Log in
Book a Demo

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions) Read it here.

Book a Demo
5 Benefits for the Post-COVID Workforce

5 Benefits for the Post-COVID Workforce

by | Jun 2, 2021 | Blog

5 Benefits for the Post-COVID Workforce. As the US recovers from the pandemic, organizations must reevaluate which benefits can best help their employees. 

The Coronavirus/COVID-19 pandemic brought significant change to the way that many Americans work. Some workforces have pivoted to full-time remote work, while others have blended models. However across all sectors and industries it’s clear that many employees have changed over the course of the pandemic and, as a result, the benefits they need from their employers are changing as well.

In the post-COVID workforce, attracting and retaining strong employees will likely look very different than it did pre-pandemic. These are some of the top employee benefits expected in the post-COVID workplace.

1. Reimbursement for a better work-from-home setup.

The International Foundation of Employee Benefit Plans (IFEBP) released a January 2021 survey of 527 employers. The report highlights the effects of the pandemic on organizations’ employee benefits programs. One of the major findings was that because of the influx in employees working from home, many companies are offering reimbursements for necessary tools that employees would have previously had access to at the office.

For example, 31% of employers are reimbursing workers for items such as office supplies, electronic devices, and internet service. An additional 8% of employers are offering a general work-from-home stipend, and 17% of employers are considering work-from-home reimbursement for the future.

2. Increased remote flexibility and greater focus on work/life balance.

Corporate offices aren’t the only place where people are experimenting with hybrid models of in-person and at-home time. For plenty of employees, their children’s schooling arrangements can be a cause of conflict with work. As such, we’ve learned through COVID that flexible working hours are a huge positive for both productivity and wellbeing.

According to the same IFEBP survey from January 2021, a majority of 59% of employers have permitted flexible hours to employees in order to accommodate child care. Additional child support is also extremely helpful for many employees. The survey said 14% of employers are providing resources for childcare, tutoring, and emergency back-up care. Another 13% are considering doing the same.

3. More robust and inclusive healthcare options.

First and foremost, COVID-19 is a health crisis. That feels obvious, but oftentimes the conversation shifts to the social and economic outcomes of the pandemic. That said, one of the biggest moves a company can make is ensuring their employees feel secure in their physical wellbeing. Expect more robust healthcare options to be a main factor in employee benefits. This could mean anything from improved telehealth coverage, to paid time off for COVID-19 vaccines or booster shots.

4. Accessible mental health support.

The pandemic’s effect on the population has expedited the rise of mental health struggles such as anxiety and depression. Thankfully, employer’s seem to be trending in the right direction when it comes to offering mental health services. According to Care.com’s “The Future of Benefits” report, 41% of companies surveyed planned to expand mental health support in 2021. An additional 59% cited improved mental health as a primary outcome of their caregiving benefits.

5. A focus on financial wellness.

For many Americans, the pandemic led to significant financial stress as households lost income, childcare became less accessible and uncertainty reigned supreme. Although discussing money may feel taboo, financial stress can be overwhelming and lead to real consequences for mental and physical health. In a post-COVID world, the significance of financial wellness is more understood than ever before. Expect employee benefits to include personal finance resources in addition to traditional compensation packages.

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.

4 Predictions for the Future of Remote Work

4 Predictions for the Future of Remote Work

by | May 18, 2021 | Blog

4 predictions for the future of remote work. The COVID-19 pandemic has pivoted much of the American workforce to telecommuting. What does the future of remote work look like in a Post-COVID world?

According to the Pew Research Center, 71 percent of workers who can work from home are. What’s more, 54 percent of those workers have expressed a desire to continue to do so, even after the Coronavirus/COVID-19 pandemic has passed.

The transition to a primarily remote workforce hasn’t been seamless for all organizations, but many employees have come to rely on the increased flexibility and comfort of working from home. Now, with an end to the pandemic in sight, workers are urging their employers to consider new, long-term remote work solutions — and many employers are listening. 

As the conversation around telecommuting grows, here are four predictions for the future of remote work:

1. For many organizations, the hybrid work model is here to stay.

Remote work certainly has its benefits: zero commute time, increased flexibility, and the ability to connect team members who might otherwise work across the country, to name a few.  However, employers and employees seem to be on slightly different pages when it comes to whether or not full-time remote work could really benefit their workforces.

According to a PWC survey from January 2021, 55 percent of employees would prefer to be remote at least three days a week after the pandemic. On the other hand, 68 percent of employers said a typical employee should be in the office at least three days a week. The likely outcome of this dissonance? A new and improved hybrid work model that strikes a balance between complete remote work and time in a physical office.

