hr benefits Archives

The 5 Best Benefits for Remote and Hybrid Teams

by Sam Johnson | May 9, 2023 | Blog

The 5 best benefits for remote and hybrid teams? Remote and hybrid work is changing the landscape of HR. Here are 5 benefits that are ideal for remote and hybrid workers.

According to a study by Upwork, 22% of all working Americans (around 36.5 million people) will be working remotely by 2025. This marks a dramatic 16 million person increase from the number of remote and hybrid workers before the COVID-19/Coronavirus pandemic.

With remote and hybrid teams becoming much more commonplace, employers must rethink their benefits strategies for a new work landscape. Here are 5 benefits that are ideal for remote workers.

5 Top Benefits for Remote and Hybrid Teams

Digital wellness initiatives

All employees, whether remote or not, need some kind of wellness benefits. For remote and hybrid teams, digital wellness initiatives offer key advantages to keeping teams connected and well. Offer employees digital solutions for every area of their wellbeing from healthcare to financial fitness. A 2022 study by Bank of America found that 84% of American employees said that employers offering personal finance tools would increase their ability to retain employees. Comprehensive wellness solutions can help employees in any location tackle diverse financial hurdles.

Remote mental health support

Another way to help your remote workforce is to acknowledge and alleviate stressors brought on by forces outside of the workplace. According to a study by Apollo Technical, remote workers feel very burnt out 11% of the time and about half of workers responded that they don’t feel as if they have the emotional support in place at work to help them through larger tasks. Assisting employees with their mental health is a great way to ensure their stress and burnout is low during particularly taxing tasks and projects.

Flexible work hours/Increased PTO

Just because an employee is now working from home does not mean they no longer need PTO or the ability to complete work outside of a typical 9-5 schedule. It can be easy as an employer to think that employees are taking advantage of working from home to slack off. However, the opposite has been true. According to a study by Apollo Technical, 65% of remote workers they surveyed reported working more hours when they switched to remote work than when they were in the office. Many remote workers are enticed by working from home due to the ability to work around their personal schedules. It’s important as an employer to understand the needs of your remote workers and provide benefits that help meet their expectations of the role.

Home office improvement stipends

Working remotely increases an employee’s dependency on the tech they have available around the house. Offering funds for at-home upgrades can improve employee productivity. Another hidden cost of working from home is an increased energy bill. According to the National Bureau of Economic Research, remote workers average a $40-50 a month increase on their energy bill. A stipend to employees helps ensure they have the correct tools to maximize their efficiency and productivity in their home office.

Home delivery/Subscription services

These benefits can range from monthly subscription boxes to pick your employee’s spirits up with small gifts each month, to streaming services so employees can enjoy the newest movies and TV shows after a long day or week at work. Sending a gift basket or a similar package to all of your employees can help grow bonds and build connections amongst remote employees.

Looking for the right digital wellness platform to reach your remote team? Try Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help employees dial down their financial stress and meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive compressive financial advice right from their phones.

Best Money Moves is designed to 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.

3 Ways to Boost Women’s Financial Literacy and Wellbeing

by Amirah Ford | May 9, 2023 | Blog

3 ways to help boost women’s financial literacy and wellbeing. Female employees face disproportionate financial hurdles. Here are 3 ways to help boost women’s financial literacy and wellbeing.

Money stresses out most people. Women, however, worry about money more than men. In fact, women have lower levels of financial literacy and wellness compared to men, according to a TIAA report. And when factoring in race, too, Black and brown women have even less financial literacy than their white women peers.

Employees are increasingly relying on their employers for financial wellness support and guidance. Learn more how companies with any benefits budget can help boost women’s financial wellness, and ultimately help address the gender gap in financial literacy and wellbeing.

3 ways to boost women’s financial literacy:

1. Help women balance household finances with financial wellness resources

Nearly 90% of women either control household finances or manage household money jointly with a partner, according to a study from GoBankingRates.This includes balancing checkbooks, paying bills on time and other financial responsibilities. Companies can help women shoulder this load, by providing financial wellness resources with tactical support.

For example, budgeting tools are a visual, intuitive way for employees to track their finances. They can help women and their families plan and work toward long-term financial goals, such as buying a home or saving for a luxury vacation.

Another tactical financial wellness tool are loan calculators. When taking out a home or auto loan, loan calculators can help employees compare between loans and estimate their payments. Employees can leverage loan calculators to make better financial decisions for their long and short-term goals.

