financial wellness Archives

Millennial Employees? Try This to Increase Engagement

by Nicole Smith | Nov 20, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

Unlike generations before them, your Millennial employees are burdened with an extra load of student loans. Not surprisingly, they’re significantly more financially stressed than their colleagues.

How stressed? Your Millennial employees spend more than 12 work hours per month fretting about their personal finances.

According to new findings from Bank of America Merrill Lynch’s 2017 Workplace Benefits Report Millennial Supplement, Millennials are actively looking to you, their employer, for tools they can trust, educational resources, support and guidance across the financial wellness spectrum. They want employers to provide access to a variety of financial wellness tools, including a mobile-first technology and access to a financial professional who can offer tailored training, personalized action plans and teach financial strategy.

More employers are beginning to understand the direct connection between employees’ financial stress and lowered productivity, poor retention, unexplained absences, and higher costs of healthcare. They’re paying attention to their employees who are asking for a best-in-class solution and are providing outstanding resources. Are you listening to your employees?

Help your employees balance their financial wellness today.

Should you allow holiday shopping at work? The experts say “yes.” This year’s Cyber Monday (the internet’s version of Black Friday) is set to be the most lucrative shopping day in history. Instead of policing, try providing practical guidelines for your team. Create a realistic security and productivity plan.

Virtual reality is already at an office near you. Are you and your employees ready for the impact of 100% immersion? From non-profits to real-estate, customer service calls to job interviews – VR technology will become commonplace before you know it. See how VR technology can benefit your company.

Reverse mentoring just may save your career. Whether formal or informal, reverse mentoring is exactly as it sounds and is meant to expand people’s skill sets and networks. Bring a thought leader on board, pair mentors and mentees appropriately and get to work! Learn how to start your new program here.

Is work stressing you out? The symptoms of stress can appear suddenly and seemingly without cause. There are over 50 diagnosable signs and symptoms to watch out for and having a basic understanding and awareness can help you and your employees feel better while working better. Help your employees be happier, healthier and more productive.

Are you up to snuff on the local culture of your international teams? Bilingual does not always translate to bi-cultural. Don’t underestimate the importance of having cultural awareness in the global workplace and how it can benefit your company. Learn how to implement intercultural competence here.

Disaster preparedness goes well beyond emergency exits. Climate change affects not just the weather around us but also the ability to safely commute to and from work. If your team can’t trek through unexpected floodwaters or 5 feet of snow, should their salary be deducted? What would you do?

Open floor plans are a sign of hip, hi-tech and elite office culture – and are making your employees miserable. A new study by the BBC claims that “free range” employees are more likely to be unhappy, get sick, be less productive and miss more work. Facilitate productivity and reduce distraction here.

Have something to add? Email info@bestmoneymoves.com.

Millennials Turn To Employers For Financial Wellness

by Ilyce Glink | Nov 16, 2017 | Blog

Who cares most about money? Millennials do. And in a twist, they’re turning to their employers for financial wellness information and tools they can trust.

According to new findings from Bank of America Merrill Lynch’s 2017 Workplace Benefits Report Millennial Supplement, Millennials spend more time at work worrying about their personal financial wellness than their older counterparts, and they are actively looking to their employers for tools, education, support and guidance.

Around 40 percent of employees say they would like their employer to provide additional help with financial matters, but an even higher proportion of Millennials are asking for help.

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent).

The report also found that:

More than 40 percent of Millennials say that they left high school and college unprepared for the real world
43 percent want more help with investing
40 percent wanting more information on how to do their taxes
21 percent of Millennials say they want more help with saving for a home
18 percent want help with their student loans

Nearly half of Millennials want their employer to provide access to a variety of financial wellness tools, including a financial professional who can help create a personalized financial strategy. Forty-six percent of Millennials want their employer to bring in financial experts to provide additional training and education about financial matters. And, 45 percent want their employer to provide education and tailored training that is tailored to specific age groups or that is customized to financial issues they’re currently facing.

Financial stress is a huge issue for employers and employees. Mercer recently released a study that concluded that $250 billion is lost to financial stress each year, with employees spending an average of 12 work hours each month focused on their financial issues. PwC’s 2017 Employee Financial Wellness Survey found that 53 percent of employees are stressed about their finances.

Millennials, who are burdened with the weight of student loans, are more financially stressed than any other generation, so it’s not surprising they spend more work hours than average focused on their personal financial issues.

