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How To Help Younger Employees Tackle Money Worries

How To Help Younger Employees Tackle Money Worries

by | Jul 15, 2024 | Blog

How to help younger employees tackle money worries. Younger employees are especially vulnerable to money issues at home. Here are the best ways employers can help.

Younger Americans are disproportionately worried about money, compared to their parents’ and grandparents’ generations. According to an American Psychological Association study, over 60% of Gen Z and Millennials say they feel overwhelmed by their financial woes, compared to 13% of Americans 65 and older. And for younger employees, their financial worries extend far into the future.

According to Georgetown and Bank of America’s study, most Gen Z and Millennial employees (64%) don’t foresee themselves being able to retire at 65, due to their lack of financial security. This issue is further exacerbated by the fact that 44% of younger workers report outstanding student loans or other consumer debt.

Today, more than half of the U.S. student loan debt belongs to borrowers under 40 years old, totaling over $800 billion, per the Education Data Initiative. Credit card delinquencies have also risen this year. According to the Federal Reserve Bank of New York, most of these missed payments are driven by Gen Z and Millennials.

Learn more about the unique financial challenges facing younger employees, along with three ways companies can support their younger employees.A statistic about younger employees

1. Offer debt management resources and tools

Not only is debt management support needed by younger employees, but it’s a highly sought-after benefit. Nearly 1 in 5  say they’d like their employer to offer debt management benefits, according to a Georgetown University and Bank of America study, And when it comes to younger employees with outstanding debt, 1 in 3 say they’d like their employer to offer debt management benefits.

With budgeting tools and other debt management resources, younger employees can get the individualized support they need for their financial situation.

2. Provide younger employees with personalized financial guidance.

By investing in money coaching, younger employees can learn how to address their short-term and long-term money goals. Instead of getting generic cookie-cutter advice, money coaching can provide Gen Z and Millennials with the personally tailored support they need for their financial situation.

For instance, 1 in 2 younger employees with outstanding debt say they’d rather pay off their consumer or student debt than invest for retirement, per Georgetown and Bank of America’s study. Alongside a money coach, younger employees can develop a strategic plan to pay off their debt, while preparing for retirement.

3. Take a digital-first approach to financial wellness benefits.

Today, younger employees use their phones for more than just streaming and social media. Many use online resources and applications for banking and managing their finances.

Whether it be viewing an account statement or transferring money, more than 95% of Gen Z and Millennials use mobile banking apps to manage their money, according to CNBC’s Digital Banking Attitudes study.

Given younger employees’ comfort with technology and online banking, take a digital-first approach to financial wellness benefits. Younger employees are more likely to engage with an online financial wellness program, especially if it can be accessed from their phone.

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 1000+ 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.

5 Ways to Motivate Your Employees to Save Money

5 Ways to Motivate Your Employees to Save Money

by | Jul 8, 2024 | Blog

5 ways to motivate your employees to save money. Help employees save money with financial wellness programs, benefits communication, retirement plans and more.

Financial experts generally recommend having three to six months’ worth of expenses in an emergency fund to help cover unexpected costs. However, for many employees, putting this advice into practice is easier said than done. 

In a survey of over 1,000+ U.S. adults conducted by Bankrate, 56% of respondents reported being unable to cover a $1,000 expense. Additional data from the Consumer Financial Protection Bureau found that roughly 25% of consumers have no emergency savings whatsoever. 

Saving for the future is often not a priority, especially for employees living paycheck-to-paycheckHowever, having these savings is important both for individual employees and the workplace as a whole. A 2023 PwC study found that 57% of employees cited finances as their top stressor. Helping employees manage their financial stress can reduce absenteeism, improve workplace productivity and improve morale among staff members. 

Here are five important ways that employers can help motivate employees to save money to help prevent financial emergencies and reach their unique financial goals.

A statistic about Americans who struggle to save money

1. Comprehensive financial wellness programs help employees save money.

While many employers offer retirement plans, financial security is not only about the distant future; it also means being prepared for unexpected expenses in the present. Addressing the broader aspects of financial wellness can lead to more immediate and impactful benefits for employees.

Educating employees on the importance of an emergency fund can help them handle any sudden costs that come their way. Many employees also struggle with debt from student loans, credit card balances and mortgages. Counseling and resources for debt reduction and management can lower financial stress and help your team regain control of their spending. 

