The saying that, “half of all marriages end in divorce,” still holds true, according to data from the CDC. But despite the number of divorced employees in the workforce, employers are often unaware of how badly divorce can affect productivity and employee wellness.

According to data from Good Housekeeping, 67 percent of divorced people experience health and financial strain. Even more experience absenteeism and decreased productivity.

Consider these three ways to support divorced employees at work and relieve employee stress during times of difficult transition.

1. Provide flex time benefits to divorced employees who are navigating court dates or new childcare schedules.

Divorce also means facing the difficult emotions that come with an important relationship ending. According to the Holmes-Rahe Stress Scale, divorce is the second highest stressor a person can face, topped only by the death of a spouse. A Danish Frontiers in Psychology study found that men and women who had recently gone through a divorce displayed worse physical health, lower interest in social activities and  lower vitality than those who had not gone through a divorce. 

Offer a helping hand by investing in any of the wide array of behavioral health coaching programs available online. Nearly 88 percent of human resource professionals believe that mental health resources can boost employee productivity, according to data from CNBC. Data from SHRM also found that 35% of employees believe that mental health benefits are more important than salary or higher pay. 

You can also support your employees by lifting some of the financial weight and offering a financial wellness solution like Best Money Moves.

2. Offer a space to discuss mental health resources.

Many HR professionals have only created benefits packages while the economy was in full swing. Rocky roads ahead will force companies to transform quicker and be more open to change. Flexibility is a strength, but creating too many changes and losing sight of the long-term goals of a benefits program will lead to more issues. 

One area that employees are clamoring for more flexibility is in their work schedules. As travel costs skyrocket, providing employees remote work opportunities can help their wallets. According to LiveCareer, 3 out of 10 employees wouldn’t consider working at a company that didn’t offer remote work and 87% of working professionals felt connected with their organization despite working from home. Adapting to employee needs will keep employees afloat through difficult times without affecting productivity.

3. Offer financial wellness benefits to help divorced employees adjust to their new situation.

Divorcing employees are faced with significant new financial challenges, such as transitioning to a one-income household or navigating the new costs of childcare or alimony. 

They must also tackle the expenses associated with divorce itself. Forbes reports that the average divorce costs each spouse $7,000. Most divorces are agreed upon uncontested, which is more affordable than a contested divorce and doesn’t involve court dates. But a contested divorce can get expensive, as a lawyer will need to walk separating spouses through disagreements like child custody, visitation rights and spousal support. All parties involved have to spend a lot of time to reach agreements over these matters and usually, they aren’t resolved without going to court. 

Best Money Moves offers an extensive library of financial topics, which include how to handle financial stress. Our money coaches can walk your divorcing employee through budgeting and debt, and work with him or her to temper this new financial stressor. Your employee going through divorce can use the Best Money Moves budgeting tool to visualize their spending in categories, and receive overspending alerts. The budgeting tool gathers data on employees’ personal financial statuses to organize and attain healthy finances. 

Looking for financial wellness benefits to help your employees experiencing divorce? Start with 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. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.

Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial wellbeing.

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.

With a potential recession on the horizon, employers must focus on the financial wellbeing of their employees. Thirty-one percent of Americans are unprepared for an economic downturn, according to a report by Bankrate.

If companies hope to address the ever-changing needs of their employees they must create a benefits package that’s fit for economic hard-times. Here are 3 strategies to recession-proof your benefits program.

1. Before you recession-proof your strategy, know what your employees want most

A comprehensive benefits package can be the difference between landing a good and a great candidate. There are many aspects to a perfect benefits package, but it comes down to what the employees value the most. Sending out an employee survey is beneficial in finding how to best allocate your benefits budget. Also, in a tumultuous economic period, employees are looking for substance over flash.

Employees ranked work scheduling flexibility, healthcare and financial wellness programs as the benefits most important to them according to PeopleKeep. Focusing on the benefits that people want the most will also help employers save money on benefits with low utilization rates.

2. Have a concrete benefits philosophy, but be flexible

Many HR professionals have only created benefits packages while the economy was in full swing. Rocky roads ahead will force companies to transform quicker and be more open to change. Flexibility is a strength, but creating too many changes and losing sight of the long-term goals of a benefits program will lead to more issues. 

One area that employees are clamoring for more flexibility is in their work schedules. As travel costs skyrocket, providing employees remote work opportunities can help their wallets. According to LiveCareer, 3 out of 10 employees wouldn’t consider working at a company that didn’t offer remote work and 87% of working professionals felt connected with their organization despite working from home. Adapting to employee needs will keep employees afloat through difficult times without affecting productivity.

3. Make your plan recession-proof with a focus on financial wellness

One of the biggest changes caused by the recession is how employees treat their financial wellness. Workers will be more focused on their personal finances and it will take a toll on their mental health. 

Providing a comprehensive financial wellness benefit package is a perfect way for employers to tackle this issue head-on. A comprehensive package is beneficial to employees and employers alike. According to PWC’s financial employee wellness survey, 76% of financially stressed employees said their worries affected their productivity. The best financial wellness programs will undertake a holistic approach, tackling all arenas of personal finance from budgeting to investing. 

Take the first step toward a recession-proof benefits strategy with 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.