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3 Things to Know About the Future of Work and Financial Wellness

3 Things to Know About the Future of Work and Financial Wellness

by | Apr 30, 2024 | Blog

Employee needs are changing which means benefits must follow suit.

To prepare for the future of work, make financial wellness a part of your benefits strategy.

New developments in benefits technology are reshaping the future of work. Over 85% of organizations surveyed in the World Economic Forum’s 2023 Future of Jobs Report identified increased use of new technologies as the trend most likely to drive growth over the next few years.  

With benefits technology constantly evolving, compensation alone is no longer enough to keep your workplace competitive for new hires. Employers must prioritize new technology and cutting-edge support programs if they hope to attract the best talent. 

Here are some of the most promising developments employers can expect from the future of work. We offer a special focus on the growing demand for employee financial wellness benefits.

A fact about the future of work and benefits.

1. Financial wellness tools will become central to the future of work.

Financial wellness tools are gaining popularity among employees of different backgrounds and income levels — and it’s not surprising why. The cost of living has increased steadily over the past few years. According to Forbes, more than a third of Americans struggle with their bills. Another 80% are living paycheck to paycheck.

However, most employers offer outdated benefits as a substitute for financial literacy. Around 98% of employers provide health coverage and 94% provide retirement planning support. Yet, these programs are not equipped to address some of the biggest employee pain points, such as high levels of student debt, the need for credit guidance, and the growing demand for elder care resources.

In PWC’s 2023 Employee Financial Wellness Survey, 73% of financially stressed employees said they would be attracted to another employer that cares more about their financial well-being. Financial stress affects everything from mental health to personal relationships. So, financial wellness is already becoming a must-have benefit. Its importance is only expected to grow in the coming years. Addressing this issue will be something the majority of employers simply cannot ignore. Financial wellness benefits provide the information and tools needed to combat complex financial hurdles. They empower your employees to take control of their finances.

2. The desire for flexibility and accessibility will expand to benefits options.

The Coronavirus/COVID-19 pandemic shifted the landscape of corporate work in the direction of flexibility and accessibility. Now more than ever, employees are looking for jobs that allow them to work how and when they want. A recent Upwork study suggested that 22% of workers in America will be remote by 2025. This change has been generally positive. In the same study, 56% of hiring managers claimed the shift to remote work has gone better than expected.

Flexibility in these environments also applies to employee benefits. Financial wellness benefits, for example, are fully customizable – meaning employees can choose the areas that are most pertinent to their situation. Whether someone is looking to pay off debt or learn about savings accounts, these benefits offer resources that support all levels of knowledge and income.

Personalization is the answer to making these benefits accessible and is a key component of the most effective financial wellness tools. According to a Vestwell study, employees hoping to save money are looking for highly tailored financial wellness solutions to solve their issues. For example, 74% of employees with student loans agree that they would be more likely to continue working for an employer that offered student loan-related benefits.

When it comes to financial wellness, the ability to personalize and answer specific questions is key to creating quality benefits that work. Flexible, effective and relevant benefits will improve your employees’ financial lives and improve productivity and quality of life in your company.

3. AI tools are an inevitable addition to the future of work.

AI tools have evolved greatly over the past few years to occupy almost every industry. As it continues to develop at such a significant rate, it’s difficult to imagine a future of work without significant AI involvement:

  • Artistic fields: AI has streamlined the creative process, assisting in the creation of music, art, writing and more.
  • Healthcare: AI helps eliminate human error in administrative work, providing a streamlined experience when distributing medication and making appointments.
  • Customer success: AI chatbots help meet consumer demand by answering client questions.

AI tools are expected to be just as valuable a tool for businesses. This is especially true when it comes to creating better benefits for employees. With AI, employers can evaluate their workforce’s demographics, health records and usage trends to create a benefits system that is best suited for each employee. These tools can be invaluable for HR, enabling them to shape their campaigns to accommodate employees’ needs and preferences.

Workers are consistently looking for ways to get their problems addressed without giving up autonomy. Giving them the tools they need will help your organization stand out in the job market and continue to attract top talent.

Choose an award-winning financial wellness platform for your employees

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ 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.