When it comes to implementing holistic financial wellness programs, employees can offer informational seminars, presentations, newsletters and free financial help resources that help boost financial literacy. Ask employees how they prefer to access such resources to maximize their usage. For example, some employees may prefer to learn from a website while others would rather talk to an expert. For employees looking for more direct guidance, providing access to a financial counselor who can work one-on-one with employees is crucial. Qualified advisors can help individuals set goals, formulate budgets, choose investments and save money.

When figuring out what content employees want and need to learn, consider what financial wellness means to them. Center your strategies around SMART goals: specific, measurable, achievable, realistic and time-limited. Make sure you also provide support for any strategies you suggest. Encourage present-oriented thinking so employees are motivated to act immediately and incorporate rewards for goal achievements. Stories, testimonials and real-life examples can inspire employees to take action and follow through with their financial plans.

2. Focus on improving your existing benefits communication.

Some employers already offer financial benefits that help their employees save money – however poor benefits communication means these services go unused. Recent data from the Bureau of Labor Statistics estimates that benefits account for just under 40% of an employee’s total costs. So, when your team fails to take advantage of their existing benefits, both the employee and employer lose money. 

Benefits communication efforts can increase employee engagement, financial wellness and staff satisfaction. Furthermore, there is a demand for clearer communication among employees themselves. According to the Society for Human Resource Management (SHRM) 2023 Employee Benefits Survey, 71% of employees want more accessible information about their benefits choices. Through consistent communication with employees, employers can increase the take rate of benefit opportunities and help employees manage their savings.

3. Use default opt-out for retirement plans.

In some cases, it may also help to make benefits participation automatic. Rather than having employees opt into a company’s retirement plan, employers can automatically enroll all employees into the plan unless they actively choose not to participate by opting out. This way, workers have to take action to not be enrolled in the retirement plan and many end up taking the path of least resistance by staying enrolled, thus making regular retirement contributions. 

Employers can also offer retirement plans to new and part-time employees, as long qualifying work periods can discourage workers from saving for retirement—avoiding these buffer periods can attract and retain talent.

4. Help employees save money by offering debt education.

Monthly debt payments and high interest rates eat up space in employee budgets, making it difficult to save money.  However, employers can step up to help employees manage their debt and make room in their budgets to cover surprise expenses. 

The process of managing debt begins with understanding employees’ needs. For example, student loan debt follows some employees far into their lives; 46% of student loan debt is held by those over 40 years old. Offering housing assistance is another way employers can help with debts among the housing shortages and increasing home and mortgage costs. This can be done through down payment offerings and closing cost assistance in the form of a loan forgivable over a designated period. 

Grants, loans and security deposits, along with homeownership education and counseling, can also help employees with mortgage loan support. Debt consolidation resources can also help simplify the debt repayment process so employees can quicken their debt payoff by merging the separate payments into a single monthly payment. This may also allow employees to pay an interest rate less than the average interest rates of their multiple debts.

5. Facilitate payroll deductions and on-demand pay to help save money. 

78% of Americans live paycheck to paycheck, a 6% increase from the previous year, according to a 2023 survey conducted by Payroll.org. These numbers underscore the urgent need for employers to take steps to support their employees’ ability to save money. 

One way for employers to do this is by enforcing payroll deductions that allow workers to make after-tax contributions to a savings fund for emergencies or large upcoming expenses. Because the process is fully automatic, it makes saving easy for employees—the earnings go straight from the payroll to this rainy day fund so people are not tempted to use the money from the accounts for everyday costs. 

On-demand pay is another way for employers to support employees financially. On-demand pay gives employees access to their pay as they earn it—employees can request a portion of their pay before the end of the pay period, which supports their short-term financial security, giving them the flexibility to cover bills and emergency expenses as they arise without sacrificing long-term financial stability, allowing them to establish a solid financial foundation.

Help your team build their savings 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 1000+ 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.

Financial Stress In 2024: Revealing Insights About Americans and Money

Financial Stress In 2024: Revealing Insights About Americans and Money

by | Jun 25, 2024 | Blog

Financial stress in 2024: Revealing insights about Americans and Money. Financial stress is still a major struggle for employees across all industries. Here are the top statistics updated for 2024.

