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What is Company Culture? (And How to Make Your Team Feel Valued)

What is Company Culture? (And How to Make Your Team Feel Valued)

by | Jun 20, 2023 | Blog

What is company culture? (And how to make your team feel valued). Company culture is a key component of a successful workplace. Here’s how to cultivate a culture that will make your team feel valued. 

A strong company culture is a driving factor in keeping your employees motivated at the office. According to a recent survey by Eagle Hill Consulting, 74% of American workers said that having a strong company culture positively impacts efficiency and productivity.

As an employer, it’s important to know what company culture is and to recognize the best ways to foster a collaborative work environment. Here are 4 great ways to improve company culture and get more out of your employees.

a surprising statistic about employees wanting financial wellness tools and how it can benefit company culture

What is Company Culture?

Company culture refers to the shared ideas, values, standards and behaviors regarding how a workplace operates. Culture is developed among all members of your team — from C-suite executives to your newest hires. How are things done around your workplace? How do your employees communicate with one another? How are employees recognized, promoted or terminated? Are key organizational decisions made? The answers to all of these questions make up your organization’s culture.

Company culture plays an important role in how current and potential employees feel about your workplace. According to a 2018 study by Robert Half Talent Solutions, 35% of employees would turn down a role if the role was a perfect fit but the culture wasn’t. Additionally, another survey conducted by Glassdoor found that 71% of employees would leave their current role if their current company culture deteriorated.

Employers who recognize the importance of company culture can refine their workplace to gain a crucial leg up in hiring and retention.

4 Ways to Build a Culture that Validates Your Team

If you’re looking to build a stronger workforce, start by curating a strong company culture. These four strategies are key. 

1. Curate strong leaders to promote deeper employee connection

Setting the tone of the office starts at the top. A leader, whether of a small team or of an entire organization, is in a unique position to motivate and support their employees affecting a large portion of the company. According to O.C. Tanner’s 2019 Global Culture Report, having a leader who is an active mentor led to a 102% increase in feeling motivated and a 76% increase in employees feeling connected with their leadership. Creating a deeper bond with co-workers makes it easier to elevate the employee experience.

2. Be flexible with the members of your team

Employees increasingly want control over their schedules and the amount they work from home. Outside of the daily schedule, employees respond well if they know they can take time for themselves to deal with a wide range of problems from sudden tragedies to mental health concerns. When surveyed by Deloitte, over 94% of respondents felt that flexibility would be beneficial to their workplace performance, citing improved mental health outcomes and a better work/life balance. In the same survey, over 30% of respondents said that flexibility would improve their overall job satisfaction and another 30% felt it would increase their productivity overall.

3. Identify and celebrate key contributors

Recognition can come in many forms from financial to social. The main point here is to create some sort of reward system that can help motivate employees and band people together. According to that same study by O.C. Tanner, 78% of employees said they are highly engaged when working for a company that has strong recognition compared to 34% of employees who are highly engaged when working for a company with weak recognition. It’s important to keep this competition friendly, which in turn can help bolster interoffice relationships.

4. Provide essential and holistic workplace benefits

Providing a holistic financial wellness program sends a message from employer to employee that their needs both in the office and at home are important. According to ADP, 75% of employees want to work for a company that cares about their financial well-being. Problems at home can often trickle into the office, affecting workplace mood and productivity. Addressing these issues makes it easy to build a healthy company culture with a team of workers who know their employer cares about them on all levels, not just professionally.

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. Our platform, with a human-centered design, is fit for employees of any age.

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.

3 Ways Financial Stress Impacts Different Generations

3 Ways Financial Stress Impacts Different Generations

by | May 31, 2023 | Blog

3 ways financial stress impacts different generations. Learn more about how financial stress can vary across generations — plus what you can do to dial down your employees’ financial worries.

Money habits vary across the generations in your workforce. After all, the financial needs of a Gen Z employee are going to be different than those of Baby Boomer. However, financial stress affects all Americans, regardless of their age, income or how they choose to spend their money.

