coronavirus Archives

3 Tips for Working From Home During COVID-19

by LizStevens | Nov 11, 2020 | Blog

3 tips for working from home during COVID-19. These are three best practices for organizations with employees working from home during the coronavirus pandemic.

This is just the beginning of the work from home world if employees have any say in the matter.

Seventy percent of full-time employees are working from home during COVID-19 and 75 percent of them say they’re equally or more productive now than they were at the office, according to research by Owl Labs.

Nearly 80 percent of employees agree having the option to work from home after the pandemic is over would make them happier, so much so that 1 in 2 workers wouldn’t return to jobs that don’t offer some form of remote work. After 2020, 80 percent of employees expect to work from home at least 3 times a week.

But that doesn’t mean there hasn’t been a learning curve adjusting to a remote work landscape. Employees have struggled with taking time off when working from home, some workers feel inundated with daily meetings and some have had trouble finding work-life balance when they’re both in the same space.

3 Tips for Working From Home During COVID-19

Here are our top three tips for organizations working from home (WFH) during the COVID-19 pandemic and beyond:

WFH Tip #1: Build a Flexible Routine

Working from home inevitably requires employees to adopt a new routine. They no longer wake up, prep to leave the home and commute to work. While they’re glad to be saving 40 minutes of daily commuting they are missing out on that time to get into the working mindset.

For the 25 percent of employees who told Recognize Services Inc that motivating themselves was one of the top challenges of working from home, building a flexible routine can help.

It’s tempting to wake up just a few minutes before logging into work, especially for employees who consider themselves night owls, but it’s important they give themselves time to wake up, have coffee, jog, eat breakfast, journal, do yoga, listen to some music or anything else that helps them ease into the day.

Breaks are also an essential part of the workday and much easier to enforce in a physical workplace. A survey by OnePoll on behalf of Freshly found that 60 percent of workers felt guilty taking any type of break, including lunch, when working from home during the COVID-19 pandemic.

Employers should be clear about how breaks work when employees are working from home and emphatically encourage them to take them. Regular breaks not only help reduce the risk of burnout they help keep employees engaged and productive, benefitting job satisfaction and retention.

WFH Tip #2: Stay Connected with Coworkers and Establish Remote Meeting Etiquette

Employers have leaned on virtual meetings to keep the team connected and on task when working from home, but employees are tired of having their days loaded with them.

Eighty percent of employees agree that there should be one day a week with no meetings at all, according to Owl Labs. Another 74 percent agreed that their organization should have ‘core hours’ meaning that there are four hours a day where employees are available to colleagues and then they work on their own schedule for the rest of the time.

Whether it’s restricting meetings on a certain day or during certain hours, it’d be helpful for employees if meetings were less frequent and more meaningful so they can get back to the task at hand.

WFH Tip #3: Prioritize Work-Life Balance When Working From Home

Employees have found themselves working more and taking less time off when working from home during the COVID-19 pandemic.

The average workweek increased by nearly 40 percent during COVID-19, with workers clocking in an additional 15 hours per week, according to research by NordVPN. Another survey by Monster found that despite 69 percent of employees experiencing symptoms of burnout, 59 percent of employees took less time off than they normally would and 42 percent didn’t plan to take any time off to decompress when working from home during the coronavirus pandemic.

The survey by OnePoll on behalf of Freshly found that 65 percent of employees feel exhausted by the end of the day because they have the demands of work and a family under the same roof.

Employees who want to continue working remotely need to prioritize work-life balance. It’s exceptionally difficult when kids are home for virtual learning, but there are a few ways employees can strike a balance between their work life and home life, even if they share the same space. Setting a firm time to stop working whenever possible and turning off work notifications if employees aren’t on call is a great way to start creating some boundaries, along with building in those breaks we mentioned earlier in this post.

Employers can help employees prioritize work-life balance by encouraging them to make use of their time off and asking them if there are any challenges they can help them with. Maybe parents are struggling to make meetings scheduled during a time they need to switch their kids to a new assignment or it’d make a big difference if they could log on and off an hour earlier so they could spend more time making dinner with their family. Those are two relatively simple yet meaningful accommodations employers could take into consideration to help employees make the most of their time at and away from work.

