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How Small Businesses Can Develop a Financial Wellness Strategy

How Small Businesses Can Develop a Financial Wellness Strategy

by | Feb 7, 2024 | Blog

How small businesses can develop a financial wellness strategy. Learn more about how small businesses can embrace financial wellness to increase employee well-being.

A comprehensive benefits package is one of the best strategies small businesses can use to retain employees and attract top talent. When salaries are comparable, the decision to take an offer often comes down to the level and quality of an employer’s benefits program. 

In fact, according to a survey conducted by ConsumerAffairs, 42% of employees stated they would likely leave their jobs for another position with better benefits.

a surprising statistic about the necessity of financial wellness for small businesses

Why are employee benefits important to small businesses?

Employee benefits are forms of compensation outside of a traditional salary or wage. Small businesses often include a suite of benefits when advertising a job offer to stand out among larger competitors in their industry. 

Some benefits, such as health insurance, workers’ comp and social security are required by law. These are known as statutory benefits and serve to protect employees from struggling with money directly after leaving a job or provide coverage if there is a workplace accident or illness.

However, benefits also serve as a method for small businesses to satisfy employees. To retain employees in full-time positions, a quality benefits strategy is vital. Small businesses are often competing with the tools and resources of larger organizations and may struggle to find ways to stand out when looking for top talent. According to a Pew Research Center study, in 2021, 43% of workers who quit their jobs left due to lack of benefits flexibility, including poor health insurance and mediocre paid time off. Although statutory benefits are necessary to support a workforce, auxiliary opportunities are usually the backbone of a comprehensive benefits program, especially for small businesses.

Why should your small business offer financial wellness as a benefit?

When considering the costs of statutory benefits, including a financial wellness component may seem unnecessary, especially for small businesses. However, according to Morgan Stanley, 75% of Americans believe that financial wellness should be a part of their company’s programs. 

It’s also important to note that workers are struggling with their finances at an alarming rate. According to a Bankrate survey, 52% of U.S. adults said their financial issues harmed their mental health, which included an increase in stress. These mental declines impact employees at the office, leading to lower productivity and increased rates of absenteeism. Data also suggest a disturbing trend toward the lack of financial resources for employees. And problems with financial wellness can span far beyond an employee’s life at home. According to data collected by management software engineer TeamStage, employees who experience severe financial stress levels lose between 29 and 39 workdays every year to attend to concerns. 

Financial wellness programs generally lead to a positive return on investment for small businesses because of the major additions they make to employees’ lives. These include reduced absenteeism, positive company perception and fewer financial burdens for your workforce. 

At small businesses, financial wellness benefits are the key to solving your workers’ most pressing issues. These programs usually include a host of resources and tools that help employees manage their finances and provide an easy outlet to address the most common money concerns. The bottom line is that financial wellness benefits can have a positive impact on engagement at work, improve your company’s brand among prospective employees and save your small business money in the long run.

How small businesses can develop a financial wellness strategy

If you have a small business, considering the financial well-being of your employees is one of the best ways to support and grow your workforce. With a small business, you can tailor benefits to fit your company’s culture and address your employees’ needs. A benefits program that helps employees reach their financial milestones is key to promoting a positive sentiment in the workplace.

Here are some tips for supporting your team’s financial well-being. 

1. Ask your employees what financial wellness benefits are right for them. A smaller team can help you get individual responses and create a more personalized benefits solution. Ask employees how they feel about their financial wellness and if extra resources would be beneficial. Compared to large corporations, small businesses can be much more in tune with their workers’ needs, so take advantage of that when considering what benefits to offer.  

2. Promote a financial wellness initiative. Including a comprehensive financial wellness program into your business can help employees get back to setting and achieving their most important financial goals. Financial wellness can take many forms, but you might consider basic financial literacy courses, budgeting classes, retirement planning, and the tools a benefits solution might offer. At a small business, it can be easier to create tailored offerings based on the demographics of your company. 

