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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.

Financial Wellness Leads to Employee Retention, Says Bank of America Report

Financial Wellness Leads to Employee Retention, Says Bank of America Report

by | Dec 5, 2022 | Blog

Financial wellness leads to employee retention, says Bank of America report. Researchers find increasing evidence between financial wellness benefits and employee retention. Plus, 4 more highlights from the survey.

Employers are starting to realize the fuel value of financial wellness benefits. Compared to last year, more companies are offering financial wellness benefits and about 85% of employers say they reduce employee attrition, according to Bank of America’s 2022 Workplace Benefits report.

a helpful statistic about the connection between financial wellness programs and employee retention

Financial wellness resources are just one of many ways that companies can boost employee retention and attract top talent. Here are four retention-boosting ideas fit for any workforce:

1. Improve employee retention by investing in the health of your team.

Since the onset of the Covid-19 pandemic, companies have taken a more holistic approach to employee wellness. Instead of just focusing on physical health, companies have started offering benefits that support employees’ mental, financial and emotional health, too. In fact, 97% of employers feel somewhat responsible for their employee’s financial wellness, according to Bank of America’s survey. 

Exhibiting genuine care for employees’ wellbeing and wellness goes a long way, especially with attracting the best and brightest talent. Studies have shown that employees actively seek out companies that are invested in employee wellbeing, even if that means looking for a new job. 

2. Elevate DEI initiatives and programs.

Today, young employees are increasingly more diverse than older generations. In fact, only 17% of the Baby Boomer workforce is diverse, compared to 35% of the Gen Z and Millennial workforce. To capture top, diverse talent, companies have invested in diversity, equity and inclusion (DEI) efforts. When enacted efficiently, these DEI efforts can simultaneously bolster recruitment and talent management efforts.

About 3 in 4 employers believe that DEI programs are important for retaining talent, per the same Bank of America survey. Moreover, the diverse talent that flow through these corporate DEI programs are set to become the future leaders of tomorrow.

3. Help employees build future wealth to reduce employee retention.

Preparing for retirement doesn’t happen overnight, neither does accumulating wealth. Both processes require commitment and dedication over time, and more importantly, the resources to fund such efforts. Many Americans find it difficult to manage their current expenses and future savings, this likely explains why 1 in 4 Americans don’t have any retirement savings, according to a PwC survey. 

To help employees build future wealth, consider offering company match programs or financial advising to your workforce. Company match programs help employees multiply their retirement funds with the financial help of their employer. On the other hand, a financial advisor can help employees balance current and future money goals, with a personally tailored financial plan to follow. Both solutions are ways to help employees increase their financial security for the future.

4. Welcome upward feedback from all employees.

One way that companies continue to remain agile and grow is by incorporating upward feedback, a development evaluation for direct managers or upward leadership. 

Don’t wait until exit interviews to find out what’s working well and what needs tinkering, hold your firm accountable by actively commentary about the current ways of working. Leverage upward feedback as an opportunity to find out what makes people seek opportunities elsewhere and what makes them stay. 

Looking for a premium financial wellness solution to improve employee retention? 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.

5 Benefits for Employers to Retain and Attract Top Talent

5 Benefits for Employers to Retain and Attract Top Talent

by | May 10, 2022 | Blog

5 benefits for employers to retain and attract top talent. High turnover creates an expensive problem for employers and stressful environment for employees. Retain and attract top talent with these 5 standout benefits.

The cost of replacing an employee can range anywhere from six to nine months’ salary, according to data from SHRM. If your team is worried about the cost of losing talent, it could be time to reevaluate your benefits strategy. According to a survey by ArmadaCare, 78% of employees are more willing to stay with their employer due to their employee benefits. 

Here are the 5 best benefits to help retain and attract top talent.

