5 Advantages of Digital Benefits

5 Advantages of Digital Benefits

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.

Closing the Gender Retirement Gap: How Financial Wellness Can Help

Closing the Gender Retirement Gap: How Financial Wellness Can Help

Closing the gender retirement gap: How financial wellness can help. Female employees still face workplace disparity when it comes to retirement planning. Here’s what employers can do to close the gender retirement gap. 

Despite progress toward gender equity in the workplace, women still face disparities in retirement preparedness. Men have about 40% more income than women during retirement, according to the OECD, and this trend isn’t limited to the U.S. In fact, nearly every retirement system in the world suffers from the gender retirement gap.

Find out how the gender retirement gap affects your employees, and how financial wellness and other strategies can help level the playing field.

What is the gender retirement gap?

The gender retirement gap refers to the difference in retirement preparedness between men and women — it largely stems from the gender wage gap. According to data from the Center for American Progress, white women earn only 79 cents for each $1 earned by white men. Race furthers this disparity, with Black and brown women earning only 60 cents.Preparing for retirement takes years of saving. So, lower wages earned for an entire career compound into significant differences in retirement preparedness.

How to fix the gender retirement gap:

Employers can help bridge the gender retirement gap; however, doing so requires dedication to employee financial wellness and equity. 

While there is no fix-all solution, here’s 3 ways to help join the gender retirement gap:

 1. Extend flexibility and family leave to parents of all genders

Women are more associated with time away from the office, especially when it comes to childrearing and the home. Under federal law, employees are only guaranteed 12 workweeks of unpaid family medical leave; however, the loss of income can be detrimental to household finances.

With little federal guidance, employees must depend on their employers’ leave policy.

Parental leave policies typically give women substantially more time off than men, and for most women, their leave is unpaid. Less than 25% of employees receive paid parental leave, according to BLS data, and they typically receive only a percentage of their original paycheck. 

When thinking about family leave policies, consider birthing and non-birthing parents and how each may need support. Some companies allow flexible or hybrid work hours, which allow working moms to gradually re-enter the workforce. Others offer family leave of at least six weeks to both, so it’s easier to balance and share home duties.

2. Address career differentials by gender to avoid wage gaps

Since women take on more part-time and unpaid work than men, overtime, this accumulates to women spending less time in the workforce than men. On average, women spend nine fewer years in the workforce, which can hurt women’s pay and promotional opportunities. Less money now means even less during retirement. 

Pension plans often require a minimum salary or hours worked for pension payouts. This lessens retirement security for low earners and part-time workers, who are disproportionately women. 

Take an honest, critical look at your company and see how you may overlook employees on leave during promotions and bonuses. This can help create equal opportunities for men and women to advance their careers and pay — which may mean reforming employee skills matrices to be more inclusive of those who take leave. Employees should never feel penalized or professionally stagnated for taking time off. 

3. Offer employee financial wellness resources and education

Women, on average, are less financially literate than men. When quizzed on personal finance, 21% of women exhibited a relatively low level of financial literacy, compared to 15% of men, according to the TIAA Institute. And when looking at specific financial topics, like investing, the financial literacy gap only widens. Gaps in financial knowledge, such as these, can enlarge the gender retirement gap.

Researchers also think the gap could be explained by women spending more income on the home (e.g., groceries, daycare and cleaning) than they do on retirement or themselves. 

Nonetheless, as a solution, experts at Mercer have advocated for financial wellness to help close the gender retirement gap. Through financial wellness programs, women can receive personalized money coaching and other tools to increase their overall financial preparedness. 

A major perk of financial wellness programs is that their personalization helps employees of all income brackets and ages. From fresh post-grads, to even those close to retirement, all can benefit from financial wellness resources and guidance — they are to help people achieve their financial goals, while dialing down financial stress. 

Need a financial wellness solution? Try Best Money Moves!

Best Money Moves can help your employees address their financial stress and become prepared for retirement, regardless of their stage in life or previous money habits. Best Money Moves offers personalized financial wellness resources and education, focused on solving your employees’ pain points. The program uses artificial intelligence and a human-centered design to measure employee financial stress and then dial it down with personalized solutions. Our budgeting tools, personal finance guidance and more helps employees 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.

The Top 12 Workplace Trends of 2022

The Top 12 Workplace Trends of 2022

The top 12 workplace trends of 2022. These 12 trends could be the key to keeping workforces focused, productive and successful in 2022. 

