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For Retention, Reducing Financial Stress is Key

For Retention, Reducing Financial Stress is Key

by | Sep 15, 2021 | Blog

For retention, reducing financial stress is key. Financial stress is a major but often overlooked factor to employee turnover. So, financial wellness initiatives can be invaluable retention tools.

Turnover is a major problem for employers — and it’s getting worse. In June alone, 3.9 million U.S. workers quit their jobs. More alarming, 65 percent of employees surveyed by PwC in August of 2021 stated they were looking for a new job. 

In addition to the challenges of losing top talent, turnover is highly disruptive due to the time and money it takes to train new hires. The Society for Human Resource Management (SHRM) estimates that the average replacement cost of a salaried employee is six to nine months’ salary. That means that an employee earning $60,000 per year costs around $30,000 to $45,000 to replace. 

So, how can you increase employee retention? One answer is financial wellness.

What is employee financial wellness?

Stress is a top reason employees leave their jobs, according to recent research by iHire, and financial stress is an under-recognized part of that picture. So, putting your efforts towards reducing financial stress can help keep people on at your company longer. Per the American Psychological Association’s 2020 Stress in America report, 63 percent of adults say their finances are a significant source of stress, a major jump from the previous year, when just 46 percent said the same. 

The COVID-19 pandemic has increased financial stress — 62 percent of those in households that experienced job or wage loss since the outbreak began told Pew Research Center that the economic impact of the pandemic will make it harder for them to achieve their financial goals. COVID’s ongoing impact on the economy and the world at large make it all the more important to start thinking about how your company can commit to employees’ financial wellness now. 

Incorporating financial wellness into employee benefits’ packages is not only desired — 87% of employees want help when it comes to personal finance, according to PwC — but also a proven solution. Financial wellness programs improve overall health and well-being, leading to lower stress and lower healthcare costs. Plus, employees say it keeps them sharper at work: 6 in 10 say they are more committed to their employer and more productive when employers demonstrate a commitment to their financial wellness, Prudential found last year.

Finding financial wellness solutions that work

According to research conducted by FinFit between 2018 and 2020, when organizations offered financial wellness assistance, there was a nearly 20 percent increase in employee retention across salaried and hourly employees, $1,855 annual turnover cost-savings per employee and nearly $2 million saved annually for every 1,000 employees. 

When it comes to actually implementing financial wellness benefits for your employees, programs like Best Money Moves can help. Best Money Moves 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, guide employees to make smarter financial decisions and reduce their overall stress, which in turn, can help improve your company’s retention rates.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

What Are the Deadlines for Open Enrollment 2022?

What Are the Deadlines for Open Enrollment 2022?

by | Sep 7, 2021 | Blog

What Are the Deadlines for Open Enrollment 2022? Open enrollment for 2022 is just around the corner. Here are the deadlines and exceptions to know. 

As fall approaches, so does open enrollment — the annual period where most Americans enroll in a health insurance plan for the upcoming calendar year. 

With the COVID-19 pandemic far from over, health insurance remains more important than ever. So, whether you’re insured through your employer or venturing into the insurance marketplace on your own, it’s vital to know how and when to obtain coverage.

Below, we’ll outline all the important opening and closing dates for the 2022 period, as well as any extensions or exceptions.

When is open enrollment 2022?

For health coverage that starts January 1, 2022, nationwide open enrollment begins November 1, 2021 and ends December 15, 2021.

However, the Centers for Medicare & Medicaid Services have proposed extending the deadline 30 days, through January 15, 2022. Even if this extension is passed, residents in most states will still need to enroll by December 15 in order to have coverage by January 1. 

There are also some states and areas that have different dates from the above: 

  • California: October 15, 2021 through January 31, 2022 
  • Colorado: November 1, 2021 through January 15, 2022
  • Connecticut: November 1, 2021 through January 15, 2022
  • Idaho: November 1, 2021 through December 31, 2020
  • Massachusetts: November 1, 2021 through January 23, 2022
  • Minnesota: November 1, 2021 through December 22, 2021
  • Nevada: November 1, 2021 through January 15, 2022
  • New Jersey: November 1, 2021 through January 31, 2022
  • New York: November 1, 2021 through January 31, 2022
  • Pennsylvania: November 1, 2021 through January 15, 2022
  • Rhode Island: October 15, 2021 through December 31, 2022

Washington DC: November 1, 2021 through January 31, 2022

Other Dates and Special Enrollment Periods

Medicaid and CHIP. Open enrollment for Medicaid and the Children’s Health Insurance Program (CHIP) is year-round for those who qualify. 

