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3 Top Wellness Benefits for LGBTQ+ Employees

3 Top Wellness Benefits for LGBTQ+ Employees

by | Jun 7, 2023 | Blog

3 top wellness benefits for LGBTQ+ employees. Encourage pride year-round with these three top wellness benefits to support your LGBTQ+ employees.

According to a 2022 Catalyst study, almost a quarter of LGBTQ+ Americans have experienced some sort of discrimination when applying for jobs. Almost half claim to have experienced forms of unfair treatment due to their sexual orientation or identity. 

By recognizing the needs of your LGBTQ+ employees, you can empower your workforce and create a workplace culture that is more inclusive. These three top wellness benefits are key to making a tangible difference.

An important state about the financial challenges facing LGBTQ+ employees

  1. Accessible healthcare for LGBTQ+ employees.

Access to inclusive healthcare is a fundamental part of overall wellness for LGBTQ+ employees. Some progress has been made, but there are significant healthcare disparities within the LGBTQ+ community. 

A 19th News survey found that LGBTQ+ individuals are more likely to be refused medical services, blamed for their health problems and discriminated against than cisgender and heterosexual people. 

Many of the necessary medical procedures and pharmaceuticals for LGBTQ+ individuals often have exorbitant costs attached, putting them firmly out of reach for a large percentage of the community. 

For example, gender-affirming surgeries can cost up to $100,000 in total according to Mount Sinai. However, even less expensive hormone replacement therapy may still require patients to pay thousands of dollars out of pocket every month. 

By offering comprehensive healthcare benefits, you can bridge this gap and demonstrate a commitment to supporting the diverse needs of your workforce.

  1. Mental health support.

Prioritizing mental health support for LGBTQ+ employees is another key element you can use in your benefits strategy. LGBTQ+ individuals often face higher rates of anxiety, depression, and other mental health challenges due to discrimination. 

According to a US Census Bureau survey, 61% of LGBTQ+ respondents from ages 18 to 29 reported feeling symptoms of anxiety compared to 35% of non-LGBTQ+ respondents in the same age range. The same survey found similar results for depression, with nearly 50% of LGBTQ+ respondents citing symptoms.

By offering mental health benefits tailored to their needs, you can significantly improve this disparity and the well-being of your employees. These benefits may include coaching, mental health training and support groups for your team.

LGBTQ+ individuals may face unique challenges related to their sexual orientation or gender identity, including being uncomfortable expressing their identity at work. According to a 2023 Indeed survey, the vast majority of 732 full-time, adult U.S. workers who identify as LGBTQ+ have not come out to all of their work colleagues. 

Counseling services can also help employees navigate their personal and professional lives with less resistance. Creating a culture that accepts everyone ensures that employees are culturally competent creates a welcoming and safe environment for all. This includes updating policies that promote acceptable language, hiring LGBTQ+ employees into leadership roles and creating resource groups for all employees.

  1. Financial wellness initiatives to address the financial challenges unique to LGBTQ+ employees.

A healthy financial life is a major boon for all employees, but can be incredibly helpful for workers LGBTQ+ community. Economic disparities and challenges getting affordable healthcare can have a profound impact on the financial stability of LGBTQ+ employees. 

According to a 2023 LEAF Economic and Financial Survey, 57% of LGBTQ+ people reported a household income of less than $50,000 per year, compared to 36% of adults nationwide. This is also coupled with another staggering statistic — over half of LGBTQ+ people had less than $5,000 in savings, including 20% who had no savings whatsoever. 

Offering financial wellness benefits can help alleviate some of these burdens and create a more equitable work environment for your team.

It is crucial to address the unique challenges faced by LGBTQ+ employees in the workplace while creating an environment where all employees can thrive.

Attract and retain top talent with financial wellness solutions from 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 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.

4 Surprising Ways Financial Stress Impacts Your Team

4 Surprising Ways Financial Stress Impacts Your Team

by | Feb 8, 2023 | Blog

4 surprising ways financial stress impacts your team. Whether you know it or not, your team is struggling with financial stress. Here’s what you could be missing. 

