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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.

4 Ways Financial Stress Harms Overall Employee Wellness

4 Ways Financial Stress Harms Overall Employee Wellness

by | Apr 5, 2022 | Blog

4 ways financial stress harms overall employee wellness. Financial stress can have ramifications that affect far more than your wallet. Here’s what to keep an eye out for among your team. 

According to Financial Fitness Group, companies lose roughly $7,000 per employee per year due to stress caused by personal finance issues. And for employees, the effects of stress go far beyond dollars and cents. Long-term financial stress can take a huge toll on overall employee wellness and can even lead to emotional and physical consequences. 

Here are 4 ways that financial stress impacts overall employee wellness.

cost of financial stress

1. Financial stress can keep your employees up at night.

A good night’s sleep is important for both physical and mental health. A full night’s sleep has been linked to boosting the immune system, brightening mood, improving memory and even increasing day-to-day productivity. Unfortunately, those who are financially stressed are among the worst sleepers in America, according to the Better Sleep Council’s State of America’s Sleep survey.

Without healthy sleeping habits, an employee is more likely to experience mental strain, anxiety and depression, along with physical symptoms such as a weakened immune system. And those effects can spill over into the workday. According to the sleep foundation, sleep-deprived employees take more time to react in critical situations and are more likely to make mistakes than their well-rested counterparts. Reducing the financial stress that’s keeping your employees up at night is one step toward helping them rest easier.

2. Prolonged stress upsets employee work/life balance.

Proper work/life balance has already become a challenge following the COVID-19 pandemic, with millions of employees transitioning out of the office and into remote work. 

Burnout is a rising concern associated with stressed employees. Job burnout is a specific type of work-related stress that causes physical/emotional fatigue. Employees who suffer from significant levels of burnout can suffer from insomnia and increased stress levels and are more likely to take sick leave or look for another job. 

Employers can help their employees avoid burnout by creating a healthy workplace culture, allowing employees to work on a flexible schedule, and providing resources to address mental health concerns. Burnout remains a rampant problem in the workplace as, according to Deloitte, 77% of professionals have felt burnout at their current job.

3. Financial stress is a physical problem too.

Stress not only raises anxiety levels, but it can also take a physical toll on the body, causing high blood pressure, headaches, fatigue, pains and aches among other things. 

If the problem persists, stressed employees are more likely to get cardiovascular disease and other ailments that wind up killing around 120,000 people per year. Reducing that kind of stress in the workplace can avoid a cycle of various stressors that poor financial habits can cause.

4. Stress could be harming your workplace culture.

According to the Mayo Clinic, some of the most common effects of stress include increased irritability or anger. Employees burdened by stress are nine times more likely to have troubled relationships with coworkers and twice as likely to be searching for a new job.

It’s vital to address employee stress to foster a positive workplace culture  — one that allows employees to ask for personal finance assistance when they need it. One solution is to offer your team a financial wellness program. Providing employees with comprehensive financial wellness tools can help them address their financial stress head-on Plus, it signals to your employees that you care about their overall wellbeing.

Offer your employees relief from financial stress with Best Money Moves.

Less than 33% of workers have access to benefits that can assist with their financial needs according to a Financial Health Network survey. 

By offering financial wellness programs, like Best Money Moves, employers can help employees manage their personal finance goals and stress. 

Best Money Moves is a mobile-first platform that offers personalized financial planning and coaching resources, focused on solving your employees’ pain points. The program uses artificial intelligence, along with a human-centered design, to measure employee financial stress and then dial it down with personalized solutions. Our triggers and alerts system — as well as budgeting tools, personal finance resources and more — help guide employees to make more informed 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.

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. 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.

Improving Employee Financial Wellness in 2021

Improving Employee Financial Wellness in 2021

by | Jan 13, 2021 | Blog

Improving employee financial wellness in 2021. How employers can help workers achieve their financial goals and reduce financial stress in 2021.

