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3 Ways to Maximize Your Financial Wellness Benefits

3 Ways to Maximize Your Financial Wellness Benefits

by | Aug 23, 2023 | Blog

3 ways to maximize your financial wellness benefits. Financial wellness is a must-have employee benefit — learn how to maximize your financial wellness program.

Today, almost 35% of companies have financial wellness offerings for their employees, up from 25% in 2020, according to the Employee Benefit Research Institute (EBRI). Financial wellness benefits help companies help reduce attrition, attract top talent and improve the overall wellbeing of their employees.

Whether your team already offers financial wellness tools or is looking to build a new plan these three strategies can help maximize your benefits.

a surprising fact about the importance of employee financial wellness benefits

1. Supplement online tools with live, 1:1 financial guidance.

Every employee’s financial situation is unique — with a financial advisor, employees can talk through any issues they’re facing and receive personally tailored support. For some employees, live money coaching is an easier, less intimidating avenue to receive financial support than engaging with self-guided online tools. Working with an advisor can offer a more accessible avenue for receiving financial advice.  

It’s also a good idea to contract financial advisors outside of your employees’ retirement plan. Of the employers that offer financial advising, 65% of them offer this benefit through their retirement representative, according to EBRI’s report. 

While retirement providers are often a source for financial advice, they are not the preferred source for financial advice among employees. According to PWC’s 2023 report, employees of all ages say they’d prefer and trust an objective financial advisor not tied to financial products or their company retirement plan. Look for advisors who can provide objective, personalized guidance across a range of financial topics.

2. Shift toward a holistic financial wellness benefits.

Employees across different demographics suffer from different pain points. Instead of simply offering one aspect of financial wellness, like a retirement plan or student loan support, a holistic program packages multiple offerings together. Tools such as budgeting aids and loan calculators can help boost employees’ overall financial wellness and are helpful across a wide spectrum of financial situations. 

For companies unsure of where to begin with building a holistic financial wellness program, start by bundling together financial wellness benefits that are beneficial for your specific workforce. Consider: What are the main financial issues, stressors, or insecurities that your employees face? What tools and/or resources can help employees face these issues head-on?

Even if you already offer a holistic financial wellness program, companies are continuously innovating their financial wellness offerings, so it’s important to look for a program that provides new materials and tools over time. In fact, 79% of the companies currently offering financial wellness initiatives said they were encompassing more benefits, according to EBRI’s report.

3. Provide savings tools to help employees build funds for a rainy day.

While there are many forms of emergency fund or employee hardship benefits, many of the existing options rely on already-available money sources — the most common emergency fund benefit offered is withdrawals from after-tax retirement, followed by employee relief/compassion funds. The least commonly offered emergency fund benefit is rainy day funds.

However, rainy day funds allow employees to prepare for short-term emergencies without obstructing their monthly budget and finances. Today, more than 1 in 5 Americans do not have any emergency savings and cannot afford a $1000 emergency, according to a Bankrate 2023 survey. By helping employees build designated emergency savings, employers can help employees boost their financial wellness, and avoid going into debt or dipping into their retirement accounts.

Maximize your financial wellness benefits with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

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

5 Surprising Facts About Employee Financial Wellness

5 Surprising Facts About Employee Financial Wellness

by | Jul 12, 2023 | Blog

5 surprising statistics about employee financial wellness. Employee financial wellness has a big impact on employee wellbeing and productivity. Here are a few key statistics to know. 

Stress over personal finances continues to impact workers both in the home and at the office. Your workforce is suffering as a result.

In January 2023, PWC surveyed 4,000 employed U.S. adults about their personal finances and financial stress. The resulting answers reveal several alarming facts about how financial stress impacts overall employee well-being and performance.

Here are 5 of the most surprising facts from the survey — plus, what employers can do to help. 

surprising statistic about how employee financial wellness impacts productivity

5 Surprising Statistics About Employee Financial Wellness

1. Employees are losing sleep over their financial situation.

In the past year, 56% of employees said that their personal finances had a negative impact on their sleep. Another 55% of employees said that their finances had a negative impact on their mental health. The most startling aspect of this fact is that these numbers are higher than during the height of the pandemic. 

