How to Build a Strong Remote Work Culture in 2021

How to Build a Strong Remote Work Culture in 2021

How to build a strong remote work culture in 2021. Remote doesn’t have to mean disconnected. Build a strong remote work culture during the pandemic. 

Two thirds  of executives feel that a physical office space is key to employee productivity, and about the same number feel employees should visit the  office a minimum of three days per week in order to maintain a distinct company culture, according to a January 2021 Remote Work survey by PricewaterhouseCoopers. But with the Coronavirus/COVID-19 still sweeping across the United States and many remote employees feeling unsafe returning to the office, it could be months before that happens

So, how can workforces maintain a strong remote work culture in 2021 if they feel a physical space is key to success? Just like remote work may not come naturally to every employee, a strong remote work culture doesn’t happen without effort from employers. Supporting your remote workforce and keeping them connected outside of the office requires intentionality and practice. 

Try these three strategies to help develop your remote work culture in 2021, regardless of how long your team is stuck at home. 

  1. Communicate deliberately and transparently with your workforce. 

In the office, quick questions and passing conversations go a long way to helping business run smoothly. At home, communication becomes more complicated and even a passing question to a coworker may require extra steps. 

Clear, consistent communication is a cornerstone of successful remote work culture. Make the avenues of communication available to your employees very clear and encourage their use as often as people need — whether that’s email, telephone or video calls, or an instant messaging service such as Slack or Google Hangouts. Actively check in with your employees and give them individual attention and opportunities to ask questions. 

It’s also important to keep your remote team up to date on company share company goals. Working alone from home can be isolating and it may be hard for an employee to stay motivated if they can’t see the bigger picture. Create a remote work culture where individual goals are aligned with the company’s needs. Team members generally work together better if they can fully understand why they’re doing what they’re doing, and how their individual actions impact the company as a whole. 

  1. Celebrate employee successes (and remember to say thank you). 

Positive reinforcement is another factor in a positive remote work culture. Employees are commonly affected by negativity bias, a behavioral phenomenon where individuals are more impacted by negative events than positive events of equal intensity. A positive remote work culture is more likely to form when employees are working towards acknowledgement for hard-won achievements, rather than in fear of being reprimanded. Additionally, pointing out personal wins on a team or company-wide scale can be a great way to encourage conversation between remote employees and connect separate team members with a common victory. 

  1. Encourage consistent work-life-balance, even while remote. 

When your office is your bedroom, the lines between your “on” hours and your “off” hours can become blurred. You leave work, but your laptop is still right in front of you. If you work ceaselessly and don’t take strong breaks, productivity is bound to decrease. 

Finding this balance is especially important during the COVID-19 pandemic. The events of 2020 have left workers everywhere dealing with significant emotional exhaustion. Many members of your team may be dealing with financial struggles, mental health issues or even personal losses related to COVID-19. Team members deserve to feel that their work matters to the organization beyond their day-to-day productivity, and that their employers are concerned with their personal wellbeing in addition to their work output. Encourage employees to work hard when it’s work time and enjoy the other aspects of their life when it’s break time. 

Ultimately, these tactics should all work together to increase your employee buy-in. When everyone feels like a team, supported and united under one vision, then the work culture will fall into place.

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

How to Increase Remote Employee Engagement in 2021

How to Increase Remote Employee Engagement in 2021

How can you increase remote employee engagement in 2021? As COVID-19 keeps workers at home, remote employee engagement strategy comes into focus for employers.

With the COVID-19 Pandemic still sweeping through the United States, many people have been working from home for almost a year with no end in sight. Over two thirds  of Americans who can work from home are continuing to do so, according to a 2021 survey conducted by Pew Research Trends. More importantly, 54 percent of those currently working from home report a desire to stay remote even after the pandemic has ended.

Remote-work employees can feel stranded and not engaged

But no employee is an island. While working from home offers employees enhanced flexibility and further protection against exposure to COVID-19, it can also pose significant challenges to remote employee engagement and communication among an unprepared workforce

How can you increase engagement among remote-work employees?

What steps can you take to increase remote employee engagement in 2021? Try these three strategies. 

1. Be intentional about non-work communication with remote-work employees.

At the office, employees talk about work, but they also make jokes, grab lunch, and stretch their legs by the water cooler. These moments may not feel immediately productive, but they’re vital for building team unity and trust. From home, casual conversations with employees are often lost, resulting in employees who feel isolated from their peers and who may be less likely to reach out to team members for help when needed.

Focus on remote employee engagement outside of a traditionally productive setting. As an employer, make an effort to not only keep your communication open to lighter commentary, but actually schedule time for employees to get together to socialize in remote or virtual spaces. Coffee breaks and happy hours can go a long way to improve morale.