3. Regularly assess the effectiveness of your benefits strategy. Simply offering the benefit to your employees is only the first step. For your employees to get the full freight of the benefits you offer, make sure to consistently ask for feedback to facilitate the right changes. From there, you can make the adjustments that will help your workforce the most. It is also important to establish what you consider to be a successful program. What do you want your employees to get out of a financial wellness program? What does a successful benefits campaign mean to your company?

Ready to embrace financial wellness for your small business?

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. 

Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. 

Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more.

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

3 Reasons to Focus on Employee Financial Security

3 Reasons to Focus on Employee Financial Security

by | Jan 22, 2024 | Blog

3 reasons to focus on employee financial security. Critical insights from recent data reveal the significant benefits of supporting employee financial security.

Significant inflation and economic turmoil have brought employee financial security into the spotlight. Recently, Mercer published their 2023-2024 Inside Employee’s Minds study and found that 78% of all employers surveyed felt a high to moderate level of concern regarding employee financial well-being. 

This worry isn’t without good reason. One of Mercer’s most pressing insights reveals that employees have a renewed focus on financial stability in 2024 — and they’re increasingly turning to their employers for help. 

Here are three key reasons employees’ financial security should be top of mind of employers in the new year and beyond.

an important insight into the need for employee financial security

1. Recent economic trends have made it harder for employees to maintain healthy personal finance habits.

Inflation has been a prevailing concern over the past year and the workforce has felt the effects. Seventy-two percent of employees surveyed by Mercer agreed with the statement: “High Inflation and market volatility have significantly increased my financial stress.” What’s more, 51% of employees reported reducing their discretionary spending due to economic concerns and another 37% had to reduce or tap into savings. 

When asked to rate their top unmet needs, “covering monthly expenses” and “being able to retire” topped the list of employee concerns. More than 10% of all employees surveyed had at least some concerns about their financial health. Financial stress has long been linked to poor outcomes at work, with stressed employees feeling less productive and less connected to their employers and experiencing higher rates of absenteeism.

2. Economic strain and financial stress threaten overall employee well-being.

Stress from inflation and similar economic turmoil seeps into aspects of everyday life, and some of the most crippling expenses that the American workforce face are related to healthcare. Only about three-fourths of employees feel they can afford needed healthcare without facing financial hardship, including employees making six figures. Moreover, for employees in lower income brackets, these numbers drop. Only around half feel they can afford needed care. 

Long-term stress takes a physical toll on the body, causing high blood pressure, headaches, insomnia, fatigue, and more. These stressed employees may in turn spread discontent in the workplace and negatively impact company culture. According to data collected by Gallup, stressed employees are more likely to butt heads with coworkers and superiors alike.

3. Competitive employers recognize the importance of employee financial security and supportive financial benefits. Economic strain and financial stress threaten overall employee well-being.

Mercer’s research uncovered that one in three employees are considering leaving their employer because their benefits needs have not been met. So, as personal finance woes have skyrocketed to the top of worker’s minds, financial security has become a key benefits incentive. 

More and more employers are integrating financial wellness tools into their benefits strategy, or plan to in the new feature. Mercer found that of their surveyed employers, 55% already offered some type of basic money management tool and another 27% hoped to integrate such tools soon. Fifty-three percent of employers also offered financial planning seminars and webinars with another 27% planning for such tools down the road. 

Support employee financial security with holistic financial wellness benefits.

Personal finance benefits can support employees of all ages and help employers to stand out in a crowded job market. 

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. 

Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. 

Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more. 

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

What is Employee Cybersecurity? Plus, 3 Ways to Improve Your Cybersecurity Strategy

What is Employee Cybersecurity? Plus, 3 Ways to Improve Your Cybersecurity Strategy

by | Jan 8, 2024 | Blog

What is employee cybersecurity? Plus, 3 ways to improve your cybersecurity strategy. Learn how organizations can improve employee cybersecurity practices through proactive training and hands-on education.

In 2023, employee cybersecurity breaches cost organizations an average of 4.45 million dollars, according to a 2023 report from IBM. What’s more, only 1 in 3 affected organizations were able to spot and report these breaches through internal security procedures. The rest had to be alerted of the breach by a third-party organization — or by the hackers themselves. 

