COVID-19 2020: Managing Employees During the Coronavirus Pandemic

COVID-19 2020: Managing Employees During the Coronavirus Pandemic

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.

More on Topics Related to COVID-19 2020: Managing Employees During the Coronavirus Pandemic

Coronavirus 2020: Effectively Working from Home

5 Ways to Prepare for a Recession

Coronavirus and Financial Stress March 2020

Coronavirus and Financial Stress: How Will Employees React?

Helping Employees During Coronavirus/COVID-19 Pandemic

Helping Employees During Coronavirus/COVID-19 Pandemic

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

Coronavirus/COVID-19: Where to Get Help

Coronavirus 2020: Effectively Working from Home

5 Ways to Prepare for a Recession

Coronavirus and Financial Stress March 2020

Coronavirus and Financial Stress: How Will Employees React?

How Will the Coronavirus Impact Your Business?

How COVID-19 Impacts Your Student Loans

Financial Stress, Health and Employee Wellness in 2020

Financial Stress, Health and Employee Wellness in 2020

Financial stress, health and employee wellness in 2020. New research highlights the mental and physical effects of financial stress on employees.

Financial planning is the best way to combat financial stress, but many Americans are ignoring the problem and only making matters worse. 

Less than a third of Americans have a financial plan in writing, according to research by Charles Schwab. More than 40 percent of them say it’s because they don’t think they have enough money to merit a formal plan, close to 20 percent say it’s too complicated and almost 15 percent say they don’t have enough time to create one. 

Financial Stress and Health Statistics for 2020

Financial stress is significantly impacting the lives of Americans. A report by Thriving Wallet, a new partnership between Thrive Global and Discover, found:

  • 90 percent of Americans say that money has an impact on their stress level.
  • 65 percent feel like their financial difficulties are piling up so much they can’t overcome them.
  • 40 percent wish they could have a ‘fresh’ financial start.
  • 40 percent say managing their money on a daily basis limits the extent to which they can enjoy their day-to-day life.
  • 25 percent make purchases they later regret when experiencing significant stress.

Financial stress has a negative effect on individuals’ attitudes towards money and research by Capital One and The Decision Lab found that the more stressed Americans are, the less likely they are to make smart decisions when it comes to spending and saving. 

How Financial Stress Impacts Health

It’s bad enough that financial stress skews individuals’ outlooks on finances and impairs their decision making, but its ability to negatively impact immune systems and overall physical health is worse. The same report by Thriving Wallet asked Americans to report negative finance-related impacts on health and found that financial stress effects:

  • Physical Health (21 percent)
  • Blood Pressure (17 percent)
  • Respiratory Symptoms (15 percent)
  • Somatic Issues (20 percent)
  • Rates of Tension (25 percent)

Nearly 35 percent of Americans report losing sleep to financial stress, and almost 25 percent of them experience symptoms such as insomnia, broken sleep, fatigue on waking, nightmares and night terrors. 

Financial Wellness Programs in 2020

Financial stress costs employers an estimated $250 billion per year in lost productivity and absenteeism. 

Over 30 percent of employees don’t have a written financial plan because they think it’s too complicated or they don’t have enough time. Effective financial wellness programs, like Best Money Moves, make it easy for employees to build a financial plan and track their goals.  

More than 20 percent of employees told the National Financial Educators Council (NFEC) that they don’t have anyone trusted to turn to for financial guidance. Features like Best Money Moves’ Money Coaches give employees access to trained professional financial counselors who can help them make smarter decisions with their money. Best Money Moves also hosts a library of 700 articles, videos and calculators that employees can use to build their knowledge on everything from investing to co-signing loans to buying their first homes. 

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 Financial Stress, Health and Financial Wellness Programs

How Financial Stress Impacts Job Performance

5 Fast Financial Stress Statistics

Top 10 Employee Benefits for 2020

How Can Financial Wellness Be Improved?

Choosing the Most Important Benefits to Employees in 2020

What Tops Financial Stress for Employees?

Hiring Trends to Watch in 2020

Reduce Financial Stress with This Type of Insurance

Recruiting Trends 2020: Top 5 Features for Financial Wellness Programs

How Financial Stress Impacts Job Performance

How Financial Stress Impacts Job Performance

How financial stress impacts job performance. Financial stress makes it harder for employees to concentrate, problem-solve and collaborate with coworkers.

