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4 Ways to Promote Social Justice in the Workplace

4 Ways to Promote Social Justice in the Workplace

by | Apr 26, 2022 | Blog

4 ways to promote social justice in the workplace. Social justice and DEI issues are a must-have for workforces. Here are 4 ways to keep social justice in mind while planning your benefits strategy.

Diversity, equity and inclusion have become critical values to employees. In a 2021 survey of 3,000 workers, Garter HR found that 68 percent would consider quitting their current job for an organization with a stronger stance on relevant social justice issues.

What exactly is social justice?

Social justice is generally described as an effort to secure equal rights, opportunities and treatment for all individuals. Today, many companies also incorporate economic justice as an integral part of their DEI strategy. 

Many social justice causes may directly impact members of your workforce. So, supporting social justice and DEI efforts in the workplace, whether through employee benefits programs or other means, is a key component of supporting overall employee wellness. 

Here are 5 ways companies can support employees by keeping social justice and DEI issues in mind when planning employee benefits.

4 ways to support employees and promote social justice in the workplace

One of the most important aspects of an effective employee retention strategy is to listen to employees and respond to their needs. According to SHRM, 56% of US employees with employer-sponsored healthcare benefits surveyed said whether or not they like their healthcare plan is a key component in their decision to stay with their current job. Offering a healthcare plan is also a way for employees to keep up with competitors as 58% of companies offer health benefits making it the most common workplace perk.

1. Integrate DEI and social justice efforts into your organization’s hiring practices.

Conscious and unconscious biases can lead to inequitable hiring processes and disparities in unemployment. For instance, candidates with white-sounding names on their resumes receive 25% more callbacks than those with Black-sounding names, according to a Harvard research study. 

It’s important that HR teams stay aware of such biases during the hiring processes. Companies can take it a step further by integrating diverse representation into their hiring teams. Diverse HR professionals can help companies expand the colleges, networks and talent pools that they hire from, ultimately increasing employee representation.

2. Use financial wellness resources to help address wealth and financial literacy inequalities.

Social justice is closely linked to economic and wealth equality, according to the United Nations and the Center for Economic and Social Justice. However, wealth inequalities based on race, gender and other identities remain prevalent. 

Almost 64 percent of the U.S. population lives paycheck-to-paycheck, according to a report from LendingClub. And that insecurity often disproportionately affects minority families. The median net worth of white families is nearly $190,000, compared to Black and Hispanic families, with $24,100 and $36,400, respectively, according to 2022 data collected by the Federal Reserve Bank of St. Louis. 

Companies can help bridge these structural wealth gaps by offering access to financial wellness programs. Whether employees are saving for retirement, managing a day-to-day budget, or working toward a personal milestone, financial wellness and literacy programs can offer much-needed resources to employees of all backgrounds.

3. Show support for social justice causes through company match programs.

With Company match programs, employees donate to an organization (either  one of their choice or from a pre-approved pool) and their employer promises to match the donation. These programs, also known as matching gift programs, are an effective way to garner support and economic justice for social causes. 

Studies have shown that employees feel more motivated to support social causes when their employer offers company match programs.

4. Offer time off for cultural holidays and volunteering opportunities.

Many employees celebrate culturally significant moments that extend beyond federally observed holidays. Recognizing this, employers are increasingly allowing time off for cultural holidays like Holi, Yom Kippur and Juneteenth. This flexibility allows employees to celebrate the moments that matter most to them while maintaining a work-life balance. 

Companies are also beginning to extend time off benefits to volunteering and social impact opportunities. This benefits allows employees to take time off to focus on social causes they care most about, while furthering company commitments to corporate social responsibility.

Take your benefits strategy to the next level 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 well-being 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.

4 Top Benefits Trends for 2022

4 Top Benefits Trends for 2022

by | Nov 3, 2021 | Blog

4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022. 

The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.

Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.

4 of the top employee benefits trends to keep in mind for 2022

1. Personalized Benefits

Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided. 

Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to

2. Increased flexibility/remote work

The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work.  In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home. 

Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees.  In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more.  Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.