Learn more about how financial stress can vary across generations — plus what you can do to dial down your employees’ financial worries.

important stats about financial stress for various generations

3 Ways Financial Stress Impacts Various Generations

  1. Millennials and Gen Z are less likely to afford a $2000 emergency.

When it comes to saving for a rainy day, older generations fare better than their younger counterparts. In the face of a financial emergency, Millennials and Gen Z are less likely to come up with $2000, according to KeyBank’s Financial Mobility survey. A quarter of Gen Zers said they certainly cannot come up with $2000 in a pinch, whereas most individuals over 50 are confident they can afford a $2000 emergency.

  1. Baby Boomers’ top financial priority is preparing for retirement.

For most generational cohorts, affording everyday bills is their top financial priority. However, for Baby Boomers, their number one financial priority is preparing for retirement, according to a Society of Actuaries study. 

A potential reason why retirement readiness is more of a concern for Baby Boomers, compared to other generations, is because they are the generation closest to retirement age. While younger generations have decades, Baby Boomers have a limited number of years to prepare for retirement. 

Nearly 1 in 5 employees over the age of 59 do not have a retirement account, per a Credit Karma poll, the highest percentage for any generation. With retirement near on the horizon, this leaves less opportunity for older generations to save for the later years.

  1. Employees under 35 are more likely to ignore their finances when facing financial stress.

For many Americans, their worries and stress around money have only exacerbated in the past few years. However, when it comes to coping with financial stress, different generations tend to use different tactics. 

About 4 in 10 employees of all ages spend less and budget more to cope with financial stress, according to a KeyBank survey. However, for employees under the age of 35, almost 1 in 5 cite ignoring their bank and investment accounts to cope with financial stress.

By ignoring their finances, employees are at risk for burnout and compounded financial problems. Overtime, this can worsen employees’ financial wellness, productivity and overall wellbeing.

3 Ways Financial Stress Impacts Various Generations

  • Find engaging ways to educate employees across different generations on how to build a rainy day fund. For instance, to target Millennials and Gen Z, consider offering digital financial wellness tools and resources, instead of relying on literature and seminars. Younger generations prefer to manage their money and banking digitally, according to Bank of America’s Workplace Benefits report, so they may be more receptive to receiving financial wellness tools and support digitally.
  • Offer employees an objective financial wellness provider and source. For many employees, a common source for retirement and financial advice for employees is their retirement plan provider. However, a PwC study found that employees across all generations want an objective financial wellness advisor or program not tied to their retirement plan provider. Think about which vendors are providing financial wellness benefits and consider where you may be able to add choice and variety of vendors.
  • Invest in 1:1 financial advising and money coaching. Managing financial stress is difficult, especially when managing it alone. However, by investing in financial advisors, employers can provide a trusted guide to help employees navigate their most personal financial problems and stressors. Rather than relying solely on online resources, like budgeting tools, financial advisors provide employees with live, human support — this personalized touch can make it easier for employees to discuss sensitive financial matters.

Need a financial wellness program suitable for all generations? Try 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 wellbeing. Our intuitive, easy-to-use program platform is fit for employees of any age and level of financial literacy. 

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.

How Much Does Financial Illiteracy Cost Your Team?

How Much Does Financial Illiteracy Cost Your Team?

by | Apr 12, 2023 | Blog

How much does financial literacy cost your team? Financial illiteracy is a growing problem among American workers. Here’s how financial wellness can help your team thrive.

Financial illiteracy is a growing problem among Americans and it could be costing your people dearly. An NFEC survey found that financial illiteracy costs about $1,819 per person on average. In fact, 15% of those surveyed said their lack of knowledge cost them upwards of $10,000. Luckily, the right financial wellness program can help your team.

statistic illustrating the impact of financial illiteracy

What is financial illiteracy?