1. Offer competitive, matched retirement planning options.

Retirement planning is one of the most common employee benefits offered by employers, specifically a 401(k) matching plan. According to a study by SHRM and Morgan Stanley, the most important financial wellness benefit for employees was retirement planning. The additional financial security that employees feel when their retirement needs are taken care of can help reduce stress and improve office morale.  For these programs, employers don’t only receive the benefit of being more attractive to potential new hires, they can also receive tax benefits for contributing to employees’ retirement accounts.

2. Support top talent with emergency fund assistance.

One of the lingering effects of the pandemic is the reduced amount of “rainy day funds” available to employees. According to a survey by PWC, 38% of employees have less than $1,000 stowed away for emergencies. Employer-sponsered emergency savings accounts may be funded similarly to 401(k) accounts. However, the money added to the accounts does not have to stay in the account long-term and the cash taken from employee’s paychecks is taxed as income.

3. Allow flexible time-off policies.

According to a survey by JustWorks, 68% of employees felt as if flexible hours had a positive impact on their team. And, according to another survey conducted by SHRM, 80% of employees said they would be more loyal to their company if they had flexible work options.

Employees have put a high value on flexible schedules and the loss of productivity is often more than worth providing the option than having to replace employees. According to that same survey by JustWorks, 76% of employers felt that flexible hours had a big impact on their ability to attract new talent. Also, flexible schedules do not necessarily result in a lack of productivity. According to SHRM, about ⅔ of employees said they are more productive working outside of a traditional work environment.

4. Invest in top talent with employee loan assistance programs.

One of the hottest new trends in employee benefits is student loan repayments. It can be a huge bonus in attracting younger talent to a company. Assistance programs go far beyond loan repayments. Many companies offer purchasing programs that assist employees in making larger purchases such as a new computer. Employee assistance programs can go outside of directly benefitting the employee as many offer aid to immediate family members of employees or anyone living with an employee.

5. Offer your top talent personalized financial coaching.

Offering the service of financial coaches adds a personal touch to the offered benefits and lets employees know that their specific needs are met. 43% of employers offer “personalized financial counseling, coaching or planning and an additional 35% are considering adding the service to their benefits according to research by the Employee Benefit Research Institute in partnership with Mercer. According to a study by Questis, companies that welcome financial empowerment through employee benefit programs and provided access to personal finance education and coaching were able to reduce turnover by 33%.

Attract and retain top talent with financial wellness solutions from Best Money Moves.

Best Money Moves can help your employees address their financial stress and improve your retention in the new year. The program 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, help guide employees to make smarter financial decisions and reduce their overall stress.

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.

5 Benefits to Include In Your Employee Retention Strategy

5 Benefits to Include In Your Employee Retention Strategy

by | Apr 20, 2022 | Blog

5 benefits to include in your employee retention strategy. The Great Resignation isn’t over yet. Up your employee retention strategy and keep your team where they belong with these five benefits. 

Nearly 4.4 million Americans quit their jobs in February of 2022, according to the U.S. Department of Labor. These numbers suggest that the period of record employee turnover known as the “Great Resignation” is not slowing down. 

The costs to employers are staggering. It costs six to nine months of an employee’s salary to hire and acclimate their replacement, according to data from SHRM. It also takes a new employee 1 to 2 years to reach the level of productivity of an existing employee. 

To help avoid the high costs of turnover, employers should be prepared to reevaluate their benefits packages. Here are 5 benefits to include in your employee retention strategy.

1. Boost employee retention with personalized financial wellness benefits.

Around 87% percent of employees want help when it comes to managing their finances, according to PwC’s 2021 financial wellness survey. And employees that have financial wellness report higher levels of job satisfaction, loyalty and productivity – factors that make employees less likely to leave their current job. According to data from prudential, 60% of workers feel more committed to their employer when the employer shows an investment in their overall financial wellbeing. 

However, when it comes to financial assistance, too many organizations focus solely on helping employees plan for retirement. A fully comprehensive financial wellness plan can help addresses a wide range of employee concerns. Look for a solution that is as dynamic as your workforce and support your team with comprehensive financial wellness benefits that cover everything from financial planning and coaching to building an emergency fund or paying down debt.