Once again, employee financial stress is on the rise. Americans are grappling with higher prices, uneven wage growth and record-high credit card debt. Globally, extremely high inflation has pushed food, fuel and housing costs higher. Household debt coming into 2024 soared to $17.3 trillion, with a notable 16.6% increase between 2022 and 2023 alone. [1]

The Financial Health Pulse 2023 U.S. Trends Report, documents that 17% of Americans are now considered “financially vulnerable,” meaning they struggle to meet expenses, have little to no emergency savings, and carry burdensome debt levels. [2] Compounding these challenges are rising interest rates and the burden of $1.74 trillion in student loan debt repayments. These are collectively straining employee finances and exacerbating overall financial pressure. [3]

Such challenging conditions have had serious implications for Americans’ financial security. Study after study finds that more than half of Americans live paycheck-to-paycheck, including those making over six figures. In fact, data from PYMNTS and LendingClub revealed that 42% of workers earning more than $100,000 per year still struggle with financial insecurity. That underscores the widespread impact of ongoing economic strains on individuals across income brackets. [4]

Financial stress linked to workforce financial (un)wellness

Long-term financial stress has been consistently linked to reduced employee performance. Approximately one-third of employees acknowledge that financial worries affect their ability to engage at work. U.S. employees feel increasingly burdened by financial concerns, spending an average of 8.2 work hours per week dealing with personal financial issues.

In this way, the rise in employee financial stress poses a significant challenge for employers, as it undermines employee well-being and organizational success. Persistent financial strains can result in decreased productivity and diminished employee morale, ultimately impeding the organization’s overall performance.

Recognizing the critical role of supporting employee financial wellness, employers must take proactive measures to alleviate financial stress and fortify the long-term viability of their business.a fact about financial stress

Generational Perspectives: Financial Stress Across Millennials and Gen Z

Around 57% of Americans say finances are the top cause of stress in their lives. [5] However, younger workers struggle even more than their peers: [6]

  • 54% of Millennials and 47% of Gen Z respondents say that financial uncertainty causes feelings of depression. In contrast, just 20% of Baby Boomers and 37% of respondents harbor that sentiment. [7]
  • 35% of Gen Z says the cost of living (housing, transportation and utility bills) is their most pressing concern and 51% say they live paycheck-to-paycheck; 42% of Millennials say the cost of living is their most pressing concern and 52% say they live paycheck-to-paycheck. [8]
  • While Americans of all ages struggle to pay off debt, Gen Z and Millennials have seen the largest average increases in total debt over the past couple of years. Gen Z saw a 62% increase in credit card debt between March 2022 and February 2024. Millennials saw a 49% increase. These two generations also have had the steepest decline in credit score health. [9]
  • A top concern for many Millennials and Gen Z employees remains their looming student debt. As of September 2023, about 43% of Millennials and 28% of Gen Z carried at least some student loan debt. In many cases, these loans have affected the borrower’s ability to meet financial goals. [10] About 60% of US adults with student loan debts have put off making important financial decisions due to their debt. Emergency and retirement savings have taken the biggest hit. When surveyed, 27% of respondents delayed saving for emergencies and 26% delayed saving for retirement. [11]
  • While the majority of Millennials want to buy a home, 48% don’t believe homeownership is affordable for their generation. A staggering 96% of Millennial buyers are concerned about purchasing a home. [12]

Generational Perspectives: Financial Stress Across Baby Boomers & Gen X

Baby Boomers tend to report the least amount of financial stress, with only 19% reporting extreme financial stress as of January 2023. [13] This generation also carries a lower average mortgage debt than Millennials or Gen X. However, they have the second-highest credit card debt of any age demographic, after Gen X. 

Among the different generations, Gen X exhibits the highest levels of financial worries, with a notable 50.2% expressing feelings of financial insecurity. [14] Almost half of working Gen Xers report feeling significantly behind where they should be with their retirement savings and over half are uncomfortable with their level of emergency savings. Across all generations — from Gen Z to the Silent Generation — financial wellness and security during retirement remains a primary concern. [15]

Understanding the Impact: How Financial Stress Threatens Employee Wellbeing

One of the most concerning elements of financial stress is its negative relationship to physical and mental health. People who are financially stressed are much more likely to struggle with substance abuse, be overweight and have worse health outcomes than their non-stressed peers. [16] They’re also much less likely to be engaged at work. 