3. Mental health benefits

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Financial wellness benefits

Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression.  Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

Best Money Moves 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 to buying their first homes with access to a library of over 700 articles, videos and calculators.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

4 Reasons Employees Are Quitting Post-COVID-19

4 Reasons Employees Are Quitting Post-COVID-19

by | Aug 31, 2021 | Blog

4 reasons employees are quitting post-COVID-19. The U.S. has seen unprecedented numbers of employees leaving their jobs after the pandemic. Here are 4 leading causes spurring employee turnover.

The COVID-19 pandemic has been a period of incredible change, and it’s not over yet – an unprecedented number of employees are quitting their jobs.

At Quartz, Tim Fernholz writes that “the U.S. economy is currently experiencing the highest rate of workers quitting their jobs that we’ve seen in the last two decades.” A record 4 million people quit their jobs in April 2021 alone. Why? 

Let’s unpack the leading causes, and list some steps you can take to stop your best talent from leaving.

1. Employees are feeling the need for higher compensation.

In 2018 and 2019, workers were already quitting jobs at record rates.  Job satisfaction was also already low, especially among low-wage earners. These trends are motivated largely by compensation and benefits. 

But the problem of compensation can be traced further back, before even the 2008 financial crisis. Real wages in the United States have stagnated since the late 1970s. In the meantime, while consumer good prices – things like televisions or new sedans – trend low, costs associated with food, healthcare, childcare, and housing have skyrocketed. 

This problem has only been exacerbated by COVID-19. In the pandemic’s chaos, many people have assumed greater financial burdens, struggling with expenses related to child care, healthcare, debts, and ill family members. Many employees now look in toward the future, anxious about contingency costs, or inevitables like long-term care and retirement. 

This point may be the simplest and most effective: pay your employees competitive earnings and benefits to keep them feeling stable and supported, even in times of uncertainty.

2. Employees have grown accustomed to the flexibility available throughout the pandemic.

A Harvard Business School survey shows over 80% of workers who worked from home during the shutdown “either don’t want to go back or prefer a hybrid schedule.” While many startups and offices already sprinkled “work from home” days as an enticement or luxury, remote work is now the preference for many employees.

Material conditions motivate this demand for flexible scheduling. Many workers who are quitting are women, seeking jobs with more compensation and scheduling-autonomy for childcare needs. More time at home has re-taught many to value work-life balance.

If your employees have been fulfilling their work demands even while remote, consider extending flexibility beyond the pandemic. Talk to your staff and aim to negotiate reasonable hybrid-work schedules based on employee needs. 

3. Post-COVID-19, employees are upskilling and ready for change.

Many Americans who’ve quit (or remained on unemployment) are “upskilling,” or pursuing educational programs, such as online certificates or part/full-time college enrollment, with eyes toward new sectors of the economy. 

4. Americans are dealing with long-term burnout from the COVID-19 pandemic.

Though most people have gradually “gotten used to” a COVID world, people remain burnt-out, fatigued. As vaccination rates increase, workers will find they want to change careers, work less, or perhaps just take the time to process the trauma of recent history.

Employees’ access to mental health benefits should be kept strong. Again, allowing for remote flexibility and occasional paid time-off makes a staff feel supported.

Ultimately, it’ll take years of data to understand COVID-19’s impact on the labor market and the lives of those in it. Some jobs are essentially gone for good. For now, employers and HR managers would do well to accommodate their employee’s shifting needs in the wake of a long public health crisis.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

The 3 Best Benefits for a Multigenerational Workforce

The 3 Best Benefits for a Multigenerational Workforce

by | Aug 18, 2021 | Blog

The 3 best benefits for a multigenerational workforce. In a multi-generational workforce, it can be difficult to find employee benefits that address the needs of every employee. This article highlights the top 3 benefits that work well for multi-generational teams.

It’s no secret that employees of different generations expect different kinds of support from their employers. A gen Z employee, fresh out of college, is going to have significantly different challenges than a millennial or gen X employee who’s balancing work and childcare. Meanwhile, older employees will have greater concerns about retirement.  

Multigenerational workforces pose a unique challenge for employers and HR teams: How do you build a benefits package that’s equally attractive to all members of your workforce, when your team members are at radically different stages of their lives? The answer involves big ideas, realistic expectations and room for nuance.

Here are the three benefits to satisfy all members of your multigenerational workforce. 