Stress has long been linked to physical ailments including insomnia, anxiety, restlessness and irritability — all of which may contribute to negative employee outcomes including lowered engagement and increased absenteeism. Targeting financial strain may actually help improve an employee’s overall wellness.

2. Financially stressed employees are more distracted at work and more likely to seek another job.

Among financially stressed workers, only 54% said that they felt a future at their current position compared to 69% amongst those who are not financially stressed. Additionally, financially stressed employees are twice as likely to be actively seeking a new position. Only around half of financially stressed employees report seeing a future with their current employer. 

One of the bigger causes of stress for employees is organizational change, showing that stability throughout an organization company can pay dividends down the line. One way to reduce employee turnover is to curate a company culture that fosters employee resilience, even through times of financial uncertainty. Look to provide tools that address employee stress head-on and talk to your employees openly about the importance of financial well-being.

3. Cost-of-living is outpacing employee earnings.

59% of employees say that their salaries are not keeping up with the cost of living expenses. What’s more, the financial tools provided by their employers aren’t enough to bridge the gap. Most financial wellness benefits are geared toward future goals, such as building savings or retirement. While these can be helpful for long-term planning, they miss the mark for employees who are struggling with day-to-day expenses.

Twenty-eight percent of full-time employees report running out of money between paychecks. In addition to long-term help, employees need financial wellness benefits that address day-to-day financial challenges. Look for wellness solutions that can provide budgeting and debt repayment options in addition to planning for future goals. The right solutions can help your team avoid living paycheck-to-paycheck.

4. Employee performance consistently suffers as a result of financial stress.

Financial stress is a major distraction — 56% of employees admit to spending three or more work hours per week dealing with issues related to their finances. Data suggests that these stressed employees are also less engaged with their work overall.

One of the best ways to combat distraction is to provide financial wellness solutions that are personalized for each employee. Look for tools that cover a wide range of financial wellness topics, whether or employees are looking for help budgeting, saving, paying down debt or something in-between. Selecting tools with in-depth personalized advice can cut down the amount of time employees spend looking for help while still on the clock.

5. Employees are increasingly looking towards their employers when searching for help with their personal finances.

Some good news among more worrisome data: 74% of employees seek financial assistance when facing financial decisions, crises or life events. 

Additionally, the stigma of asking for help with your finances has decreased. According to PWC data, 33% of employees said they would be embarrassed to ask for assistance compared to 42% in 2019. Push that number down even further by openly promoting your benefits offerings around the office, so that employees know help will be available when they’re ready to ask for it.

Best Money Moves could be the solution you need to support your employees.

Best Money Moves is a mobile-first 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 well-being. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age, right from their mobile phones.

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.

What is Financial Anxiety? Is Hidden Stress Hurting Your Team?

What is Financial Anxiety? Is Hidden Stress Hurting Your Team?

by | Jul 12, 2023 | Blog

What is financial anxiety? Financial anxiety is a huge pain point for many workforces. Here are 3 strategies to help combat financial anxiety at work.

Worrying about finances is becoming more commonplace among employees. According to the Mind over Money survey by Capital One and The Decision Lab, 77% of Americans report feeling anxious about their financial situation. With financial anxiety comes decreased productivity and increased absenteeism.

Whether your employees are stressing about bills or struggling with saving, taking steps to curb financial anxiety is essential to getting the most out of your workforce.

a surprising statistic about Americans suffering from financial stress

What is financial anxiety?

Financial anxiety is a term used to describe the stress associated with a person’s monetary obligations. Debt, lack of savings, unexpected expenses or job loss are all major causes of financial anxiety.  People dealing with these issues may have further challenges in the office and their lives at home. 

In fact, according to a Bankrate survey, of the respondents who claimed money was a stressor, 29 percent said they worry about it daily.

Financial anxiety is also directly linked to a host of issues that affect employee productivity and well-being. Reduced engagement, lower retention and mental health issues round up the most concerning problems related to financial anxiety.

And, according to a PwC survey, financially stressed employees are nearly five times as likely to admit personal finance issues have been a distraction at work.