Remote work and the rise of AI technology have redefined our digital landscape. Without robust employee cybersecurity measures in place, companies of all sizes find themselves increasingly vulnerable to hackers or ransomware attacks. 

Learn more about employee cybersecurity, including how a poor cybersecurity strategy could leave your organization vulnerable to attack.a surprising statistic about the importance of employee cybersecurity
What is employee cybersecurity? Why does employee cybersecurity matter?

Employees across all industries use some type of technology in their daily operations, from basic communications technology such as email and message systems to industry-specific technology such as medical devices or stock trading software. 

Employee cybersecurity is the art of protecting these digital networks, devices, and data from unauthorized access or criminal use. Cyber security strategy may include protecting documents and emails from hackers, frequently checking for software viruses, reporting suspicious emails and more. 

For many executive teams, employee cybersecurity is a top-of-mind issue. According to Accenture’s recent CEO survey, almost 3 in 4 CEOs worry about their company’s ability to minimize damage from a cybersecurity attack. And despite companies’ increasingly investing in cybersecurity software, these investments don’t address one of the greatest risks and vulnerabilities: employees, themselves. 

Many cybersecurity attacks start with human error, whether it be accidentally downloading a virus or clicking on a phishing link. Employee cybersecurity ensures that workers have the right knowledge, strategy and preventative tools when it comes to spotting and averting cyber attacks.

3 ways to improve employee cybersecurity

1. Upgrade employee passwords with two-factor authentication.

Having a strong, unique password is helpful, but this is only the first layer of password protection. Passwords can be reused, stolen or cracked. So companies have started to double-check employees’ identity with two-factor authentication (also known as multi-factor authentication) as another layer of protection.

With two-factor authentication, after an employee inputs their password, they will be prompted to complete a second step that would be a lot harder for a hacker to fake. Common authentication methods, according to CISA, include using:

  • Something an employee knows (e.g., a PIN or security question answer)
  • Something an employee owns (e.g., sending a confirmation text to your phone)
  • Something an employee is (e.g., fingerprint or face identification)

Adding an extra layer of protection can help prevent unauthorized access to accounts, software and other sensitive data. 

2. Educate employees to spot (and avoid) phishing scams. 

One of the most common ways that hackers target employees is through phishing scams, which involve the use of fraudulent emails, text messages, phone calls or websites designed to trick users into downloading malware, sharing sensitive or personal data (e.g., Social Security number, login credentials, etc.) and more. 

According to IBM, over 40% of cybersecurity attacks use phishing to gain access to company information and data. 

Phishing attacks commonly include grammatical and spelling errors, sketchy email addresses, threats of jail time and other unrealistic consequences. By teaching employees how to identify phishing, companies can minimize their vulnerability to hackers and ransomware attacks.

3. Create an online hub for employee cybersecurity resources.

To help employees navigate the ever-changing world of cybersecurity, companies have begun developing employee cybersecurity support hubs. Within these cybersecurity hubs, employees receive consistent reminders to perform software updates, regularly change their passwords and more. 

Employee cybersecurity hubs serve as a dedicated resource for all things cybersecurity and IT-related. For instance, cybersecurity and IT hubs may include a hotline number for employees to call with any questions, as well as a reporting system for phishing attempts. 

With a clear, consistent place for employees to get cybersecurity support, companies can help increase employees’ cybersecurity awareness and minimize the risk of a harmful breach. 

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.

3 Impacts of Employee Student Debt in 2024

3 Impacts of Employee Student Debt in 2024

by | Jan 3, 2024 | Blog

3 impacts of employee student debt in 2024. Student debt payments have resumed following 3 years of forbearance. Learn how student debt could impact your team during 2024.

After a three-and-a-half-year forbearance period, federal student debt payments resumed in October of 2023. Depending on the individual, student debt can pose anything from a minor headache to a crippling financial hurdle that delays other milestones for years to come.  

