For Employees Archives

5 Easy Ways to Improve Employee Cybersecurity Around the Holidays

by bestmoneymove1 | Nov 20, 2024 | For Employees

The holiday season is fast approaching. With it comes an increase in online shopping — which could mean an increase in cybercrime. Online sales are expected to grow by 4.8% this holiday season, according to Salesforce. Cybercriminals will look to exploit the surge in digital transactions. Employee cybersecurity should be a high priority for business owners. A data breach could result in the theft of customer information, financial losses and reputational damage.

All businesses are susceptible to cybercrime. But for companies with remote workforces, the holidays present an additional challenge to ensure employee cybersecurity remains strong.

As of August 2023, over 10% of all workers in the U.S. were entirely remote. An even larger percentage adopted hybrid schedules. This shift in work environments has created new vulnerabilities as remote workers are increasingly targeted by cybercriminals. According to a study by Barracuda Networks, 46% of businesses experienced a cybersecurity incident within the first two months of shifting to remote work.

With increased online shopping and the rise in remote work, business owners must help their employees avoid cybercrime. To protect your business during this high-risk time, here are five easy ways to improve your employees’ cybersecurity around the holidays.

1: Improve employee cybersecurity by educating employees on how to protect card data

When it comes to employee cybersecurity, knowing how scams work is half the battle. Online criminals often use a tactic known as phishing. Phishing scams use fraudulent websites, emails or text messages to steal credit card details or login credentials. According to the Federal Trade Commission, the most effective way to avoid falling victim to these scams is to recognize potential phishing attempts. You want to avoid suspicious links or attachments.

Encourage employees to only use trusted websites when making purchases. They should ensure that the site URLs begin with “https” for secure transactions. Never provide personal or financial information through text or email. Training seminars on recognizing phishing scams or even simple written guides on protecting payment information can help minimize the risk to both the employee and the company and support your employees’ cybersecurity.

2: Use spam filters and security software to avoid phishing scams

Phishing attempts increase during the holidays. This mirrors the uptick in online shopping. It’s critical to put proper tools in place to defend against cybercrime. Bolster employee cybersecurity by using spam filters and advanced security software. These help block malicious emails before they even reach your employees’ inboxes.

Phishing emails are designed to look legitimate, appearing as if they are from trusted sources like retailers or financial institutions. This can make them hard to spot. Spam filters and security software help remove and flag these before they enter your inbox. Train employees to recognize common phishing techniques, such as emails from generic domains like Gmail, Hotmail or Yahoo, that include urgent requests for sensitive information.

3: Advise your employees to use strong passwords and update them regularly.

The simplest way to protect your business from cyber threats is to enforce strong password policies for any important accounts. This strategy is also one of the most effective. Employee cybersecurity improves when employees are required to create complex passwords with at least twelve characters that include a mix of letters, numbers, and special characters.

Additionally, employees should avoid using the same passwords across multiple accounts, as one breach could leave them vulnerable to data leaks from multiple platforms. Updating these passwords regularly can help ensure the privacy of your accounts if they are ever compromised. Password managers can create, store and regularly update strong passwords for you.

4: Establish emergency response procedures in the event of an employee cybersecurity lapse

While it’s important to focus on prevention, these measures may not cover everything and businesses should be prepared to act quickly if a cybersecurity breach does occur to protect employee cybersecurity.

Establishing clear emergency response procedures can help ensure that employees know exactly what to do in the event of a data breach, malware infection or other cyberattack. This should include steps such as immediately disconnecting compromised devices from the company network, contacting your IT team and standardizing protocols for recovering data. According to IBM, creating formal incident responses helped reduce breach costs by half a million US dollars on average.

Employees should check if their device seems sluggish, if their battery is draining too quickly or if their device is making strange noises. All of these factors can indicate their device’s communications are being interfered with. Taking a proactive response by having employees report any suspicious activity, even if they think it’s minor, can help prevent some cybersecurity catastrophes before they spread.

