job satisfaction Archives

Is Dating a Coworker a Good Idea?

by LizStevens | Feb 12, 2020 | Blog

Is dating a coworker a good idea? It depends on office fraternization policies and if you’ll be able to work well together when the romantic relationship ends.

Office romances are frowned upon in the working world, but that hasn’t stopped one-quarter of employees from dating their coworkers, according to recent research by Blind, an anonymous workplace network.

“We often hear the advice to not date coworkers, but that wisdom might be based on unrealistic expectations. We spend so much of our time at the office and communicating with colleagues that it’s only natural for relationships to blossom,” said Kyum Kim, Blind co-founder.

Is Dating a Coworker a Good Idea?

A 2019 survey by the Society for Human Resource Management (SHRM) found that aside from being uninterested these are a few of the main reasons why employees refrain from getting involved in workplace romances:

I believe workplace romances are unprofessional (33 percent)
I am concerned about employer policies on workplace romances (25 percent)
I am concerned about potential sexual harassment claims (17 percent)

Over 40 percent of employees who have dated a coworker chose to keep their relationship a secret, according to research by CareerBuilder. The stigma against workplace romances coupled with potential repercussions from HR likely factored into their decision to keep their relationship under wraps.

What If It Doesn’t Work Out?

Another valid concern about romantic relationships between coworkers is what happens if it ends, and worse, if it ends badly.

Surprisingly, more than 30 percent of workers who dated a coworker ended up marrying them. Only six percent of employees have left a job after a romantic relationship with someone at work ended.

How to Handle Office Romances in 2020

Socialization at work is inevitable. It’s important for team building and fostering a supportive work environment. Close work friendships can even boost job satisfaction by 50 percent.

Office policies that emphasize communication and transparency when relationships form are more beneficial than those that only outline the potential consequences of fraternization.

“Because so much of our waking time is spent at work, it’s no surprise that romances develop in the workplace,” said Johnny C. Taylor, Jr., President and CEO of SHRM. “It makes little sense to forbid them. Instead, employees should be encouraged to disclose relationships. This is the most effective way to limit the potential for favoritism, retaliation and sexual harassment claims.”

Top 5 Reasons Why Employees Leave Their Jobs in 2020

by LizStevens | Jan 29, 2020 | Blog

Top 5 reasons why employees leave their jobs in 2020. It has a lot more to do with professional development than it does compensation.

Opportunities for professional development are vital to job satisfaction and employee retention. Without them, employees will look elsewhere, according to research by CareerAddict.

Their latest report asked employees why they quit their jobs and found that a lack of progression influences their decision most.

CareerAddict’s research is particularly interesting because it found that the top five reasons for quitting a job are the same across all age groups and traditional gender identities.

Top 5 Reasons Why Employees Leave Their Jobs in 2020

CareerAddict found a “steady transgenerational pattern” when it came to factors motivating employees to quit. Across all age groups and across all the gender identities they surveyed, there were only marginal differences between their deciding factors. These are the top five reasons for quitting a job, at any age as a man or as a woman:

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What Do Employees Want From HR?

CareerAddict asked employees to elaborate on what they wanted from HR. After analyzing and coding their responses, these are some of the most common requests:

“Ensure work-life balance.”
“Respect confidentiality.”
“Address harassment.”
“Run development trainings.”
“Communicate policies better.”
“Create employee satisfaction surveys.”
“Offer better benefits.”
“Support progression.”
“Compensate based on merit.”
“Ensure supervisors act ethically.”
“Conduct exit interviews.”
“Offer career guidance.”

CareerAddict advises employers who want to retain top talent should, “Place more emphasis on accommodating their staff’s professional growth. Creating more opportunities for career advancement and recognizing and adequately compensating employees’ efforts are just a few actionable initiatives that can significantly improve employee engagement and retention.”

How Financial Stress Affects Gen X at Work

by AllyMauch | Sep 4, 2019 | Blog

How financial stress affects Gen X at work. Gen X has the most overall debt compared to any other generation and they’re bringing their financial stress to work.

Gen X — roughly those between the ages of 38 and 58 — is often cited as the “forgotten generation” sitting between the more famed Millennials and Baby Boomers. However forgotten they may be, those in Gen X are facing a whole host of unique financial stressors that employers need to address.

In addition to carrying the most credit card debt and being the least happy at work compared to all other generations, Gen Xers are worried about being able to retire and only 60 percent feel confident in their finances. Below, we break down the top financial stressors affecting Gen X workers.

Gen X’s Credit Card Debt Is a Big Part of Their Financial Stress

Gen X has the most overall debt than any other generation, a significant portion of which comes from credit card debt. Those between the ages of 45 and 54 have an average of $9,096 in credit card debt, and people who are 45-44 have the second-highest level of debt — $8,235. Because credit card debt typically carries higher interest rates than any other debt, the debt problem facing Gen X is particularly harmful.

To make matters worse, a study from PwC found that a majority — 60 percent — of Gen Xers consistently carry balances on their credit cards and 2 in 5 find it difficult to make their minimum credit card payments on time each month.