Managing Employee Healthcare Costs in 2021

by LizStevens | Nov 4, 2020 | Blog

Managing employee healthcare costs in 2021. What the average health insurance premium costs and changes employers are making to health benefits offerings in the new year.

The ever increasing cost of healthcare combined with uncertainty about coverage, deductibles and copays keep some employees from getting the medical care they need.

More than 40 percent of employees have deferred medical care because of financial concerns, according to research by Willis Tower Watson. According to the Kaiser Family Foundation, the average annual premium is $7,470 for single coverage and $21,342 for family coverage in 2020. The average family premium has increased 55 percent since 2010 and 22 percent since 2015.

In spite of these increases, 56 percent of employers don’t plan to make any changes to reduce medical plan costs in 2021. Indeed, many plan to add new resources to better support healthcare needs in light of COVID-19.

Managing Employee Healthcare Costs in 2021

Employers are focused on improving employee healthcare by adding virtual or telehealth offerings and including voluntary benefits in 2020, according to research by Mercer. The good news is that both of these initiatives can help reduce healthcare costs.

Over 25 percent of employers are adding digital healthcare resources, like telemedicine for episodic care, artificial-intelligence-based symptoms triage, ‘text a doctor’ apps and virtual office visits with a patient’s own primary care doctor. These options are often less costly than traditional visits and are especially helpful during COVID-19 when physical visits aren’t always an option.

More than 20 percent of employers plan to add voluntary benefits, such as critical illness insurance or a hospital indemnity plan. Voluntary benefits are low-to-no-cost for employers because employees pay for them and maintenance is often handled through payroll deduction. They’ve risen in popularity in recent years as it became clear that a one-size-fits-all group benefits model wasn’t working for a multigenerational workforce. Voluntary benefits let employees personalize their level of coverage and choose a benefits plan that fits their needs without a significant impact on employer health spending.

Managing Out-of-Pocket Costs in 2021

Just 4 percent of employers plan to prioritize limiting surprise or balance billing in 2021, but many employees receive surprise medical bills they can’t afford to pay.

According to a survey by HealthCareInsider, 28 percent of employees received a surprise medical bill in the past year. A similar percentage said they carry medical debt and for 65 percent their medical debt exceeds $1,000. Nearly 60 percent of employees are concerned a health scare in their household could lead to bankruptcy or debt.

Fears about the costs of healthcare haven’t necessarily led to a change in benefits behavior. The vast majority of employees (92 percent) choose the same benefits year after year and spend an average of 33 minutes or less on the task.

Employers should make working with health insurance brokers to help employees better understand the difference between healthcare plans and estimated out-of-pocket costs for various services a higher priority. It’s a strategy that can reduce healthcare costs and assist in other employer initiatives, like reducing financial stress and increasing productivity.

Building Your COVID-19 Return to Work Safety Plan

by LizStevens | Sep 23, 2020 | Blog

Building your COVID-19 return to work safety plan. Employees worry their health and safety will be compromised but a strong safety plan can reassure them it’s safe to return.

The vast majority – 82 percent – of employers don’t feel adequately informed about the procedures that need to be in place to ensure a safe working environment during the COVID-19 pandemic, according to research by Humana Health Shield.

And 75 percent of their employees agree. They aren’t confident about the return-to-work measures their employers have put in place and 68 percent feel their health and safety will be compromised at work when they return.

It’s paramount that employers are confident about the COVID-19 workplace safety measures they’ve put in place as many plan to return, soon. Nearly 60 percent of employers will be ready to welcome their staff back at the end of September and another 13 percent expect to bring employees back by the end of the year.

In order to ensure a safe return, employers need to pay close attention to guidance from respected health and workplace protection agencies, revise sick leave policies and directly address worker concerns to reassure them that it is safe to return.

