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5 Benefits for the Post-COVID Workforce

5 Benefits for the Post-COVID Workforce

by | Jun 2, 2021 | Blog

5 Benefits for the Post-COVID Workforce. As the US recovers from the pandemic, organizations must reevaluate which benefits can best help their employees. 

The Coronavirus/COVID-19 pandemic brought significant change to the way that many Americans work. Some workforces have pivoted to full-time remote work, while others have blended models. However across all sectors and industries it’s clear that many employees have changed over the course of the pandemic and, as a result, the benefits they need from their employers are changing as well.

In the post-COVID workforce, attracting and retaining strong employees will likely look very different than it did pre-pandemic. These are some of the top employee benefits expected in the post-COVID workplace.

1. Reimbursement for a better work-from-home setup.

The International Foundation of Employee Benefit Plans (IFEBP) released a January 2021 survey of 527 employers. The report highlights the effects of the pandemic on organizations’ employee benefits programs. One of the major findings was that because of the influx in employees working from home, many companies are offering reimbursements for necessary tools that employees would have previously had access to at the office.

For example, 31% of employers are reimbursing workers for items such as office supplies, electronic devices, and internet service. An additional 8% of employers are offering a general work-from-home stipend, and 17% of employers are considering work-from-home reimbursement for the future.

2. Increased remote flexibility and greater focus on work/life balance.

Corporate offices aren’t the only place where people are experimenting with hybrid models of in-person and at-home time. For plenty of employees, their children’s schooling arrangements can be a cause of conflict with work. As such, we’ve learned through COVID that flexible working hours are a huge positive for both productivity and wellbeing.

According to the same IFEBP survey from January 2021, a majority of 59% of employers have permitted flexible hours to employees in order to accommodate child care. Additional child support is also extremely helpful for many employees. The survey said 14% of employers are providing resources for childcare, tutoring, and emergency back-up care. Another 13% are considering doing the same.

3. More robust and inclusive healthcare options.

First and foremost, COVID-19 is a health crisis. That feels obvious, but oftentimes the conversation shifts to the social and economic outcomes of the pandemic. That said, one of the biggest moves a company can make is ensuring their employees feel secure in their physical wellbeing. Expect more robust healthcare options to be a main factor in employee benefits. This could mean anything from improved telehealth coverage, to paid time off for COVID-19 vaccines or booster shots.

4. Accessible mental health support.

The pandemic’s effect on the population has expedited the rise of mental health struggles such as anxiety and depression. Thankfully, employer’s seem to be trending in the right direction when it comes to offering mental health services. According to Care.com’s “The Future of Benefits” report, 41% of companies surveyed planned to expand mental health support in 2021. An additional 59% cited improved mental health as a primary outcome of their caregiving benefits.

5. A focus on financial wellness.

For many Americans, the pandemic led to significant financial stress as households lost income, childcare became less accessible and uncertainty reigned supreme. Although discussing money may feel taboo, financial stress can be overwhelming and lead to real consequences for mental and physical health. In a post-COVID world, the significance of financial wellness is more understood than ever before. Expect employee benefits to include personal finance resources in addition to traditional compensation packages.

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. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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

4 Reasons Employee Financial Wellness is a Top Priority for Employers

4 Reasons Employee Financial Wellness is a Top Priority for Employers

by | Apr 7, 2021 | Blog

4 reasons why employee financial wellness should be a top priority for employers. Employers  recognize the importance of employee financial wellness. Here’s why.

The importance of financial wellbeing is becoming increasingly clear to many employers, made all the more urgent  as the economic fallout of the Coronavirus/COVID-19 pandemic continues. In fact, 90 percent of employers reported they planned to create or expand their financial wellbeing programs beyond retirement decisions, according to HR Consultancy Alight Solutions. The February 2021 survey, which involved over 115 employers that lead over 5.4 million employees, found that employers are expanding their focus on financial wellbeing, with 67 percent of employers offering a broader wellbeing initiative in the past two years alone. 

4 Reasons Why Financial Wellness is a Top Priority for Employers

Here are four key reasons why employee financial wellbeing is a top priority, as highlighted by Alight Solutions’ survey. 

