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3 Top Reasons for Employee Resignation & How Companies Can Help

3 Top Reasons for Employee Resignation & How Companies Can Help

by | Jan 25, 2023 | Blog

3 top reasons for employee resignation & how companies can help. Dissatisfaction at the office is leading to higher amounts of employee resignation. Here’s what your company can do to help. 

The U.S. labor force continues to be affected by the Great Resignation. According to Bank of America’s 2022 report, there are three leading reasons behind recent employee exodus: compensation, burnout and work-life balance. 

By investing in financial wellness and similar employee-focused benefits, companies can challenge these three drivers of resignation and boost employee retention.

Here are the top 3 drivers of employee resignation, plus 3 solutions

1. Compensation

When evaluating a job opportunity, candidates factor in much more than just wage or salary. They evaluate the total compensation of the job — that is the sum of the salary plus additional benefits, such as retirement, medical, childcare and more. Today, many employees are resigning due to their dissatisfaction with their current compensation — they are looking for better pay, benefits and increased corporate empathy.

About 60% of employees say they are attracted to another company that cares more about employee financial wellness, according to a PwC 2022 study. This can create concern about employee wellbeing and potential resignations, especially in today’s hybrid labor force. 

To help retain and attract top talent, companies have upped their total compensation packages by adding financial wellness benefits. According to the same PwC survey, more than 8 in 10 employers report that their investment in employee financial wellness benefits has led to positive results, including increased employee engagement, loyalty and morale.

2. Burnout

Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line. 

Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck. 

When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit. 

3. Work-life balance

Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line. 

Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck. 

When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit. 

Looking to curb employee resignation with a premium financial wellness solution? 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 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 college 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.

3 Financial Struggles Faced by Black and Latinx Gen Zers — And How Companies Can Help

3 Financial Struggles Faced by Black and Latinx Gen Zers — And How Companies Can Help

by | Nov 8, 2022 | Blog

3 financial struggles faced by Black and Latinx Gen Zers — and how companies can help. The number of Gen Z employees entering the workforce is on the rise. Here’s how to address the unique challenges facing the Black and LatinX Gen Zers on your team.  

By 2025, Gen Z employees will comprise nearly one-third of the total workforce, according to data from the World Economic Forum. According to the U.S. Census Bureau, they’re also the most diverse generation yet.

When it comes to financial issues, Gen Z already has a different approach than previous generations. But when you factor in race, ethnicity and gender, Black and brown young adults disproportionately experience more economic headwinds. 

By taking a deeper look at the financial struggles unique to Black and brown young adults, companies support their newest generation of workers

3 financial struggles faced by Black and Latinx Gen Zers — and how companies can help

1. Black and Latinx Gen Zers have lower levels of financial education and literacy

In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.

A recent trend in employee benefits has been an increased emphasis on financial wellness.  68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report.  Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.

2. Compare financial wellness platforms to find a comprehensive solution. 

Black and brown Gen Zers have disproportionately lower levels of financial education and literacy, compared to their peers. Specifically, 42% of Latinx Gen Zers said they do not have investments because they don’t know where to start, compared to 27% of their non-Latinx peers, per a Bank of America survey. This lack of education and resources makes Black and brown Gen Zers limited in their investments and accumulation of wealth.

In addition, studies have shown that Gen Z women tend to have less financial know-how than their male counterparts. And for women of color, their lack of education is compounded, as they lie at the intersection of race and gender.  

Solution: Invest in a well-rounded financial wellness program

Having a robust financial wellness program can help elevate employees’ financial wellbeing and education, regardless of their income or education level. With access to online resources like budgeting tools or loan calculators, employees can launch their financial education journey. Moreover, with a mobile-ready financial wellness program, employees can learn about stocks, investments and other financial topics, at the ease of their fingertips

2. Black Gen Zers are more likely to experience barriers to saving for retirement, such as debt

Preparing for retirement requires saving over time, but with looming debt it can be difficult to save for the future. According to a Bank of America study, Black Gen Zers are more likely to have student loan or credit card debt than their non-Black peers (60% vs. 44%) and twice as likely to cite debt as a barrier to financial success and retirement security. In turn, this exacerbates the disparity in retirement security between Black and brown Americans and their white counterparts. 

