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5 Financial Steps to Support Employees in 2022

5 Financial Steps to Support Employees in 2022

by | Oct 7, 2021 | Blog

5 financial steps to support employees in 2022. Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees.

According to a 2021 Capital One CreditWise survey, 73 percent of Americans rank their finances as the most significant source of stress in their life. And stress has real life implications: Eighty percent of US employees spend 12-20 hours per month dealing with financial concerns at work according to the IFEBP (International Foundation of Employee Benefit Plans). Financial wellness can help alleviate that stress and lead to more focused employees.

Here are five steps to increasing employee financial wellness for 2022.

1. Help your employees plan for the future

According to a study by EBRI and Greenwald Research, about two in three employees expressed concern about their financial future. There are programs employers can offer such as a rainy day savings account program that can help ease these issues. Utilizing these programs is also a good way to signal to employees that their financial wellness is a priority. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer.

2. Instruct your employees on how to use your current financial benefits

A recent survey by Voya financial found that 35% of employees do not fully understand the benefit programs in which they were enrolled. This does not mean that employees are discouraged from enrolling in these programs or learning more about their finances. The same study found that around two-thirds of employees want their employer to help them better understand their employee benefits. Talking about financial well-being and asking for help with their financial wellness can be daunting for many employees. Employers should take a proactive approach to alert their employees to available benefits.

3. Alleviate your employee’s stress with debt reduction programs

The average American household has $15,706 in credit card debt and the average federal student loan debt is $36,510 per borrower. Debt can be a burden that contributes to long-term stress as well as mental health strain. Employer-sponsored student loan relief programs have grown increasingly popular among workforces. Many potential employees, especially those just entering the workforce, feel burdened by their student debt. Offering these programs is a great way for an employer to stand out to potential new hires.

4. Be sure your retirement strategy is still going strong

According to a study conducted by the Department of Labor, only 40% of Americans have calculated the amount they need to save for retirement. The best time for employees to start saving is right now. Employers can emphasize this by using 401(k) or other retirement plans. The most common retirement plan is the 401(k) match where the employer grants a certain amount to the plan based on how much the employee contributes. Employers that utilize these plans are desirable to potential new hires. According to a survey by Willis Towers Watson, 51% percent of employees joined their current employer primarily because they offered a retirement plan.

5. Utilize financial wellness benefit programs

A good way to aid your employees in minimizing the stress associated with finance is by instituting financial wellness programs or benefits. There are a wide variety of these programs from financial counseling sessions to employer matching programs. Employees will appreciate the access to financial education as over 50% of financially-stressed employees are afraid to ask for help with their finances according to Pwc. The cost of these programs is manageable for most employers and is often well worth the additional productivity seen from workers who use the benefits. 

There are many benefits to financial education including being prepared to tackle debt, making smarter decisions with how to spend money and a less stressful 2022. 

Whether your employees need help saving money, paying their bills, raising their credit scores or getting ready for retirement, Best Money Moves is there to support them every step of the way with best-in-class products, services and benefits tailored to suit your workforce needs. Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. Give your employees the very best financial wellness experience.

The 3 Best Benefits for a Multigenerational Workforce

The 3 Best Benefits for a Multigenerational Workforce

by | Aug 18, 2021 | Blog

The 3 best benefits for a multigenerational workforce. In a multi-generational workforce, it can be difficult to find employee benefits that address the needs of every employee. This article highlights the top 3 benefits that work well for multi-generational teams.

It’s no secret that employees of different generations expect different kinds of support from their employers. A gen Z employee, fresh out of college, is going to have significantly different challenges than a millennial or gen X employee who’s balancing work and childcare. Meanwhile, older employees will have greater concerns about retirement.  

Multigenerational workforces pose a unique challenge for employers and HR teams: How do you build a benefits package that’s equally attractive to all members of your workforce, when your team members are at radically different stages of their lives? The answer involves big ideas, realistic expectations and room for nuance.

Here are the three benefits to satisfy all members of your multigenerational workforce. 

1. Accessible and comprehensive health benefits

Over half of all Americans receive health insurance from their employers, according to 2019 census data. So it’s not surprising that in a 2020 survey of 2000 multigenerational participants, dental and vision insurance topped the list of most wanted Employee Benefits. Health Insurance is especially useful for a multigenerational team because it’s applicable to individuals of all ages and situations, even those who are otherwise healthy individuals. 