Creating a space to address the root causes of financial anxiety is essential for developing a supportive work environment. Here are 3 strategies you can use to address financial anxiety.

Take stock of your employees’ needs

Financial anxiety looks different for everyone. For example, some in your workforce might be prioritizing learning how to budget effectively, while others might be more worried about their retirement plan. 

According to the same Bankrate study, 56% of respondents claimed emergency savings was the issue at the top of their minds. If you find a similar trend with your employees, providing training in that area could be a first step.

No matter how it takes shape, creating a strategy that touches all of your employees’ most pressing concerns is key to making a tangible difference in their lives.

Revise your benefits strategy to target financial anxiety

Unfortunately, employees who don’t know about the benefits they already have are not going to take advantage of them.

According to MetLife, almost 35% of employees do not understand their benefits as they are presented. 

You could have a winning strategy, but it might not be transparent enough to a large section of your workforce. If this is the case, try being more upfront about the benefits you offer and how they can specifically help. This could mean devoting time to explaining your programs through events and consistently communicating to employees what you offer.

Once employees learn how your wellness benefits can solve their financial needs, they are more likely to use them.

Provide comprehensive financial benefits

One of the best ways to support employees dealing with financial stress is to offer a robust financial benefits package. A program that provides quality information, personalized advice and one-on-one coaching is key to getting your workforce the help it needs. And this is consistent across all industries. 

According to a 2022 Bank of America survey, 80% of employers said offering financial wellness assistance can result in more satisfied, loyal, engaged and productive employees.

A financial wellness program is the backbone of any strategy used to support employees, especially one that looks to curb the effects of financial anxiety.

Looking for a financial wellness program fit for all? Try Best Money Moves!

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

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

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

3 Unique Challenges Facing Women in the Workplace

3 Unique Challenges Facing Women in the Workplace

by | Jul 12, 2023 | Blog

3 unique challenges facing women in the workplace. Women in the workplace face many unique challenges compared to their male coworkers. What steps can you take to improve the experience of your team?

Although women in the workplace have come a long way in the fight for parity, employees still face many unique challenges compared to their male coworkers. This year, in Deloitte’s 2023 Women @ Work report, Deloitte shares several powerful insights into women’s unique challenges at work.

We’ve highlighted our top three takeaways from the survey, along with 3 solutions to promote equity and inclusion for all members of your team.

surprising statistics about Women in the workplace

1. Over 50% of women in the workplace struggle with their mental health

Mental health in the workplace looks very different today than from pre-pandemic times — companies provide increasingly more support and open discussion about the importance of mental health. However, despite this progress, more than half of women say they’re concerned about their mental health. 

On top of chronic stress and burnout, women increasingly report that they don’t feel like they can turn “off” from work (60% per Deloitte’s report). This means that in moments where female employees are supposed to be “off” or unplugged from work (e.g., time off, vacation, break time, etc.), there’s a looming pressure to be plugged into work (often by checking emails, replying to direct messages or even actively working or projects). Without having time to turn off and unplug, women’s well-being and overall productivity become at risk. 

Having the opportunity to rest and recharge allows employees to show up as their best selves. Managers, executives and HR professionals alike can support employees’ mental health by finding ways to ensure protected time off. For instance, when an employee is granted time off, ensure there are systems in place such as effective project management, balancing workloads or even looping in additional support resources.

2. Women with menstrual health and menopausal challenges suffer in silence.

The lack of open dialogue around women’s health has caused many of them to suffer in silence, including in the workplace. About 40% of women with menstrual health challenges report that they work through their pain and ailment, as opposed to speaking up and requesting time off. This is largely because of the prevailing stigma and lack of support around women’s health, especially in the workplace. 

For the few women that did end up taking time off and disclosed menstrual health or menopause as the reason why, several expressed that they did not receive the appropriate support from their employer, according to Deloitte’s findings. About 5% of the women surveyed say this lack of support was a contributing factor in them leaving their employer.