2. Ease employee stress with comprehensive healthcare offerings.

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.

3. Support employee wellness by destigmatizing mental health benefits.

In a response to the needs of their employees, around 40% of employers expanded their mental health benefits during the pandemic. Mental health benefits can come in many forms. Some of the best solutions have been including mental health coverage in the company’s health plan, promoting mental health programs to try and reduce the stigma around the issue and establishing an employee assistance program.

According to a survey by Teamstage, 91% of Gen Z and 78% of Millenials think that companies should implement a mental health policy. A survey by Calm found that 76% of potential employees consider mental health benefits as critical when evaluating potential job prospects.

4. Offer family-friendly benefits to care for employees and their loved ones.

The term “family-friendly” encompasses a wide range of benefits from fertility planning to extended maternity leave to childcare benefits. Family-friendly benefits may suggest to employees that the workplace has a legitimate interest in their wellbeing and is another way for companies to keep employees happy. According to a study by Utah State University, 94% of companies that implemented family-friendly policies reported a higher level of employee satisfaction.

5. Invest in paid time off today to improve employee retention in the future.

Research from SHRM suggests that encouraging employees to enjoy vacation time can actually increase productivity in the long run. However, simply providing paid time off may not be not enough for employees to enjoy the benefits. In a 2021 survey, Priceline found that only 21% of Americans used all of their PTO in 2020 and 19% felt their positions were too demanding to allow them time away. PTO is not only an important part of employee compensation but a vital tool for fighting burnout that can contribute to turnover. So, it’s important employees feel supported when taking a break.

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

If you’re looking for a first-in-class financial wellness solution, Best Money Moves could be the answer you need. Best Money Moves is a financial wellness program that provides all the guidance and support employees need to help them reduce their financial stress. It has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies.

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.

Improve Employee Retention in 2022: Utilize Financial Wellness Benefits

Improve Employee Retention in 2022: Utilize Financial Wellness Benefits

by | Jan 11, 2022 | Blog

Improve employee retention in 2022: Utilize financial wellness benefits. Financial stress is an increasing contributor to high employee turnover and now, more than ever, your team needs relief.

Last year, a record 38 million Americans left their jobs to look for new opportunities. As a result, employers in 2022 are dealing with low retention and high turnover, leading to a loss of top talent, increased operating costs and an overall unstable work environment. 

Research shows that stress is a main reason people leave their current jobs. So, helping your employees tackle their stress can keep your retention up — and battling financial stress specifically is key. 

Improve Employee Retention by Reducing Employee Financial Stress

In the American Psychological Association’s 2020 Stress in America report, 63% of adults said their finances were a significant source of stress, nearly a 20% increase from the previous year. 

The pandemic has not helped matters, as many are still grappling with the economic effects of the health crisis, and Americans remain deeply in debt, with household debt reaching a record $15.24 trillion in the third quarter of 2021. 

The 2021 Employee Financial Wellness survey conducted by PwC, found that 63% of surveyed employees felt that their financial stress had increased due to the pandemic. And 72% of those employees indicated that they would be attracted to a new employer who cared more about financial well-being than their current place of work. 

Incorporating financial wellness programs like Best Money Moves in your benefits package can give your employees the tools they need to lower their financial stress and become happier at work. Data from prudential found that users for financial wellness programs report better mental health, lower stress and better physical health than non-users.

Plus, financial wellness programs have the added benefit of increasing productivity. A 2020 Prudential report found that 6 in 10 U.S. employees said they were more committed and more productive when employers demonstrated a commitment to their financial wellness.

Keep Your Team Where they Belong with Best Money Moves

The strain of the pandemic makes financial wellness benefits more essential, and companies that already offer them have seen an increase in usage over the past year and a half. In a September report from SHRM, 22% of the surveyed HR professionals said their financial coaching benefits had been used more since the start of the pandemic. 

Best Money Moves can help your employees address their financial stress and improve your retention in the new year. The program 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, help guide employees to make smarter financial decisions and reduce their overall stress.

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.