Financial stress is on the rise among American workers and, whether you know it or not, your team is feeling the effects. The Thriving Wallet Survey, conducted by Discover and Thrive Global highlights startling financial health statistics and dives into the connection between workplace performance and employee mental health. 

Here are 4 surprising insights from the survey highlighting the ways that financial stress could be affecting your team.

 

1. Money is the number one cause of stress in the United States.

As the world recovers from the effects of the COVID-19 era, many managers are trying to return to “business as usual” without keying in on the longer-lasting ramifications of the pandemic. While the cause of the problem does not fall solely on employers, many employees feel as if their organizations should be doing more to assist their personal finances. A Bank of America study found that 82% of employees say employers should play a role in supporting their financial wellness. Additionally, in the same study, 97% of employers feel responsible for their employees’ financial health. While many employers feel responsible, few are making enough action towards solving the issue.

2. Over 35% of employees wish they could have a “fresh start” in regards to their finances.

While 35% of employees feel this, taking the steps necessary in order to retool their financial health can be difficult and embarrassing. Providing financial health benefits not only makes it easier for employees to access financial education, but helps destigmatize the idea of receiving personal finance assistance.  According to a recent survey conducted by Commonwealth and MetLife Foundation, 65% of workers said employers should be doing more to address financial insecurity. Part of “doing more” includes proactively taking measures to ensure the most people are comfortable participating in their benefits.

3. Ninety percent of individuals say that they are impacted by financial stress.

In a study by the Anxiety and Depression Association of America, 56% of employees reported that their anxiety and stress impacted their work performance. Stressed employees turn into distracted and unproductive employees. Providing financial wellness benefits is a mutually beneficial practice amongst employers and employees. Also, taking extra steps in order to ensure the mental health of employees can help businesses attract and retain staff.

4. Employers lose up to $250 billion dollars per year due to employees’ financial stress

With talks of a potential recession populating the front page of many major news sites, organizations should act now in order to help assuage concerns and ensure the health of their employees. Providing employees with financial health benefits not only increases the wellbeing of employees, it can also provide financial benefit to organizations. The most effective benefits strategy is to provide a comprehensive financial wellness platform that can be personalized to each employee’s unique needs.

By offering financial wellness programs, like Best Money Moves, employers can help employees manage their financial stress.

Best Money Moves is a mobile-first platform that offers personalized financial planning and coaching resources, focused on solving your employees’ pain point. The program uses artificial intelligence, along with a human-centered design, to measure employee financial stress and then dial it down with personalized solutions. Our triggers and alerts system — as well as budgeting tools, personal finance resources and more — help guide employees to make more informed financial decisions and reduce their overall stress.

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

3 Ways to Attract Gen Z and Millennial Employees

3 Ways to Attract Gen Z and Millennial Employees

by | Jun 29, 2022 | Blog

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

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

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

Gen Z and Millennial employees: Who is who?

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

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

3 ways to attract Gen Z and Millennial employees

1. Highlight flexibility and continue offering remote work

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

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

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

2. Invest in employee wellbeing and financial wellness

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

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

3. Support a healthy work-life balance

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

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

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

Need a financial wellness solution? Give Best Money Moves a try!

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. From young adults to seniors, Best Money Moves is an easy-to-use, financial wellness solution offering 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be financial planning, trying to secure a car loan or mortgage, , Best Money Moves can guide employees through the most complex financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

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

5 Advantages of Digital Benefits

5 Advantages of Digital Benefits

by | Jun 22, 2022 | Blog

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

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

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

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

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

2. Accessible data makes information management easier.

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

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

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

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

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

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

5. Digital benefits lead to increased employee satisfaction.

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

 

Real world financial guidance. Digital tools. All in the palm of your hand.  That’s Best Money moves.

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background. 

Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

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

5 Benefits to Help Employees Cope with Inflation

5 Benefits to Help Employees Cope with Inflation

by | Jun 1, 2022 | Blog

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

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

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

1. Improved Retirement Benefits

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

2. Health Care Assistance

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

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

3. Student Loan Repayment Assistance

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

4. Financial Planning and Coaching

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

5. Comprehensive Financial Benefit Packages

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

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

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

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

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

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

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