Native Americans. Members of federally recognized tribes and ANCSA shareholders are eligible to enroll year-round. 

Qualifying Events. There are a few life events that can qualify you for a special enrollment period if anyone in your household has experienced them in the last 60 days.   

  • Marriage
  • Having a baby, adopting a child or placing a child for foster care
  • Getting divorced or legally separated and losing health insurance (Divorce or legal separation without losing coverage doesn’t qualify you for a special enrollment period)
  • Death of someone on your plan (this qualifies you for a special enrollment period if the death results in you being no longer eligible for your current health plan)
  • Changes in residence: 
    • Moving to a new home in a new ZIP code or county
    • Moving to the U.S. from a foreign country or U.S. territory
    • If you’re a student, moving to or from the place you attend school
    • If you’re a seasonal worker, moving to or from the place you both live and work
    • Moving to or from a shelter or other transitional housing
  •  Loss of health insurance

COVID-related. In light of the ongoing COVID-19 pandemic, there was also a nationwide special enrollment period for obtaining 2021 coverage that ended on August 15. For some of the states that run their own open enrollment, though, these special periods are ongoing. 

  • California: Through December 31 for uninsured residents and those switching from off-exchange to on-exchange coverage.
  • Connecticut: Through October 31
  • DC: Through the end of the pandemic emergency period
  • Minnesota: Minnesota’s special enrollment period for COVID ended in July, but those who have received unemployment compensation in 2021 can still enroll
  • New Jersey: Through December 31
  • New York: Through December 31
  • Vermont: Through October 1 for uninsured residents 

For more information and updated information about the open enrollment period, refer to healthcare.gov. 

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Reasons Employees Are Quitting Post-COVID-19

4 Reasons Employees Are Quitting Post-COVID-19

by | Aug 31, 2021 | Blog

4 reasons employees are quitting post-COVID-19. The U.S. has seen unprecedented numbers of employees leaving their jobs after the pandemic. Here are 4 leading causes spurring employee turnover.

The COVID-19 pandemic has been a period of incredible change, and it’s not over yet – an unprecedented number of employees are quitting their jobs.

At Quartz, Tim Fernholz writes that “the U.S. economy is currently experiencing the highest rate of workers quitting their jobs that we’ve seen in the last two decades.” A record 4 million people quit their jobs in April 2021 alone. Why? 

Let’s unpack the leading causes, and list some steps you can take to stop your best talent from leaving.

1. Employees are feeling the need for higher compensation.

In 2018 and 2019, workers were already quitting jobs at record rates.  Job satisfaction was also already low, especially among low-wage earners. These trends are motivated largely by compensation and benefits. 

But the problem of compensation can be traced further back, before even the 2008 financial crisis. Real wages in the United States have stagnated since the late 1970s. In the meantime, while consumer good prices – things like televisions or new sedans – trend low, costs associated with food, healthcare, childcare, and housing have skyrocketed. 

This problem has only been exacerbated by COVID-19. In the pandemic’s chaos, many people have assumed greater financial burdens, struggling with expenses related to child care, healthcare, debts, and ill family members. Many employees now look in toward the future, anxious about contingency costs, or inevitables like long-term care and retirement. 

This point may be the simplest and most effective: pay your employees competitive earnings and benefits to keep them feeling stable and supported, even in times of uncertainty.

2. Employees have grown accustomed to the flexibility available throughout the pandemic.

A Harvard Business School survey shows over 80% of workers who worked from home during the shutdown “either don’t want to go back or prefer a hybrid schedule.” While many startups and offices already sprinkled “work from home” days as an enticement or luxury, remote work is now the preference for many employees.

Material conditions motivate this demand for flexible scheduling. Many workers who are quitting are women, seeking jobs with more compensation and scheduling-autonomy for childcare needs. More time at home has re-taught many to value work-life balance.

If your employees have been fulfilling their work demands even while remote, consider extending flexibility beyond the pandemic. Talk to your staff and aim to negotiate reasonable hybrid-work schedules based on employee needs. 