Solution: Start a company match program for retirement contributions

Some companies have incentivized employees to save for retirement by instituting match programs, where employees have their retirement contributions matched by their employer, even if it’s a few dollars a year. Match programs can help employees multiply their retirement fund at a rate they likely can’t achieve on their own.

3. Family is a leading financial motivator for Latinx Gen Zers

Family lies at the cornerstone of Latinx Gen Zers’ financial priorities, more than their counterparts. Over 50% of Latinx Gen Zers say the definition of financial success is the ability to provide for their family’s future, including passing down generational wealth and making their parents proud. Moreover, Latinx Gen Z are more likely to start working at 15-18 to financially support their family financially than any other demographic. 

Solution: Offer employees 1 on 1 financial advice

Managing multiple financial goals can be difficult, but with 1 on 1 financial advising, employees can achieve their most top of mind money goals — both long-term and short-term. Whether it’s helping sending money home or saving for a sibling’s college fund, financial advisers serve as a neutral, trusted resource to help employees balance their budget and multiple financial goals. 

Need a financial wellness solution for your workforce? Try Best Money Moves!

Best Money Moves is a 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 college 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.

Financial Wellness Platforms: How To Launch the Best One for Your Employees

Financial Wellness Platforms: How To Launch the Best One for Your Employees

by | Nov 2, 2022 | Blog

Financial Wellness Platforms: How to launch the best one for your employees. Financial wellness platforms can help support employees through tough times. Here’s how to launch the best one for your team. 

Employees are feeling the heat. According to John Hancock’s 2022 study of stress, 89% of employees said it was important that employers provided a financial wellness program and 74% said a financial wellness program would help reduce their stress. 

Choosing and implementing the right financial wellness platform for your company is critical for reducing employee stress and increasing productivity. Here are 3 steps a company needs to ensure a successful financial wellness program.

1. Evaluate your team’s need for financial wellness platforms.

In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.

A recent trend in employee benefits has been an increased emphasis on financial wellness.  68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report.  Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.

2. Compare financial wellness platforms to find a comprehensive solution. 

The most successful financial wellness platforms will include a wide array of tools and resources. Some of the best will include:

  • Personalized solutions. Personal finance is a wide-ranging topic that can affect many areas of life. According to a PWC study, the most requested employee benefit is a financial wellness program that grants access to unbiased counselors. However, Best Money Moves grants access to trained, accredited professionals that are tailor-made to help each individual.
  • An easy-to-use interface. It can be a big leap for many employees to ask for help on their personal finances and it can be overwhelming to figure out where to begin. According to PWC, 41% of financially stressed employees said they were too embarrassed to ask for assistance on their personal finances. Best Money Moves lends a helping hand and provides detailed instructions on where to start and how to use our services.
  • Intuitive tools. One of the most important components of a financial wellness platform is the tools made available for employees to use. According to a Sofi study, 62% of employees requested budgeting tools as a part of their wellness package. The Best Money Moves platform provides a simple and effective budgeting tool that takes user data and personalized solutions. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits.

3. Take time to implement your chosen program

It’s integral to introduce a plan that can be easy for employees to comprehend. According to TIAA’s 2022 Financial Wellness Survey, 9 in 10 employees with high financial wellness scores reported that they understand their program very well compared to 4 in 10 with low financial wellness scores. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits. 

Also, it’s beneficial to have metrics within the programs that show employers how often their employees are interacting with the program. 

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

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial well-being.

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.

Addressing the Employee Financial Literacy Gap

Addressing the Employee Financial Literacy Gap

by | Oct 18, 2022 | Blog

Addressing the employee financial literacy gap. Here’s how a lack of financial literacy can affect your employees and what you can do to help solve the problem.

Only one-third of Americans have a solid understanding of interest rates, mortgage rates, and financial risk, according to the Financial Industry Regulatory Authority. This measure of financial literacy has fallen 19 percent over the past decade and is estimated to have cost Americans more than $415 billion in 2020 alone. 