An incredible 85 percent of employees say they worked on their financial habits during the COVID-19 pandemic and 96 percent of them plan to continue improving their financial behaviors in 2021, according to research by NerdWallet.

Nearly 90 percent of those with financial goals for 2021 recognize current events could interfere with their plans, 53 percent are concerned about the uncertainty of the pandemic, 36 percent are worried about the effects of election outcomes and perhaps most surprising — 19 percent are uncertain about having access to the best resources to help them achieve their goals.

This financial wellness month employers can help employees reach their goals and minimize the negative impact financial stress has on their business by choosing a financial wellness solution that meets their varying needs. 

Improving Employee Financial Wellness in 2021

Understanding Financial Goals for 2021

Understanding the different financial goals employees have can give employers a better idea of the tools and features they could benefit from. According to a survey by MagnifyMoney, these are the financial resolutions employees are most interested in achieving in 2021:

  • 50 percent of employees want to reduce their debt or become debt-free
  • 46 percent want to increase their credit score
  • 45 percent want to increase their savings
  • 38 percent want to save for a specific purpose (retirement, vacation, etc.)
  • 33 percent want to build an emergency fund
  • 31 percent want to stop living paycheck to paycheck
  • 29 percent want to get a higher-paying job
  • 22 percent want to create a budget and stick to it
  • 13 percent want to donate more money to charity.

As employees build on the habits they developed in 2020, it’s vital they have access to resources that can help them break these broad topics down step-by-step. Most employees (84 percent) say getting advice at work would be valuable and 74 percent say it would reduce their financial stress, according to research by Edelman Financial Engines. 

How Financial Wellness Programs Can Help

Now more than ever, the desire for financial wellness is evident. Platforms like Best Money Moves have everything employees need to improve their financial wellness and reach the goals they set for themselves.

Best Money Moves goes far beyond basic budgeting tools. Employees can 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. A team of Money Coaches, trained financial counselors, are ready to answer any remaining questions and give employees financial guidance whenever they need it. Going another step further, Best Money Moves leverages user analytics to create individualized employee content and it’s gamified to encourage consistent engagement. 

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 and sign up for a demonstration here.

More on Topics Related to Improving Employee Financial Wellness in 2021

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Why Financial Wellness Is a Must-Have Employee Benefit

Top 10 Reasons Why Employees Leave Their Jobs in 2021

Managing Employee Healthcare Costs in 2021

Top 4 Biggest Challenges of Working from Home in 2021

Top 4 Biggest Challenges of Working from Home in 2021

by | Jan 7, 2021 | Blog

Top 4 biggest challenges of working from home in 2021. How employers can meet the challenges of remote work and help employees adapt to working from home.

Permanent remote work arrangements are expected to double from 16.4 percent in early 2020 to 34.4 percent in 2021, according to a study by Enterprise Technology Research.

But adapting to working from home continues to be a challenging process, evidenced by popular searches like “how to stay focused working from home” and “tips for working from home with kids.”

Transitioning to remote work is a massive undertaking that’s all the more complicated when it occurs overnight in response to a global pandemic. Organizations expanding remote work capabilities in 2021 must address the biggest pitfalls of working from home for a successful endeavor. 

Top 4 Biggest Challenges of Working from Home in 2021

Minimizing Distractions at Home

Distractions are plentiful at home. Employees lose focus because of family members, pets, chores, construction, their phones, televisions and so much more. It’s important to adapt a routine that’s conducive to remote work by identifying and working around major distractions. Maybe it’s as simple as setting a specific day or time to do chores, or setting up a workspace in a bedroom to avoid high traffic areas like the living room and kitchen. 

Some employees don’t have home office equipment and could be distracted by their limited setup. Nearly 65 percent of people working from home due to the coronavirus reported new physical woes including “tech neck” and lower back pain, according to findings published in the Journal of Occupational and Environmental Medicine. Employers recognized this distraction and barrier to productivity as well as wellness and allowed workers to start expensing desks, chairs and computers or instituted allowances for WiFi and phone costs. 