2. Prioritize mental health.

According to a new report from the ExecuSearch group, “over 50% of employees reported not getting mental health support during these unprecedented times.” The report also noted that employees marked “unplugging” as the number one challenge to remote work. Consider creating a framework for employees to practice mindfulness or meditation. It’s important to find time to step away from the screen.

In any case, make sure you check in often with your employees. Don’t just ask how the work is coming along, but ask how they are doing and in what ways they can be better supported by management.

3. Support financial wellbeing.

2020 was a difficult year for everyone. While we enter 2021 hopeful for improvement, things are still not normal. The biggest stressor for many employees is the state of their financial wellbeing.  According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life. Increase remote employee engagement by creating avenues for employee financial stress.

And, don’t forget that more than half of all households lost income during the Covid-19 pandemic. Even if your employees held onto their jobs, their spouse or partners might have lost their, taken a forced furlough, or experienced a temporary or permanent pay cut.

Best Money Moves boosts remote employee engagement

Best Money Moves offers 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 800 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.

5 Financial Stress Statistics for 2021

5 Financial Stress Statistics for 2021

5 Financial Stress Statistics for 2021. These 5 financial stress statistics illuminate a growing problem in the American workforce. What can employers do to help their teams?

Almost a year after the World Health Organization declared Coronavirus/COVID-19 a public health emergency, workforces nationwide continue to feel the effects of the pandemic. But fears of getting sick aren’t the only thing keeping Americans up at night. Increasingly, studies show that financial stress is a major problem among most employees, and employers need to reevaluate the scope of the problem in order to find solutions that financially empower their teams.

Here are five fast facts about financial stress in 2021 that could be impacting your workforce:

  1.  On the whole, the American workforce is stressed out about money — often even more so than they’re stressed about the pandemic.

    According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life. Given the state of public health, this statistic reveals the gravity of financial wellbeing in the lives of individual employees.

  2. Gen Z and Millennial employees are feeling this crunch the most.

    This same survey pointed out that the younger generation in the workforce are the most stressed about their finances. A remarkable 82% of Gen Z respondents and 81% of Millennial respondents noted that their finances are at least somewhat stressful. Although it’s difficult to say what exactly is causing this disparity, two factors may be that younger generations have significant student debt and a smaller accumulated savings.

  3. The cost of medical care weighs heavily on employees.

    Forty-one percent of Americans feel that the cost of medical care is the biggest financial stressor, according to the latest CFP Board and Heart + Mind Strategies survey. Other major concerns seemed differentiated by generation. Gen Z and younger Millennial respondents marked more concern about paying rent or mortgage than older Millennial and Gen X respondents, while the older generations were more concerned with saving for retirement than younger colleagues.

  4. Most people are underprepared for financial emergencies.

    According to PwC’s annual Employee Financial Wellness Survey, 38% of all employees have less than 1,000 dollars to deal with unexpected expenses. This number jumps to 62% among Gen Z respondents and drops to 34% among Gen X respondents.

  5. Employees are shouldering this burden alone.

    The CFP Board and Heart + Mind Strategies survey also noted that 3 out of 4 respondents did not seek the help of a financial planner. Those who did saw their stress levels drop.

Bringing Financial Wellness To the People Who Need it Most 

One thing’s for sure: In one way or another, regardless of age, experience or industry, employees are struggling with financial stress. That’s why financial wellness platforms like Best Money Moves are key to improving the employee experience. 

Insightful, comprehensive and easy-to-use. Best Money Moves offers consumer-focused financial education designed to help users of all experience levels learn more about their money. More than a simple budgeting tool, Best Money Moves helps your employee educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. Plus, Best Money Moves connects employers with data they can use to help their workforces succeed by  leveraging user analytics to create individualized employee content.

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.

Improving Employee Financial Wellness in 2021

Improving Employee Financial Wellness in 2021

Improving employee financial wellness in 2021. How employers can help workers achieve their financial goals and reduce financial stress in 2021.

An incredible 85 percent of employees say they worked on their financial habits during the COVID-19 pandemic and 96 percent of them plan to continue improving their financial behaviors in 2021, according to research by NerdWallet.

Nearly 90 percent of those with financial goals for 2021 recognize current events could interfere with their plans, 53 percent are concerned about the uncertainty of the pandemic, 36 percent are worried about the effects of election outcomes and perhaps most surprising 19 percent are uncertain about having access to the best resources to help them achieve their goals.

This financial wellness month employers can help employees reach their goals and minimize the negative impact financial stress has on their business by choosing a financial wellness solution that meets their varying needs. 