Building Your COVID-19 Return to Work Safety Plan

First, employers should familiarize themselves with two important resources, COVID-19 Guidance for Businesses and Employers from the Centers for Disease Control and Prevention (CDC) and Guidance on Preparing Workplaces for COVID-19 from the Occupational Safety and Health Act (OSHA). These guidelines elaborate on effective ways employers can lower the risk of exposure at work and respond to employees who are showing symptoms of COVID-19 or have tested positive for COVID-19.

Then, it’s time for employers to revise their sick-leave policies. Just 22 percent of employers updated their sick-leave policies and only 19 percent updated communications policies for exposure. It helps that 67 percent of workers are willing to do daily symptom check-ins with their employer and 75 percent would be comfortable with employers tracking their symptoms.

Finally, employers need to address employee concerns about returning to work directly. Employees are worried their health and safety will be compromised when they return or that their employer hasn’t taken adequate safety precautions. They’re most concerned about their co-workers’ hygiene (17 percent), commuters (25 percent) and the workplace environment (21 percent). Over 70 percent of employees rank their co-workers as posing the single most significant COVID-19 transmission risk in the workplace. In order to address these concerns, almost nine in 10 employers have introduced new hygiene protocols, with 70 percent having changed the layout of their workplace.

“To avoid a devastating repeat of a prolonged, slow recession, Americans need the opportunity to return to work. Our data shows that there are two factors that will enable a fast and safe return to the workplace: one, clear communication between employers and workers, and two, technological solutions such as risk stratification and symptom tracking,” said Jessica Federer, Managing Director at Huma US. “As a country, we are resilient, and we will rebound. But it will take a collective effort of us working together across industries, combined with the smart application of technology to make it happen. Together, we can not only support the recovery of our economy and our businesses but the health and wellbeing of each and every person.”

Reducing Employee Burnout During the COVID-19 Pandemic

by LizStevens | Sep 15, 2020 | Blog

Reducing employee burnout during the COVID-19 pandemic. What’s driving employee burnout during COVID-19 and what employers can do about it.

Employee burnout has skyrocketed to 58 percent, according to research by Eagle Hill Consulting. It’s up from 45 percent in the early days of the pandemic and over a third of workers attribute their burnout to circumstances related to COVID-19, up from 25 percent in April.

“This level of burnout is problematic and could increase as millions of employees continue to work from home, and many schools remain unable to fully open. We’re in this pandemic for the long haul, and employers have got to find a way to make workloads sustainable for employees and better equip managers to lead. Otherwise, companies risk harming their bottom line and brand,” said Melissa Jezior, president and chief executive officer of Eagle Hill Consulting.

Reducing Employee Burnout During the COVID-19 Pandemic

These are the top five drivers of employee burnout during the COVID-19 pandemic that Eagle Hill Consulting identified in their recent research:

47 percent of employees say their burnt out from their workload.
39 percent say it’s from balancing work and their personal life.
37 percent say it stems from a lack of communication, feedback and support.
30 percent say they’re under time pressures and expectations are unclear.
28 percent point to performance expectations.

Research from Yale University found that employees experiencing burnout reported high demands and high resources while employees who were ‘optimally’ engaged reported low to moderate demands and high resources. ‘Optimally’ engaged employees had support from their supervisors through rewards and received recognition without having to struggle with cumbersome bureaucracy, demands for concentration, or heavy workloads.

Many organizations are adapting to remote workforces during the pandemic and it’s important that they manage their expectations during the transition and provide workers with resources they need to thrive in a work-from-home environment.

Employers that want to reduce the negative impact employee burnout has on productivity, employee engagement, job satisfaction and rentention should monitor workloads and common signs of burnout (exhaustion, frustration, anxiety, inability to keep up with daily tasks) to find out when it’s time to dial demands back and expand resources. The addition of wellness programs can ease stress and help employees better maintain a work-life balance, but if demands are too high employees will still burnout.

COVID-19 Retirement Impact: Early Withdrawals and Reduced Contributions

by LizStevens | Aug 26, 2020 | Blog

COVID-19 retirement impact: early withdrawals and reduced contributions. How employees are using their retirement savings during the coronavirus pandemic.

Retirement savings were identified as a source of financial relief in the thick of the coronavirus pandemic when the CARES Act expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans.

