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4 Benefits to Support Working Women

4 Benefits to Support Working Women

by | May 18, 2022 | Blog

4 benefits to support working women. Female employees face unique hurdles in the post-COVID workforce. These 4 benefits can help support working women.  

The COVID-19 pandemic led to an unprecedented number of women exiting the workforce. Academics and employers alike have coined the term “she-cession” to highlight this exodus, particularly women with young children

There are two key drivers behind this phenomenon, according to an International Monetary Fund (IMF) report. One driver is women work in occupations and industries that were disproportionately affected by COVID-related job losses. Driver two is, school closures forced women to choose between caregiving and their career. 

Here are 4 ways organizations can support working women through this difficult period.

1. Support working women with on-site childcare or subsidies.

Amid school closures and limited daycare options, data shows that the burden of childcare has had detrimental effects on women’s employment. This is largely because societal expectations position women as the primary caregiver, even if that comes at the expense of their job. According to an IMF report, the burden of childcare accounts for 45% of the increase in the employment gap between men and women.

By offering childcare benefits like on-site daycare or subsidies, companies can help support women as both employees and working moms without the stress and costs of childcare. In fact, childcare benefits show that your company is a family-friendly employer, which can go a long way in attracting and retaining top talent.

2. Consider menstrual leave as an added health benefit.

Menstruating employees may experience menstrual health issues that can impede work performance, such as period pain and menopause symptoms. With a focus on equity and employee inclusion, companies are starting to incorporate menstrual leave into employee benefit packages. 

Menstrual leave would allow employees to take time off for menstrual or menopausal symptoms, in addition to their regular vacation and sick leave. This allows employees to recover without the pressures of 24/7 productivity. Moreover, it helps foster inclusivity within the workplace and increase company-employee trust.

3. Focus on financial empowerment to support working women.

Across different indicators of financial wellness, women tend to report a lower level of financial wellness compared to men. Women employees have less access to financial advice compared to men, according to a Morgan Stanley survey, and they’re less likely to express a need for financial advice to their employers.

To promote financial wellbeing, specifically women’s financial empowerment, companies can invest in financial wellness programs and tailor them to the needs of working women. From loan calculators to money coaching, financial wellness resources can help equip women with the necessary tools to meet their personal finance goals (e.g., planning for college or learning about stock investments). Moreover, this can help address financial gender gaps, like wealth and access to advice.

4. Invest in accessible breastfeeding resources.

Transitioning back to the workplace is often difficult, and it even more challenging for breastfeeding parents. Studies have shown that breastfeeding has benefits for both parent and baby; however, most work environments don’t adequately support breastfeeding employees. This is one of many reasons why many women feel forced to choose between their jobs and caregiving.

Companies can extend support  by offering breastfeeding resources. A simple way to start is by providing reasonable and protected break time for nursing employees to pump their breast milk. Some companies have even invested in breast milk delivery services, so moms can send home milk even on work travel. Regardless of the solution, it is important that company policy is implemented to protect the rights of breastfeeding employees and ensure that they don’t receive formal or informal penalties.

Attract and retain top talent with financial wellness solutions from 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. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

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 for Employers to Retain and Attract Top Talent

5 Benefits for Employers to Retain and Attract Top Talent

by | May 10, 2022 | Blog

5 benefits for employers to retain and attract top talent. High turnover creates an expensive problem for employers and stressful environment for employees. Retain and attract top talent with these 5 standout benefits.

The cost of replacing an employee can range anywhere from six to nine months’ salary, according to data from SHRM. If your team is worried about the cost of losing talent, it could be time to reevaluate your benefits strategy. According to a survey by ArmadaCare, 78% of employees are more willing to stay with their employer due to their employee benefits. 

Here are the 5 best benefits to help retain and attract top talent.

1. Offer competitive, matched retirement planning options.

Retirement planning is one of the most common employee benefits offered by employers, specifically a 401(k) matching plan. According to a study by SHRM and Morgan Stanley, the most important financial wellness benefit for employees was retirement planning. The additional financial security that employees feel when their retirement needs are taken care of can help reduce stress and improve office morale.  For these programs, employers don’t only receive the benefit of being more attractive to potential new hires, they can also receive tax benefits for contributing to employees’ retirement accounts.

2. Support top talent with emergency fund assistance.

One of the lingering effects of the pandemic is the reduced amount of “rainy day funds” available to employees. According to a survey by PWC, 38% of employees have less than $1,000 stowed away for emergencies. Employer-sponsered emergency savings accounts may be funded similarly to 401(k) accounts. However, the money added to the accounts does not have to stay in the account long-term and the cash taken from employee’s paychecks is taxed as income.

3. Allow flexible time-off policies.

According to a survey by JustWorks, 68% of employees felt as if flexible hours had a positive impact on their team. And, according to another survey conducted by SHRM, 80% of employees said they would be more loyal to their company if they had flexible work options.