COVID-19 has shifted workplace priorities — many of which have become the new normal for 2022. Staying ahead of workplace trends can help your team attract and retain top talent, and position your team for success in a “post-pandemic” future.

Here are the top workplace trends of 2022 and how your company can keep up and stand out. 

Plus, don’t miss the full 2022 Workforce-Workplace Forecast, hosted by Best Money Moves Founder/CEO Ilyce Glink and trend-spotter CEO Joyce Gioia of the Herman Group do a deep dive into Gioia’s 2022 Workforce-Workplace Forecast.

Top 12 workplace trends for 2022

 1. The Great Resignation continues

Even two years into the Covid-19 pandemic, employees and positions are still in flux and many are reconsidering their careers. Around 1 in 3 Americans under 40 say that they’ve considered a career change since the pandemic began, according to a Washington Post-Schar School poll. 

Today’s hybrid labor market enables people and positions to continue to shift. For example, people once who endured low wages and poor work conditions are increasingly looking toward remote positions for a better work experience.

Standout solution 1: Conduct “stay interviews”

To combat this employee exodus, employers have started conducting “stay interviews” to see what makes employees stay, and conversely, what might make them leave. Understanding the hearts and minds of your most loyal employees is crucial to talent retention and acquisition, and stay interviews help employers gain such insights. Find out what your company does well and where it may need some change, from the people that understand your organization best: your employees themselves.

 2. Rewrite the rules to support hybrid work

The pandemic has changed the workplace as we once knew, and offices may never be the same. Around 90% of U.S. employees want to work from home at least once a week, according to a Prudential survey, and almost 70% want to be able to work from home even after the pandemic. Many companies have embraced the hybrid work model as here to stay; however, a hybrid work model requires traditional rules and systems to be rewritten.

Standout solution 2: Offer your team as much flexibility as you’re able

The flexibility that was once wishful-thinking is now accessible and within reach.  Allow employees to create their own work-life balance. Perks like flexible hours and virtual dress codes can go a long way, especially for employees balancing work and caregiving responsibilities.

3. Covid fatigue remains in the workplace

Employees (both remote and in-person) continue to struggle with Covid fatigue or workplace fatigue largely due to Covid-related changes. Leaving fatigue unaddressed can hurt employee mental health and lead to burnout and higher attrition. 

Covid fatigue manifests in different ways. For example, nearly 50% of remote employees reported having “Zoom fatigue,” or a high degree of exhaustion from daily video calls, which can cause chronic stress and anxiety. In-person employees are stretched thin from extra duties as vaccine and mask enforcers; moreover, they remain the most vulnerable to customer abuse and getting ill.

Standout solution 3: Ask employees what they need to feel supported

Encourage recurring feedback on how the pandemic has affected all employees and how you can further address their needs. Some employers have offered therapy resources and meditation apps; others have instituted new policies to protect workers from customers who may be more aggressive than normal due to their own pandemic stress. Work collaboratively with your employees to find what they feel they need most.

4. Customer service suffers: burned-out employees

Consumers are increasingly frustrated with the poor customer service during the pandemic. Almost 80% of consumers said they’ve had to contact customer service multiple times for one issue and 55% said their issue never got resolved, according to an NBC and Telemundo survey. 

However, poor customer service can be a product of employee burnout. With employees leaving, customer service teams are largely understaffed; simultaneously, there’s a lack of hiring, thus leaving the burden of work on remaining employees. About 80% of employees say they are burned out, said a Deloitte survey, and nearly 70% feel their employers are not doing enough to prevent or alleviate burnout.

Standout solution 4: Put care and connection first for customers and employees

Customers don’t like when businesses are unreachable and unresponsive but employees also struggle to manage the influx of customer service calls. Employers can ease responsibilities for employees and satisfy customers through callback technology to minimize wait times or data analytics to anticipate customer needs.

 5. Expanded definition of “total rewards”

Total rewards are more than just “total compensation;” rather, total rewards are the combined benefits, rewards, compensation, flexibility and opportunities that employees receive from their employer. 

On an individual level, total rewards can include benefits and growth opportunities salient to an employee like career growth, positive culture or healthy work-life balance. Total rewards have been a driving force for many employees changing jobs during the pandemic, even if it means taking a pay cut.