Employers should check in with employees when adapting to remote work to see how they’re adjusting to the new routine and if they have the right equipment to get the job done at home.

Supporting Mental Health and Financial Wellness

Supporting Remote Worker Mental Health

Social isolation has been linked to depression, poor sleep quality, impaired executive function, accelerated cognitive decline, poor cardiovascular function and imparied immunity, according to the American Psychological Association. Social isolation, as well as anxiety about the virus and the uncertainty of the economy are just a few of the mental health challenges employees are experiencing that could be impacting their performance or productivity at work.

Employers can help by asking workers how they’re doing in general when conducting performance check-ins and by reminding them or even emphasizing the mental health benefits and perks that might be available, like teletherapy or mental health days.

Supporting Employee Financial Wellness

Financial stress costs employers $2,169 in lost productivity and absenteeism per employee, according to research by John Hancock. Absenteeism due to financial stress more than doubled from 2019 to 2020 and 43 percent of workers spend time on their finances during work hours. 

Nearly 60 percent of employees are feeling more financial stress during the COVID-19 pandemic than before it began. Close to 80 percent are worried about economic conditions, over 70 percent are worried about not having enough retirement savings and 22 percent have dipped into their emergency savings. 

Supporting employee financial wellness in a remote work environment is all about finding the right financial wellness program for your workforce. Best Money Moves has all the tools and features employees need to assess their financial situations; budget for monthly expenses, pay down debt, plan for emergencies, save for retirement and diversify their portfolios. It has a library of over 800 articles, videos and calculators, resources that employees can use to educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes. Our team of Money Coaches, trained professional financial counselors, are ready to give employees additional financial guidance whenever they need it.

If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

Creating a Connect Culture

One of the most challenging parts of adapting to working from home is figuring out how to stay connected as a team. Over 40 percent of employees struggled with group work, 28 percent had a hard time with customer interactions, 18 percent found information gathering straining and 14 percent had a tough time with task execution when working remotely during COVID-19, according to research by Ring Central. More than half of employees said their companies did not make significant attempts to help them collaborate remotely, which made collaboration more difficult than in a physical office.

Ring Central found that 34 percent of employees working at companies that foster a connected culture say they’re more productive when working from home. When asked what helped them feel more connected at work, half of employees said that frequent employee communication helps, 26 percent said enhanced collaboration tools, 24 percent said virtual happy hours, 22 percent said peer chats and 15 percent said group video games.

Employers should work with their teams and try different ways of connecting remotely to determine what works best for them.

Flexibility for Parents and Caregivers

Over 60 percent of parents agreed that the COVID-19 pandemic made the 2019-2020 school year extremely stressful for them, according to research by the American Psychological Association. Parents were challenged with setting their kids up for virtual or hybrid learning on top of adjusting to the shift to working from home. 

Employers can better support parents and caregivers by providing more flexibility, whether it’s giving them more control over what they work on, when they work or how they work. Flexibility allows people to do their jobs while wrestling with new stressors and responsibilities, such as a child’s education or caring for an aging parent.

Meeting the Challenges of Working from Home During COVID-19 in 2021

These are the four biggest challenges of working from home in 2021: minimizing distractions, supporting employee wellness, creating a connected culture and providing flexibility for parents and caregivers. But they aren’t the only challenges employers will face adapting to a remote workforce. Employers will need to digitize HR functions and rethink benefits and perks that worked well in a physical workplace (such as staff lunch, snacks, gym memberships) to create a remote employee experience that improves productivity, retention and recruitment. 

More on Topics Related to the Top 4 Biggest Challenges of Working from Home in 2021

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HR Trends 2021: Which Benefits Do Employees Value Most?

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Top 10 Reasons Why Employees Leave Their Jobs in 2021

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