Supporting women’s health and well-being may require companies to revisit and update policies around sick leave and/or personal days. For instance, it may be beneficial to change the language in your corporate handbook to explicitly include menstrual and menopausal health as valid reasons to take sick time and/or a personal day. This can extend inclusive and equitable support for any women and non-binary employee dealing with menopausal and menstrual health challenges.

3. About 60% of women in the workplace worry about financial security

A leading worry among women in the workplace is financial security — according to Deloitte’s report, about 60% of women cite money as a top concern. And financial stability and security is an even greater worry among women of color.

There are several factors behind women’s financial stress and worry — first, women tend to earn less wages than men for the same work (and women of color earn even less than their white peers). On top of the gender wage gap, many women feel the need to prioritize their partner’s career over their own — largely because their partner is the breadwinner.  Regardless of a person’s financial standing, financial stress can affect anyone — but with the right tools and resources, financial stress can be addressed and dialed down.

One way companies can help women improve their financial wellness and security is by offering targeted financial wellness benefits. One of the first places employees turn to for well-being support is their place of work. By offering a robust financial wellness program, companies can support women employees toward improved financial well-being and security. Moreover, these benefits can empower women employees to confidently manage their finances and improve their financial well-being.

Looking for a financial wellness program fit for all? Try Best Money Moves!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

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.

What is Company Culture? (And How to Make Your Team Feel Valued)

What is Company Culture? (And How to Make Your Team Feel Valued)

by | Jun 20, 2023 | Blog

What is company culture? (And how to make your team feel valued). Company culture is a key component of a successful workplace. Here’s how to cultivate a culture that will make your team feel valued. 

A strong company culture is a driving factor in keeping your employees motivated at the office. According to a recent survey by Eagle Hill Consulting, 74% of American workers said that having a strong company culture positively impacts efficiency and productivity.

As an employer, it’s important to know what company culture is and to recognize the best ways to foster a collaborative work environment. Here are 4 great ways to improve company culture and get more out of your employees.

a surprising statistic about employees wanting financial wellness tools and how it can benefit company culture

What is Company Culture?

Company culture refers to the shared ideas, values, standards and behaviors regarding how a workplace operates. Culture is developed among all members of your team — from C-suite executives to your newest hires. How are things done around your workplace? How do your employees communicate with one another? How are employees recognized, promoted or terminated? Are key organizational decisions made? The answers to all of these questions make up your organization’s culture.

Company culture plays an important role in how current and potential employees feel about your workplace. According to a 2018 study by Robert Half Talent Solutions, 35% of employees would turn down a role if the role was a perfect fit but the culture wasn’t. Additionally, another survey conducted by Glassdoor found that 71% of employees would leave their current role if their current company culture deteriorated.

Employers who recognize the importance of company culture can refine their workplace to gain a crucial leg up in hiring and retention.

4 Ways to Build a Culture that Validates Your Team

If you’re looking to build a stronger workforce, start by curating a strong company culture. These four strategies are key. 

1. Curate strong leaders to promote deeper employee connection

Setting the tone of the office starts at the top. A leader, whether of a small team or of an entire organization, is in a unique position to motivate and support their employees affecting a large portion of the company. According to O.C. Tanner’s 2019 Global Culture Report, having a leader who is an active mentor led to a 102% increase in feeling motivated and a 76% increase in employees feeling connected with their leadership. Creating a deeper bond with co-workers makes it easier to elevate the employee experience.

2. Be flexible with the members of your team

Employees increasingly want control over their schedules and the amount they work from home. Outside of the daily schedule, employees respond well if they know they can take time for themselves to deal with a wide range of problems from sudden tragedies to mental health concerns. When surveyed by Deloitte, over 94% of respondents felt that flexibility would be beneficial to their workplace performance, citing improved mental health outcomes and a better work/life balance. In the same survey, over 30% of respondents said that flexibility would improve their overall job satisfaction and another 30% felt it would increase their productivity overall.

3. Identify and celebrate key contributors

Recognition can come in many forms from financial to social. The main point here is to create some sort of reward system that can help motivate employees and band people together. According to that same study by O.C. Tanner, 78% of employees said they are highly engaged when working for a company that has strong recognition compared to 34% of employees who are highly engaged when working for a company with weak recognition. It’s important to keep this competition friendly, which in turn can help bolster interoffice relationships.