Standout solution 5: Offer creative, tailored rewards

Get creative and see what additional benefits may give your company a talent strategy boost. Some employers have adopted on-site childcare to make up for the childcare reductions during Covid-19; others leverage free food and on-site childcare opportunities. See what changes may be most beneficial to your workforce and overall talent strategy.

6. Unconscious bias remains alive and well

About 50% of Black and brown women said that they’ve been mistaken for administrative or custodial staff, and name bias continues to influence hiring practices. While senior leaders feel they’re doing their best with diversity, equity and inclusion (DEI) commitments, employees don’t necessarily agree. This disconnect highlights an opportunity for companies to understand and improve their DEI shortcomings.

Standout solution 6: Find appropriate DEI soundboards, without tokenism

When making company decisions, take the extra step to incorporate a DEI lens. Leverage the experience of employees from many different backgrounds to check for potential bias and other forms of marginalization. However, when creating a soundboard, be mindful not to tokenize employees for their identities — no single person alone can represent an entire group.

7. Employers show increased concern for employee wellness & wellbeing

Employers have grown increasingly committed to employee wellbeing during the pandemic. However, employers must take a comprehensive approach to wellness and wellbeing beyond just the physical. Overall wellbeing incorporates the mental, emotional and financial wellness of all employees.

Standout solution 7: Invest in financial wellness resources

Like mental health resources, financial wellness is a benefit gaining popularity. Money is a leading cause of stress among employees, and many want help. Over 80% of employees say they look toward their employer for personal finance help, beyond building retirement and emergency expense safety nets. Financial wellness programs are a personalized solution to help employees address their biggest financial stresses, whether it be mortgage and car loans or improving their credit score.

Learn how financial wellness can better employees while saving your company money with Best Money Moves.

8. Learning, development and communication continue to evolve

Slack, Zoom and other technologies have transformed how we learn and work together, especially in a multi-generational workforce. Everyone has different communication preferences, so make sure teams know how to stay in touch and engage with each other in a meaningful way.

Standout solution 8: Find creative ways for employees to learn and engage

Although Covid-19 has limited the ways in which we connect, find creative opportunities for employee collaboration and engagement. Some companies are using augmented reality (AR) technology to facilitate communication and development. Companies across various industries have reported that using AR technology improved employee engagement and productivity (32%), according to IBM.

9. Employers refocus on the employee experience

Part of employee wellbeing is focusing on the employee experience, whether working in-office or at home. The work environment is critical to employee wellbeing, and every touchpoint with employees is important. How do you respond to resumes you like and don’t like? What is it like to work for your company? How is the onboarding process?

Standout solution 9: Invest in your workforce’s specific needs

The pandemic has opened the door to widespread changes, which McKinsey analysts have dubbed the “new possible.” Work to understand your employees’ specific needs and try to meet them. Maybe your employees could use on-site childcare or gym reimbursements — survey your workforce and try to best meet their needs.

10.  Employers seek recognition as an employer of choice

Employers of choice are highly desirable places to work, often known for their culture, benefits and more. Employers of choice generally get first dibs on the best candidates as they look for value, respect and reciprocity. So, employer of choice status can give your company a competitive edge, particularly over less adaptive companies.

Here are several ways companies of all sizes can obtain employer of choice status:

  • See what employees think about your organization on company review sites (e.g., Glassdoor.com and Vault Rankings)
  • Apply to the variety of  U.S. business awards 
  • Compare your organization’s practices to industry-leading standards and benchmarks (e.g., workplace safety, labor rights, sustainability and etc.)

Standout solution 10: Create your own company culture

Crafting an authentic company culture can help distinguish you from competitors, while convincing top talent why they should choose you. What is it like working at your company? What are the company standards and how can the company be improved? For example, can you offer more tailored benefits or update company values?

11.  Diversity on boards continues to rise

Following the racial justice movements of 2020, board diversity has increased. Women, of all races, have received more board representation. The number of S&P 500 Black Director appointees has increased by nearly 200%, according to ISS Corporate Solutions, Inc. 

Standout solution 11: Integrate diversity at all levels of employment

To keep the momentum going, companies should work to integrate diversity at all levels of employment — from entry-level and middle-management to C-suite execs and board members. This takes a holistic approach to diversity in the workplace, by not concentrating diversity at a specific level of employment.

