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Coronavirus: Financial Stress Statistics 2020

Coronavirus: Financial Stress Statistics 2020

by | Apr 15, 2020 | Blog

Coronavirus: financial stress statistics 2020. Recent research focuses on how COVID-19 has negatively impacted personal finances in the U.S.

The coronavirus continues to spread across the U.S. but over 40 percent of Americans are more worried about losing their jobs and making rent than they are about getting sick. 

With the economy at a standstill, financial stress is at an all-time high. Recent surveys have asked Americans to open up about the impact the pandemic has had on their finances. 

Coronavirus: Financial Stress Statistics 2020

How Has the Coronavirus Impacted Financial Stress?

According to research by Freedom Debt Relief:

  • 27 percent of Americans have already experienced a furlough, layoff or job loss because of the pandemic.
  • 56 percent of Americans are concerned about being able to afford to feed themselves and their families.
  • 45 percent are struggling to make their rent or mortgage payments and 36 percent say they are likely to miss a payment in the next six months.
  • 38 percent say they will miss a utility payment within the next six months.
  • 30 percent are likely to miss their health insurance premium or a student loan payment in the next six months.
  • 36 percent anticipate carrying a balance on their credit card for groceries.
  • 21 percent anticipate carrying a balance on their credit card for utilities.
  • 18 percent anticipate carrying a balance on their credit card for TV/Internet.

How Do Americans Plan to Spend Their Check from the CARES Act?

According to research by Crediful:

  • 47 percent plan to spend their stimulus check on groceries.
  • 46 percent plan to spend it on utilities.
  • 42 percent plan to put it in savings.
  • 28 percent plan to spend it on their rent or mortgage.
  • 26 percent plan to spend it on their credit card debt.
  • 16 percent plan to spend it on toiletries
  • 13 percent plan to spend it on health or medical supplies.
  • 10 percent plan to spend it on stocks and investments.
  • 9 percent plan to spend it on student loan debt
  • 7 percent plan to spend it on clothing.

We want to help employees access top quality financial information during this tough time. That’s why we’re offering three months of access to Best Money Moves, our premier financial wellness platform, for free.*

*This offer is available only to companies that are not already customers of Best Money Moves. This offer may be rescinded at any time. Contact sales@bestmoneymoves.com for details or set up a demo here. 

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COVID-19 2020: Managing Employees During the Coronavirus Pandemic

COVID-19 2020: Managing Employees During the Coronavirus Pandemic

by | Apr 8, 2020 | Blog

COVID-19 2020: Managing employees during the Coronavirus pandemic. Dealing with employees who may be sick and making temporary policy modifications.

More than 70 percent of companies didn’t have a crisis management plan in place when the Coronavirus outbreak hit, according to a survey by Blank Rome. Even those who did anticipated natural disasters like floods and fires, but not a global pandemic like COVID-19.

Without an emergency response plan in place, how are employers dealing with things like emergency contact systems, data privacy, defining essential functions, managing employees who become ill and avoiding panicked reactions to negative news?

COVID-19 2020: Managing Employees During the Coronavirus Pandemic

Here are some of the temporary modifications employers told Blank Rome they’ve made in response to the Coronavirus pandemic:

  • We are following CDC guidelines; if an employee is sick we are sending them home.
  • We started specific weekly communications on March 3rd regarding precautionary personal and workplace hygiene, staying home or going home if ill, social distancing. We applied more specific polices on March 13th and formally implemented work from home as well as rotational work assignments.
  • We extended the absence period for returning to work from 3 to 5 days and on a case by case basis in some instances.
  • We have released anyone with symptoms and required doctors notes to return.
  • We’ve requested all employees to get tested and made arrangements for the testing to get done.
  • We are operating on the honor system for absences or modifications and accommodations during this time.
  • We are asking screening questions and are considering temperature checks.

Responding to Employee Testing Positive for COVID-19

Nearly 7 percent of the companies Blank Rome surveyed had an employee test positive for COVID-19 and in response to it:

  • 23 percent of employers converted to remote work for all employees not required to be on-site.
  • 17 percent continued operations with modifications.
  • 3 percent closed the entire worksite where the employee who tested positive reported.

Managing Paid Time Off

Over 40 percent of employers have paid employees who show symptoms of COVID-19 but haven’t been diagnosed or allowed them to use paid time off. Nearly half of businesses that have had to temporarily shut down business operations are still paying workers and more than 20 percent are requiring use of paid time off.