1. Accessible and comprehensive health benefits

Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits. Health Insurance is especially useful for a multigenerational team because it’s applicable to individuals of all ages and situations, even those who are otherwise healthy individuals. 

In addition to standard group health insurance, you might consider offering your team access to a health savings account, or HSA. An HSA is a specialized savings account that lets you aside pre-tax funds for later use on qualified medical expenses. HSAs can allow employees additional flexibility in covering significant health expenses. 

2. Widespread flexibility and emphasis on work/life balance

The same Fractyl study found one other consideration to be equal to health benefits. Almost everyone takes flexibility into account when weighing jobs. An equivalent 88% of respondents said they would give “some consideration” or “heavy consideration” to a job with more flexible hours, even if it is lower pay. What’s more, flexibility has never been more important to employees than it is now, in a workforce still recovering from the effects of the COVID-19 pandemic. Research consistently supports the pivot to remote and hybrid work models and many workforces are expected to pivot to full remote and hybrid models in the months to come.

3. Holistic financial wellness that can target individual employee needs

Multigenerational teams need benefits that work for employees of all ages, and regardless of what life phase employees might be in, there’s always a need for financial wellness. Whether your employees need to pay off student loans, manage their daily finances, plan for their retirement or something in-between — all employees deal with financial issues. Financial wellness platforms are a strong way to appeal to a variety of demographics with different needs. 

To learn more, check out this article and consider Best Money Moves:

Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

Combat COVID-19 Burnout With These 3 PTO Strategies

Combat COVID-19 Burnout With These 3 PTO Strategies

by | Aug 11, 2021 | Blog

Combat COVID-19 Burnout With These 3 PTO Strategies. PTO benefits can be an important weapon in fighting widespread pandemic burnout. Try these three strategies to encourage PTO use.

The quickest short-term solution to employee burnout is rest. Yet, even before the COVID-19 pandemic, American workers have a history of not taking full advantage of their PTO. In 2018, there were 768 million unused vacation days according to the US Travel Association – that’s an average of 6.5 days for every full time worker.

Even though burnout has increased dramatically during the pandemic, PTO use has actually  decreased overall, according to data from Deloitte. Paid days off are a vital part of healthy work life and can help keep teams feeling focused, connected and motivated to work. So why aren’t employees taking them? The problem is part culture and part policy. 

Let’s break down three strategies to combat COVID-19 burnout by encouraging PTO.

1. Make PTO a mandatory part of office life.

One of the things that makes wasted PTO so prevalent is that workplace culture often rewards employees who sacrifice their own rest. This mentality, also labeled “workplace martyrdom,” encourages the mindset that the whole office takes a hit with one team member missing. Employees then feel a sense of guilt, denying their own need for a break, which in turn causes burnout. By making PTO mandatory for your team, you remove the idea that rest equates laziness or selfishness on the part of your employees. Instead, build a culture where breaks are a necessary and encouraged part of an employee’s job.

2. Separate vacation and sick days to discourage employees from working through illness in favor of vacation time.

According to XpertHR’s Paid Leave Survey 2021, 41% of paid leave plans are PTO bank plans. In these plans, most or all paid leave is bundled together for non-distinguishable use. This forces employees to pit their health against their vacation. This doesn’t make much sense and sometimes leads employees to come in sick in order to save vacation days. Not only is this obviously a health risk, but it also encourages all sorts of mental gymnastics that detract from an employee’s wellbeing.

3. Rollover unused PTO days and encourage employees to use them quarterly.

Not all employees operate on the same schedule. Allow employees the flexibility to plan their time off in a way that works for them. Instead of having their vacation days wiped at the end of the year, they can utilize them in individual ways. Although this doesn’t solve every part of the problem, it adds value to off days and gives employees more agency.

Time off can look a variety of ways. Whether it’s a minimum per year, a company-wide “holiday,” or incentivized PTO, it’s critical that employees feel that their boss actively wants them to take time off. If being a workplace martyr is motivated by a desire to demonstrate dedication to the company, the key is switching the framework to signal to employees that sometimes dedication to the company can look like making sure you bring the best version of yourself to work every day. That isn’t possible without rest and self-consideration.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.