3 Ways to Reduce Employee Burnout in 2021

3 Ways to Reduce Employee Burnout in 2021

3 ways to reduce employee burnout in 2021. How to spot the symptoms of employee burnout and minimize its impact on your business.

An alarming 76 percent of U.S. employees are currently experiencing burnout, according to new research by Spring Health. 

“The events of 2020 put a tremendous amount of pressure on U.S. employees — especially those who are raising children or taking care of elderly loved ones,” said Dr. Millard Brown, senior vice president of Medical Affairs at Spring Health. “Burnout is extremely costly for organizations, so it’s imperative that leaders take steps now to reduce and manage burnout symptoms for their workforce.”

Employers can minimize the impact of employee burnout by spotting symptoms early and making changes in workplace culture or employee benefits offerings.

3 Ways to Reduce Employee Burnout in 2021

Spotting the Symptoms of Employee Burnout

The first step to reducing employee burnout is spotting the primary symptoms including exhaustion, feeling negative, cynical or detached from work, reduced productivity and poor work performance. Employee burnout is often reached after an extended period of high stress.

“Employee burnout can present on a spectrum,” said Dr. Brown. “At its earliest stages, burnout can be mobilized more easily. Whether it’s offering more flexible work schedules for caretakers or rebalancing workloads that have been skewed by layoffs, employers have a lot of opportunities to support their team members without sacrificing larger organizational goals. Once an employee reaches the complete burnout stage, though, recovery can become a challenging and long-term process that significantly disrupts both the employee’s life and the organization’s efficacy.”

Making Changes to Workplace Culture to Reduce Employee Burnout

Almost a third of employees experiencing burnout say that increased responsibilities at work contributed to their burnout and that reducing the number of hours spent working would help them reduce or avoid burnout altogether. Over 25 percent of employees say having a supportive and understanding manager at work would also help them to reduce and avoid burnout. 

Training supervisors to lead with empathy, spot the signs of burnout and respond effectively by supporting the employee and working to find reasonable solutions can make a huge impact in reducing employee burnout.

Making Changes to Employee Benefits to Reduce Employee Burnout

Nearly 1 in 4 U.S. employees believe that better mental health-related policies at work would help them avoid or reduce burnout. Mental health benefits can help employees reduce stress and build emotional resiliency that can help them through times of crisis, like the COVID-19 pandemic and the economic uncertainty that followed.

Another 30 percent of workers said receiving more paid time off from their employer would assist them in avoiding or reducing burnout. Paid time off allows employees to take time off when they need it, for whatever reason, and being able to split paid time off between vacation days, sick time and mental health days could help employees reduce and avoid burnout.

Employers who want to reduce the negative impact of employee burnout and get back to the business at hand should train supervisors to spot the symptoms and react accordingly by reassessing workloads and looking to changes to office culture or benefits offerings that could be advantageous.

More on Topics Related to Employee Health and Wellness 

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Why Financial Wellness Is Important to Employees in 2021

Why Financial Wellness Is Important to Employees in 2021

Why financial wellness is important to employees in 2021. Why employees want financial wellness benefits and what they value most about their tools and features.

An astounding 86 percent of employees agree it’s important for employers to offer financial wellness programs, according to research by John Hancock.

The time employees spend distracted by their personal finances at work equates to over 47 hours in lost productivity per year. Nearly 20 percent of employees worry about personal finances at work every single day and roughly 60 percent worry about it at least once a week. Financial stress is top of mind for 64 percent of employees.

More than 65 percent of employees believe that employer-sponsored financial wellness programs have an impact on reducing financial stress, 59 percent say such programs improve loyalty and the likelihood they’d recommend their employer and 54 percent say a financial wellness program would increase their job productivity.

All financial wellness programs are not created equally, however, and employees are looking for a specific mix of tools and resources to help them manage their finances and reduce financial stress. 

Why Financial Wellness Is Important to Employees in 2021

The vast majority of employees agree it’s important for employers to offer financial wellness programs. Most employees don’t feel knowledgeable enough to determine their overall financial wellness and 62 percent would like their employer to help them. 

These are top sources of financial stress that employees believe financial wellness programs could help them with:

  • 80 percent of employees aren’t sure if they’re on track for retirement
  • 57 percent of employees worry about not having enough emergency savings to cover an unexpected expense
  • 23 percent of employees have student loan debt for themselves or others and 60 percent of them have a balance of $20,000 or more
  • 20 percent of employees believe their debt is a major problem

Employees are most interested in financial wellness programs that can help them assess their situation, manage debt, balance financial priorities, set goals and create a budget. More than half of workers believe if they were taught how to balance their financial priorities, they would be able to save more for retirement.

How Best Money Moves Can Help

Best Money Moves has it all. It has tools and features that help employees assess their financial situations, budget for monthly expenses, pay down debt, plan for emergencies and save for retirement. Our team of Money Coaches, trained professional financial counselors, are ready to give employees financial guidance whenever they need it. 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 growing library of over 700 articles, videos and calculators. We leverage user analytics to create individualized employee content and Best Money Moves is 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.