Financial illiteracy refers to a person’s lack of understanding about personal finance and related concepts. Financial illiteracy comes in many forms including:

  • Misunderstanding basic financial concepts such as interest or inflation
  • Being unable to save money, create an emergency fund or build a budget
  • Misusing credit cards and struggling to pay off debt
  • Taking out high interest loans with no repayment plan
  • Missing out on long-term investment/retirement opportunities  

A lack of financial literacy can prevent someone from managing their day-to-day financial affairs and slow a person’s ability to long-term goals. According to a Banrakate study, 56% of Americans are unable to cover $1,000 for an emergency fund, making it difficult to plan for the future. People who are financially illiterate may also be unaware of the consequences of poor financial decisions, potentially leaving them trapped in cycles of bad debt.  

Annually, the biggest culprit of money lost to financial illiteracy is credit card interest and late fees, totalling around $120 billion among all Americans, according to the same NFCC survey. The next highest offenders are luxury spending at $64.8 billion and overdrafts at $17 billion. Other common financial drains included identity theft and fraud, which cost Americans around $13 billion collectively.

Many of these costs would be otherwise avoidable, if employees had access to more comprehensive financial education. 

How can financial illiteracy impact a workforce?

Financial illiteracy can lead to stress, poor decision making and decreased productivity while at work, among other things. Even the highest earners aren’t safe from the dangers of financial illiteracy. A 2022 survey conducted by Willis Towers Watson found that 36% of Americans making over $100,000 a year still lived paycheck to paycheck — an amount double that of 2019. 

These financial issues may increase stress levels that can affect employees while on the job. A Morgan Stanley survey found that 78% of employees with high financial stress see its effects while at work. Another 49% claim that they spend 3 or more hours during their work week dealing with their financial issues. Beyond being a major distraction, this additional stress has many dangerous mental health implications for employees. 

A 2019 survey found that employees with money worries were 4 times more likely to suffer

from depression and 3.4 times more likely to suffer from anxiety and panic attacks. Because of the major effects financial struggles have on employees, many employers have started to take notice. According to Forbes, 80% of employers in the U.S. report that financial stress is lowering their employees’ productivity. These companies also lose almost half a trillion dollars a year due to employees’ financial stress. 

These issues have clear and measurable effects on workers, so solving them is in the best interest of every employer.

How can employers improve financial literacy?

Employees make some of their most important financial decisions in the workplace, whether they are beginning a retirement plan or choosing a health insurance provider. So, providing financial education at work can help combat the most common consequences of financial illiteracy.  

Developing a strategy that teaches the basics of personal finance can be a great boon for your employees. Financial wellness programs can cover topics like budgeting, saving, investing and debt management.

The same Morgan Stanley survey found that around 74 percent of workers consider it important for their employer to provide financial wellness benefits, while 60 percent expressed their increased likelihood of staying at their current job if financial wellness benefits were offered. A 2020 survey from HR Daily Advisor found that 90% of employers who offered financial wellness benefits say that the programs had a positive impact on employees.

Financial literacy is an essential skill that employees need. The cost of financial illiteracy can be significant for them and for your own business. Help your employees improve their financial literacy with Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to guide employees through the most difficult financial times and topics. 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.

Best Money Moves Sneak Peek: 2023 Financial Webinar Series

Best Money Moves Sneak Peek: 2023 Financial Webinar Series

by | Mar 30, 2023 | Blog

Best Money Moves Sneak Peek: 2023 Financial Webinar Series. Get an inside look into Best Money Moves and catch a free preview of our 2023 Financial Webinar series. 

Best Money Moves takes financial education to the next level with free, monthly Webinars available to all users. Each month, users can join Best Money Moves Founder & CEO Ilyce Glink as she uses her experience as a financial journalist to as she tackle the unique financial issues facing your team. Users can tune in for a rotating calendar of topics, including:

  • Managing through Inflation, Recession, Taxes, and Other Financial Stressors
  • How Credit and Debt Can Change Your Retirement Trajectory
  • Finding the Best Deal on a New, Used or Leased Car
  • Planning for Life’s Financial Milestones

Watch a sneak peek of the first video in our 2023 Financial Webinar Series

If you’re dealing with debt going into 2023, you’re not alone. Many families rely on credit to partially or fully fund their holiday season, which means that the new year starts with their finances already in the red.  Luckily, carrying debt doesn’t mean you have to give up on your other financial goals — so long as you’re able to plan ahead.