One of the surprising findings of the Bank of America Merrill Lynch report is that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors. However, more than 60 percent of Millennials are spending an average of four work hours each week on personal financial matters, the study found.

Changing the Financial Wellness Paradigm at Work

Thirty years ago, employees would have never dreamed of asking their employer for help in reducing financial stress and solving big financial problems. And, employers wouldn’t have thought to offer.

Today, more employers have made the connection between financial stress and lower levels of productivity and retention, higher absenteeism and health care costs, and their related outcomes. They’re listening to their employees who are asking for a best-in-class solution that identifies the underlying causes of financial stress and proffers personalized solutions to dial it down.

But providing reading material doesn’t help employees reduce financial stress. Measuring financial stress and then creating personalized action plans based on deeply specific, personal insights is what Best Money Moves does best.

Best Money Moves is an award-winning, cloud-based, mobile-first platform+coaching program that provides unique insights about money and financial stress to employees and employers, and uses machine learning to drive personalized information and solutions.

Find out how we can help you reduce financial stress for your employees, customers, faculty and students. Visit BestMoneyMoves.com for details or email info@bestmoneymoves.com.

Ilyce Glink is the Founder/CEO of Best Money Moves, an award-winning financial journalist, radio talk show host and the author of 14 books on personal finance and real estate topics.

It’s a Team Effort: How Engaging Employees Boosts Financial Wellness

by Kathlene Boone | Oct 18, 2017 | Blog

Are you getting the most out of your financial wellness program? New research shows that engagement rates are a better indicator of success than ROI.

These days, it’s common for companies to have some sort of financial wellness program in place. But the existing programs aren’t always effective at improving retention, increasing productivity and lowering healthcare costs. Benefits executives are starting to see why: Many employees don’t know these programs are available, and when they do, they don’t always find them relevant or engaging enough to use regularly.

So what can you do?

“Maximizing ROI starts with knowing your employee base – age, career stage and income ranges,” says a new report by market research firm Ernst and Young. “But fostering engagement depends on more than demographics. It requires a deeper understanding of workforce psychographics [such as] how employees think and feel about money.”

By taking the time to consider employees’ emotional and intellectual responses to financial stress as well as their demographic information, employers put themselves in a better position to address the unique financial stressors their people are facing. Holistic solutions aren’t just better for employees, they’re also ultimately better for your business.

See what else Ernst and Young had to say.

Do your employees feel valued? The 2017 Getting Paid in America survey revealed that employee access to pay and benefits information could help. Read more about empowering your people.

Your employees want meaningful work. According to a new study, that means employers need to clearly communicate the company’s mission, provide opportunities for growth and foster coworker relationships. Learn how integrity and transparency impact employee experience.

Budgeting doesn’t have to be complicated, even if we are getting into the holiday gift-giving season. In fact, helping your workers simplify the way they approach their money will reduce their financial stress in the long run. Here are 3 simple budget saves employees can put into place today.

How happy are your hourly workers? Successful businesses know what causes workers to leave, and work to keep their employees. Check out these five ways to boost employee retention.

American workers don’t understand their benefits. In fact, 76 percent make benefits decisions without understanding their plans, according to the 2017 Aflac WorkForces Report, and it’s getting worse. See the data.

Which benefits are at the top of your employees’ wish list? Forty percent of workers told Glassdoor that affordable healthcare is the number one perk. Here are four more.

Who are your company’s rising stars? As companies prepare for year-end performance reviews and think about goals for 2018, these emerging leaders are waiting in the wings hoping to show off what they can do. Look for employees with these four qualities.

More than half of employees with access to financial wellness programs say the initiatives have improved their health. But, according to a recent study from UnitedHealthcare, some employers aren’t stopping there. Read these five tips for starting a program that really works.

HR professionals are always looking for ways to optimize day-to-day tasks. Tech startups are actively responding to these needs, and providing innovative solutions that benefit employers and their teams. Keep an eye on these 10 HR tech companies.

Have something to add? Email info@bestmoneymoves.com.

What Financial Wellness Did for Delta Dental Colorado’s Employee Benefits Program

by Lauren Kocher | Oct 11, 2017 | Blog

Last week, Delta Dental Colorado saw some much-deserved recognition for adding financial wellness to its employee benefits program. Since launching Best Money Moves in May, 65 percent of the company’s employees have started their journey toward dialing back their financial stress.

Helen Drexler, CEO of Delta Dental Colorado, had many kind things to say about what Best Money Moves does for her employees.