The Education Data Initiative estimates that there are more than 43 million student borrowers in the United States, with an average debt balance of $37,718 per borrower. So, more likely than not, at least some members of your team were affected by the loan restart. Keep an eye out for these three ways that employee student debt may impact your team in 2024. 

A surprising statistic about the prevalence of employee student debt1. Financial stress from employee student debt negatively impacts employee mental health.

The average monthly employee student debt payment for graduates is about $500, according to more data from the Education Data Initiative. It takes almost 20 years for people to fully pay off their debts.  Borrowers are expected to fit these monthly expenses alongside existing financial responsibilities. But for many employees, especially those living paycheck-to-paycheck, that can be easier said than done. Paying an extra hundreds of dollars per month can be backbreaking and often leads to an increase in financial stress. 

In a recent Education Trust report, 64 percent of graduates surveyed said that student debt negatively impacted their mental health. And this stress isn’t uncommon even among high earners. According to CNBC15% of workers earning $100,000 say they still live paycheck to paycheck.

An increase in financial stress generally leads to reduced productivity as well. A recent PwC survey found that more than 50% of workers spend three hours or more per week at work dealing with issues related to their finances.

2. Employee student debt may delay other financial milestones.

The reintroduction of employee student debt payments also may delay financial milestones. Goals like saving for retirement, purchasing a home or building an emergency fund can be delayed or even gutted due to the pressure for additional monthly payments.  

According to a Bankrate survey, around 60 percent of U.S. adults who currently struggle with student loan debt have put off making important financial decisions as a result.

Delaying financial milestones can drastically affect a person’s mental health, as they are forced to forego life-changing events (such as getting married or having children) due to financial strain. The same Bankrate study found that 57 percent say their quality of life has been negatively impacted by the economy. Postponing milestones can also affect an employee’s earning power. Without the ability to receive more education due to debt, employees are stuck with lower-level jobs and the difficulty of trying to get a new degree or certification.

3. Employees juggling student debt may face career setbacks.

Graduates who struggle with student loans often need to postpone additional education or training while they work on their debt. This may stagnate potential career growth and limit the opportunities employees may have to excel at their jobs.  

Financial stress can also impact performance at work, as a SHRM survey found that these issues have resulted in a 34% increase in absenteeism and tardiness. 

In fact, employees who aren’t reaching their financial goals often decide to take initiative and find new jobs altogether. According to the ADP Research Institute, employees who consider their student loan debt to be a “heavy burden” are 2.4 times more likely to be in the process of leaving their organization.” 

In conjunction with this is the issue of job satisfaction. Almost one in five employees say that their jobs are not doing enough to support their financial goals. Whether it’s not making enough to support themselves or being unable to save for any sort of emergency expense, employees are often left with questions regarding their financial future.

Addressing employee student debt head-on

Although the student loan crisis is dire, there are still ways employers can help curtail the negative effects of student loans to keep their workforce thriving and happy. 

Financial Wellness Initiatives

  • Financial wellness programs are some of the most effective ways to address the issues student loans create. Debt can be difficult to understand and can seem impossible to navigate for first-time borrowers. But these programs empower employees to take control of their debt and their financial futures. Financial wellness initiatives go beyond traditional benefits, as they focus on teaching financial literacy with topics like budgeting, saving, and managing debt.

Tuition Reimbursement 

  • A key benefit for employees in 2024 will be a comprehensive tuition reimbursement program. Some companies allow their employees to use earnings as a way to pay off student debt, similar to a 401(k) plan. Others use a simple recurring payment option as an incentive for employees. A direct repayment program can ease the burden of student loans and allow workers to focus on their financial milestones without feeling set back.

Luckily, 74% of workers who are stressed about money actively seek help during an important financial decision, whether it’s from their employers or online resources. Creating a space where employees can learn about financial wellness effectively is one of the greatest boons you can give to your workforce. Through budgeting tools, educational resources and personalized recommendations, these programs allow employees to take control of their financial lives.

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.

2024 Employee Benefits Trends: Focus on Employee Wellbeing

2024 Employee Benefits Trends: Focus on Employee Wellbeing

by | Dec 5, 2023 | Blog

2024 Employee benefits trends: Focus on employee wellbeing. The right benefits strategy is key to employee satisfaction. Here are the top 2024 employee benefits trends.