3. Post-COVID-19, employees are upskilling and ready for change.

Many Americans who’ve quit (or remained on unemployment) are “upskilling,” or pursuing educational programs, such as online certificates or part/full-time college enrollment, with eyes toward new sectors of the economy. 

4. Americans are dealing with long-term burnout from the COVID-19 pandemic.

Though most people have gradually “gotten used to” a COVID world, people remain burnt-out, fatigued. As vaccination rates increase, workers will find they want to change careers, work less, or perhaps just take the time to process the trauma of recent history.

Employees’ access to mental health benefits should be kept strong. Again, allowing for remote flexibility and occasional paid time-off makes a staff feel supported.

Ultimately, it’ll take years of data to understand COVID-19’s impact on the labor market and the lives of those in it. Some jobs are essentially gone for good. For now, employers and HR managers would do well to accommodate their employee’s shifting needs in the wake of a long public health crisis.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

The 3 Best Benefits for a Multigenerational Workforce

The 3 Best Benefits for a Multigenerational Workforce

by | Aug 18, 2021 | Blog

The 3 best benefits for a multigenerational workforce. In a multi-generational workforce, it can be difficult to find employee benefits that address the needs of every employee. This article highlights the top 3 benefits that work well for multi-generational teams.

It’s no secret that employees of different generations expect different kinds of support from their employers. A gen Z employee, fresh out of college, is going to have significantly different challenges than a millennial or gen X employee who’s balancing work and childcare. Meanwhile, older employees will have greater concerns about retirement.  

Multigenerational workforces pose a unique challenge for employers and HR teams: How do you build a benefits package that’s equally attractive to all members of your workforce, when your team members are at radically different stages of their lives? The answer involves big ideas, realistic expectations and room for nuance.

Here are the three benefits to satisfy all members of your multigenerational workforce. 

1. Accessible and comprehensive health benefits

Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits. Health Insurance is especially useful for a multigenerational team because it’s applicable to individuals of all ages and situations, even those who are otherwise healthy individuals. 

In addition to standard group health insurance, you might consider offering your team access to a health savings account, or HSA. An HSA is a specialized savings account that lets you aside pre-tax funds for later use on qualified medical expenses. HSAs can allow employees additional flexibility in covering significant health expenses. 

2. Widespread flexibility and emphasis on work/life balance

The same Fractyl study found one other consideration to be equal to health benefits. Almost everyone takes flexibility into account when weighing jobs. An equivalent 88% of respondents said they would give “some consideration” or “heavy consideration” to a job with more flexible hours, even if it is lower pay. What’s more, flexibility has never been more important to employees than it is now, in a workforce still recovering from the effects of the COVID-19 pandemic. Research consistently supports the pivot to remote and hybrid work models and many workforces are expected to pivot to full remote and hybrid models in the months to come.

3. Holistic financial wellness that can target individual employee needs

Multigenerational teams need benefits that work for employees of all ages, and regardless of what life phase employees might be in, there’s always a need for financial wellness. Whether your employees need to pay off student loans, manage their daily finances, plan for their retirement or something in-between — all employees deal with financial issues. Financial wellness platforms are a strong way to appeal to a variety of demographics with different needs. 

To learn more, check out this article and consider Best Money Moves:

Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

Combat COVID-19 Burnout With These 3 PTO Strategies

Combat COVID-19 Burnout With These 3 PTO Strategies

by | Aug 11, 2021 | Blog

Combat COVID-19 Burnout With These 3 PTO Strategies. PTO benefits can be an important weapon in fighting widespread pandemic burnout. Try these three strategies to encourage PTO use.

The quickest short-term solution to employee burnout is rest. Yet, even before the COVID-19 pandemic, American workers have a history of not taking full advantage of their PTO. In 2018, there were 768 million unused vacation days according to the US Travel Association – that’s an average of 6.5 days for every full time worker.

Even though burnout has increased dramatically during the pandemic, PTO use has actually  decreased overall, according to data from Deloitte. Paid days off are a vital part of healthy work life and can help keep teams feeling focused, connected and motivated to work. So why aren’t employees taking them? The problem is part culture and part policy. 

Let’s break down three strategies to combat COVID-19 burnout by encouraging PTO.