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Employee Benefits 2021: Employer Student Loan Repayment Assistance Programs

Employee Benefits 2021: Employer Student Loan Repayment Assistance Programs

Employee benefits 2021: student loan repayment assistance programs. The different kinds of employer student loan repayment programs and why more employers plan to add them.

Student loan benefits emerged to help employees with their share of the $1.6 trillion in student debt. They’ve been hailed as an important employee wellness initiative and as a way to attract and retain talent. According to research by MetLife, student loan repayment assistance is now a must-have benefit for 36 percent of Gen Z and 29 percent of Millennials. 

Employers who are considering adding student loan repayment benefits in 2021 should review the different types of programs that are available and zero in on the one that’s right for their workforce.

Employee Benefits 2021: Employer Student Loan Repayment Assistance Programs

According to research by PwC, just 7 percent of employers currently offer student loan repayment benefits (with the average employer offering $1,800 per year), but another 27 percent are considering it as they build their benefits package for the next year. 

Nearly 15 percent of employers offer student loan refinancing or consolidation, programs that give employees an opportunity to restructure their student loans for more favorable interest rates and loan terms. 

401(k) student loan matching is a relatively new program that the IRS approved in 2018. It allows employers to match student loan payments with a contribution to an employee’s 401(k). None of the employers PwC surveyed offered 401(k) matching on student loan payments, however, 23 percent of organizations are assessing its potential. 

How Financial Wellness Can Help

The student loan benefit employers were most likely to offer was access to tools that have financial advice and financial coaching. Nearly 25 percent of employers already offer it and 22 percent of employers are considering adding it to round out their benefits offerings.

Student loan debt is just one source of financial stress for employees. According to Clever Real Estate, 54 percent of Americans missed or deferred at least one payment in 2020 for bills including:

  • Student loan payments (45 percent)
  • TV, internet, or phone bills (34 percent)
  • Credit card bills (30 percent)
  • Medical bills (30 percent
  • Electric, water, or other utility payment (27 percent)
  • Rent (21 percent)
  • Mortgage (21 percent)

Their top reasons for missing a payment included:

  • Paying for food or groceries instead (37 percent)
  • Prioritizing other debts (33 percent)
  • Lost income (28 percent)
  • Covering an unexpected emergency (25 percent)
  • Prioritizing rent or mortgage (24 percent)
  • Paying utilities (22 percent)
  • Forgetting to Pay (18 Percent)
  • Spending too much on nonessentials (15 percent)

Financial stress is clearly a multifaceted problem and the route to financial wellness looks a little different for everyone. Financial wellness programs like Best Money Moves are expansive end allow for personalization and customization, helping employees look at their overall finances, their financial goals and then directing them to resources that can help them bridge the gap.

Best Money Moves has all the essential budgeting tools employees need to assess and track their finances, but then they go above and beyond. Best Money Moves has a library with over 700 articles, videos and calculators to help workers educate themselves on everything from taking out student loans to buying their first home to saving for retirement. When employees have financial questions that need answers, Best Money Moves has a team of money coaches ready to help. And, of course, employee information is always private.

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.

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3 Tips for Working From Home During COVID-19

3 Tips for Working From Home During COVID-19

3 tips for working from home during COVID-19. These are three best practices for organizations with employees working from home during the coronavirus pandemic.

This is just the beginning of the work from home world if employees have any say in the matter.

Seventy percent of full-time employees are working from home during COVID-19 and 75 percent of them say they’re equally or more productive now than they were at the office, according to research by Owl Labs.

Nearly 80 percent of employees agree having the option to work from home after the pandemic is over would make them happier, so much so that 1 in 2 workers wouldn’t return to jobs that don’t offer some form of remote work. After 2020, 80 percent of employees expect to work from home at least 3 times a week. 

But that doesn’t mean there hasn’t been a learning curve adjusting to a remote work landscape. Employees have struggled with taking time off when working from home, some workers feel inundated with daily meetings and some have had trouble finding work-life balance when they’re both in the same space. 

3 Tips for Working From Home During COVID-19

Here are our top three tips for organizations working from home (WFH) during the COVID-19 pandemic and beyond:

WFH Tip #1: Build a Flexible Routine

Working from home inevitably requires employees to adopt a new routine. They no longer wake up, prep to leave the home and commute to work. While they’re glad to be saving 40 minutes of daily commuting they are missing out on that time to get into the working mindset. 

For the 25 percent of employees who told Recognize Services Inc that motivating themselves was one of the top challenges of working from home, building a flexible routine can help. 

It’s tempting to wake up just a few minutes before logging into work, especially for employees who consider themselves night owls, but it’s important they give themselves time to wake up, have coffee, jog, eat breakfast, journal, do yoga, listen to some music or anything else that helps them ease into the day. 

Breaks are also an essential part of the workday and much easier to enforce in a physical workplace. A survey by OnePoll on behalf of Freshly found that 60 percent of workers felt guilty taking any type of break, including lunch, when working from home during the COVID-19 pandemic. 

