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3 Ways to Improve Your Employee Benefits Communication

3 Ways to Improve Your Employee Benefits Communication

by | Nov 1, 2023 | Blog

3 ways to improve your employee benefits communication. Use these 3 strategies to improve your employee benefits communication and help your team make the most of your benefits offerings.

Even the most robust employee benefits programs can fall flat without clear communication. More than 40% of employees do not feel adequately informed about the programs their employers offer, according to a Financial Health Network poll.

Better employee benefits communication is key to a happier, healthier workforce. Use these three tips to give your communication strategy a boost.

a surprising statistic about the importance of clear employee benefits communication

Why aren’t your employees using their benefits?

A lack of communication keeps employees in the dark: Simply put, if employees don’t know what you offer, they will not use their benefits.

Overly complex benefits intimidate employees: Important benefits such as private health care, retirement or life insurance often feel too complex for employees to tackle. A 2021 study from Bend Financial found that 56% of Americans admitted to feeling “completely lost” when trying to understand how their health insurance worked.

Financial strain diverts employees from investing in their benefits: According to CNBC, 58% of Americans are living paycheck to paycheck. When employees struggle to cover basic bills, they may not be willing to pay for extra benefits.

3 Ways to Improve Your Employee Benefits Communication

Better benefits communication starts with clarity, simplicity and personalization. 

1. Keep open lines of employee benefits communication.

It is most important to clearly communicate the value and purpose of each benefit you offer to your employees. 

This can start from the onboarding process, where new employees can learn and take advantage of your company’s benefits package. According to MetLife, 55% of employees note that benefit programs are necessary benefits to accept a new job offer. 

Beyond that, creating a dedicated and easily accessible place where employees can find detailed information about benefits is another great way to improve communication. This may include forms, links and other resources that can help employees learn about all the benefits you offer.

Benefit fairs and workshops can also be a useful way to promote new benefits or bolster old ones. Discuss relevant information, such as how to apply, enrollment deadlines and any other updates. This strategy keeps benefits top of mind for employees and encourages them to make use of what they are being offered.

Determining how you communicate these benefits is also a major factor in how your employees respond. For example, in-person meetings might be good for new hires, while employees who already know about existing benefits might respond more positively over email. All of this depends on your employees and what kinds of benefits you offer.

2. Regularly review your employee benefits communication strategy.

Whether you feel your benefits strategy is working or not, it’s worth it to review it periodically so that you can reassess and implement new approaches. 

Annual benefits reviews with employees can help you better understand their needs and whether your offerings are actually relevant to what they need. This is especially important if you have employees who are reaching major financial milestones such as student loans, children or retirement. You might also consider including extra perks for those who take advantage of what you offer. 

Communication goes both ways, so be sure to create avenues for employees to provide feedback on each benefit you offer. This can help you understand what’s working well and where you can add improvements, as employees are willing to engage with benefits relevant to them. In fact, 49% of employees would bear more of the cost to have access to more benefits that fit their needs, according to the same MetLife report.

3. Personalize your benefits offerings to meet the needs of your team.

Personalizing benefits to suit your employees is the next step after reviewing your current package. With employee feedback, you should be able to make a more informed decision about what your workforce needs and how you can best help them. 73% of employees would be encouraged to stay with their current employer for longer if offered access to more relevant benefits, according to MetLife.

Programs that are part of the benefits package, such as financial wellness solutions, can encourage employees to participate in these programs and improve their overall well-being. By providing clear information, support, and personalized guidance, you can help employees make the most of their benefits and set themselves up for success.

Maximize your financial wellness benefits with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

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.

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

by | Oct 13, 2023 | Blog

What are employee wellness initiatives? Wellness initiatives can give your benefits plan a powerful boost. Here are 5 key initiatives to try for your team.

Eighty-seven percent of employees consider health and wellness benefits when choosing an employer, according to a study by recruiting website Zippia. Adding wellness initiatives programs to your benefits package can provide your company an advantage in attracting talent over your competitors. 

Here’s what to know about employee wellness initiatives as well as 5 key initiatives that your team can implement to improve the employee experience.

a surprising statistic about the need for employee wellness initiatives

What are employee wellness initiatives?

Employee wellness initiatives are benefits programs that a company provides its employees. The purpose of these solutions is to promote the health and wellbeing of all the members of the office. Not only do companies see improvements in their workers mental and physical health, they often will see positive returns on their productivity and quality of work as well. In addition to cultivating a better work environment, according to the same Zippia study, 72% of employers saw a reduction in their healthcare costs after implementing these programs. 