Boosting Employee Engagement: How Financial Wellness Leads to Productivity

Boosting Employee Engagement: How Financial Wellness Leads to Productivity

by | Apr 9, 2024 | Blog

Boosting Employee Engagement: How Financial Wellness Leads to Productivity. Learn how you can boost your employee engagement and why it should be a priority.

Money is a leading stressor for employees of all ages and income levels. About 60% of employees say that they are financially stressed, according to PwC’s 2023 Employee Financial Wellness survey, and for those earning $100,000+ annually, 1 in 2 employees report having financial stress. 

Poor financial wellness among employees can lead to larger problems for employers, including negative impacts on employee engagement and workplace productivity. The same PWC survey found that 76% of all financially stressed workers felt their financial stress harmed their overall performance. 

Learn more about how money worries may be impacting your workforce and how investing in a robust financial wellness program can help dial down employee financial stress, improve overall well-being and even boost workplace productivity.

A fact about employee engagement and financial wellness.

3 ways financial wellness positively impacts employee engagement and productivity

1. Fewer sick days and lower absenteeism

The effects of financial stress go beyond the wallet and bank account. Over time, money worries can compound and lead to a wide range of physical and mental health issues, such as insomnia, anxiety, depression and more. Stress-induced health issues can lead to increased employee absenteeism, use of sick days and decreased productivity. 

According to Gallup data, about 75% of employer medical costs are due to preventable conditions. For instance, prioritizing financial wellness can help companies address the root cause behind many employees’ physical and mental health issues: financial stress.

By addressing the root cause (and not just the symptoms of financial stress), companies can reduce employee absenteeism and the number of sick days used.

2. A less distracted workforce

Money worries aren’t only limited to the home — for many employees, financial stress also bleeds into the workplace, damaging day-to-day engagement. According to PwC’s survey, financially stressed employees are five times more likely to say their money worries are a distraction at work.

Moreover, 56% of financially stressed employees say they’ve spent at least 3 hours at work thinking about or tending to their finances. Over time, these money-driven distractions can add up and cost employers productivity. A quality financial wellness program helps dial down employees’ financial stress, minimize money-related distractions and ultimately boost company productivity and outcomes.

3. Increased job satisfaction and retention

Financially stressed employees are less likely to see a secure, stable future for themselves at their current employer, compared to employees who aren’t facing financial stress. For instance, financially stressed employees are twice as likely to look for a new job than their peers, according to PwC’s 2023 survey. They’re also more likely to lack a sense of belonging at their company. Together, these factors can lead to higher attrition and employee turnover.

Companies can demonstrate their commitment to improved employee well-being and reduced financial stress by adopting quality financial wellness benefits (e.g., money coaching, budgeting tools, etc.) Investing in financial wellness can lead to a more engaged workforce, increased job satisfaction and a higher likelihood of retention.

When it comes to employee engagement, the right financial wellness tool can make all the difference.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ 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.

How Small Businesses Can Develop a Financial Wellness Strategy

How Small Businesses Can Develop a Financial Wellness Strategy

by | Feb 7, 2024 | Blog

How small businesses can develop a financial wellness strategy. Learn more about how small businesses can embrace financial wellness to increase employee well-being.

A comprehensive benefits package is one of the best strategies small businesses can use to retain employees and attract top talent. When salaries are comparable, the decision to take an offer often comes down to the level and quality of an employer’s benefits program. 

In fact, according to a survey conducted by ConsumerAffairs, 42% of employees stated they would likely leave their jobs for another position with better benefits.

a surprising statistic about the necessity of financial wellness for small businesses

Why are employee benefits important to small businesses?

Employee benefits are forms of compensation outside of a traditional salary or wage. Small businesses often include a suite of benefits when advertising a job offer to stand out among larger competitors in their industry. 

Some benefits, such as health insurance, workers’ comp and social security are required by law. These are known as statutory benefits and serve to protect employees from struggling with money directly after leaving a job or provide coverage if there is a workplace accident or illness.

However, benefits also serve as a method for small businesses to satisfy employees. To retain employees in full-time positions, a quality benefits strategy is vital. Small businesses are often competing with the tools and resources of larger organizations and may struggle to find ways to stand out when looking for top talent. According to a Pew Research Center study, in 2021, 43% of workers who quit their jobs left due to lack of benefits flexibility, including poor health insurance and mediocre paid time off. Although statutory benefits are necessary to support a workforce, auxiliary opportunities are usually the backbone of a comprehensive benefits program, especially for small businesses.