74% seek financial guidance when dealing with financial decisions, crises, or life. However, only 2 out of 5 employers offer financial wellness programs.

With employees under continued economic strain, other cracks are emerging:

  • Many insured adults said they or a family member had delayed or skipped necessary health care or prescription drugs because they could not afford the costs.  In the past year: 29% with employer coverage, 37% covered by marketplace or individual-market plans, 39% with Medicaid, and 42% with Medicare;
  • 56% of employees said financial stress affected their sleep, 55% their mental health, 50% their self-esteem, 44% their physical health, and 40% their relationships at home. [17]

Employers play a crucial role in understanding and addressing this intersection of financial stress, physical and mental health and workplace engagement. Companies are increasingly called upon to equip their workforce with the tools and resources needed to navigate financial challenges and alleviate the stressors contributing to adverse health outcomes.

Assessing the Influence of Financial Stress on Workplace Turnover & Retention

There’s more bad news for companies struggling to keep employees. As workers face heightened financial stress, there is a pressing need for companies to step up and provide comprehensive support. Otherwise, employers risk losing these employees altogether.

  • Financially-stressed employees are twice as likely to change jobs as those who aren’t. [18]
  • 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial well-being.
  • Among financially stressed employees, 56% spend 3 or more hours per week at work dealing with or thinking about personal finance-related issues.
  • Only 54% of financially stressed employees think there is a promising future for them at their current employer, compared to 69% of not financially stressed employees.

Recognizing the need for comprehensive support of employees under financial stress, the focus shifts to employers’ ability to meet these needs effectively. By acknowledging the demand for broader financial wellness initiatives, companies can proactively engage employee satisfaction and retention, paving the way to a more resilient and engaged workforce.

Beyond Retirement: Meeting the Full Spectrum of Employee Financial Needs 

The demand for financial wellness support underscores a gap in employer offerings. Many companies only offer retirement support and safety net insurance. However, employees increasingly express dissatisfaction with these limited provisions, highlighting the need for employers to take more comprehensive action in addressing financial stress within their workforce. As employers, it is crucial to recognize and respond to employees’ concerns by expanding financial wellness initiatives. 

Seventy-six percent of employees feel their employers should take responsibility for their financial wellness. And 74% actively seek financial guidance for various financial decisions, crises or life events. [19]  However, despite this clear demand, only 2 out of 5 employers offer financial wellness programs, even though 68% of employees utilize the financial wellness benefits when provided.

The absence of such support can be a deciding factor for many employees. Some 73% of financially stressed employees saying they would be attracted to another employer that cares more about their financial well-being, compared to just 54% of non-financially stressed employees. [20] It is imperative for employers to recognize their role in equipping employees with basic money management skills and money coaching, budgeting help and other resources that can help employees achieve their financial goals. Furthermore, the benefits are clear: 92% of employers who offer resources to manage overall well-being saw improvement in employee satisfaction. [21]

Best Money Moves can help. Personalized, gamified and easy-to-use, Best Money Moves helps employees budget, make better financial decisions and implement their personal best money moves to achieve their most specific financial goals.

About Best Money Moves

Best Money Moves helps your employees measure and dial down their financial stress, with measurement tools, 900+ written and video resources, and best-in-class voluntary benefits to supplement those you already offer. Depending on the version chosen, you may be able to integrate your own company benefits into the platform, personalizing the financial wellness journey your employees are on.

Call us for a demo and find out how adding a great financial wellness benefit can help improve retention, lower turnover and reduce healthcare costs.

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.

