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High-Earning Employees Need Financial Help, Too

High-Earning Employees Need Financial Help, Too

by | May 4, 2022 | Blog

High-earning employees need financial help, too. A six-figure salary doesn’t always translate to financial security. Here are 4 ways high-earning employees can benefit from financial wellness programs.

It’s a common misconception that a six-figure salary always translates to financial security and that high-earning employees have no need for financial wellness benefits. However, this isn’t always the case. What’s more, a good financial wellness program offers tools for those who are secure and not just at-risk employees.

Here are 4 reasons that even your high-earning employees still need financial wellness resources.

1. More money doesn’t always mean fewer financial concerns for high-earning employees.

Financial wellness means different things to different people, even those with higher-than-average incomes. However, with rising rents and record-high inflation, even a six-figure salary doesn’t necessarily guarantee financial security. Almost 20% of employees earning over $100,000 live paycheck to paycheck, according to a Willis Towers Watson survey. Living paycheck to paycheck means that termination, or even a late paycheck, can put an individual and their family at risk. 

surprising stat about high-earning employees

It’s important to limit broad assumptions about your team’s financial security based on pay alone. Companies can help prevent financial vulnerability through personally tailored budgeting and spending tools. These financial resources can support employees, at all income levels, toward increased financial wellness. 

2. Even employees with a basic level of financial wellness want more.

A Morgan Stanley at Work survey found that even employees with a good foundation of financial wellness still admit needing help to reach their short-term and long-term financial goals. 

Companies can get more specific on the financial goals of their own employees by conducting internal surveys, and then matching those needs with the right financial wellness resources. Together, this can help companies further employees’ financial knowledge and empower their financial wellness.

3. High-earning employees want three key financial wellness benefits.

According to the Morgan Stanley data, high earners were generally attracted to three financial wellness benefits:

  • Retirement planning (69%)
  • Access to financial advising (57%)
  • General financial education (41%)

This poll data may be surprising to some, but again, more income doesn’t mean better money management. In fact, the same Morgan Stanley poll showed that high-earning employees who are less confident about their personal finances are more likely to gravitate toward certain benefits, even those that may seem simplistic like budgeting and spending tools. There is no shame in asking for more help and with the right financial wellness program, companies can deliver such help to all employees.

4. Financial wellness can help you go beyond with company retirement matching.

Retirement planning is a priority for employees of all backgrounds; however, not every retirement benefit can be utilized by high-earning employees. For instance, companies cannot match 401(k) contributions on income above the annual compensation cap, which is currently $305,000, according to the IRS. This puts high earners at a disadvantage because their company is only matching a small percentage of their income for retirement.

Instead, according to Tom Conlon, Head of Retirement Sales for Morgan Stanely at Work, companies should go beyond the retirement match and consider equity or nonqualified deferred compensation plans, which are gaining popularity in the workplace. 

Conlon emphasizes that a good financial wellness plan considers what top earning employees need, and it can be a way to stand out and retain top talent.

Looking for a financial wellness program to fit earners of all sizes? 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 wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing, regardless of one’s income level and background. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age and financial background. 

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.

4 Ways to Promote Social Justice in the Workplace

4 Ways to Promote Social Justice in the Workplace

by | Apr 26, 2022 | Blog

4 ways to promote social justice in the workplace. Social justice and DEI issues are a must-have for workforces. Here are 4 ways to keep social justice in mind while planning your benefits strategy.

Diversity, equity and inclusion have become critical values to employees. In a 2021 survey of 3,000 workers, Garter HR found that 68 percent would consider quitting their current job for an organization with a stronger stance on relevant social justice issues.

What exactly is social justice?

Social justice is generally described as an effort to secure equal rights, opportunities and treatment for all individuals. Today, many companies also incorporate economic justice as an integral part of their DEI strategy. 

Many social justice causes may directly impact members of your workforce. So, supporting social justice and DEI efforts in the workplace, whether through employee benefits programs or other means, is a key component of supporting overall employee wellness. 

Here are 5 ways companies can support employees by keeping social justice and DEI issues in mind when planning employee benefits.