Why should your small business offer financial wellness as a benefit?

When considering the costs of statutory benefits, including a financial wellness component may seem unnecessary, especially for small businesses. However, according to Morgan Stanley, 75% of Americans believe that financial wellness should be a part of their company’s programs. 

It’s also important to note that workers are struggling with their finances at an alarming rate. According to a Bankrate survey, 52% of U.S. adults said their financial issues harmed their mental health, which included an increase in stress. These mental declines impact employees at the office, leading to lower productivity and increased rates of absenteeism. Data also suggest a disturbing trend toward the lack of financial resources for employees. And problems with financial wellness can span far beyond an employee’s life at home. According to data collected by management software engineer TeamStage, employees who experience severe financial stress levels lose between 29 and 39 workdays every year to attend to concerns. 

Financial wellness programs generally lead to a positive return on investment for small businesses because of the major additions they make to employees’ lives. These include reduced absenteeism, positive company perception and fewer financial burdens for your workforce. 

At small businesses, financial wellness benefits are the key to solving your workers’ most pressing issues. These programs usually include a host of resources and tools that help employees manage their finances and provide an easy outlet to address the most common money concerns. The bottom line is that financial wellness benefits can have a positive impact on engagement at work, improve your company’s brand among prospective employees and save your small business money in the long run.

How small businesses can develop a financial wellness strategy

If you have a small business, considering the financial well-being of your employees is one of the best ways to support and grow your workforce. With a small business, you can tailor benefits to fit your company’s culture and address your employees’ needs. A benefits program that helps employees reach their financial milestones is key to promoting a positive sentiment in the workplace.

Here are some tips for supporting your team’s financial well-being. 

1. Ask your employees what financial wellness benefits are right for them. A smaller team can help you get individual responses and create a more personalized benefits solution. Ask employees how they feel about their financial wellness and if extra resources would be beneficial. Compared to large corporations, small businesses can be much more in tune with their workers’ needs, so take advantage of that when considering what benefits to offer.  

2. Promote a financial wellness initiative. Including a comprehensive financial wellness program into your business can help employees get back to setting and achieving their most important financial goals. Financial wellness can take many forms, but you might consider basic financial literacy courses, budgeting classes, retirement planning, and the tools a benefits solution might offer. At a small business, it can be easier to create tailored offerings based on the demographics of your company. 

3. Regularly assess the effectiveness of your benefits strategy. Simply offering the benefit to your employees is only the first step. For your employees to get the full freight of the benefits you offer, make sure to consistently ask for feedback to facilitate the right changes. From there, you can make the adjustments that will help your workforce the most. It is also important to establish what you consider to be a successful program. What do you want your employees to get out of a financial wellness program? What does a successful benefits campaign mean to your company?

Ready to embrace financial wellness for your small business?

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. 

Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. 

Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more.

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

5 Surprising Statistics About the State of Employee Financial Wellness

5 Surprising Statistics About the State of Employee Financial Wellness

by | Nov 7, 2023 | Blog

5 surprising statistics about the state of employee financial wellness. Economic uncertainty has reshaped how employees think about their benefits. Here are key insights into the state of employee financial wellness.

Economic uncertainty throughout the past few years has reshaped how employees think about their benefits. In their 2023 Workplace Benefits Report, Bank of America surveyed 800+ American workers, examining the success of their benefits programs. The responses illuminate the growing strain of financial stress on many workforces — and just how important financial wellness benefits are to offsetting that stress. 

Here are 5 key statistics from the survey that reveal important insights into the state of employee financial wellness.

A surprising statistic about the state of employee financial wellness

1. 63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans.

Employees feel the strain of prolonged economic uncertainty, although different generations show their stress differently.  Workers in the baby boomer generation are having to delay retirement due to the instability of the current economy. Millennial and Gen Z employees grapple with high levels of student debt and may worry about their current financial situation. But however your team is affected, one thing remains constant: workplace morale and productivity suffer.

Providing employer-sponsored financial benefits is one way to put your team at ease. 3 out of 5 respondents reported that they would feel confident investing in a 401(k) or alternative retirement plan through their employer will help build their savings for retirement.

