employee wellness Archives

Top HR Challenges in 2021 and How to Overcome Them

by LizStevens | Oct 20, 2020 | Blog

Top HR challenges in 2021 and how to overcome them. The most pressing issues in human resource management and what organizations can do about them.

Employers made difficult decisions to navigate COVID-19 in 2020 but it’s unclear what the lasting impact of those changes will be.

A new report by Lattice, The State of People Strategy: The New World of Work, asked HR leaders what their most crucial initiatives are for the 12 months ahead and what challenges they’re most concerned about.

Top HR Challenges in 2021 and How to Overcome Them

HR leaders said their most important initiatives in the next 12 months are:

48 percent said employee engagement
46 percent said training and enabling managers
44 percent said diversity, equity and inclusion (DE&I) programs
37 percent said learning and development
33 percent said performance management

Most of these initiatives have to do with adapting procedures and processes established to limit the risk of COVID-19 while remaining operational, with the exception of DE&I programs which have become an organizational priority for many companies after the events of this year underscored the pervasiveness of systemic racism and inequality.

The top challenges HR teams face are:

58 percent said emotional exhaustion (for themselves or their team members)
54 percent said an overwhelming number of projects and responsibilities
51 percent said employee morale/retention
43 percent said budget constraints
29 percent said low perceived value of HR’s worth in an organization

Health and wellness programs can help HR teams overcome their challenges in 2021, if they can find the right mix of benefits within their budget constraints. Benefits that help employees improve aspects of their overall health, like mental health benefits and financial wellness programs, can build resilience and help employees both manage and avoid exhaustion and burnout.

Communication is going to be critical to organizational success next year, especially as many workplaces plan to continue working remotely indefinitely. Finding the right balance between professional check-ins where supervisors touch base with employees’ workloads, productivity and engagement are going to be just as important as personal check-ins where supervisors ask employees how they’re doing with everything going on and encourage them to ask for support when they need it.

The businesses that are most adaptive and communicative stand to come out of 2021 on top. Effective HR teams focused on their most important initiatives and highly aware of the challenges they’ll face will help their organizations beat their business goals in the new year.

How Employee Health and Wellness Programs Help Build Resiliency

by LizStevens | Oct 14, 2020 | Blog

How employee health and wellness programs help build resiliency on an individual and organizational level to better navigate economic uncertainty.

An astounding 75 percent of U.S. employees are struggling at work because of anxiety caused by COVID-19 and other recent events, according to a survey by TELUS International.

Employers aren’t blind to the unprecedented levels of stress employees are feeling. In fact, as the pandemic drags on, 85 percent of them are increasingly concerned about their employees’ health and wellness needs, according to research by Unum.

Another report by Principal found roughly 30 percent of employers plan to adapt benefits offerings to provide better mental health and wellness programs, childcare support, healthcare benefits and financial wellness programs to support employees through times of uncertainty.

“COVID-19 has fundamentally reshaped the benefits landscape,” says Kara Hoogensen, senior vice president of U.S. Insurance Solutions for Principal. “Employees and employers alike are recognizing the need for coverage that protects the health and well-being of both individuals and their families. This has brought new meaning to benefits that may have previously fallen lower on an employee’s priority list, such as income protection, life insurance and mental health programs.”

How Employee Health and Wellness Programs Build Resiliency

According to the research by TELUS International, since working from home during the pandemic, almost four in five employees have found it challenging to “shut off” from work in the evenings. Forty percent of workers aren’t getting enough sleep and 13 percent are hardly sleeping at all. Over 35 percent of employees reported feeling less healthy physically and 45 percent said they feel less healthy mentally. But just 40 percent of employees feel empowered to let someone at their company know when they aren’t feeling physically or mentally well, and that’s a problem.

Employees who aren’t feeling well struggle to focus, aren’t as engaged or collaborative, take more time off and are less satisfied with their jobs, ultimately taking a toll on an organization’s productivity and retention. Nearly 80 percent of employees would consider quitting their current position for a job that focused more on employee mental health.

Flexible Schedules Build Resiliency and Better Health Outcomes

Nearly 90 percent of employees agreed having more flexibility in their work schedule would positively impact their health, 49 percent said health care benefits that include therapy and counseling would make a difference, 43 percent would like thoughtful one on one check-ins from their employer and 37 percent thought virtual workshops about health and wellness or yoga and meditation classes would make them feel like their mental health is being prioritized.

Prioritizing Employee Health and Wellness is a Win-Win

Prioritizing employee health and wellness is mutually beneficial. Through health and wellness programs employees have the opportunity to improve their physical, mental and financial health, lower their stress levels and learn how to better manage the various struggles they may face in the future. This absolutely carries over to their performance at work. The result is a company culture that is healthier, more supportive and more resilient to challenges on all fronts.