5: Upgrade your employee cybersecurity by investing in cybersecurity tools

Investing in advanced cybersecurity tools such as cyber insurance or educational tools can give your business an extra layer of protection during the holidays. To help your employees’ cybersecurity, look for tools to prioritize security and help diagnose potential email threats. Another option to consider is cyber insurance, which can cover financial losses resulting from data breaches such as legal fees, notification expenses for affected customers, system repairs and even public relations efforts to manage reputational damage.

Cybercriminals are relentlessly innovative in their pursuit of company data as cybercrime costs the world over $10 trillion. The most practical way to avoid adding to that toll is by keeping your employees educated and responsible with their computer usage.

How to Help Women Employees Build Financial Security

by Amirah Ford | Nov 14, 2024 | For Employees

Women’s equality in the workplace has gradually improved over recent decades. Yet despite this progression, female employees still face discrimination and pay disparity that threatens their financial security.

In 2002, women made about $0.80 for each $1 their male counterparts made in 2002, according to Pew Research. Today, over 20 years later, the gender wage gap of about $0.80 on the dollar persists. This makes women in the workplace disproportionately more susceptible to increased financial stress, insecurity and even burnout, compared to their male colleagues.

Learn how financial stress uniquely impacts working women and how firms of all sizes can help their female team members build financial security.

Women are less likely to be promoted, compared to their male counterparts

Across the corporate ladder, women are underrepresented at every rung. Less than 50% of entry-level positions are filled by women, according to research by McKinsey & Co., but only 28% of C-suite positions are filled by women. This speaks to a larger trend: the higher the corporate position, the less female representation within the role.

During promotion cycles, female employees are less likely to get promoted to a managerial role, compared to their male colleagues. Since women are less likely to get promoted, they are less likely to attain salary increases at the same pace as their male colleagues.

Women with marginalized identities are hit the hardest by financial stress & a lack of financial security

Women are hit hard by financial insecurity — about 25% of women say they’re struggling financially, compared to 18% of men, according to a Mercer report. But, when it comes to financial security and the workplace, not all female employees have the same experience.

In fact, women with marginalized identities (e.g., LGBTQ+ women, disabled women, women of color) are hit the hardest by financial insecurity — in addition to genderism, their marginalized identities can make it more difficult to attain equitable wages and promotion opportunities.

For instance, for every 100 men promoted to manager, about 89 white women were promoted, 54 Black women and 65 Latinx women, per McKinsey’s report. This shows how the gap in financial security between men and women widens when factoring in marginalized identities, such as race.

Match contributions can help women prepare for retirement & long-term financial security

Across the globe, women are struggling with what’s known as the gender retirement gap — the gap in retirement preparedness between male and female employees.

According to a Prudential Finance survey, when looking at individuals between the ages 55 and 75, women have about a third of the income men have set aside for retirement.

Women tend to have fewer retirement savings than men, largely due to the persisting gender wage gap — by making less money, women have fewer dollars to save for the future.

To help female employees prepare for retirement and increase their financial security, consider offering a match contribution program. For every dollar that an employee saves into their retirement account, employers match (or contribute the same amount). Over time, match programs can help women employees accelerate their retirement savings and build long-term financial security, regardless of where they are in their careers.

Caregiving benefits can help women employees fulfill both professional & personal duties

Today, women are twice as likely to take on unpaid caregiving roles than men, whether it be caring for children or an elderly loved one. For working women, caregiving and household responsibilities are almost like a second job — juggling both can lead to physical, financial and emotional stress.

To support caregivers in the workplace, companies have gradually adopted caregiving benefits, such as hybrid work models, subsidized babysitter costs or discretionary paid time off. Caregiving benefits can help women in the workplace find a better work-life balance, without having to reduce their hours or quit their job altogether.

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Holistic Wellness: 4 Benefits for a Better Plan

by bestmoneymove1 | Nov 7, 2024 | For Employees

The concept of holistic wellness is gaining traction in today’s workforce as companies recognize the value of supporting employees across multiple dimensions of health and well-being.