1 Americans Are Carrying Record Household Debt into 2024, MarketWatch, 2024
2 Financial Health Pulse 2023 U.S. Trends Report, Financial Health Network, 2023
3 https://www.federalreserve.gov/releases/g19/HIST/cc_hist_memo_levels.html
4 New Reality Check: The Paycheck-To-Paycheck Report – Financial Distress Factors Edition, PYMNTS and LendingClub survey, 2024
5 2023 PwC Employee Financial Wellness Survey, PwC, 2023
6 2023 Gen Z and Millennial Survey, Deloitte, 2023
7 Millennials and Gen Zers Are Losing Sleep Due to Financial Anxiety, Money Magazine, 2023
8 2023 Deloitte Gen Z and Millennial Survey, Deloitte, 2023
9 Millennials and Gen Z face ‘snowballing and snowballing’ debt as high card balances and interest rates eat into their credit scores, Fortune, 2024
10 Which generation has the most student loan debt?, Bankrate, 2023
11 Survey: Student loans have delayed wealth-building for Gen Z and millennial borrowers, Bankrate, 2023
12 Millennial Home Buyer Report: 2024 Edition, Real Estate Watch, 2024
13 Debt and mental health statistics, Bankrate, 2023
14 2024 Survey: Generational Banking Trends, MarketWatch, 2024
15 2023 Workplace Benefits Report, Bank of America, 2023
16 Commonwealth Fund 2023 Health Care Affordability Survey, Commonwealth Fund, 2023
17 2023 PwC Employee Financial Wellness Survey, PwC, 2023
18 2023 PwC Employee Financial Wellness Survey, PwC, 2023
19 2023 Workplace Benefits Report, Bank of America, 2023
20 2023 PwC Employee Financial Wellness Survey, PwC, 2023
21 2023 Workplace Benefits Report, Bank of America, 2023
The 4 Best Benefits in 2024, According to Employees

The 4 Best Benefits in 2024, According to Employees

by | Mar 11, 2024 | Blog

The 4 best benefits in 2024, according to employees. Your benefits choices go a long way toward attracting the right employees. Here are the 4 best benefits in 2024, according to employees.

A holistic benefits strategy is one of the most important factors that job-seekers consider when deciding where to work. In fact, according to Forbes Advisor, 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits.

Well-tailored, helpful employee benefits go a long way toward keeping your existing team members satisfied while also attracting new talent. With dozens of options, each catered to different ages, incomes and needs, how do you know the right program to choose?

To evolve your benefits strategy, you need to understand what will help your employees the most. Here are the best benefits in 2024 based on input from real workers.

A fact about the best benefits in 2024

1. Affordable healthcare

Healthcare costs are a major concern for employees, especially for those who earn lower wages.

Average healthcare premiums for American families increased 7% in 2024, according to research from KFF. As these costs rise, so do concerns about affordability. To ease the financial burden, employees look to their compensation packages for support.

The study from Forbes Advisor shows that 67% of employees and 68% of employers believe healthcare to be the most important benefit.

Healthcare benefits can be wide-ranging, but usually include some sort of insurance package that helps make medical costs more affordable for employees. Employer-paid healthcare benefits allow employees flexibility when dealing with a medical visit and peace of mind when the bill comes.

Employees also value alternative health benefits, such as gym memberships, wellness programs and mental health programs. According to Forbes Advisor, a third of employees surveyed named mental health programs as a top benefit.

Mental health benefits include everything from inclusive paid leave to workplace meditation. Programs that support mental health have shown improved performance at work among employees. Research from the National Library of Medicine reveals that 86% of employees treated for a mental health condition reported an increase in productivity.

2. Paid time off

PTO allows employees to take breaks from their busy schedules and recharge. In turn, potential burnout is replaced with productivity and a positive working environment.

Post-pandemic, there has been a significant shift toward flexible benefits that emphasize work-life balance. More companies are even adopting remote work strategies and four-day work weeks to help their employees.

Making these benefits as inclusive as possible is another factor to consider. Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave.

With non-standard work schedules becoming the norm, flexibility in general is in high demand among most employees. Some lesser-known benefits in this area include virtual team bonding activities, a home office stipend and financial assistance to cover internet costs.

3. Pension and retirement plans

The same Forbes Advisor study found that 34% of employees and 34% of employers agree that retirement plans are a vital part of a company’s benefits strategy. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

In a study from PeopleKeep, 87% of employees surveyed said they valued retirement benefits or retirement accounts. However, only 54% of the employers surveyed even offered those benefits.
Retirement plans are tax deductible, flexible and are a great way to attract new talent to your business. Introducing quality retirement plans is a great way to keep your employees satisfied and set them up for future success.

4. Financial wellness benefits

For employees struggling to keep up with their finances, financial wellness benefits have been shown to greatly improve stress levels, well-being and retention.