Why Financial Wellness Is a Must-Have Employee Benefit

by LizStevens | Oct 7, 2020 | Blog

Why financial wellness is a must-have employee benefit. The demand for financial wellness programs has never been higher and employers are ready to help.

Employers are getting serious about financial wellness.

Financial wellness programs have emerged as a key employee benefit in the last few years and COVID-19 has only strengthened demand for resources that can help employees deal with their finances.

More than 60 percent of employers now feel “extremely” responsible for their employees’ financial wellness, compared to just 13 percent in 2013, according to the latest Workplace Benefits Report from Bank of America. Employers are most interested in programs that help employees save for retirement (81 percent), plan for healthcare costs (71 percent), budget (63 percent), save for college (55 percent) and manage debt (54 percent). Over 80 percent of employers agree that financial wellness programs and tools help to create more productive, loyal, satisfied and engaged employees.

Heightened interest in financial wellness programs couldn’t come at a better time as 59 percent of employees say they don’t have control over their debt and 62 percent say they don’t have enough emergency savings to last them six months.

Why Financial Wellness Is a Must-Have Employee Benefit

The issue of financial wellness is multifaceted. While most employees experience some form of financial stress, each situation is unique.

When it comes to debt, for instance, 82 percent of employees are in it, but the type of debt they have varies. According to the Bank of America Survey, half of employees have credit card debt, 46 percent have a mortgage loan and 21 percent have student loan debt. Regardless of the type of debt, 36 percent say it affects their ability to achieve their financial goals.

It’s mentioned earlier in this post that 62 percent of employees don’t have enough emergency savings to last six months, but that’s not the full story. Nearly half of employees say their emergency savings won’t last more than three months and 24 percent admit it won’t last them even one month, according to research by FlexJobs and Prudential.

As far as retirement, 71 percent of employees expect the pandemic to impact their plans, according to research by TD Ameritrade. Almost 40 percent have delayed or are considering delaying their retirement, 36 percent have decreased or are considering decreasing their retirement savings and 29 percent have withdrawn or are considering withdrawing funds from their 401(k) account. On the flip side, 47 percent of employees have increased or are considering increasing their retirement savings contributions, 29 percent of employees have opened or are considering opening a new investment account and 27 percent have converted or are considering converting their IRA to a Roth IRA.

Employees may have different financial stressors and goals, but 84 percent of them are in agreement that COVID-19 will have an impact on their ability to achieve long-term financial security and 59 percent of them say that impact will be moderate or severe.

What Employees Want From Financial Wellness Programs

Bank of America asked employees which financial resource would be most important to them if their employer were to offer it and found:

41 percent of employees want financial advice from a professional
30 percent want information on retirement plans
28 percent want the availability of financial products/services that help employees
27 percent want online financial tools or calculators
26 percent want resources on developing financial skills and good financial habits

They also noted that employees reacted positively to other forms of help, including tips for preparing for a financial shock, receiving a report card that can help them measure their financial health and even support to help them plan and take action.

How Best Money Moves Can Help

Best Money Moves has it all. It has the tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. 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 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.

How Do You Make Open Enrollment Easier for Employees?

by LizStevens | Sep 30, 2020 | Blog

How do you make open enrollment easier for employees? Making the process simpler so employees can find the right plan to help them manage healthcare costs.

COVID-19 has been a wake-up call for the 49 percent of employees who plan on spending more time researching and selecting health insurance plans during open enrollment this year, according to research by Aflac.

It’s a welcome shift in behavior considering 92 percent of employees choose the same benefits year after year and spend an average of 33 minutes or less on the task. But most employees can no longer ignore the rising costs of healthcare. Over 90 percent of workers said they were surprised by at least one healthcare cost in the last year.

Another survey, by Voya Financial, found that 53 percent of employees plan to make changes to their benefits coverage in the next open enrollment period and 71 percent plan to take their time reviewing voluntary benefit options offered by their employers.

“With COVID-19 part of our daily lives for the foreseeable future, our new survey reveals that many are focused on ways that they can protect the health and wealth of themselves and their families, and they recognize workplace benefits are a way to do just that,” said Rob Grubka, president of Employee Benefits, Voya Financial.

Preparing for open enrollment in the midst of a global pandemic is no easy task, but if employers can simplify the process and help employees better understand how different plans can help them manage healthcare costs, it’s a worthy pursuit.

How Do You Make Open Enrollment Easier for Employees?

The most impactful way employers can make open enrollment easier for employees is to give them more information about their benefits outside of the open enrollment period. Over 80 percent of Gen Z, 82 percent of Millenials, 77 percent of Gen X and 70 percent of Baby Boomers agree that they want to receive more information about employee benefits when it isn’t time for open enrollment.