12.  Big data in HR marches on

Big data, or technology that helps teams process large quantities of information, is becoming an integral part of HR practices and people analytics. Today, big data is commonly used to streamline hiring processes and payroll and link employee data to company metrics. Big data can also help inform key business decisions by providing quantitative evidence to qualitative matters.

Standout solution 12: Vow to use personal data responsibly

The rise of remote work and e-commerce has given companies abundant access to employee and consumer personal data; unfortunately, some companies violate privacy boundaries to obtain such data and it’s an increasing concern among Americans. 

Over 95% of U.S. consumers say more should be done to ensure companies protect consumer privacy, according to Consumer Reports’ Digital Lab. Beyond making sure company data is secure, it is equally important to ensure that employees’ personal data is used responsibly and ethically.

Looking for a financial wellness solution fit for all? Check out 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.

WEBINAR: 2022 Workplace Trends

WEBINAR: 2022 Workplace Trends

WEBINAR: 2022 Workplace Trends. New norms are coming to the workplace in 2022. Learn what you need to know to make your employees happy and your business successful.

The workplace is constantly evolving, and looking ahead, some recent changes are likely to stay. Knowing which trends of 2022 will remain, and how to respond to them, can help your company be successful this year and beyond.

Founder/CEO Ilyce Glink and trend-spotter CEO Joyce Gioia of the Herman Group do a deep dive into Gioia’s 2022 Workforce-Workplace Forecast.

This webinar covers:

  • Top 12 workplace trends for 2022 (and beyond)
  • Workplace strategies to reduce turnover and increase retention
  • How successful companies are leveraging financial wellness for DEI success.
  • Ways your company and workplace can stand out

For more information, here’s a comprehensive list of the 2022 workplace trends. 

Employee Holiday Hangover? Offer These Financial Wellness Solutions

Employee Holiday Hangover? Offer These Financial Wellness Solutions

Employee holiday hangover? Offer these financial wellness solutions. Holiday spending can cause headaches for your workforce, even after the season has ended. Financial wellness programs could be the solution your team needs.

Americans had a record year of holiday spending. The National Retail Federation estimated  shoppers spent between $834.4 billion to $859 billion. 

The bad news is that your employees may be feeling the effects of overspending. Research shows that financial stress tends to make its way into the workplace, reducing productivity, causing burnout and negatively impacting employee health.

If you’re finding that your workforce is struggling after the holiday season, you may try incorporating financial wellness in your benefits packages.

Financial Wellness: The Cure for Your Employee Holiday Spending Hangover

A report from PwC found that 87% of employees want help when it comes to personal finance, and programs like Best Money Moves have proven to be the solution. Financial wellness programs can improve overall health and well-being, leading to lower stress, lower healthcare costs and a lower risk of employee burnout and resignation. 

Best Money Moves uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system. The program addresses your employees’ pain points with a variety of tools, from budgeting help to financial calculators and wide-ranging resources on topics like debt reduction and savings plans. 

These are only a few of the many features Best Money Moves has to offer: 

An intuitive budgeting tool to get employee spending back on track.

When money is tight following a busy holiday season, budgeting is often the perfect antidote. Best Money Moves’ budget tool is easy to understand and takes into account each user’s unique spending and saving needs, helping people learn how to manage every dollar more effectively. This simple step can reduce financial stress and improve the health and happiness of your workforce.

Financial calculators for your employees’ unique needs.

Best Money Moves’ financial calculators can also help employees with their financial goals. For example, the emergency savings calculator will determine how a user can best build, or re-build, a robust safety net for themselves or their family. This may be particularly useful after an expensive holiday season, as many people find themselves spending beyond their budget or needing to dip into savings accounts. A holiday survey from American Express found that 86% of millennials — the largest generation in the workforce — spent more money during the holidays than they planned to in 2020. Over one fifth of those who overspent went over budget by about $500 or more.

A library of 800+ resources on topics across the financial spectrum.

The resources on Best Money Moves are extensive and broken down by topic, including general money management, paying bills, healthcare costs, overall debt and more. The various articles can help employees learn more and take control of their finances, in turn helping your workplace become a more productive and happier environment. For example, according to LendingTree, consumers racked up more debt than during the 2020 holiday season, with the average borrower taking on $1,249. Resources on debt, especially credit card debt, are applicable to the post-holiday season, when many Americans have residual debt from increased spending.

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.