4. Provide essential and holistic workplace benefits

Providing a holistic financial wellness program sends a message from employer to employee that their needs both in the office and at home are important. According to ADP, 75% of employees want to work for a company that cares about their financial well-being. Problems at home can often trickle into the office, affecting workplace mood and productivity. Addressing these issues makes it easy to build a healthy company culture with a team of workers who know their employer cares about them on all levels, not just professionally.

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

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

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

Student Debt Relief: 3 Financial Wellness Benefits to Support Employees With Student Loans

Student Debt Relief: 3 Financial Wellness Benefits to Support Employees With Student Loans

by | Jun 20, 2023 | Blog

Student debt relief: 3 financial wellness benefits to support employees with student loans. Many employees struggle to manage their student debt. These 3 wellness benefits can help. 

In summer 2022, the Biden administration announced its one-time student loan relief program, intended to cancel student debt for Pell Grant recipients and middle-class families. However, with ongoing litigation, the program has been blocked, leaving borrowers unsure whether they’ll receive up to $20,000 in relief or not.

Regardless, many student loan payments are set to potentially resume in 2023 and many borrowers still have remaining debt that needs to be paid off. According to a CNBC poll, most Americans feel stress and mental anguish when it comes to their student loan debt (60%). Learn how companies can help employees manage their student loan debt and dial down their overall financial stress.

important statistic about how employees are impacted by student debt

3 financial wellness benefits to help employees tackle student debt:

1. Scenario planning

Employees are increasingly worried about inflation — over 40% of employees say inflation has recently had a detrimental impact on their finances, according to PwC’s 2023 Financial Wellness Survey. With talks of a potential recession, focusing on what may or may not happen can cause employees’ fears and worries around finances to increase.

Scenario planning helps employees see how their budget will change amid different “what if” scenarios. For instance, employees can see how their finances may change if inflation continues to rise — they can also gain insight on how their loan repayments may change with or without the student debt relief program. Rather than thinking hypothetically, with scenario planning, employees can address financial uncertainty, make well-informed decisions and dial down their financial worries and stress.

2. Budgeting tools and calculators

Many borrowers haven’t paid their student loans since March 2020, when the U.S. government commenced the Covid-19 student loan repayment pause. There’s a strong likelihood of student loan repayment resuming this year and employees may need help re-integrating their loan payments into their monthly budget — online tools like budgeting calculators can help with this.

With budgeting tools, employees can manage student loan repayments and other expenses, digitally, all from their phone. Budgeting calculators can help employees put in perspective how much money is coming in versus how much money is going out. These insights can identify areas where employees can scale back spending and increase saving. Moreover, 52% of employees prefer digital financial wellness tools, including budget calculators, according to Bank of America’s 2022 survey, given their ease of use and accessibility. 

3. One-on-one financial advisors

Juggling short-term and long-term financial goals can be overwhelming. Some employees have trouble deciding how to best allocate their money across various goals, like saving for retirement while balancing student loan payments. Over 80% of people with student loans say they delayed key life milestones to pay off student loan debt, according to CNBC’s poll. And about 40% of student loan borrowers say they’ve delayed saving for retirement due to looming student debt. 

For some employees, having personalized financial advising can help them manage short-term financial goals alongside their long-term financial goals. Student loans, for example, is a long-term debt that likely involves some long-term planning. A financial advisor can help employees gradually work toward their long-term financial goals, without losing sight of short-term goals, like paying rent on time or saving for a trip. Moreover, as employees’ financial situations change, a financial advisor can provide guidance on how to best navigate such changes.

To help employees get the most out of their financial wellness benefits, consider bundling benefits together. For instance, giving employees access to budgeting tools and financial advisors can allow them to leverage both for improved financial wellness. Plug-and-play budgeting tools can be used to answer one-off questions and for more in-depth guidance, employees can speak to a financial advisor. Moreover, financial advisors can help employees learn how to best utilize calculators and other financial wellness tools for their personal financial situation.

Looking for an easy-to-use financial wellness program to target employee student debt? Try Best Money Moves!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stress. 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.