Nearly 60 percent of Americans feel like their finances have taken control of their lives, according to research by Capital One and The Decision Lab. 

Financial stress impacts their performance at work and the more stressed they are the less likely they are to make smart decisions when it comes to spending and saving.

How Financial Stress Impacts Job Performance

More than 40 percent of Americans admit financial stress makes it difficult for them to concentrate at work. Research by John Hancock Retirement found the loss of productivity combined with absenteeism from financial stress costs employers more than an estimated $1,900 per year, per employee, and total an estimated annual loss of $1 million for midsized employers and $19 million for large employers.

Financial stress causes feelings of fatigue and interferes with sleep for more than 40 percent of employees. A survey by Bankrate found closer to 80 percent of U.S. adults are losing sleep worrying about everyday expenses, saving for retirement and healthcare costs. Sleep deprivation can impair cognitive ability, making it harder for employees to think and process information.

Financial stress has a significant impact on employees at work. It can lead to lowered productivity, impair the ability to problem solve and moodiness or irritability from loss of sleep could make it difficult for employees to collaborate and communicate effectively.

How Employees React to High Levels of Financial Stress 

In their research, Capital One and The Decision Lab found that even when they controlled for household income and FICO scores, high levels of financial stress were linked to worse financial attitudes and practices. Those who experience a high level of financial stress are:

  • Less likely to save on a regular basis
  • Less likely to plan their spending
  • Less likely to feel in control
  • More impulsive with how they spend their paycheck
  • Less likely to agree that success comes to those who work hard

How Financial Wellness Programs Help

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. 

Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

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 Financial Stress and Work Performance

5 Fast Financial Stress Statistics

Top 10 Employee Benefits for 2020

How Can Financial Wellness Be Improved?

Choosing the Most Important Benefits to Employees in 2020

What Tops Financial Stress for Employees?

Hiring Trends to Watch in 2020

Reduce Financial Stress with This Type of Insurance

Recruiting Trends 2020: Top 5 Features for Financial Wellness Programs

What Does Financial Success Look Like?

What Does Financial Success Look Like?

What does financial success look like? Financial wellness month: how financial stress is changing the way Americans define success.

A big salary used to be the primary indicator of financial success for Americans, but that’s not the case anymore.

When Northwestern Mutual asked Americans to define success in a recent survey, having a big salary didn’t even break the top five answers. Instead, nearly half of the respondents agreed that being financially prepared for the future is the best sign of success.

What Does Financial Success Look Like in 2020

Financial success looks a lot like financial wellness in 2020. Not being stressed about finances, having enough money set aside for unexpected expenses and being able to retire when you want to are key indicators of financial wellness, financial preparedness and now, financial success.

Many Americans have a long road ahead of them to achieve their definition of financial success. A new survey by KeyBank identified some of the common money missteps they’re making. Twenty-five percent of Americans confessed to impulse buying. Over 30 percent admitted they don’t have any savings set aside for emergencies. More than 20 percent copped to not contributing to retirement savings. 

The good news is 60 percent of Americans are ready to take steps to prevent future money mistakes in 2020.

3 Steps Towards Financial Wellness for 2020

These are the three steps Americans plan to take to get their finances in order and avoid further money mishaps:

  1. Identify and prioritize “needs” vs. “wants” 
  2. Determine a monthly budget and revisit on a weekly basis
  3. Educate themselves through financial literacy courses

Financial wellness programs that allow for self-assessment, provide access to budgeting tools and a library of resources employees can use to educate themselves on various financial matters, like Best Money Moves, can help employees take steps towards financial wellness in 2020.

More On Topics Related to What Does Financial Success Look Like in 2020?

Recruiting Trends 2020: Top 5 Features for Financial Wellness Programs

5 Fast Financial Stress Statistics

Top 10 Employee Benefits for 2020

How Can Financial Wellness Be Improved?

Choosing the Most Important Benefits to Employees in 2020

What Tops Financial Stress for Employees?

Hiring Trends to Watch in 2020

Reduce Financial Stress with This Type of Insurance

10 Easy Ways to Improve Your Office Culture