Improving Employee Financial Wellness in 2021

Understanding Financial Goals for 2021

Understanding the different financial goals employees have can give employers a better idea of the tools and features they could benefit from. According to a survey by MagnifyMoney, these are the financial resolutions employees are most interested in achieving in 2021:

  • 50 percent of employees want to reduce their debt or become debt-free
  • 46 percent want to increase their credit score
  • 45 percent want to increase their savings
  • 38 percent want to save for a specific purpose (retirement, vacation, etc.)
  • 33 percent want to build an emergency fund
  • 31 percent want to stop living paycheck to paycheck
  • 29 percent want to get a higher-paying job
  • 22 percent want to create a budget and stick to it
  • 13 percent want to donate more money to charity.

As employees build on the habits they developed in 2020, it’s vital they have access to resources that can help them break these broad topics down step-by-step. Most employees (84 percent) say getting advice at work would be valuable and 74 percent say it would reduce their financial stress, according to research by Edelman Financial Engines. 

How Financial Wellness Programs Can Help

Now more than ever, the desire for financial wellness is evident. Platforms like Best Money Moves have everything employees need to improve their financial wellness and reach the goals they set for themselves.

Best Money Moves goes far beyond basic budgeting tools. Employees can educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. A team of Money Coaches, trained financial counselors, are ready to answer any remaining questions and give employees financial guidance whenever they need it. Going another step further, Best Money Moves leverages user analytics to create individualized employee content and it’s gamified to encourage consistent engagement. 

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 and sign up for a demonstration here.

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Top 4 Biggest Challenges of Working from Home in 2021

Top 4 Biggest Challenges of Working from Home in 2021

Top 4 biggest challenges of working from home in 2021. How employers can meet the challenges of remote work and help employees adapt to working from home.

Permanent remote work arrangements are expected to double from 16.4 percent in early 2020 to 34.4 percent in 2021, according to a study by Enterprise Technology Research.

But adapting to working from home continues to be a challenging process, evidenced by popular searches like “how to stay focused working from home” and “tips for working from home with kids.”

Transitioning to remote work is a massive undertaking that’s all the more complicated when it occurs overnight in response to a global pandemic. Organizations expanding remote work capabilities in 2021 must address the biggest pitfalls of working from home for a successful endeavor. 

Top 4 Biggest Challenges of Working from Home in 2021

Minimizing Distractions at Home

Distractions are plentiful at home. Employees lose focus because of family members, pets, chores, construction, their phones, televisions and so much more. It’s important to adapt a routine that’s conducive to remote work by identifying and working around major distractions. Maybe it’s as simple as setting a specific day or time to do chores, or setting up a workspace in a bedroom to avoid high traffic areas like the living room and kitchen. 

Some employees don’t have home office equipment and could be distracted by their limited setup. Nearly 65 percent of people working from home due to the coronavirus reported new physical woes including “tech neck” and lower back pain, according to findings published in the Journal of Occupational and Environmental Medicine. Employers recognized this distraction and barrier to productivity as well as wellness and allowed workers to start expensing desks, chairs and computers or instituted allowances for WiFi and phone costs

Employers should check in with employees when adapting to remote work to see how they’re adjusting to the new routine and if they have the right equipment to get the job done at home.

Supporting Mental Health and Financial Wellness

Supporting Remote Worker Mental Health

Social isolation has been linked to depression, poor sleep quality, impaired executive function, accelerated cognitive decline, poor cardiovascular function and imparied immunity, according to the American Psychological Association. Social isolation, as well as anxiety about the virus and the uncertainty of the economy are just a few of the mental health challenges employees are experiencing that could be impacting their performance or productivity at work.

Employers can help by asking workers how they’re doing in general when conducting performance check-ins and by reminding them or even emphasizing the mental health benefits and perks that might be available, like teletherapy or mental health days.

Supporting Employee Financial Wellness

Financial stress costs employers $2,169 in lost productivity and absenteeism per employee, according to research by John Hancock. Absenteeism due to financial stress more than doubled from 2019 to 2020 and 43 percent of workers spend time on their finances during work hours. 

Nearly 60 percent of employees are feeling more financial stress during the COVID-19 pandemic than before it began. Close to 80 percent are worried about economic conditions, over 70 percent are worried about not having enough retirement savings and 22 percent have dipped into their emergency savings. 

Supporting employee financial wellness in a remote work environment is all about finding the right financial wellness program for your workforce. Best Money Moves has all the tools and features employees need to assess their financial situations; budget for monthly expenses, pay down debt, plan for emergencies, save for retirement and diversify their portfolios. It has a library of over 800 articles, videos and calculators, resources that employees can use to educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes. Our team of Money Coaches, trained professional financial counselors, are ready to give employees additional financial guidance whenever they need it.

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

Creating a Connect Culture

One of the most challenging parts of adapting to working from home is figuring out how to stay connected as a team. Over 40 percent of employees struggled with group work, 28 percent had a hard time with customer interactions, 18 percent found information gathering straining and 14 percent had a tough time with task execution when working remotely during COVID-19, according to research by Ring Central. More than half of employees said their companies did not make significant attempts to help them collaborate remotely, which made collaboration more difficult than in a physical office.