The impact of employee financial illiteracy

As financial literacy has become less prevalent amongst employees, the effects have been felt from the workplace to the home. This can take a toll on an employee’s mental health and cause a burden they carry with them to work. According to PWC’s employee financial wellness survey, 56% of employees are stressed about their personal finances. This dearth of knowledge not only costs individuals but businesses as well. Employees that are financially stressed lose around a month of productive work days a year, as per Neighborhood Trust. 

The impact of a financially stressed employee can branch out to all members of the office. Workers that are missing chunks of time due to stress can delay projects and cause additional stress on other employees. Providing employees with a way to achieve financial literacy can help alleviate these concerns. According to SHRM, financially literate employees are less stressed and more focused. This results in higher productivity by way of less absenteeism and lower healthcare costs for the employer. 

How to help address the employee financial literacy gap

One of the easiest ways to assist employees on their journey to financial literacy is by providing a financial wellness platform in their benefits package. Not only do programs help workers, but a thorough financial wellness benefit can also help employers in hiring. 84% of employers said that offering a financial wellness program assists in employee retention and 8 of 10 said that a quality program helps attract higher quality employees, according to Bank of America. 

Providing a comprehensive financial wellness program is a signal that an employer understands the problems of their employees and works to solve them. ¾ of financially stressed employees are more attracted to a job that cares about their financial well-being. Also, assisting employees can put money back into the pocket of employers.  As per the ASPPA (American Society of Pension Professionals and Actuaries), 80% of employers said that financial wellness programs result in increased workplace productivity. 

Find your employee financial literacy solution 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.

3 Digital Tools That Can Help Boost Employee Wellness

3 Digital Tools That Can Help Boost Employee Wellness

by | Oct 11, 2022 | Blog

3 digital tools that can help boost employee wellness. In today’s hybrid workforce, digital resources are more important than ever before. These 3 tools are key to supporting employee wellness.

Whether your team is remote or heading back to the office, digital solutions can make it easier for your team to get the benefits they are eligible for. Companies have been turning to online tools to improve the reach and accessibility of employee wellness benefits.

Here are 3 digital tools that can boost employee wellness.

Across the globe, workforces have integrated digital wellness tools into their employee benefits offerings. The specifics of these tools vary depending on the company. However, these digital benefits can provide well-being support, at unprecedented levels of accessibility.

1. Financial wellness apps

Financial stress can worsen a person’s physical and emotional health and even work productivity. In fact, according to PwC, 49% of financially-stressed employees said their money worries had a severe impact on their mental health. Yet, despite the abundance of employees who are financially stressed and want help, 41% are embarrassed to seek help with their finances. 

To make financial support more accessible and approachable, many companies have turned to digital financial wellness solutions. From budgeting apps to AI-driven money software, digital financial wellness tools allow employees to budget, save, and more — on their own time, all from their mobile devices.

2. Meditation and fitness apps

It can be challenging to balance work life while tending to your mental and physical health. To help employees dial down their anxiety and stress, whether personal or work-related, companies have started offering free memberships to meditation and fitness apps.

Meditation apps allow employees to tend to their mental and emotional wellness, when and wherever they feel the most comfortable — this can be at home, on their commute to work, or even after a stressful meeting. 

Moreover, studies have shown that physical outlets can help reduce stress and anxiety, so investing in fitness apps not only boost employees’ physical health but their emotional and mental health too.

3. Online talk therapy

Looking deeper into Biden’s plan, the administration is vying to change how people repay their loans. For example, the administration has proposed that borrowers pay 5% of their income each month in repayments, compared to the previous 10%. 

In addition, the Department of Education proposed a rule to cover a borrower’s unpaid monthly interest, as long as they make their monthly payments. This is to curtail the exponential growth of loan balances, due to compounding interest fees. With a financial advisor, employees can learn how to navigate these changes and understand what they may mean for their financial situation.

Does your workforce need a financial solution for employee wellness? 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 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, right from their mobile phones.

Whether it be college 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.