Employees have put a high value on flexible schedules and the loss of productivity is often more than worth providing the option than having to replace employees. According to that same survey by JustWorks, 76% of employers felt that flexible hours had a big impact on their ability to attract new talent. Also, flexible schedules do not necessarily result in a lack of productivity. According to SHRM, about ⅔ of employees said they are more productive working outside of a traditional work environment.

4. Invest in top talent with employee loan assistance programs.

One of the hottest new trends in employee benefits is student loan repayments. It can be a huge bonus in attracting younger talent to a company. Assistance programs go far beyond loan repayments. Many companies offer purchasing programs that assist employees in making larger purchases such as a new computer. Employee assistance programs can go outside of directly benefitting the employee as many offer aid to immediate family members of employees or anyone living with an employee.

5. Offer your top talent personalized financial coaching.

Offering the service of financial coaches adds a personal touch to the offered benefits and lets employees know that their specific needs are met. 43% of employers offer “personalized financial counseling, coaching or planning and an additional 35% are considering adding the service to their benefits according to research by the Employee Benefit Research Institute in partnership with Mercer. According to a study by Questis, companies that welcome financial empowerment through employee benefit programs and provided access to personal finance education and coaching were able to reduce turnover by 33%.

Attract and retain top talent with financial wellness solutions from Best Money Moves.

Best Money Moves can help your employees address their financial stress and improve your retention in the new year. The program uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points. Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, help guide employees to make smarter 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.

High-Earning Employees Need Financial Help, Too

High-Earning Employees Need Financial Help, Too

by | May 4, 2022 | Blog

High-earning employees need financial help, too. A six-figure salary doesn’t always translate to financial security. Here are 4 ways high-earning employees can benefit from financial wellness programs.

It’s a common misconception that a six-figure salary always translates to financial security and that high-earning employees have no need for financial wellness benefits. However, this isn’t always the case. What’s more, a good financial wellness program offers tools for those who are secure and not just at-risk employees.

Here are 4 reasons that even your high-earning employees still need financial wellness resources.

1. More money doesn’t always mean fewer financial concerns for high-earning employees.

Financial wellness means different things to different people, even those with higher-than-average incomes. However, with rising rents and record-high inflation, even a six-figure salary doesn’t necessarily guarantee financial security. Almost 20% of employees earning over $100,000 live paycheck to paycheck, according to a Willis Towers Watson survey. Living paycheck to paycheck means that termination, or even a late paycheck, can put an individual and their family at risk. 

surprising stat about high-earning employees

It’s important to limit broad assumptions about your team’s financial security based on pay alone. Companies can help prevent financial vulnerability through personally tailored budgeting and spending tools. These financial resources can support employees, at all income levels, toward increased financial wellness. 

2. Even employees with a basic level of financial wellness want more.

A Morgan Stanley at Work survey found that even employees with a good foundation of financial wellness still admit needing help to reach their short-term and long-term financial goals. 

Companies can get more specific on the financial goals of their own employees by conducting internal surveys, and then matching those needs with the right financial wellness resources. Together, this can help companies further employees’ financial knowledge and empower their financial wellness.

3. High-earning employees want three key financial wellness benefits.

According to the Morgan Stanley data, high earners were generally attracted to three financial wellness benefits:

  • Retirement planning (69%)
  • Access to financial advising (57%)
  • General financial education (41%)

This poll data may be surprising to some, but again, more income doesn’t mean better money management. In fact, the same Morgan Stanley poll showed that high-earning employees who are less confident about their personal finances are more likely to gravitate toward certain benefits, even those that may seem simplistic like budgeting and spending tools. There is no shame in asking for more help and with the right financial wellness program, companies can deliver such help to all employees.

4. Financial wellness can help you go beyond with company retirement matching.

Retirement planning is a priority for employees of all backgrounds; however, not every retirement benefit can be utilized by high-earning employees. For instance, companies cannot match 401(k) contributions on income above the annual compensation cap, which is currently $305,000, according to the IRS. This puts high earners at a disadvantage because their company is only matching a small percentage of their income for retirement.

Instead, according to Tom Conlon, Head of Retirement Sales for Morgan Stanely at Work, companies should go beyond the retirement match and consider equity or nonqualified deferred compensation plans, which are gaining popularity in the workplace. 

Conlon emphasizes that a good financial wellness plan considers what top earning employees need, and it can be a way to stand out and retain top talent.

Looking for a financial wellness program to fit earners of all sizes? Try 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.

Financial Wellbeing & Its Role in a Complete Employee Wellbeing Program

Financial Wellbeing & Its Role in a Complete Employee Wellbeing Program

by | Jun 6, 2019 | Blog

Financial wellbeing and its role in a complete employee wellbeing program. In this guest post, DHS Group‘s VP of Employer Solutions, Rich Siegenthaler, recommends four ways your employee wellness program can keep up with changes in the benefits industry. The opinions expressed in this blog belong to the author and DHS Group.