2. An increase in temporary workers and freelancers is likely.

According to an Upwork survey from June 2020, 59 million people had done freelance work at some point in the past year. Among those respondents, 12 percent only started during the pandemic. Freelance work has long provided employees with needed flexibility and for those out of work, it can be an excellent way to build stability and earn extra cash.

The adaptability of remote work means the pool of freelancers has grown significantly because of the pandemic. For employers, freelancers can be an efficient way to complete tasks without having to onboard a full-time salaried employee. Plus, remote teams mean freelancers can be found in areas outside of where an organization might be headquartered.

3. Cybersecurity will become more important than ever.

If organizations incorporate remote work into their long-term plans, then it’s likely remote security will play a bigger part in daily work than ever before. In fact, we’re already seeing this. According to Cisco’s Future of Secure Remote Work, 97 percent of American organizations already made changes to support remote work. An additional 82 percent said that cybersecurity is extremely important or more important than before COVID-19.

4. Big changes are coming for physical office spaces.

One huge benefit of remote work that’s hard for employers to ignore: remote employees are much cheaper than maintaining a physical office space. So, whether a team is remote full-time or is working on a hybrid strategy, corporate real estate could be in for a big change.  According to the same 2021 PWC survey, 87 percent of executives are planning on changing their real estate strategy in 2021. While many employers plan to consolidate their locations, others are planning to open new satellite offices in more residential areas. In fact, 56 percent of executives think they’ll need more space in the next three years. In short, we’ll be seeing people both accommodate for the hybrid model, but also reinvest in a better in-person experience that makes employees more likely to want to return to the office.

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

Employees Are Planning to Quit Post-COVID. What Can You Do About It?

Employees Are Planning to Quit Post-COVID. What Can You Do About It?

by | May 11, 2021 | Blog

Employees are planning to quit post-COVID. What can you do about it? Many employees burnt out from the COVID-19 pandemic are looking to leave their employers. How can workforces keep their top talent?

The return of in-person work has ramped up across the country, following  the national vaccine rollout. However a new problem is on the horizon: An estimated 1 in 4 workers plans to quit their job once the pandemic ends, according to Prudential Financial’s Pulse of The American Worker survey from March 2021. 

Considering the challenges of working at home during the pandemic and the increasing reports of  burnout, news of an employee mass-exit may not seem surprising. If organizations want to keep their strongest team members happy and in-place, it’s important to understand why so many employees are planning a post-COVID career change.

Here’s why more employees are planning to quit post-COVID and what you can do to avoid the wrong end of the potential mass-exit. 

Flexibility is here to stay.

Working from home has been an adjustment for many teams, but not one without its silver linings. Remote work offers employees a sense of agency over their schedule and flexibility in their lives, something that has been sorely needed in the uncertain early days of the pandemic. And employees are taking notice. In fact, according to the same Prudential Financial survey, 68 percent of employees agreed that a hybrid workplace model is the best fit.

What’s more, a lack of flexibility could directly contribute to employees quitting post-COVID. The survey also highlighted that 42 percent of respondents said that if their company doesn’t offer long-term remote options then they will look for a company that does. When so much of life is out of your workforce’s hands, a hybrid workplace might just be essential to employee wellness.

Employees fear the pandemic has erased upward mobility.

After a year at home, many employees are asking themselves if their personal career growth can be still achieved in their current environment. The Prudential Financial survey revealed that of the respondents planning to quit after the COVID-19 pandemic, 80 percent expressed concerned about career growth.

So, what are some ways to improve your company’s internal mobility? For one, consider your current employees for new positions before new hires. If you can reward an individual’s hard work by promoting them, you’re building loyalty and long-term sustainability. Other strategies to consider are investing in external workshops to support the upskilling of your employees, or creating a system of internal mentoring that places value on mutual feedback between peers and managers.

Isolation leads to disconnection.

According to the Prudential Financial survey, another major factor for the large number of employees on the move is a lack of connection with coworkers. In fact, 42% of workers planning to leave post-pandemic gave their employers a “C” grade for ability to maintain company connectedness during COVID-19. To learn some strategies to improve employee culture and engagement check out our previous articles on the subject. 

The pandemic has been a difficult time for everyone and many folks are seeking change. The thing is, for many companies that change can come from within.

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

3 Reasons Financial Wellness is Important to Employees in a Post-COVID Workforce

3 Reasons Financial Wellness is Important to Employees in a Post-COVID Workforce

by | May 4, 2021 | For Employers

3 reasons financial wellness is important to employees in a post-COVID workforce. After COVID-19 highlighted the financial vulnerabilities of millions of employees, financial wellness is expected to be a big component of Post-COVID HR Strategies.