1. Make PTO a mandatory part of office life.

One of the things that makes wasted PTO so prevalent is that workplace culture often rewards employees who sacrifice their own rest. This mentality, also labeled “workplace martyrdom,” encourages the mindset that the whole office takes a hit with one team member missing. Employees then feel a sense of guilt, denying their own need for a break, which in turn causes burnout. By making PTO mandatory for your team, you remove the idea that rest equates laziness or selfishness on the part of your employees. Instead, build a culture where breaks are a necessary and encouraged part of an employee’s job.

2. Separate vacation and sick days to discourage employees from working through illness in favor of vacation time.

According to XpertHR’s Paid Leave Survey 2021, 41% of paid leave plans are PTO bank plans. In these plans, most or all paid leave is bundled together for non-distinguishable use. This forces employees to pit their health against their vacation. This doesn’t make much sense and sometimes leads employees to come in sick in order to save vacation days. Not only is this obviously a health risk, but it also encourages all sorts of mental gymnastics that detract from an employee’s wellbeing.

3. Rollover unused PTO days and encourage employees to use them quarterly.

Not all employees operate on the same schedule. Allow employees the flexibility to plan their time off in a way that works for them. Instead of having their vacation days wiped at the end of the year, they can utilize them in individual ways. Although this doesn’t solve every part of the problem, it adds value to off days and gives employees more agency.

Time off can look a variety of ways. Whether it’s a minimum per year, a company-wide “holiday,” or incentivized PTO, it’s critical that employees feel that their boss actively wants them to take time off. If being a workplace martyr is motivated by a desire to demonstrate dedication to the company, the key is switching the framework to signal to employees that sometimes dedication to the company can look like making sure you bring the best version of yourself to work every day. That isn’t possible without rest and self-consideration.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

5 Ways to Help Employees Reacclimate to the Office

5 Ways to Help Employees Reacclimate to the Office

by | Aug 3, 2021 | Blog

5 ways to help employees reacclimate to the office. The COVID-19 pandemic saw millions begin working remotely and many employees are stressed about returning to the office. What can employers do to help?

After months of fine tuning their return-to-work strategies, many organizations are finally making the move back to in-person offices. However, not all employees are happy about it. A May 2021 survey of 1,000 adults found that 39% would consider quitting their jobs if employers weren’t flexible about remote options.

Teams might benefit from working in-person, but that doesn’t mean that letting go of remote work is easy for employees. Many members of your team are likely to dread being back at the office, or struggle to adapt to another new normal. So, how can teams and managers help employees reacclimate to the office? 

These five strategies could be the way to go. 

1. Be transparent about your motives for in-person work.

Any time your organization undertakes a big shift in strategy, it’s vital that your team stays informed about the change. Uncertainty can be breeding ground for anxiety and confusion. Even if the reasons for returning to the office seem obvious to you, be sure to explain your rationale. Highlight the benefits of in-person work and be sure to emphasize any individual benefits to the employees. You’ll likely ease some people’s anxiety, and establish a better connection when everyone is on the same page.

2. Don’t ignore how employees are feeling about the shift.

While explaining yourself as a leader is valuable, listening to the people who follow you is even more important. If everyone on your team is ecstatic about seeing each other again, then you know you’re in for a smooth transition. But, if not, your anxious employees will feel so much more supported if they’re given the opportunity to voice their concerns. Allow room for feedback and reactions to this big decision. You might even consider an anonymous survey to encourage honesty from anyone who is less likely to speak up publicly.

3. Foster transparency in your organization in order to make the work your employees do feel meaningful.

Research from the Harvard Business Review discovered that employees tend to trust our top public health experts when it comes to reentry timelines. It also showed that fewer than one in 10 employees would feel safe returning to the office on the word of their employer alone. Make sure every decision you make is in accordance with health guidelines from the CDC and state health departments.

4. Continue to prioritize employee mental health.

According to a CDC study from August 2020, 40% of US adults reported struggling with mental health or substance abuse in late June of last year. Although we’ve come a long way with vaccinations, the pandemic is not over. The value of mental health support has always been high, and a period of transition only amplifies the need for strong resources. If you plan to return to the office, keep mental health top of mind. 

5. Be empathetic to the concerns of your team.

Ultimately, a lot of comfort is inspired by not only what you say, but how you say it. It’s been a difficult period for almost everyone in the country. People react to things differently, but we’ve all experienced a collective trauma with this pandemic. The best thing you can do is be kind and patient. The best way to achieve personal growth for your employees with company goals, is to work together.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.