It’s getting more and more common to see employers focusing on strategies to assist their employee population in managing their complete wellbeing rather than one single area. They’re accomplishing this by adding programs that benefit the financial wellbeing and mental health of employees. This is a step in the right direction that’s quickly leading to healthier employees in every sense of the word.

Maybe you’re already putting some of these strategies to work or maybe you’re hoping to in the near future. Wherever you are in the journey, DHS Group’s VP of Employer Solutions and experienced employee wellbeing professional, Rich Siegenthaler, has a few recommendations to get you started and make sure you’re on the right path to complete employee wellbeing.

Expand Beyond Traditional Wellness Programs

Traditional wellness programs put surface programs at the forefront – think: step challenges – while these are important, the industry is changing and what employees are looking for is changing.

Integrate Mental Health Programs

For years, mental health has been something that both employees and employers have strayed away from discussing with each other. However, as mental health conditions are spreading rapidly – with issues like anxiety, depression and worry being dealt with by people everywhere – employers can’t afford to not offer these types of programs as part of their wellbeing plans.

Provide Financial Wellness Programming

The number one stressors in American households today are financial. While employees do need to understand how to invest their resources in traditional ways (like 401Ks), the new trend is to provide tools for employees to manage their day-to-day and month-to-month budgets. 

Many times, employees say they understand they need to put more into their 401K, but know that if they do, they will not be able to pay their bills.  Financial wellness programming helps people look at their earnings, bills and expenses, and learn how to manage them more effectively. It is a day-to-day management strategy that helps employees lead a more comfortable and accountable lifestyle when it comes to their financial health. 

Improve Communication

However you decide to start expanding your wellbeing program to a more complete package – communication is key. There will be growing pains, but in order to help lessen those, remember that your employees are people too. Open up the lines of communication to hear from your employees about what they’re looking for overall and what they are looking for in their wellbeing programs.

Before you do anything, the ultimate first step is to look at your workforce, your employee demographics and how your very own organization operates. Then, with these details in mind, alongside Rich’s recommendations above, you’ll be well on your way to a complete wellbeing program that benefits the employee AND the employer.

Learn more about bringing complete wellbeing to your employees with DHS Group’s HealthSpective Engage program here.

More on Employee Wellbeing and Wellness Programs:

From Employee Wellness to Wellbeing: Transforming Your Workforce

4 Big Employee Benefits Trends for Family Planning

How to Support Mental Health at Work

Employee Benefits Success is All About Communication

What’s Wrong With Wellness Program Incentives?

What Benefits Do Employees Want in 2019?

Wait Till You See the Results From SHRM’s Employee Benefits Survey

Wait Till You See the Results From SHRM’s Employee Benefits Survey

by | May 23, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on employee benefits, retirement and workplace legislation.

The Society for Human Resource Management’s annual survey tracks trends in employee benefits. Here are our top 3 takeaways from SHRM’s 2017 report:

  1. Wellness benefits work. Most employers agreed that their wellness program reduced healthcare costs and improved employee health.
  2. Standing desks take the cake. Standing desks have increased 30% over the past 5 years. It is the highest increase of the 300+ benefits included in the survey!
  3. Flexibility is attractive. More flexible work arrangements – like casual dress and telecommuting – were ranked one of the most effective recruiting strategies.

Now is the perfect time to evaluate your current benefits. Do your wellness benefits meet the needs of your employees? Do you have a financial wellness program? No time like the present to take a look at what’s working and what your employees value most.

Employers can now bar worker class-action lawsuits. The U.S. Supreme Court ruled that employers can enforce arbitration agreements signed by workers, even if those accords bar group claims. Read more about the ruling and if it’s relevant to your company.

Could zero-based budgeting work for you? Some companies are switching to a zero-based budgeting approach to sustain a lower cost structure. See if your organization could benefit from ZBB.

ROI for supporting breastfeeding moms. Employers who invested $1 on a supportive environment for breastfeeding mothers saved $3 on average. Find out why it’s worth the investment.

401(k) contributions at a record high. Information reported from the first quarter of 2018 shows just how important 401(k) benefits are to employees. How this record could be attributed to workplace managed accounts.

Amazon’s “Pay to Quit” program. Once a year Amazon offers full-time associates up to $5,000 to leave the company. Why it’s working for them.

Social media use at work lowers retention. It isn’t killing productivity like employers think it is, but instead social media use at work exposes employees to other opportunities which can lower retention. Here are some solutions.

High workplace drug use. Findings from more than 10 million drug tests showed the highest rate of drug use in the workplace in over a decade. See the full results breakdown here.

Benefits of break time. Regular downtime helps employees be more productive and think outside of the box. Find out how it works.

Have something to add? Email info@bestmoneymoves.com.