Costs of common goods and groceries are rising due to different economic factors, making it harder for salaried workers to manage their finances. According to BenefitsPro, 53% of US adults are financially anxious, while more than 60% of families don’t have an emergency fund. Financial stress leads to decreased productivity at work and an overall lower quality of life for your employees.

A comprehensive wellness strategy is the answer to financial stress outside of the workplace. These benefits provide personalized advice for all aspects of a person’s financial life. Financial wellness programs also provide a convenient place for employees to manage their budget, track spending and set achievable goals.

In fact, in PWC’s 2023 Financial Wellness Survey, 74% of employees who responded sought guidance when faced with a major financial decision, crisis or life event.

If you are looking to start a financial wellness initiative in your business, try Best Money Moves.

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.

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 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

4 Ways to Support Employees Living with Disabilities

4 Ways to Support Employees Living with Disabilities

by | Mar 6, 2024 | Blog

4 ways to support employees living with disabilities. Create an accessible workforce and access top talent with these helpful strategies.

More than 1 in 10 Americans live with a disability, according to the U.S. Census Bureau.

And while people usually think of disabilities in the physical form, many Americans live with “invisible” disabilities. “Unseen” or “invisible” disabilities have symptoms and impairments that are non-apparent, such as chronic pain, learning disabilities, or mental health conditions.

All employees deserve to feel supported in the workplace, despite any adversities they may face. Learn how HR professionals and companies can support employees living with disabilities and provide resources that can facilitate their overall success.A fact about employees living with disabilities.

1. Cultivate a work culture that allows employees living with disabilities to show up authentically

Focusing on equity and inclusion can help create a work culture and environment that not only attracts top talent but allows employees to show up as their full selves.

Recruiters and talent acquisition teams are increasingly focusing on recruiting diverse talent — however, it’s important to build a work environment where employees with disabilities feel included. Creating an inclusive work environment is key to both attracting talent but also retaining talent. Data from the U.S. Department of Labor found that organizations that diversified to include employees with disabilities report a 72 percent increase in employee productivity.

Whether it be live transcriptions during virtual meetings, using larger text in PowerPoints, or providing a private wellness room, companies are going beyond the minimum to make the workplace more accessible. These small touches and accommodations can make a difference to top talent in the job market.

2. Create an employee resource group supporting accessibility and employees living with disabilities.

Employee resource groups are communities within companies that connect employees of a shared identity or interest identity, such as race/ethnicity or gender. Employee resource groups have been around for decades — in 1970, the first employee resource group was created by a group of Black employees at Xerox. Today, companies have evolved to support employee resource groups for employees living with disabilities, whether “visible” or “invisible.”

Navigating the work environment with a disability isn’t easy, especially when it comes to self-advocacy and asking for accommodations. Having an employee resource group focused on accessibility and employees living with disabilities can help create a community and attract top diverse talent.

3. Offer financial wellness education that is accessible and easy to use.

Americans living with disabilities are more likely to face financial hardship, compared to Americans without disabilities. Per the U.S. Census Bureau, employees with a disability make about $28,000 on average, compared to $40,000 for employees without a disability. This means that employees living with disabilities are more likely to face financial hardship as they have less disposable income, or money left over after monthly expenses.

Offering a financial wellness program can help improve employees’ financial wellness and knowledge. For instance, many Americans living with disabilities are less likely to have a bank account than Americans without disabilities.

A robust, accessible financial wellness program should be personalized to individual employee’s needs — some employees may need help getting their first credit card, while others may be seasoned investors looking to expand their portfolio. Regardless of one’s level of financial knowledge, all employees can benefit from access to financial wellness benefits and resources.

4. Allow employees to use their health insurance benefits starting day 1

Some companies require a waiting period before employees are allowed to use their health benefits; however, for employees living with disabilities, waiting 60 or 90 days may be too long and only exacerbate their symptoms.

For instance, employees suffering from a chronic condition or taking multiple medications may not be able to afford to go a month or two without health insurance. This may worsen their conditions.

Allowing employees to use their health insurance benefits starting day 1 can demonstrate a corporate commitment to inclusivity — moreover, this can help set employers apart from the competition when attracting top talent.

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.