A holistic wellness plan extends beyond traditional benefits, focusing on a comprehensive approach to the physical, mental, financial and social aspects of an employee’s life. It aims to create a healthier, more engaged workforce by addressing employees’ evolving needs in a way that reflects company values and mission.

However, many employees feel their current benefits don’t meet their day-to-day needs, according to a 2024 Wellbeing and Voluntary Benefits Survey from HR consulting Firm Buck. Only 40% believe their company effectively supports their overall well-being and another 63% of employees said they would consider switching jobs for better benefits.

A thoroughly considered, holistic benefits plan may be the missing link to filling these gaps. The right holistic benefits not only help employers attract and retain talent but also foster a more productive and engaged workforce.

4 Holistic Benefits For A Better Plan

When employees face health challenges — whether physical, mental or financial — the resulting stress impacts not only their well-being but also their performance, engagement and job satisfaction. A holistic wellness plan can address these diverse challenges, improving workplace culture, encouraging engagement and boosting productivity.

A successful holistic wellness plan should integrate benefits that cater to various facets of employees’ well-being. Here are four core areas to consider:

1. Mental Wellness

Mental health is increasingly recognized as a critical component of employee well-being. McKinsey reports that nearly 60% of employees face daily mental health challenges, directly affecting their work performance. To address this, companies can offer mindfulness and emotional intelligence programs that help employees manage stress and improve focus. Peer-to-peer counseling and healthcare access also create support networks within the workplace, offering employees a safe space to connect and seek help. Companies have also turned to volunteer initiatives, shown to improve mental health by providing a sense of purpose, boosting happiness and increasing productivity. By providing stress management workshops and coaching apps, companies can provide employees with resources to handle stress at their own pace.

2. Physical Wellness

Supporting employees’ physical health can significantly enhance productivity and reduce workplace stress. Exercise programs and nutritional challenges are commonly used to encourage employee health. These programs have been shown to lead to healthier food choices and have been linked to reductions in stress, anxiety and depression. Companies can also incorporate sleep education into their wellness programs. Nearly 75% of employees get less than the recommended seven hours of sleep per night, according to data from Glassdoor. By promoting physical health, companies can contribute to better mental well-being, energy levels and focus.

3. Financial Wellness

Financial stress is a significant burden for many employees. Recent data from Bank of America reveals around 26% of U.S. households report living paycheck-to-paycheck. Financial wellness programs can help ease these concerns and provide long-term security for employees.

Financial coaching and savings programs can help employees better manage their current finances while also planning for the future, helping to reduce day-to-day financial stress. Programs like auto enrollment into 401(k) plans, starting with an 8-10% contribution rate and auto-escalating annually can start employees on a secure path toward retirement saving. Offering benefits such as tuition reimbursement and life insurance subsidies can be especially helpful for working parents. With a multigenerational workforce, it is ever-important to tailor financial wellness programs to the needs of employees at various life stages.

4. Social Wellness

Social connection in the workplace is more important than ever, especially with the rise of remote and hybrid work environments. According to Harvard Business Review, employees with a strong sense of community at work are nearly 60% more likely to thrive in their roles. Maintaining employees’ social wellness is a crucial aspect of maintaining holistic wellness. Even remotely, team-building activities, company-wide events and peer challenges can help employees build camaraderie and strengthen relationships with one another. Recognizing employees’ accomplishments and celebrating milestones in peer shout-outs also creates a sense of belonging and motivation in the workplace. Even in virtual settings, promoting social interaction can help employers create a positive and inclusive workplace culture.

A holistic wellness plan offers employees much-needed support in various areas of their lives — mental, physical, financial and social. By implementing such a plan, companies can not only boost productivity and engagement but also attract and retain top talent in today’s competitive job market.

Round out your holistic benefits plan with financial wellness from 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.