In addition to standard group health insurance, you might consider offering your team access to a health savings account, or HSA. An HSA is a specialized savings account that lets you aside pre-tax funds for later use on qualified medical expenses. HSAs can allow employees additional flexibility in covering significant health expenses. 

2. Widespread flexibility and emphasis on work/life balance

The same Fractyl study found one other consideration to be equal to health benefits. Almost everyone takes flexibility into account when weighing jobs. An equivalent 88% of respondents said they would give “some consideration” or “heavy consideration” to a job with more flexible hours, even if it is lower pay. What’s more, flexibility has never been more important to employees than it is now, in a workforce still recovering from the effects of the COVID-19 pandemic. Research consistently supports the pivot to remote and hybrid work models and many workforces are expected to pivot to full remote and hybrid models in the months to come.

3. Holistic financial wellness that can target individual employee needs

Multigenerational teams need benefits that work for employees of all ages, and regardless of what life phase employees might be in, there’s always a need for financial wellness. Whether your employees need to pay off student loans, manage their daily finances, plan for their retirement or something in-between — all employees deal with financial issues. Financial wellness platforms are a strong way to appeal to a variety of demographics with different needs. 

To learn more, check out this article and consider Best Money Moves:

Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.

Improving Employee Financial Wellness in 2021

Improving Employee Financial Wellness in 2021

by | Jan 13, 2021 | Blog

Improving employee financial wellness in 2021. How employers can help workers achieve their financial goals and reduce financial stress in 2021.

An incredible 85 percent of employees say they worked on their financial habits during the COVID-19 pandemic and 96 percent of them plan to continue improving their financial behaviors in 2021, according to research by NerdWallet.

Nearly 90 percent of those with financial goals for 2021 recognize current events could interfere with their plans, 53 percent are concerned about the uncertainty of the pandemic, 36 percent are worried about the effects of election outcomes and perhaps most surprising — 19 percent are uncertain about having access to the best resources to help them achieve their goals.

This financial wellness month employers can help employees reach their goals and minimize the negative impact financial stress has on their business by choosing a financial wellness solution that meets their varying needs. 

Improving Employee Financial Wellness in 2021

Understanding Financial Goals for 2021

Understanding the different financial goals employees have can give employers a better idea of the tools and features they could benefit from. According to a survey by MagnifyMoney, these are the financial resolutions employees are most interested in achieving in 2021:

  • 50 percent of employees want to reduce their debt or become debt-free
  • 46 percent want to increase their credit score
  • 45 percent want to increase their savings
  • 38 percent want to save for a specific purpose (retirement, vacation, etc.)
  • 33 percent want to build an emergency fund
  • 31 percent want to stop living paycheck to paycheck
  • 29 percent want to get a higher-paying job
  • 22 percent want to create a budget and stick to it
  • 13 percent want to donate more money to charity.

As employees build on the habits they developed in 2020, it’s vital they have access to resources that can help them break these broad topics down step-by-step. Most employees (84 percent) say getting advice at work would be valuable and 74 percent say it would reduce their financial stress, according to research by Edelman Financial Engines. 

How Financial Wellness Programs Can Help

Now more than ever, the desire for financial wellness is evident. Platforms like Best Money Moves have everything employees need to improve their financial wellness and reach the goals they set for themselves.

Best Money Moves goes far beyond basic budgeting tools. Employees can educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. A team of Money Coaches, trained financial counselors, are ready to answer any remaining questions and give employees financial guidance whenever they need it. Going another step further, Best Money Moves leverages user analytics to create individualized employee content and it’s gamified to encourage consistent engagement. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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.

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Why Financial Wellness Is Important to Employees in 2021

Why Financial Wellness Is Important to Employees in 2021

by | Dec 9, 2020 | Blog

Why financial wellness is important to employees in 2021. Why employees want financial wellness benefits and what they value most about their tools and features.

An astounding 86 percent of employees agree it’s important for employers to offer financial wellness programs, according to research by John Hancock.

The time employees spend distracted by their personal finances at work equates to over 47 hours in lost productivity per year. Nearly 20 percent of employees worry about personal finances at work every single day and roughly 60 percent worry about it at least once a week. Financial stress is top of mind for 64 percent of employees.

More than 65 percent of employees believe that employer-sponsored financial wellness programs have an impact on reducing financial stress, 59 percent say such programs improve loyalty and the likelihood they’d recommend their employer and 54 percent say a financial wellness program would increase their job productivity.