2. Deliver financial education tailored toward women

Studies have shown that with greater financial literacy comes improved financial wellness. In addition, people with greater financial literacy are better prepared to weather economic uncertainty, according to TIAA’s report.

Rather than offering general financial education, companies have started providing financial events, literature and marketing tailored toward women. For instance, some companies host financial webinars and events on topics that resonate with women, like planning financially for pregnancy or a wedding. Financial resources and educational opportunities can equip women with the tools to boost their financial understanding and wellbeing.

3. Provide 1:1 financial advising and planning

When it comes to financial advice, it’s best to receive personally tailored financial advice. Everyone has different goals, aspirations and financial situations. With one-on-one financial advising, employees can get the personalized care they need.

For instance, where some women may need help planning for a family addition, not all women may want children or to get married. While some women might need help combining their finances with a new spouse, others may be facing a divroce and need help transitioning from a double-income household to a single-income household. Instead of providing cookie cutter advice, one-on-one financial advising takes employees’ personal circumstances into account to devise an individualized gameplan.

Today, companies are well-positioned to help employees boost their financial wellness and address the financial literacy gap between men and women. With financial wellness benefits and intentional marketing, companies can empower and educate the women in their workforce.

Looking for a financial wellness program? Try 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 wellbeing. Our iplatform, with a human-centered design, is fit for employees of any age.

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.

4 Reasons Employee Financial Wellness is a Top Priority for Employers

by daniel@bestmoneymoves.com | Apr 7, 2021 | Blog

4 reasons why employee financial wellness should be a top priority for employers. Employers recognize the importance of employee financial wellness. Here’s why.

The importance of financial wellbeing is becoming increasingly clear to many employers, made all the more urgent as the economic fallout of the Coronavirus/COVID-19 pandemic continues. In fact, 90 percent of employers reported they planned to create or expand their financial wellbeing programs beyond retirement decisions, according to HR Consultancy Alight Solutions. The February 2021 survey, which involved over 115 employers that lead over 5.4 million employees, found that employers are expanding their focus on financial wellbeing, with 67 percent of employers offering a broader wellbeing initiative in the past two years alone.

4 Reasons Why Financial Wellness is a Top Priority for Employers

Here are four key reasons why employee financial wellbeing is a top priority, as highlighted by Alight Solutions’ survey.

1. Financial wellness enhances the overall employee experience.

85% of employers are creating or expanding their financial wellbeing program in order to enhance the overall employee experience, according to Alight Solutions. An average employee’s 40-hour work week accounts for almost a quarter of the hours in their week. Enhancing the overall experience should be a top priority simply because it can enhance the life of an employee altogether by providing additional financial security.

2. Financially stable employees are engaged employees.

72% of employers cited increasing employee engagement as a reason to create or expand their financial wellbeing program. Additionally, when employees feel their employers care about their health and well-being, they’re 38 percent more engaged, according to a report by Quantum Workplace and Limeade.

3. Organizations that invest in employee financial wellness are more appealing places to work.

If you make an effort to enhance the engagement and experience of your employees, your company looks more attractive to prospective employees. Employers generally understand this. In fact, 47% claimed they created or expanded financial wellbeing programs to differentiate themselves as an employer. Being able to offer a full range of benefits beyond the job description can help bring in the best talent.

4. The impact of COVID-19 has made the need for financial wellness more apparent.

In 2020, almost 80% of employers increased communications about the retirement and/or financial wellbeing benefits that they provide to their workers. The COVID-19 pandemic has caused collective trauma among employees. Pandemic-related financial insecurity has taken a toll. Many employers recognize the need to uplift their employees and guide them through these financial difficulties.

It’s Easy to Bring Employee Financial Wellness to Your Workforce

Insightful, comprehensive and easy-to-use. Best Money Moves offers consumer-focused financial education designed to help users of all experience levels learn more about their money. More than a simple budgeting tool, Best Money Moves helps your employee 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. Plus, Best Money Moves connects employers with data they can use to help their workforces succeed by leveraging user analytics to create individualized employee content.

Do Your Employees Need Help Paying Bills?

Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, 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 of all, Best Money Moves is portable, so when your employees move on, they can take it with them. Give your employees the very best financial wellness experience. Reach out for a demo today! If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.