1. Financial wellness enhances the overall employee experience.

85% of employers are creating or expanding their financial wellbeing program in order to enhance the overall employee experience, according to Alight Solutions. An average employee’s 40-hour work week accounts for almost a quarter of the hours in their week. Enhancing the overall experience should be a top priority simply because it can enhance the life of an employee altogether by providing additional financial security.

2. Financially stable employees are engaged employees.

72% of employers cited increasing employee engagement as a reason to create or expand their financial wellbeing program. Additionally, when employees feel their employers care about their health and well-being, they’re 38 percent more engaged, according to a report by Quantum Workplace and Limeade.

3. Organizations that invest in employee financial wellness are more appealing places to work.

If you make an effort to enhance the engagement and experience of your employees, your company looks more attractive to prospective employees. Employers generally understand this. In fact, 47% claimed they created or expanded financial wellbeing programs to  differentiate themselves as an employer. Being able to offer a full range of benefits beyond the job description can help bring in the best talent.

4. The impact of COVID-19 has made the need for financial wellness more apparent.

In 2020, almost 80% of employers increased communications about the retirement and/or financial wellbeing benefits that they provide to their workers. The COVID-19 pandemic has caused collective trauma among employees. Pandemic-related financial insecurity has taken a toll. Many employers recognize the need to uplift their employees and guide them through these financial difficulties.

It’s Easy to Bring Employee Financial Wellness to Your Workforce

Insightful, comprehensive and easy-to-use. Best Money Moves offers consumer-focused financial education designed to help users of all experience levels learn more about their money. More than a simple budgeting tool, Best Money Moves helps your employee educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. Plus, Best Money Moves connects employers with data they can use to help their workforces succeed by  leveraging user analytics to create individualized employee content.

Do Your Employees Need Help Paying Bills?

Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, 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 of all, Best Money Moves is portable, so when your employees move on, they can take it with them. Give your employees the very best financial wellness experience. 

5 Financial Stress Statistics for 2021

5 Financial Stress Statistics for 2021

by | Feb 3, 2021 | Blog

5 Financial Stress Statistics for 2021. These 5 financial stress statistics illuminate a growing problem in the American workforce. What can employers do to help their teams?

Almost a year after the World Health Organization declared Coronavirus/COVID-19 a public health emergency, workforces nationwide continue to feel the effects of the pandemic. But fears of getting sick aren’t the only thing keeping Americans up at night. Increasingly, studies show that financial stress is a major problem among most employees, and employers need to reevaluate the scope of the problem in order to find solutions that financially empower their teams.

Here are five fast facts about financial stress in 2021 that could be impacting your workforce:

  1.  On the whole, the American workforce is stressed out about money — often even more so than they’re stressed about the pandemic.

    According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life. Given the state of public health, this statistic reveals the gravity of financial wellbeing in the lives of individual employees.

  2. Gen Z and Millennial employees are feeling this crunch the most.

    This same survey pointed out that the younger generation in the workforce are the most stressed about their finances. A remarkable 82% of Gen Z respondents and 81% of Millennial respondents noted that their finances are at least somewhat stressful. Although it’s difficult to say what exactly is causing this disparity, two factors may be that younger generations have significant student debt and a smaller accumulated savings.

  3. The cost of medical care weighs heavily on employees.

    Forty-one percent of Americans feel that the cost of medical care is the biggest financial stressor, according to the latest CFP Board and Heart + Mind Strategies survey. Other major concerns seemed differentiated by generation. Gen Z and younger Millennial respondents marked more concern about paying rent or mortgage than older Millennial and Gen X respondents, while the older generations were more concerned with saving for retirement than younger colleagues.

  4. Most people are underprepared for financial emergencies.

    According to PwC’s annual Employee Financial Wellness Survey, 38% of all employees have less than 1,000 dollars to deal with unexpected expenses. This number jumps to 62% among Gen Z respondents and drops to 34% among Gen X respondents.

  5. Employees are shouldering this burden alone.

    The CFP Board and Heart + Mind Strategies survey also noted that 3 out of 4 respondents did not seek the help of a financial planner. Those who did saw their stress levels drop.

Bringing Financial Wellness To the People Who Need it Most 

One thing’s for sure: In one way or another, regardless of age, experience or industry, employees are struggling with financial stress. That’s why financial wellness platforms like Best Money Moves are key to improving the employee experience. 

