout benefits.

The cost of replacing an employee can range anywhere from six to nine months’ salary, according to data from SHRM. If your team is worried about the cost of losing talent, it could be time to reevaluate your benefits strategy. According to a survey by ArmadaCare, 78% of employees are more willing to stay with their employer due to their employee benefits.

Here are the 5 best benefits to help retain and attract top talent.

1. Offer competitive, matched retirement planning options.

Retirement planning is one of the most common employee benefits offered by employers, specifically a 401(k) matching plan. According to a study by SHRM and Morgan Stanley, the most important financial wellness benefit for employees was retirement planning. The additional financial security that employees feel when their retirement needs are taken care of can help reduce stress and improve office morale. For these programs, employers don’t only receive the benefit of being more attractive to potential new hires, they can also receive tax benefits for contributing to employees’ retirement accounts.

2. Support top talent with emergency fund assistance.

One of the lingering effects of the pandemic is the reduced amount of “rainy day funds” available to employees. According to a survey by PWC, 38% of employees have less than $1,000 stowed away for emergencies. Employer-sponsered emergency savings accounts may be funded similarly to 401(k) accounts. However, the money added to the accounts does not have to stay in the account long-term and the cash taken from employee’s paychecks is taxed as income.

3. Allow flexible time-off policies.

According to a survey by JustWorks, 68% of employees felt as if flexible hours had a positive impact on their team. And, according to another survey conducted by SHRM, 80% of employees said they would be more loyal to their company if they had flexible work options.

Employees have put a high value on flexible schedules and the loss of productivity is often more than worth providing the option than having to replace employees. According to that same survey by JustWorks, 76% of employers felt that flexible hours had a big impact on their ability to attract new talent. Also, flexible schedules do not necessarily result in a lack of productivity. According to SHRM, about ⅔ of employees said they are more productive working outside of a traditional work environment.

4. Invest in top talent with employee loan assistance programs.

One of the hottest new trends in employee benefits is student loan repayments. It can be a huge bonus in attracting younger talent to a company. Assistance programs go far beyond loan repayments. Many companies offer purchasing programs that assist employees in making larger purchases such as a new computer. Employee assistance programs can go outside of directly benefitting the employee as many offer aid to immediate family members of employees or anyone living with an employee.

5. Offer your top talent personalized financial coaching.

Offering the service of financial coaches adds a personal touch to the offered benefits and lets employees know that their specific needs are met. 43% of employers offer “personalized financial counseling, coaching or planning and an additional 35% are considering adding the service to their benefits according to research by the Employee Benefit Research Institute in partnership with Mercer. According to a study by Questis, companies that welcome financial empowerment through employee benefit programs and provided access to personal finance education and coaching were able to reduce turnover by 33%.

Attract and retain top talent with financial wellness solutions from Best Money Moves.

Best Money Moves can help your employees address their financial stress and improve your retention in the new year. The program uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points. Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, help guide employees to make smarter financial decisions and reduce their overall stress.

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.

High-Earning Employees Need Financial Help, Too

by Amirah Ford | May 4, 2022 | Blog

High-earning employees need financial help, too. A six-figure salary doesn’t always translate to financial security. Here are 4 ways high-earning employees can benefit from financial wellness programs.

It’s a common misconception that a six-figure salary always translates to financial security and that high-earning employees have no need for financial wellness benefits. However, this isn’t always the case. What’s more, a good financial wellness program offers tools for those who are secure and not just at-risk employees.

Here are 4 reasons that even your high-earning employees still need financial wellness resources.

1. More money doesn’t always mean fewer financial concerns for high-earning employees.

Financial wellness means different things to different people, even those with higher-than-average incomes. However, with rising rents and record-high inflation, even a six-figure salary doesn’t necessarily guarantee financial security. Almost 20% of employees earning over $100,000 live paycheck to paycheck, according to a Willis Towers Watson survey. Living paycheck to paycheck means that termination, or even a late paycheck, can put an individual and their family at risk.

It’s important to limit broad assumptions about your team’s financial security based on pay alone. Companies can help prevent financial vulnerability through personally tailored budgeting and spending tools. These financial resources can support employees, at all income levels, toward increased financial wellness.

2. Even employees with a basic level of financial wellness want more.

A Morgan Stanley at Work survey found that even employees with a good foundation of financial wellness still admit needing help to reach their short-term and long-term financial goals.

Companies can get more specific on the financial goals of their own employees by conducting internal surveys, and then matching those needs with the right financial wellness resources. Together, this can help companies further employees’ financial knowledge and empower their financial wellness.

3. High-earning employees want three key financial wellness benefits.

According to the Morgan Stanley data, high earners were generally attracted to three financial wellness benefits:

Retirement planning (69%)
Access to financial advising (57%)
General financial education (41%)

This poll data may be surprising to some, but again, more income doesn’t mean better money management. In fact, the same Morgan Stanley poll showed that high-earning employees who are less confident about their personal finances are more likely to gravitate toward certain benefits, even those that may seem simplistic like budgeting and spending tools. There is no shame in asking for more help and with the right financial wellness program, companies can deliver such help to all employees.

4. Financial wellness can help you go beyond with company retirement matching.

Retirement planning is a priority for employees of all backgrounds; however, not every retirement benefit can be utilized by high-earning employees. For instance, companies cannot match 401(k) contributions on income above the annual compensation cap, which is currently $305,000, according to the IRS. This puts high earners at a disadvantage because their company is only matching a small percentage of their income for retirement.

Instead, according to Tom Conlon, Head of Retirement Sales for Morgan Stanely at Work, companies should go beyond the retirement match and consider equity or nonqualified deferred compensation plans, which are gaining popularity in the workplace.

Conlon emphasizes that a good financial wellness plan considers what top earning employees need, and it can be a way to stand out and retain top talent.

Looking for a financial wellness program to fit earners of all sizes? Try Best Money Moves!

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.

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