Managing Employee Complaints

Less than 15 percent of employers have received COVID-19-related complaints from employees, but more than 90 percent have required responses that don’t fall within the traditional framework of complaints, including disability discrimination, retaliation and OSHA. Here are some of the COVID-19-related complaints employers have received:

  • Employees requesting shutdown.
  • Employees complaining about lack of sanitizer and masks.
  • Employees frustrated about working remotely.
  • Employees complaining the company failed to act quickly and put inexperienced people in charge of decision making.
  • Employees complaining that there isn’t a policy in place.
  • Employees upset about being required to come into work when they think they should be allowed to stay home during the Coronavirus outbreak.
  • Employees concerned about how matters will be handled.

How employers respond to the Coronavirus pandemic will have a significant impact on business for years to come. It’s crucial to empathize with employee concerns and communicate what the company is doing to protect both employees and business operations.

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Helping Employees During Coronavirus/COVID-19 Pandemic

Helping Employees During Coronavirus/COVID-19 Pandemic

by | Mar 31, 2020 | Blog

Helping employees during Coronavirus/COVID-19 pandemic. How you support workers during the outbreak could have a lasting impact on recruitment and retention efforts.

What will you say when asked how you helped employees during the COVID-19 outbreak?

We are in the midst of a crisis. The Coronavirus/COVID-19 outbreak is dramatically reshaping the working world. Healthcare workers, delivery drivers and grocery store shelf stockers are being overworked while waiters, bartenders, musicians and those in the hospitality industry are dealing with shutdowns, layoffs, and unemployment. All of them are looking to their employers for help to get through this uncertain time. 

How employers respond to the Coronavirus/COVID-19 pandemic will have a significant impact on recruiting and retention efforts for quite some time.

Helping Employees During Coronavirus/COVID-19 Outbreak

Employees at all levels are dealing with increased financial stress. Nearly 60 percent of Americans say the Coronavirus has had a negative impact on their finances, according to a survey by the National Financial Educators Council. Over 40 percent of them are more concerned about their personal finances than they are about contracting COVID-19.

There are a number of ways employers can support employees during the Coronavirus/COVID-19 pandemic. These are a few areas some organizations are zeroing in on and others where the U.S. government is providing assistance:

  • Financial Wellness 

    Employees want to know how the Coronavirus is going to impact their retirement savings, their monthly budget, their credit card debt, their paycheck and they want to know what they should do about it. Best Money Moves, a mobile-first financial wellness platform, just added new resources to answer employees’ questions about how the Coronavirus will affect their finances and for a limited time, new clients can get Best Money Moves free for the first three months.

  • Paid Leave

    The Families First Coronavirus Response Act (FFCRA) mandates certain employers provide up to two weeks of paid sick leave related to COVID-19. Employers who provide paid sick leave under the FFCRA will be eligible for two new refundable payroll tax credits that the IRS will “immediately and fully reimburse” according to the IRS and the U.S. Department of Labor. The Coronavirus Aid, Relief, and Economic Security Act (CARES) provides almost $350 billion in partially forgivable loans to small businesses and nonprofits with 500 or fewer employees impacted by COVID-19 to help cover payroll and temporary closings.

  • Unemployment Resources

    Some employers, especially small businesses, will have to layoff and furlough employees during the Coronavirus/COVID-19 outbreak. Whenever possible, employers should provide severance pay, extend health benefits and give a tentative rehiring date if the business plans to remain open. Employers should also help employees navigate the unemployment process.

  • Mental Health

    Mental health platforms that offer teletherapy have noticed a surge in usage during the Coronavirus/COVID-19 pandemic. People are anxious, depressed, isolated and lonely as they socially distance themselves and stay home to limit the spread of the Coronavirus. Providing resources for those who are struggling with their mental health during this crisis is important. Employers should evaluate their current mental health benefits and consider telehealth solutions.

  • Virtual Recruiting

    Employers in essential services are struggling to fill open positions and comply with social distancing restrictions. CVS Health will fill 50,000 full-time and part-time positions through virtual job fairs, interviews and job tryouts. Walmart is shortening its hiring process to hire associates “in as little as 24 hours” to meet its goal of hiring 150,000 new workers by the end of May. Employers who were in the process of evaluating and interviewing top talent who still need to fill the position and have the budget to do so shouldn’t suspend the hiring process until the Coronavirus outbreak is behind us. Instead, those employers should look to virtual solutions like video conferencing for interviews.

This is a defining moment for business leaders around the world. Years from now potential hires will ask employers what they did to support employees during the Coronavirus/COVID-19 pandemic. What will your organization have to say when that time comes?

More on Topics Related to Helping Employees During Coronavirus/COVID-19 Pandemic

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Coronavirus 2020: Effectively Working from Home

Coronavirus 2020: Effectively Working from Home

by | Mar 25, 2020 | Blog

Coronavirus 2020: effectively working from home. A good remote work policy can help businesses maintain productivity while limiting the spread of COVID-19.