Our 2023 Webinar series starts with an honest discussion all about debt, and how to tell the difference between good debt and bad debt. Join Ilyce Glink, Best Money Moves Founder & CEO, as she explores the effects that debt can have on other aspects of your life, including the negative impact of debt on your mental and physical wellness. With some smart planning, you don’t have to sacrifice your larger financial goals in 2023 – you can make progress toward them.  In this webinar, you’ll learn about spending, saving and investing, while making informed decisions about how to best handle your debt load.

In this webinar, you’ll learn:

  • How to deal with your debt

  • How to tell the difference between good debt vs bad debt (and how to trade one for the other)

  • How debt really impacts your credit history and credit score

  • How debt impacts your mental and physical health, and how to manage it

  • How to plan for (and enable) a successful year of spending, saving and investing

Give your team access to more free Webinars and other financial tools, all 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 a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. 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 Causes Financial Stress?

What Causes Financial Stress?

by | Mar 28, 2023 | Blog

What causes financial stress? Here are 3 of the top causes of financial stress among your team. (Plus, what you can do about them.) 

According to a study by the FINRA Investor Education Foundation, 60% of American adults feel anxious while thinking about their personal finances, and 50% feel stressed when talking to another person about their finances. There are many reasons that an individual could be suffering from financial stress.

Here are 3 root causes and then a way employers can lend a hand in calming those concerns.

1. Lack of access to emergency cash

The COVID-19/Coronavirus pandemic forced many families to tap into cash reserves, making it more difficult to prepare for the future. According to a study by ALM Benefits Pro, a dwindling emergency fund was the 3rd most common cause of financial stress across all participants and the most common cause amongst respondents over 65. Having an emergency fund is crucial to avoid pitfalls such as accumulating credit card debt or taking out high-interest loans. It is important to assist employees in setting healthy savings goals from their paychecks in order to alleviate financial stress from this root cause.

2. Poor money management skills

The weight of this financial stress can lead to cyclical overspending and other poor personal finance habits. Many Americans in general don’t know that they are often spending hundreds of dollars a month in unnecessary excess. According to a survey by OppLoans, 73% of Americans said that they did not follow a budget. The best budgets can identify areas where non-essential spending is too high so employees can address those problems head-on.

3. Persistent debt

During the pandemic, a high percentage of Americans needed to go into debt in order to cover their basic expenses. This debt has persisted into the current day and is the most common cause of financial stress. According to Business News Daily, six in ten employees admit they are concerned about the amount of household debt they have and are also stressed by the lack of employer resources that address those problems. It is important for companies to provide financial wellness benefits that are comprehensive and accessible to employees.

What to do about financial stress in the workplace?

Financial stress affects not only the mental health of your employees but also their focus and productivity. Lost hours and poor performance can have a tangible effect on your organization’s bottom line. According to the Financial Post, employee financial stress cost U.S. employers $40 billion dollars in 2022. This loss is due to increased absenteeism, diminished productivity and an increase in workplace accidents.

It’s important for employers to take a stand and start addressing these problems. Adding a personal finance wellness solution. According to the 2021 PWC Employee Financial Wellness Survey, 88% of U.S. employees utilize the financial wellness programs that their companies offer. The new wave of incoming workers is increasingly placing the responsibility of personal finance squarely on the shoulders of the employer. According to that same study, 65% of Gen Z employees say that their employers are responsible for their financial wellness. Providing a comprehensive financial wellness program is a signal to employees that their best interests are the company’s best interests while also increasing productivity.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones. 

Best Money Moves is designed to guide employees through the most difficult financial times and topics. 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.