Insightful, comprehensive and easy-to-use. Best Money Moves offers consumer-focused financial education designed to help users of all experience levels learn more about their money. More than a simple budgeting tool, Best Money Moves helps your employee educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. Plus, Best Money Moves connects employers with data they can use to help their workforces succeed by  leveraging user analytics to create individualized employee content.

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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

Employee Financial Wellness: 5 Financial Stress Statistics for 2020

Employee Financial Wellness: 5 Financial Stress Statistics for 2020

by | Nov 6, 2019 | Blog

Employee financial wellness: 5 financial stress statistics for 2020. How much financial stress costs employers and how employees really feel about financial wellness programs.

The latest Financial Stress Survey from John Hancock Retirement found that financial wellness programs improve job retention, stress levels, and job productivity. Financial wellness programs are now a component of employee benefits that employers can’t afford to ignore.

Employee Financial Wellness: 5 Financial Stress Statistics for 2020

Here are the top 5 most important findings from the report:

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Financial Wellness Programs: Personalization Is a Must

Almost 90 percent of employers say they currently have or are developing a financial wellness strategy, but only 20 percent of employees claim their employer offers anything more than a limited financial wellness program, according to the report by John Hancock Retirement. 

While most employees are experiencing financial stress, they’re all experiencing it in different areas and to different degrees. That’s why it’s increasingly important that employer solutions like financial wellness programs have capabilities for customization and personalization to make sure they can address each employee’s unique financial pain points. 

Financial wellness programs, like Best Money Moves, are mobile, personalized, gamified and easy to use. Best Money Moves provides practical, unbiased help so employees can make smarter financial decisions. 

More on Employee Financial Wellness and Financial Stress Statistics

Top 10 Employee Benefits for 2020

5 Must-Have Benefits for Millennial Employees

How Does Financial Wellness Affect Health?

5 Fast Financial Stress Statistics

Hiring Trends to Watch in 2020

What Is Financial Literacy and Why Is It Important?

4 Big Employee Benefit Trends for Family Planning

How Can Financial Wellness Be Improved?

Financial Wellness as an Employee Engagement Strategy

Financial Wellness as an Employee Engagement Strategy

by | Sep 4, 2019 | Blog

Financial wellness as an employee engagement strategy. If you want to improve employees’ productivity, start with the heart of the problem.

If you’re looking for a way to improve your employees’ productivity, start with tackling their financial stress — not only will you bolster engagement, you’ll also boost your bottom line. 

Financial Stress Is Affecting Employee Engagement

That’s because employee financial stress is costing American businesses $500 billion per year, according to a recent survey of over 10,000 Americans. Employee financial stress finds its way into the workplace, as workers spend an average of three hours a week thinking about their personal finances on the job. 

According to the same study, that lost productivity represents between 11 and 14 percent of payroll expenses per employee, per year. Additionally, employees stressed by their personal finances report more than 56 percent more absences than their co-workers. For businesses that don’t provide financial wellness programs, this stress adds up and decreases their income. 

This stress is felt across a variety of different areas. For instance, over two-thirds of financially stressed employees say they consistently carry credit card balances each month, according to research by PwC. Additionally, 68 percent of those employees have saved less than $50,000 for retirement. 

Financial Wellness Programs Can Help With Employee Engagement

While the range of financial problems your employees are facing can vary — from a lack of retirement savings to mounting student loan debt — the first step to help them address the situation is to provide a comprehensive understanding of it. A majority of employees still want to make their own decisions when it comes to their financial lives — but they also want a resource that will help validate their decisions. The most desired employer benefit for one in four employees is a financial wellness program with access to unbiased counselors. 

Among employees who were provided a financial wellness program by their employer, 71 percent say they’ve used the benefit, and the programs are particularly popular among Millennials and Baby Boomers. Usage of the programs is up as well, with just 49 percent of employees using these same programs in 2015. 

Financial wellness programs give you a competitive advantage in the hiring market as well. Seventy-eight percent of employees who reported being stressed about their finances said they would be attracted to another company that cared more about their financial wellbeing. 

Financial wellness programs like Best Money Moves can help. Best Money Moves is mobile, gamified and easy-to-use. It provides practical, unbiased help so employees can make smarter financial decisions and manage the debt they have.