Traditionally, organizations have an annual meeting or send out an email with bulky attachments to communicate important information about employee benefits. That process doesn’t align with the way people absorb information in a digital age. It’s much more advantageous for employers to send out shorter, bite-sized benefits communications over a longer period of time to improve benefits understanding. Breaking down benefits communications and spreading them out throughout the year could boost employees’ confidence about their benefits knowledgeability and significantly reduce the aversion many employees have to open enrollment as a tedious, confusing process.

According to Aflac, 54 percent of employees experience anxiety about health care costs that are not covered by health insurance, 48 percent admitted they couldn’t pay $1,000 for out-of-pocket medical expenses without relying on debt or credit and most upsetting, 46 percent of employees have delayed medical care because of cost concerns. Employees are clearly overwhelmed by healthcare costs and thankfully, they’re ready to pay closer attention during open enrollment. Now it’s time for employers to make the process easier for them.

Building Your COVID-19 Return to Work Safety Plan

by LizStevens | Sep 23, 2020 | Blog

Building your COVID-19 return to work safety plan. Employees worry their health and safety will be compromised but a strong safety plan can reassure them it’s safe to return.

The vast majority – 82 percent – of employers don’t feel adequately informed about the procedures that need to be in place to ensure a safe working environment during the COVID-19 pandemic, according to research by Humana Health Shield.

And 75 percent of their employees agree. They aren’t confident about the return-to-work measures their employers have put in place and 68 percent feel their health and safety will be compromised at work when they return.

It’s paramount that employers are confident about the COVID-19 workplace safety measures they’ve put in place as many plan to return, soon. Nearly 60 percent of employers will be ready to welcome their staff back at the end of September and another 13 percent expect to bring employees back by the end of the year.

In order to ensure a safe return, employers need to pay close attention to guidance from respected health and workplace protection agencies, revise sick leave policies and directly address worker concerns to reassure them that it is safe to return.

Building Your COVID-19 Return to Work Safety Plan

First, employers should familiarize themselves with two important resources, COVID-19 Guidance for Businesses and Employers from the Centers for Disease Control and Prevention (CDC) and Guidance on Preparing Workplaces for COVID-19 from the Occupational Safety and Health Act (OSHA). These guidelines elaborate on effective ways employers can lower the risk of exposure at work and respond to employees who are showing symptoms of COVID-19 or have tested positive for COVID-19.

Then, it’s time for employers to revise their sick-leave policies. Just 22 percent of employers updated their sick-leave policies and only 19 percent updated communications policies for exposure. It helps that 67 percent of workers are willing to do daily symptom check-ins with their employer and 75 percent would be comfortable with employers tracking their symptoms.

Finally, employers need to address employee concerns about returning to work directly. Employees are worried their health and safety will be compromised when they return or that their employer hasn’t taken adequate safety precautions. They’re most concerned about their co-workers’ hygiene (17 percent), commuters (25 percent) and the workplace environment (21 percent). Over 70 percent of employees rank their co-workers as posing the single most significant COVID-19 transmission risk in the workplace. In order to address these concerns, almost nine in 10 employers have introduced new hygiene protocols, with 70 percent having changed the layout of their workplace.

“To avoid a devastating repeat of a prolonged, slow recession, Americans need the opportunity to return to work. Our data shows that there are two factors that will enable a fast and safe return to the workplace: one, clear communication between employers and workers, and two, technological solutions such as risk stratification and symptom tracking,” said Jessica Federer, Managing Director at Huma US. “As a country, we are resilient, and we will rebound. But it will take a collective effort of us working together across industries, combined with the smart application of technology to make it happen. Together, we can not only support the recovery of our economy and our businesses but the health and wellbeing of each and every person.”

Top HR Challenges in 2021 and How to Overcome Them

Top HR Challenges in 2021 and How to Overcome Them

More on Topics Related to Top HR Challenges in 2021 and How to Overcome Them

How Employee Health and Wellness Programs Help Build Resiliency

How Employee Health and Wellness Programs Build Resiliency

Flexible Schedules Build Resiliency and Better Health Outcomes

Prioritizing Employee Health and Wellness is a Win-Win

More on Topics Related to Health and Wellness Programs at Work

Why Financial Wellness Is a Must-Have Employee Benefit

Why Financial Wellness Is a Must-Have Employee Benefit

What Employees Want From Financial Wellness Programs

How Best Money Moves Can Help

More on Topics Related to Why Financial Wellness Is a Must-Have Employee Benefit

How Do You Make Open Enrollment Easier for Employees?

How Do You Make Open Enrollment Easier for Employees?

More on Topics Related to Open Enrollment and Benefits Communications

Building Your COVID-19 Return to Work Safety Plan

Building Your COVID-19 Return to Work Safety Plan

More on Topics Related to Returning to Work and the COVID-19 Pandemic

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