“I think financial wellbeing is something many employers are beginning to see as a foundational part of any benefit strategy,” she said. “If employees aren’t feeling financially healthy, they suffer stress and it impacts their ability to be focused and work effectively in the workplace.”

Workers of all generations benefit from Best Money Moves’ customizable tools. Our proprietary algorithm, designed to respond to employees’ unique financial concerns, provides tailor-made collections of articles, videos, calculators and other educational materials that help people get a better handle on their money.

“My 64-year-old employee might have different financial questions than my 25-year-old employee,” Drexler continued. “Their ability to customize based on the end user was really innovative.”

See what else she had to say about Best Money Moves.

Financial stress is distracting your employees. It’s widely accepted that financial stress has permeated the workforce, and that’s bad news for your employees. Learn what you can do to help.

Mental health days are more important than you might realize. According to a report by the National Business Group on Health, mental illness and substance abuse disorders can cost employers an estimated $17 billion each year. Here’s what the experts say.

Do your employees know what to do in the event of a cyberattack? Seventy percent of workers don’t, according to MediaPro’s second annual State of Privacy and Security Awareness Report. This is why companies need to help employees prepare.

Does your company support remote work? You might want to consider it. According to Owl Labs and TINYPulse’s 2017 State of Remote Work report, companies that allow remote work experience 25 percent lower employee turnover. See the full report.

Many employees are unsatisfied with their current career paths. In fact, only 37 percent of employees surveyed by the University of Phoenix reported being “very happy” with where their professional lives were headed. What does this mean for you?

What’s a better: hiring a skilled employee, or a loyal one? Both offer their own benefits, but it can make a big difference for your company which type of person you choose. Learn more.

When it comes to attracting top talent, perks matter. Some companies take this to the extreme, doing their best to one-up each other with the best (and sometimes strangest) benefits available. Here are 12 of the most luxurious employee perks.

Paid family leave is becoming a top employee benefit. It makes sense, considering more and more workers are caring for both children and aging parents. Is paid family leave is right for your company?

Are you engaging your hourly workers? With fewer financial incentives, performance evaluations can be a good way to show hourly workers they are valued, and promote retention and engagement. Read these stats before you start.

Have something to add? Email info@bestmoneymoves.com.

Engagement Will Prove the Value of Your Financial Wellness Program

by Lauren Kocher | Sep 20, 2017 | Blog

Is your financial wellness program paying off?

Some companies look at the price of financial wellness programs to decide which service to offer, but it’s more complicated than that. A recent survey by Ernst and Young reveals that employee engagement is a better indicator of whether a financial wellness program is “worth it.”

It starts with understanding your workforce’s diverse demographics, since most workforces span multiple generations, as well as how people think and feel about money. In this case, the survey results were clear: Companies that invested in financial wellness plans saw a direct and positive impact on employee well-being, retention and productivity.

Financial wellness can’t be measured effectively using short-term metrics, but by taking a calculated risk to support employees, companies are seeing results that really matter. Check out the full report to see the benefits of an engagement-focused approach.

Best Money Moves is a Next Great HR Tech Company finalist! We are incredibly grateful for your support and can’t wait to take the stage at the HR Technology Conference in October. See the full list of finalists.

Men and women experience work differently. That means your company’s efforts to boost employee engagement can’t be one-size-fits-all. Here are some solutions.

What’s the trick to keeping millennial employees around? This ex-Google employee thinks student loan repayment has something to do with it. Read her solution.

How are employers addressing the rise in healthcare costs? By looking at which health conditions are hitting their employees hardest and helping them better manage their symptoms. Here are the 10 biggest culprits.

Gen Z is ready to disrupt the workforce. This generation, comprised of people born in 1994 or later, are entering the workforce with a new approach to diversity, communication, technology and benefits. Learn how to keep up.

Work-life balance is pushing older workers into retirement. Sudden health shocks, caregiving responsibilities and other obligations often cause workers to retire earlier than they might have otherwise. What can employers do to help?

Open enrollment isn’t just about health insurance. This year, employers are likely to offer more voluntary benefit options than in the past, including expanded financial wellness programs. See what else is in store.

How do you know if your employees are engaged? Surveying employees is a typical strategy, but what if you’re asking the wrong questions? Build a better engagement survey.

Telehealth is an employee benefit on the rise. According to the Large Employers’ 2018 Health Care Strategy and Plan Design Survey, 96 percent of employers will offer telehealth services next year in states where it is permitted. Learn more.

Have something to add? Email info@bestmoneymoves.com.