Employee benefits are a driving force keeping your workforce satisfied. A study from the Society for HR Management found that the quality of employee benefits was likely linked to happiness at work. Yet both benefits and job satisfaction were at historic lows in 2023, falling multiple percentage points from the previous year.

A new year means revisiting your existing benefits strategy and experimenting with new programs to help keep your team engaged.

4 Top 2024 Employee Benefits 

A key statistic about the need for 2024 employee benefits

1. Financial wellness programs

Financial health is one of the most important aspects of employee well-being and productivity. A study from the American Psychological Association (APA) found that 72% of Americans report stressing about money at least some of the time. According to Morgan Stanley, financial stress in employees can lead to declines in productivity, weakened company culture and delayed retirement, among other risks. 

The answer is to meet employee financial strain head-on by providing a comprehensive financial wellness program in your 2024 employee benefits.

Financial wellness programs are expanding to include personalized financial planning, budgeting tools and educational resources. Other opportunities include student loan assistance, debt management programs, and employee assistance programs that provide financial counseling. Offering a wide range of interactive benefits helps employees. Budget tools can help save money for retirement, while debt management programs can help get a person’s situation back on track.   

Mercer’s Health & Benefit Strategies for 2024 Survey Report found that almost half of surveyed employees believed digital tools would be useful to self-manage their well-being.  Addressing the financial issues facing your workforce that their workforce faces can positively the lives of your team.

2. Flexible work schedules

Flexibility in scheduling continues to matter to employees moving into 2024, as companies recognize the value of work-life balance. The pandemic has shown the world that juggling work and family obligations is extremely difficult. But this reality is not just a pandemic-era issue. The news of a large-scale “return to the office” for workers has not been making much headway, as employees enjoy the flexibility provided by remote and hybrid work. 2024 benefits are projected to reflect those needs.

According to the same Mercer report, at least 80% of companies surveyed allowed the option for some employees to regularly work from home.

Hybrid or generally flexible work hours may allow your team to complete tasks at their own pace, which increases productivity. This way, location becomes less important and employers can prioritize results over hours in the office. The use of tools that support remote work for those working from home has also seen a resurgence in the past few years.

3. Expanded opportunities for PTO

Employee expectations for time out of office are moving far beyond standard PTO. In 2024, companies will allow more opportunities for time off related to mental health and caregiving needs. Inclusive PTO policies help destigmatize mental health-related absences and can help protect employees from losing pay when faced with unexpected circumstances.

These paid time off options include parental, adoption and paid surrogacy leave. Even unlimited vacation policies are gaining traction, which can encourage employees to take time off without the constraints of a set number of days. In 2021, the majority (72%) of employers with unlimited PTO policies reported that the amount of time off employees took was the same as it was under their prior policy. 

Also, according to the Mercer report, about one in four employers provide unlimited PTO to at least some employees and the threshold for taking time off has increased. The median number of paid time off provided increased to 7 weeks among companies surveyed in the Mercer report.

4. Reproductive and caregiving benefits

Reproductive health will also see a spotlight in 2024. Employers are looking to expand healthcare coverage to include fertility treatments, family planning resources and maternity and paternity leave policies. Scheduling flexibility can also be a boon for working parents, along with subsidized care or resources.

Common caregiving benefits include child care consultations, subsidized child care services and special needs support. Currently, some employers surveyed by Mercer offer specialized benefits for high-risk pregnancy (31%), preconception family planning (32%), post-partum (24%) and more. According to the Mercer report, 46% of employers will offer one or more of these benefits in 2024, up from 37% in 2023.

Employees get to take advantage of a variety of programs that are beneficial to their specific situation. Companies will see increased support for caregivers as a vital tool for recruitment and talent retention. The future of caregiving benefits will consider the many needs of employees, and prioritize a wide-ranging plan regardless of gender or family structure.

Give your 2024 employee benefits strategy an edge and offer financial wellness tools from 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.