4 ways to support employees and promote social justice in the workplace

One of the most important aspects of an effective employee retention strategy is to listen to employees and respond to their needs. According to SHRM, 56% of US employees with employer-sponsored healthcare benefits surveyed said whether or not they like their healthcare plan is a key component in their decision to stay with their current job. Offering a healthcare plan is also a way for employees to keep up with competitors as 58% of companies offer health benefits making it the most common workplace perk.

1. Integrate DEI and social justice efforts into your organization’s hiring practices.

Conscious and unconscious biases can lead to inequitable hiring processes and disparities in unemployment. For instance, candidates with white-sounding names on their resumes receive 25% more callbacks than those with Black-sounding names, according to a Harvard research study. 

It’s important that HR teams stay aware of such biases during the hiring processes. Companies can take it a step further by integrating diverse representation into their hiring teams. Diverse HR professionals can help companies expand the colleges, networks and talent pools that they hire from, ultimately increasing employee representation.

2. Use financial wellness resources to help address wealth and financial literacy inequalities.

Social justice is closely linked to economic and wealth equality, according to the United Nations and the Center for Economic and Social Justice. However, wealth inequalities based on race, gender and other identities remain prevalent. 

Almost 64 percent of the U.S. population lives paycheck-to-paycheck, according to a report from LendingClub. And that insecurity often disproportionately affects minority families. The median net worth of white families is nearly $190,000, compared to Black and Hispanic families, with $24,100 and $36,400, respectively, according to 2022 data collected by the Federal Reserve Bank of St. Louis. 

Companies can help bridge these structural wealth gaps by offering access to financial wellness programs. Whether employees are saving for retirement, managing a day-to-day budget, or working toward a personal milestone, financial wellness and literacy programs can offer much-needed resources to employees of all backgrounds.

3. Show support for social justice causes through company match programs.

With Company match programs, employees donate to an organization (either  one of their choice or from a pre-approved pool) and their employer promises to match the donation. These programs, also known as matching gift programs, are an effective way to garner support and economic justice for social causes. 

Studies have shown that employees feel more motivated to support social causes when their employer offers company match programs.

4. Offer time off for cultural holidays and volunteering opportunities.

Many employees celebrate culturally significant moments that extend beyond federally observed holidays. Recognizing this, employers are increasingly allowing time off for cultural holidays like Holi, Yom Kippur and Juneteenth. This flexibility allows employees to celebrate the moments that matter most to them while maintaining a work-life balance. 

Companies are also beginning to extend time off benefits to volunteering and social impact opportunities. This benefits allows employees to take time off to focus on social causes they care most about, while furthering company commitments to corporate social responsibility.

Take your benefits strategy to the next level with financial wellness solutions from 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.

4 Top Benefits Trends for 2022

4 Top Benefits Trends for 2022

by | Nov 3, 2021 | Blog

4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022. 

The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.

Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.

4 of the top employee benefits trends to keep in mind for 2022

1. Personalized Benefits

Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided. 

Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to

2. Increased flexibility/remote work

The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work.  In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home. 

Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees.  In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more.  Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.

3. Mental health benefits

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Financial wellness benefits

Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression.  Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

5 Financial Steps to Support Employees in 2022

5 Financial Steps to Support Employees in 2022

by | Oct 7, 2021 | Blog

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress in their life. And stress has real life implications: Eighty percent of US employees spend 12-20 hours per month dealing with financial concerns at work according to the IFEBP (International Foundation of Employee Benefit Plans). Financial wellness can help alleviate that stress and lead to more focused employees.

Here are five steps to increasing employee financial wellness for 2022.

1. Help your employees plan for the future

According to a study by EBRI and Greenwald Research, about two in three employees expressed concern about their financial future. There are programs employers can offer such as a rainy day savings account program that can help ease these issues. Utilizing these programs is also a good way to signal to employees that their financial wellness is a priority. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer.

2. Instruct your employees on how to use your current financial benefits

A recent survey by Voya financial found that 35% of employees do not fully understand the benefit programs in which they were enrolled. This does not mean that employees are discouraged from enrolling in these programs or learning more about their finances. The same study found that around two-thirds of employees want their employer to help them better understand their employee benefits. Talking about financial well-being and asking for help with their financial wellness can be daunting for many employees. Employers should take a proactive approach to alert their employees to available benefits.