Employers should be clear about how breaks work when employees are working from home and emphatically encourage them to take them. Regular breaks not only help reduce the risk of burnout they help keep employees engaged and productive, benefitting job satisfaction and retention. 

WFH Tip #2: Stay Connected with Coworkers and Establish Remote Meeting Etiquette

Employers have leaned on virtual meetings to keep the team connected and on task when working from home, but employees are tired of having their days loaded with them. 

Eighty percent of employees agree that there should be one day a week with no meetings at all, according to Owl Labs. Another 74 percent agreed that their organization should have ‘core hours’ meaning that there are four hours a day where employees are available to colleagues and then they work on their own schedule for the rest of the time.

Whether it’s restricting meetings on a certain day or during certain hours, it’d be helpful for employees if meetings were less frequent and more meaningful so they can get back to the task at hand.

WFH Tip #3: Prioritize Work-Life Balance When Working From Home

Employees have found themselves working more and taking less time off when working from home during the COVID-19 pandemic.

The average workweek increased by nearly 40 percent during COVID-19, with workers clocking in an additional 15 hours per week, according to research by NordVPN. Another survey by Monster found that despite 69 percent of employees experiencing symptoms of burnout, 59 percent of employees took less time off than they normally would and 42 percent didn’t plan to take any time off to decompress when working from home during the coronavirus pandemic. 

The survey by OnePoll on behalf of Freshly found that 65 percent of employees feel exhausted by the end of the day because they have the demands of work and a family under the same roof. 

Employees who want to continue working remotely need to prioritize work-life balance. It’s exceptionally difficult when kids are home for virtual learning, but there are a few ways employees can strike a balance between their work life and home life, even if they share the same space. Setting a firm time to stop working whenever possible and turning off work notifications if employees aren’t on call is a great way to start creating some boundaries, along with building in those breaks we mentioned earlier in this post. 

Employers can help employees prioritize work-life balance by encouraging them to make use of their time off and asking them if there are any challenges they can help them with. Maybe parents are struggling to make meetings scheduled during a time they need to switch their kids to a new assignment or it’d make a big difference if they could log on and off an hour earlier so they could spend more time making dinner with their family. Those are two relatively simple yet meaningful accommodations employers could take into consideration to help employees make the most of their time at and away from work.

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Managing Employee Healthcare Costs in 2021

Managing Employee Healthcare Costs in 2021

Managing employee healthcare costs in 2021. What the average health insurance premium costs and changes employers are making to health benefits offerings in the new year.

The ever increasing cost of healthcare combined with uncertainty about coverage, deductibles and copays keep some employees from getting the medical care they need.

More than 40 percent of employees have deferred medical care because of financial concerns, according to research by Willis Tower Watson. According to the Kaiser Family Foundation, the average annual premium is $7,470 for single coverage and $21,342 for family coverage in 2020. The average family premium has increased 55 percent since 2010 and 22 percent since 2015.

In spite of these increases, 56 percent of employers don’t plan to make any changes to reduce medical plan costs in 2021. Indeed, many plan to add new resources to better support healthcare needs in light of COVID-19.

Managing Employee Healthcare Costs in 2021

Employers are focused on improving employee healthcare by adding virtual or telehealth offerings and including voluntary benefits in 2020, according to research by Mercer. The good news is that both of these initiatives can help reduce healthcare costs.

Over 25 percent of employers are adding digital healthcare resources, like telemedicine for episodic care, artificial-intelligence-based symptoms triage, ‘text a doctor’ apps and virtual office visits with a patient’s own primary care doctor. These options are often less costly than traditional visits and are especially helpful during COVID-19 when physical visits aren’t always an option. 

More than 20 percent of employers plan to add voluntary benefits, such as critical illness insurance or a hospital indemnity plan. Voluntary benefits are low-to-no-cost for employers because employees pay for them and maintenance is often handled through payroll deduction. They’ve risen in popularity in recent years as it became clear that a one-size-fits-all group benefits model wasn’t working for a multigenerational workforce. Voluntary benefits let employees personalize their level of coverage and choose a benefits plan that fits their needs without a significant impact on employer health spending.

Managing Out-of-Pocket Costs in 2021

Just 4 percent of employers plan to prioritize limiting surprise or balance billing in 2021, but many employees receive surprise medical bills they can’t afford to pay. 

According to a survey by HealthCareInsider, 28 percent of employees received a surprise medical bill in the past year. A similar percentage said they carry medical debt and for 65 percent their medical debt exceeds $1,000. Nearly 60 percent of employees are concerned a health scare in their household could lead to bankruptcy or debt.

Fears about the costs of healthcare haven’t necessarily led to a change in benefits behavior. The vast majority of employees (92 percent) choose the same benefits year after year and spend an average of 33 minutes or less on the task. 

Employers should make working with health insurance brokers to help employees better understand the difference between healthcare plans and estimated out-of-pocket costs for various services a higher priority. It’s a strategy that can reduce healthcare costs and assist in other employer initiatives, like reducing financial stress and increasing productivity.

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