Businesses everywhere are implementing work from home policies to protect their employees but maintain business operations while federal, state and local governments impose various restrictions on public gatherings to limit the spread of the Coronavirus. 

Establishing a successful work-from-home program is not easy. Communicating with employees to stay on track while minimizing panic about COVID-19 in the coming weeks and months is critical. 

Establishing a Work from Home Policy

Organizations without a remote work plan in place can begin to assess their ability to do so in four steps:

  1. Review Operations. Determine what processes and procedures can be completed digitally. Explore remote solutions for things like team meetings, data security and certain HR functions. 
  2. Evaluate Equipment. Make a list of the equipment employees need to get their work done and see what that looks like from home. Find out if employees already own laptops or computers and if they don’t, decide if loaning out office equipment will be worthwhile.
  3. Plan Procedure. Figure out how the team will communicate with one another to stay on track to reach business goals. Think about how frequently group and individual check ins should occur and how to monitor remote work performance.
  4. Communicate. Let employees know about your new work from home policy and ask for their feedback. Employees want to be involved in organizational change and they might be able to fill in any unforeseen gaps in the policy with their on-the-job knowledge.

A good remote work strategy is the best way to keep both your employees and your business safe during the Coronavirus outbreak and if you don’t have one yet, now is the time to put one together.

Coronavirus 2020: Effectively Working from Home

Here are three tips for effectively working from home during the Coronavirus outbreak:

  1. Keep the Routine. It’s important in times like these to keep certain routines to minimize stress and maintain a sense of normalcy. It’ll also be easier to monitor remote work performance if employees are expected to be online during specific hours.
  2. Open Communications. More than half of remote workers feel lonely, according to research by Porch. Checking in with colleagues, asking them how they’re doing with everything going on, sharing something you think they’ll find funny, asking about their families, talking about a news headline, all of these things can increase social connectedness and stave off the loneliness. 
  3. Encourage Work/Life Balance. Recommend that employees get ready for work like they would on any other day. Encourage them to designate a space for work and take breaks at regular times to get in the working mindset. It can be nice on occasion to work from bed in your pajamas, especially if you’re sick, but it’s not good for productivity or mental health to continue to do so for an extended period of time. 

More on the Coronavirus and Work From Home Policies

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How Does Remote Working Work?

Coronavirus and Financial Stress: How Will Employees React?

Are Employees Who Work From Home Happier?

Do Flexible Work Schedules Work?

Why You Need a Remote Work Strategy

Coronavirus and Financial Stress March 2020

Coronavirus and Financial Stress March 2020

by | Mar 16, 2020 | Blog

Coronavirus and financial stress, March 2020. Free Best Money Moves to help your employees manage their finances and reduce stress.

Coronavirus = Employee Financial Stress: Get Best Money Moves for Free

Coronavirus is everywhere – and so is the fear that your employees will get it, infect themselves and their families, as well as their colleagues.

If you’re like most of the people I know in HR, you’re up to your ears now trying to get your employees set up to work from home. Figuring out this new way of working for an indeterminate period of time, is complicated: there are new procedures to write, new rules to lay out and communicate, technology issues to solve, and new worries to deal with. 

Underlying all of this, is employee financial stress. The C-suite is worried that business will disappear, revenue will evaporate, and many industries will experience a massive, almost immediate shift. Your employees are worried about exactly the same things.  Your job is to help them feel as secure as possible when life is anything but.

What I’m hearing today is that employee financial stress has gone through the roof. We’re seeing unprecedented use of our technology, with rising Stressometer(R) scores. 

And even if their job is safe for the moment, their spouse or partner’s job, as well as any sidekick income they were bringing in, may not be. We are already hearing about Coronavirus layoffs, and even if your company is doing well, everyone’s retirement is affected when the stock market declines by 30 percent in less than three months.

How can you help? Constant communication is a must these days, as well as projecting calm and thoughtful consideration. But you already know that.

Here’s something else: top quality financial information is also important, along with reminding employees about all of the benefits that your company offers them that might help them through these tough times.

We want to help, too. We’re offering three months of access to our Best Money Moves platform for free. If you’d like to extend access to the platform, or offer access to our money coaches or free credit scores after the three months has elapsed, we’ll work with you to push any payments owed until later in 2020 or even January 2021.*

The important thing is to help your employees feel reduced financial stress so they can focus on their health, and doing the work you’re paying them to do.

Email sales@bestmoneymoves.com today to get the ball rolling. We can get your employees set up on Best Money Moves in a few days. 

Best Money Moves. Because you need to make your best money moves every day.

*This offer is available only to companies that are not already customers of Best Money Moves. This offer may be rescinded at any time. Contact sales@bestmoneymoves.com for details.