2. Women feel economic strains more acutely: 39% of women had to look for additional employment to keep up with rising costs compared to 17% of men.

According to Bank of America, women generally feel financial stress more significantly than their male counterparts. More women lie awake at night worried about their personal finances and more women are worried that due to inflation, they won’t be able to make ends meet. The workplace benefits that you provide need to be tailored to each employee and account for differences between demographics. A static solution that is the same for everyone does not address the complex needs that the world of personal finance creates.

3. The percentage of employees that prioritized saving for retirement has dropped by ⅓.

As economic situations fluctuate, the priorities of your workplace do as well. As retirement planning dropped in focus, employees prioritized paying off credit card debt and building an emergency savings fund. These statistics highlight the need for a comprehensive financial wellness program. A band-aid solution such as a 401(k) matching plan or something similar may work in some years, especially prosperous ones. However, these programs need to do a better job of lending a hand to your workforce during turbulent economic periods.

4. 2 in 5 workers rate their employee financial wellness as “good or excellent”, the lowest figure since 2010.

This is alarming but not necessarily surprising, considering the tumultuous economic strain of the COVID-19/Coronavirus pandemic and subsequent years. When surveyed, only 56% of employees said that they felt optimistic about the future, a decrease from 61% the previous year. As these feelings persist, it becomes more imperative for employers to provide some form of financial wellness solution to help employees build financial confidence.

5. ¾ of workers feel that employee financial wellness is the responsibility of their employer

This idea of improved financial wellness does not solely come from increasing pay. The responsibility also encompasses employers that must instill healthy personal finance habits through education or additional resources. Not only do employees think it’s the responsibility of their company, but employers think so as well. Ninety-six percent of employers that Bank of America surveyed said that their employee’s financial wellness is on their shoulders. However, there is a disconnect between what companies say and how they’ve put their thoughts into action. Currently, only 40% of companies offer any sort of financial wellness program.

Address employee financial wellness head-on with help from 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 an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

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.

Financial Wellness: The Missing Piece of Your DEI Strategy

Financial Wellness: The Missing Piece of Your DEI Strategy

by | Jan 11, 2023 | Blog

Financial Wellness: The missing piece of your DEI strategy. Financial wellness could be the key benefit that your DEI initiative is missing. Here’s what to consider.  

Organizations are constantly trying to improve diversity. But while progress has been made, many workplaces are still a long way from achieving true equity. 

The median wealth for white households is $187,300, according to data released by the U.S. Census bureau. However the median wealth is only $31,700 for hispanic households and $14,100 for black households.

This imbalance highlights just one aspect of the stark wealth equality problems that still exist both in the office and at home. For teams looking to bridge the opportunities gap between employees of different backgrounds, one thing is clear: Financial Wellness is a key piece of DEI. 

Financial Wellness: The missing piece of your DEI strategy.

An emerging strategy to increase diversity, enquiry and inclusion that corporations still underrate is utilizing financial wellness resources. Employing a comprehensive financial wellness program is a great way for management to understand and tackle the unique personal finance problems that confront each of their workers. It also can be a great way to retain and attract talent as 4 out of 5 employees said they would prefer benefits over a pay increase, per Human Resources Director.

A financial wellness solution is only an assistant on the journey towards equality. Being transparent and vocal with your employees about unequal discrepancies in wages can help increase employee mood and assist in restoring the economy. According to the Bureau of Labor Statistics, women make 82 cents for every dollar a man makes. Additionally, black and latina women with a bachelor’s degree make 65% of what a white man with the same education makes. This gap in pay can be easily overlooked when talking broadly about equity and inclusion, so addressing these problems head on is a great step forward towards a solution.

Many of these issues have been more prevalent since COVID-19 became an issue. Since the beginning of the pandemic, stress levels have increased across the board for many workers. According to SoFi at Work, 51% of employees are more stressed about their finances now than they were at the height of the pandemic. Additionally, employees spend around 25% of their workweek dealing with financial issues. This stress can be increased due to a lack of financial literacy and a feeling of hopelessness when confronting the turbulent economic situation of today. Providing a comprehensive financial wellness program can ease stress and allow workers to focus on their work.

Elevate your DEI initiatives with Best Money Moves.

Best Money Moves is a 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. 

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.