3. Alleviate your employee’s stress with debt reduction programs

The average American household has $15,706 in credit card debt and the average federal student loan debt is $36,510 per borrower. Debt can be a burden that contributes to long-term stress as well as mental health strain. Employer-sponsored student loan relief programs have grown increasingly popular among workforces. Many potential employees, especially those just entering the workforce, feel burdened by their student debt. Offering these programs is a great way for an employer to stand out to potential new hires.

4. Be sure your retirement strategy is still going strong

According to a study conducted by the Department of Labor, only 40% of Americans have calculated the amount they need to save for retirement. The best time for employees to start saving is right now. Employers can emphasize this by using 401(k) or other retirement plans. The most common retirement plan is the 401(k) match where the employer grants a certain amount to the plan based on how much the employee contributes. Employers that utilize these plans are desirable to potential new hires. According to a survey by Willis Towers Watson, 51% percent of employees joined their current employer primarily because they offered a retirement plan.

5. Utilize financial wellness benefit programs

A good way to aid your employees in minimizing the stress associated with finance is by instituting financial wellness programs or benefits. There are a wide variety of these programs from financial counseling sessions to employer matching programs. Employees will appreciate the access to financial education as over 50% of financially-stressed employees are afraid to ask for help with their finances according to Pwc. The cost of these programs is manageable for most employers and is often well worth the additional productivity seen from workers who use the benefits. 

There are many benefits to financial education including being prepared to tackle debt, making smarter decisions with how to spend money and a less stressful 2022. 

Whether your employees need help saving money, paying their bills, raising their credit scores or getting ready for retirement, Best Money Moves is there to support them every step of the way with best-in-class products, services and benefits tailored to suit your workforce needs. Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. Give your employees the very best financial wellness experience. Reach out for a demo today!

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

For Retention, Reducing Financial Stress is Key

For Retention, Reducing Financial Stress is Key

by | Sep 15, 2021 | Blog

For retention, reducing financial stress is key. Financial stress is a major but often overlooked factor to employee turnover. So, financial wellness initiatives can be invaluable retention tools.

Turnover is a major problem for employers — and it’s getting worse. In June alone, 3.9 million U.S. workers quit their jobs. More alarming, 65 percent of employees surveyed by PwC in August of 2021 stated they were looking for a new job. 

In addition to the challenges of losing top talent, turnover is highly disruptive due to the time and money it takes to train new hires. The Society for Human Resource Management (SHRM) estimates that the average replacement cost of a salaried employee is six to nine months’ salary. That means that an employee earning $60,000 per year costs around $30,000 to $45,000 to replace. 

So, how can you increase employee retention? One answer is financial wellness.

What is employee financial wellness?

Stress is a top reason employees leave their jobs, according to recent research by iHire, and financial stress is an under-recognized part of that picture. So, putting your efforts towards reducing financial stress can help keep people on at your company longer. Per the American Psychological Association’s 2020 Stress in America report, 63 percent of adults say their finances are a significant source of stress, a major jump from the previous year, when just 46 percent said the same. 

The COVID-19 pandemic has increased financial stress — 62 percent of those in households that experienced job or wage loss since the outbreak began told Pew Research Center that the economic impact of the pandemic will make it harder for them to achieve their financial goals. COVID’s ongoing impact on the economy and the world at large make it all the more important to start thinking about how your company can commit to employees’ financial wellness now. 

Incorporating financial wellness into employee benefits’ packages is not only desired — 87% of employees want help when it comes to personal finance, according to PwC — but also a proven solution. Financial wellness programs improve overall health and well-being, leading to lower stress and lower healthcare costs. Plus, employees say it keeps them sharper at work: 6 in 10 say they are more committed to their employer and more productive when employers demonstrate a commitment to their financial wellness, Prudential found last year.

Finding financial wellness solutions that work

According to research conducted by FinFit between 2018 and 2020, when organizations offered financial wellness assistance, there was a nearly 20 percent increase in employee retention across salaried and hourly employees, $1,855 annual turnover cost-savings per employee and nearly $2 million saved annually for every 1,000 employees. 

When it comes to actually implementing financial wellness benefits for your employees, programs like Best Money Moves can help. Best Money Moves uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points.

Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, guide employees to make smarter financial decisions and reduce their overall stress, which in turn, can help improve your company’s retention rates.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.