With vaccine rollouts progressing across the country,  Americans are increasingly optimistic about a return to normal life. But even as the physical effects of the virus diminish, financial recovery is complicated.

The pandemic illuminated significant vulnerabilities for Americans working across all industries. In fact, 63% of workers claim their financial stress has increased since the start of the pandemic, according to PwC’s 2021 Employee Financial Wellness Survey. So, when it comes to rethinking benefits in a post-COVID world, Employees need more than a 401(k) and desk back at the office. They need comprehensive and long-term financial wellness solutions to help regain their footing after multiple years of financial uncertainty.  

These are the three major reasons that financial wellness is important to employees in a post-COVID workforce:

1. Your employees need help rebuilding their savings post-COVID. 

For many, digging into savings has been the only way to make it through the pandemic. In September 2020, CNBC reported that 14% of Americans had wiped out their emergency savings. Prudential Financial’s November 2020 report claimed the number of workers who have reduced or exhausted their emergency savings was up to 1 in 4 employees. It’s hard to know how to manage savings especially when we’re living through one very long and nightmarish emergency. According to the Prudential Financial report, 65% and 72% of respondents stated that lack of emergency and retirement savings respectively were the largest barriers to financial security. It’s absolutely critical for employees to feel supported by their companies on the quest towards financial security. 

2. There’s an undeniable connection between mental health and money. 

COVID-19 took a toll on the collective mental health of most (if not all) employees. As workers continue to perform remotely and the lines between work and life blurr, employers are increasingly aware of their responsibility to support the mental health of their employees. That’s part of what employee benefits are all about. Improving the financial wellbeing of your employees helps significantly reduce stress.

3. Your employees need resources that address their individual needs.

Understanding the never-ending array of financial terms and fiscal expectations can be daunting and stressful. The government has provided various support since COVID-19 began but it isn’t always easy to sort through it. Employees could benefit greatly from a one-stop shop to help them work through their individual financial needs. 

That’s where Best Money Moves can help. 

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.

Workplace Vaccine Strategy for COVID-19

Workplace Vaccine Strategy for COVID-19

by | Apr 27, 2021 | Blog

Workplace Vaccine Strategy for COVID-19. As COVID-19 vaccines become more widely available to Americans, workforces must decide how to handle vaccine strategies among their employees.

As COVID-19 vaccines become more available, more and more employers are evaluating their role in the immunization program. Some organizations are incentivizing vaccinations, others are wrestling with vaccination mandates and still others are taking a more laissez faire approach.

This is how workforces are tackling vaccine strategy among their employees.

Current State of Vaccination Strategy

At the time of this publication, more than half of US adults have received at least one dose of the COVID-19 vaccine, according to the CDC. Eligibility restrictions continue to lessen as accessibility increases. There is a general sense that perhaps the proverbial light at the end of the tunnel is in sight. That said, there is still a lot of work left to be done. Employers can be an important cog in the machine as we endeavor to reach herd immunity.

Mandate Debate

While the health benefits of the COVID-19 vaccine are undeniable by any respectable medical professional, some employees are still against the vaccine. According to a survey of 1000 employees by Perceptyx Research and Insight from Jan. 2021, 43% of employees claimed they would consider leaving their place of employment if they required the vaccine.

While some companies are leaving the choice entirely up to their employees, a sizable section are requiring the vaccine if employees want to return to the office. The same Perceptyx survey reported that 38% of employees said their employers were requiring them to get vaccinated in order to return to the physical workspace.

But perhaps encouragement without force is the best approach. The Perceptyx report also suggested that employees are more likely to get the vaccine if they are encouraged but not required as opposed to required. So what does encouragement look like?

Common Incentives for Vaccine Strategy

While we don’t often look towards McDonald’s as a model of health, the company is strongly encouraging vaccination efforts by providing four hours of paid time to any employee with proof of vaccination. They are also connecting employees with informational resources about the vaccine. Many companies are doing the same. Chobani yogurt is offering six hours of paid time off, three for each dose. Paid time off isn’t the only form of motivation. American Airlines is offering an extra day off and a flight voucher. Bolthouse Farms is offering an impressive $500 bonus for every full-time worker that gets vaccinated, the Wall Street Journal first reported.

Whatever your preferred vaccine strategy, one thing is clear. Employers have a certain responsibility for the health and wellbeing of their employees. After a year and a half cooped up at home, the time is now to make an impact and take those first steps towards normalcy, both in the workplace and elsewhere.

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