Ring Central found that 34 percent of employees working at companies that foster a connected culture say they’re more productive when working from home. When asked what helped them feel more connected at work, half of employees said that frequent employee communication helps, 26 percent said enhanced collaboration tools, 24 percent said virtual happy hours, 22 percent said peer chats and 15 percent said group video games.

Employers should work with their teams and try different ways of connecting remotely to determine what works best for them.

Flexibility for Parents and Caregivers

Over 60 percent of parents agreed that the COVID-19 pandemic made the 2019-2020 school year extremely stressful for them, according to research by the American Psychological Association. Parents were challenged with setting their kids up for virtual or hybrid learning on top of adjusting to the shift to working from home. 

Employers can better support parents and caregivers by providing more flexibility, whether it’s giving them more control over what they work on, when they work or how they work. Flexibility allows people to do their jobs while wrestling with new stressors and responsibilities, such as a child’s education or caring for an aging parent.

Meeting the Challenges of Working from Home During COVID-19 in 2021

These are the four biggest challenges of working from home in 2021: minimizing distractions, supporting employee wellness, creating a connected culture and providing flexibility for parents and caregivers. But they aren’t the only challenges employers will face adapting to a remote workforce. Employers will need to digitize HR functions and rethink benefits and perks that worked well in a physical workplace (such as staff lunch, snacks, gym memberships) to create a remote employee experience that improves productivity, retention and recruitment. 

More on Topics Related to the Top 4 Biggest Challenges of Working from Home in 2021

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3 Ways to Reduce Employee Burnout in 2021

3 Ways to Reduce Employee Burnout in 2021

3 ways to reduce employee burnout in 2021. How to spot the symptoms of employee burnout and minimize its impact on your business.

An alarming 76 percent of U.S. employees are currently experiencing burnout, according to new research by Spring Health. 

“The events of 2020 put a tremendous amount of pressure on U.S. employees — especially those who are raising children or taking care of elderly loved ones,” said Dr. Millard Brown, senior vice president of Medical Affairs at Spring Health. “Burnout is extremely costly for organizations, so it’s imperative that leaders take steps now to reduce and manage burnout symptoms for their workforce.”

Employers can minimize the impact of employee burnout by spotting symptoms early and making changes in workplace culture or employee benefits offerings.

3 Ways to Reduce Employee Burnout in 2021

Spotting the Symptoms of Employee Burnout

The first step to reducing employee burnout is spotting the primary symptoms including exhaustion, feeling negative, cynical or detached from work, reduced productivity and poor work performance. Employee burnout is often reached after an extended period of high stress.

“Employee burnout can present on a spectrum,” said Dr. Brown. “At its earliest stages, burnout can be mobilized more easily. Whether it’s offering more flexible work schedules for caretakers or rebalancing workloads that have been skewed by layoffs, employers have a lot of opportunities to support their team members without sacrificing larger organizational goals. Once an employee reaches the complete burnout stage, though, recovery can become a challenging and long-term process that significantly disrupts both the employee’s life and the organization’s efficacy.”

Making Changes to Workplace Culture to Reduce Employee Burnout

Almost a third of employees experiencing burnout say that increased responsibilities at work contributed to their burnout and that reducing the number of hours spent working would help them reduce or avoid burnout altogether. Over 25 percent of employees say having a supportive and understanding manager at work would also help them to reduce and avoid burnout. 

Training supervisors to lead with empathy, spot the signs of burnout and respond effectively by supporting the employee and working to find reasonable solutions can make a huge impact in reducing employee burnout.

Making Changes to Employee Benefits to Reduce Employee Burnout

Nearly 1 in 4 U.S. employees believe that better mental health-related policies at work would help them avoid or reduce burnout. Mental health benefits can help employees reduce stress and build emotional resiliency that can help them through times of crisis, like the COVID-19 pandemic and the economic uncertainty that followed.

Another 30 percent of workers said receiving more paid time off from their employer would assist them in avoiding or reducing burnout. Paid time off allows employees to take time off when they need it, for whatever reason, and being able to split paid time off between vacation days, sick time and mental health days could help employees reduce and avoid burnout.

Employers who want to reduce the negative impact of employee burnout and get back to the business at hand should train supervisors to spot the symptoms and react accordingly by reassessing workloads and looking to changes to office culture or benefits offerings that could be advantageous.

More on Topics Related to Employee Health and Wellness 

Why Financial Wellness Is Important to Employees in 2021

Top HR Challenges in 2021 and How to Overcome Them

Managing Employee Healthcare Costs in 2021

How to Build Remote Work Culture to Support Virtual Teams

HR Trends 2021: Which Benefits Do Employees Value Most?