Luckily, only 2.8 percent of employees made an early withdrawal during the first half of the year, according to research by the Investment Company Institute.

“We see a slight increase in withdrawal activity following the onset of economic volatility and hardship, but the increase is much smaller than you might expect, given the severity of the COVID-19 economic downturn,” said Sarah Holden, ICI senior director of retirement and investor research.

Retirement contributions, however, weren’t as fortunate. Over half of employees changed their retirement contributions or plan to do so soon, with 23 percent already contributing less, according to research by MassMutual.

COVID-19 Retirement Impact: Early Withdrawals and Reduced Contributions

Employees told MassMutual these are the primary reasons they’re making changes to their retirement contributions:

54 percent reduced contributions to have more cash on hand
22 percent plan to contribute more to take advantage of market fluctuations
24 percent plan to contribute the same amount but change their risk exposure

Nearly 40 percent of employees recognize that they need to make saving for an emergency a priority because they found themselves unprepared for the pandemic. Reducing retirement contributions could allow them to start building the emergency savings funds they need.

Another survey by Freedom Debt Relief at the start of the coronavirus pandemic highlighted the financial obligations employees were most concerned about:

45 percent worried about missing rent or mortgage payments
38 percent worried about missing utility payments
30 percent worried about missing health insurance premiums or student loan payments
36 percent worried about carrying a balance on their credit card for groceries
21 percent worried about carrying a balance on their credit card for utilities
18 percent worried about carrying a balance on their credit card for TV/Internet

Reducing retirement contributions can help employees catch up on missed payments and halt excessive credit card use, but it comes at the expense of their plans for retirement.

COVID-19 Retirement Impact: Retirement Outlook

A whopping 70 percent of employees report that the pandemic has made them more pessimistic about their retirement plans, according to research by The Alliance for Lifetime Income. That percentage is more harrowing when it’s considered that the survey sampled those with a minimum of $100,000 in assets. Only 33 percent of them are confident they’ll have enough to cover all their expenses in retirement and 20 percent have decided to retire later than initially planned.

Financial Stress and How Best Money Moves Can Help

Employees at every career stage are experiencing unprecedented levels of financial stress during the coronavirus pandemic. They need help navigating the financial challenges the crisis has presented and they need guidance to help them get back on track to reach their financial goals.

Best Money Moves is a mobile-first financial wellness program with the knowledge and support employees need to help them reduce their financial stress and live their best financial lives. It has a library of over 700 calculators, articles and videos as well as a budgeting tool that does the math to tell workers what their neighbors are spending in the same category. Plus, Best Money Moves is gamified, featuring a point-based rewards system where users earn points every time they log in, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

Sign up for a demonstration here to learn how Best Money Moves can bring financial wellness to your company.

3 Tips for Working From Home During COVID-19

3 Tips for Working From Home During COVID-19

WFH Tip #1: Build a Flexible Routine

WFH Tip #2: Stay Connected with Coworkers and Establish Remote Meeting Etiquette

WFH Tip #3: Prioritize Work-Life Balance When Working From Home

More on Topics Related to Tips for Working from Home During the COVID-19 Pandemic

Managing Employee Healthcare Costs in 2021

Managing Employee Healthcare Costs in 2021

Managing Out-of-Pocket Costs in 2021

More on Topics Related to Employee Healthcare Costs in 2021

Building Your COVID-19 Return to Work Safety Plan

Building Your COVID-19 Return to Work Safety Plan

More on Topics Related to Returning to Work and the COVID-19 Pandemic

Reducing Employee Burnout During the COVID-19 Pandemic

Reducing Employee Burnout During the COVID-19 Pandemic

More on Topics Related to Employee Burnout and the COVID-19 Pandemic

COVID-19 Retirement Impact: Early Withdrawals and Reduced Contributions

COVID-19 Retirement Impact: Early Withdrawals and Reduced Contributions

COVID-19 Retirement Impact: Retirement Outlook

Financial Stress and How Best Money Moves Can Help

More on Topics Related to COVID-19, Retirement and Financial Stress

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