These wellness programs can come in many different forms. Here are 5 key wellness initiatives to help your team succeed.

1. Fitness classes and health education

Encouraging your employees to exercise can positively impact both their physical and mental health. Fitness benefits can also appeal to all manner of employees, whether they enjoy complex lifting courses or low-impact aerobics. Providing stipends for these classes offers a cost-saving alternative to building an on-site gym or health club.

2. Schedule flexibility

In the post-COVID-19 workforce, flex-time is one of the most requested employee benefits. Employees want the ability to set their schedule for when to come into the office and when to work from home. The flexibility has the added benefit of reducing stress and anxiety in the workplace which will help increase productivity in the long run. Flexibility also provides added benefits for working parents trying to balance work and childcare duties.

3. Health screenings

Common reasons that people don’t go to the doctor include a fear of what a routine checkup might cost, a feeling of embarrassment or they lack access to the proper resources. All of these issues can be alleviated by providing onsite health screenings. Screenings only take 15-20 minutes of people’s time and to increase participation, can be provided during work hours.

Some employees may be dissuaded or nervous in volunteering in a program like this. Common incentives for participation include cash bonuses, reducing contributions towards health insurance and providing a flexible spending account.

4. Wellness goals

Declaring a shared goal that employees work on together while encouraging others to participate and excel in the programs helps raise the participation percentage of the benefits and can double as team-bonding exercises as well.

These goals can be carried out individually or workers can form teams and try to achieve them together. Some common challenges that workplaces have thought up are meditation, drinking more water, keeping a gratitude journal and walking/biking to work.

5. Financial wellness programs

Only 42% of employees rate their financial wellness as good or excellent, according to a report by Bank of America. But 76% of employees feel that it’s their employer’s responsibility to help them bridge the gaps in their financial wellbeing.

In response, many companies have started to provide financial wellness programs that assist clients with their budgets and guide them on a path towards financial security. When it comes to financial wellness programs, the best path forward is to provide a comprehensive one. Personal finance comes with unique issues for each of your employees and requires holistic answers for employees of all ages and financial backgrounds.

Give your team best-in-class employee financial wellness initiatives like Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.  

Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 900+ 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.

Paid Vacation Has a New Look. Do You Need This Employee Benefit?

Paid Vacation Has a New Look. Do You Need This Employee Benefit?

by | Sep 27, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

American workaholics have given rise to a new employee benefit: paid paid vacation.

In 2015, Project: Time Off found that 55 percent of Americans had a collective 658 million days of unused vacation time. That works out to about two weeks for every person. In response to this so-called “work martyrdom,” many U.S. companies have introduced “paid paid vacation” perks to encourage their employees to take time off. It’s not just to attract talent, either. These significant vacation bonuses, stipends and other time-off perks are geared toward helping employees reduce stress and improve their mental health. Would this work for your company? Learn more.

Millennial employees are new to financial adulthood. One of the first steps toward financial independence is building a budget, but many workers – young and old – don’t know where to start. Here’s how to answer their questions.

What’s the trick to keeping loyal employees? People want to work for companies with inspiring missions. Develop a shared vision.

Poor mental health is costing your company money. Sixty percent of employees diagnosed with a mental illness don’t seek treatment, which leads to high turnover, burnout, exhaustion and decreased motivation at work. Understand what you can do to help.

Generation Z just joined the workforce, and they’re already changing the benefits landscape. Their biggest financial concern? Student loan debt. Get ready for Gen Z workers.

Some job perks appeal to workers of every generation. Not everyone has student debt or wants to work from home, but there are some benefits everyone agrees are essential. Here are the top three.

More employers than ever are seeking wellness solutions. They recognize that employee health doesn’t just save money; it leads to increased productivity and satisfaction as well. Check out these key trends.

Not all millennials are the same. The needs of a 23-year-old are different from those of a 35-year-old, but both get lumped together by generation. Craft a benefits package that meets workers where they are.

Are you comfortable at work? Removing distractions and improving your office’s creature comforts boosts productivity. Learn how to get started.

It’s no surprise that the American workplace is changing. The majority of U.S. employees are hourly workers, and technology is having a profound effect on the way many jobs are done. Look out for these four shifts.

 

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