All financial wellness programs are not created equally, however, and employees are looking for a specific mix of tools and resources to help them manage their finances and reduce financial stress. 

Why Financial Wellness Is Important to Employees in 2021

The vast majority of employees agree it’s important for employers to offer financial wellness programs. Most employees don’t feel knowledgeable enough to determine their overall financial wellness and 62 percent would like their employer to help them. 

These are top sources of financial stress that employees believe financial wellness programs could help them with:

  • 80 percent of employees aren’t sure if they’re on track for retirement
  • 57 percent of employees worry about not having enough emergency savings to cover an unexpected expense
  • 23 percent of employees have student loan debt for themselves or others and 60 percent of them have a balance of $20,000 or more
  • 20 percent of employees believe their debt is a major problem

Employees are most interested in financial wellness programs that can help them assess their situation, manage debt, balance financial priorities, set goals and create a budget. More than half of workers believe if they were taught how to balance their financial priorities, they would be able to save more for retirement.

How Best Money Moves Can Help

Best Money Moves has it all. It has tools and features that help employees assess their financial situations, budget for monthly expenses, pay down debt, plan for emergencies and save for retirement. Our team of Money Coaches, trained professional financial counselors, are ready to give employees financial guidance whenever they need it. Employees can educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a growing library of over 700 articles, videos and calculators. We leverage user analytics to create individualized employee content and Best Money Moves is gamified to encourage consistent engagement. 

Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.

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 Why Financial Wellness Is Important to Employees in 2021

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How Employee Health and Wellness Programs Help Build Resiliency

How Employee Health and Wellness Programs Help Build Resiliency

by | Oct 14, 2020 | Blog

How employee health and wellness programs help build resiliency on an individual and organizational level to better navigate economic uncertainty.

An astounding 75 percent of U.S. employees are struggling at work because of anxiety caused by COVID-19 and other recent events, according to a survey by TELUS International.

Employers aren’t blind to the unprecedented levels of stress employees are feeling. In fact, as the pandemic drags on, 85 percent of them are increasingly concerned about their employees’ health and wellness needs, according to research by Unum.

Another report by Principal found roughly 30 percent of employers plan to adapt benefits offerings to provide better mental health and wellness programs, childcare support, healthcare benefits and financial wellness programs to support employees through times of uncertainty.

“COVID-19 has fundamentally reshaped the benefits landscape,” says Kara Hoogensen, senior vice president of U.S. Insurance Solutions for Principal. “Employees and employers alike are recognizing the need for coverage that protects the health and well-being of both individuals and their families. This has brought new meaning to benefits that may have previously fallen lower on an employee’s priority list, such as income protection, life insurance and mental health programs.”

How Employee Health and Wellness Programs Build Resiliency

According to the research by TELUS International, since working from home during the pandemic, almost four in five employees have found it challenging to “shut off” from work in the evenings. Forty percent of workers aren’t getting enough sleep and 13 percent are hardly sleeping at all. Over 35 percent of employees reported feeling less healthy physically and 45 percent said they feel less healthy mentally. But just 40 percent of employees feel empowered to let someone at their company know when they aren’t feeling physically or mentally well, and that’s a problem. 

Employees who aren’t feeling well struggle to focus, aren’t as engaged or collaborative, take more time off and are less satisfied with their jobs, ultimately taking a toll on an organization’s productivity and retention. Nearly 80 percent of employees would consider quitting their current position for a job that focused more on employee mental health. 

Flexible Schedules Build Resiliency and Better Health Outcomes

Nearly 90 percent of employees agreed having more flexibility in their work schedule would positively impact their health, 49 percent said health care benefits that include therapy and counseling would make a difference, 43 percent would like thoughtful one on one check-ins from their employer and 37 percent thought virtual workshops about health and wellness or yoga and meditation classes would make them feel like their mental health is being prioritized.

Prioritizing Employee Health and Wellness is a Win-Win

Prioritizing employee health and wellness is mutually beneficial. Through health and wellness programs employees have the opportunity to improve their physical, mental and financial health, lower their stress levels and learn how to better manage the various struggles they may face in the future. This absolutely carries over to their performance at work. The result is a company culture that is healthier, more supportive and more resilient to challenges on all fronts.

More on Topics Related to Health and Wellness Programs at Work

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