How Financial Stress Affects Gen X at Work

Gen Xers also report feeling the least happy at work and a quarter note better job security as their top priority for achieving future financial goals. A mere 68 percent of Gen X workers feel happy at work, compared to 74 percent of boomers and 75 percent of Millennials

This discontent at work stems from a variety of sources, including a lack of respect from employers, limited opportunities for upward mobility and sparse management and development skills training. Further, Gen X’s workplace unhappiness directly connects to their financial stressors — about two-thirds say that their compensation at work is not keeping up with the rising cost of their living expenses.

Financial Stress and Retirement Savings

Gen X is advancing quickly towards retirement, but 67 percent say they are not confident that they will be able to retire when they want to and one-third have already withdrawn from their retirement funds to cover expenses.

More than half of Gen X report feeling significantly or somewhat behind on their retirement savings and 18 percent do not plan to retire at all, according to a survey from MetLife. Compared to Millennials and Baby Boomers, these numbers make Gen Xers the least secure in their retirement plans.

Gen Xers note financial matters as their main cause of stress, making financial wellness an essential workplace conversation given the stressors outlined above. Programs like Best Money Moves can help alleviate the problem for both employees and employers. Best Money Moves is a mobile, gamified and easy-to-use financial wellness program. It provides practical, unbiased help so employees can make smarter financial decisions and manage the debt they have.

More on Financial Stress

5 Must-Have Benefits for Millennial Employees

How Does Financial Wellness Affect Health?

5 Fast Financial Stress Statistics

Hiring Trends to Watch in 2020

What Is Financial Literacy and Why Is It Important?

4 Big Employee Benefit Trends for Family Planning

How Can Financial Wellness Be Improved?

Top 10 Employee Benefits for 2020

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.

Choosing the Most Important Benefits to Employees in 2020

by LizStevens | Aug 7, 2019 | Blog

Choosing the most important benefits to employees in 2020. Increase employee benefits participation and engagement with our three-step strategy.

Best Money Moves recently forecast the top 10 employee benefits for 2020 and we’ve developed a simple, three-step strategy to help you identify the benefits your employees want most and formulate a communications plan to increase participation and engagement.

How to Choose the Most Important Benefits to Employees in 2020

Step #1 Audit Your Current Employee Benefits

Conduct an audit of your current employee benefits package. You’ll want to know which benefits are used most frequently and which benefits are underutilized. If there isn’t an annual report for benefits utilization, work with HR to create a process for it going forward. Historical data comes in handy whenever you’re making benefits decisions.

If a benefit is underutilized, it doesn’t necessarily mean that benefit should be scrapped. Nearly half of employees don’t understand all the benefits their organization offers. The next step helps you determine whether it’s a benefit that employees don’t value a benefit that needs to be restrategized.

Step #2 Survey Employees and HR

A short employee survey gives you insight into what benefits are the most important benefits to employees in 2020. Make sure to include questions about benefits that appear to be undervalued and benefits you’re thinking of introducing. Multiple-choice questions quickly determine which benefits are most sought after, and, if you include open-ended questions, they’ll tell you why those benefits matter most.

While you’re at it, survey your human resources team. What questions do they get about benefits? Are there any benefits employees have asked about that the organization doesn’t offer? What do they think about the current benefits engagement process? Is there any way they think benefits communication can be improved? How? Including HR in the planning process gives you a better understanding of how benefits are managed day-to-day and where improvements can be made.

How to Increase Employee Benefits Participation and Engagement

Step #3 Improve Benefits Communication

Employee benefits participation and engagement comes down to one thing: communication. Traditional meetings or emails that give employees large amounts of information are no longer an effective way to educate employees. Shorter, bite-sized benefits information sent over a longer period of time is a better way to improve employee understanding.

“Releasing “bite-sized” bits of information on different benefits every quarter could vastly improve employees’ understanding of benefits selection and enrollment,” said Misty Guinn, director of benefits and wellness at cloud-based benefits platform provider Benefitfocus.

This does mean more work for HR, but the good news is that most of it can be automated with minimal updates once templates are written. Test different methods of communication, like text messaging, phone calls and instant messenger in addition to emails or meetings. Track participation, open and click rates to see which method is the best way to reach your employees.

Employee benefits and perks are the battlegrounds where employers are fighting the war for talent in a tight job market where unemployment hovers at a nearly 50-year low (3.7%). Moreover, employee benefits account for more than 30 percent of total employee compensation. It’s worth developing a better benefits process and improved engagement strategies to make sure your organization offers the most important benefits to employees in 2020.

More on the Most Important Benefits to Employees in 2020:

Top 10 Employee Benefits for 2020

4 Big Employee Benefits Trends for Family Planning

Financial Wellbeing and Its Role in a Complete Employee Wellbeing Program

5 Must-Have Benefits for Millennial Employees

Top 10 Workplace Etiquette Rules for Communication

Hiring Trends to Watch in 2020

How to Support Mental Health at Work

Building Office Culture with Diversity and Inclusion

by LizStevens | Jun 25, 2019 | Blog

Building office culture with diversity and inclusion. Employers are working to improve office culture and research by Deloitte can help them close the gap between values and practices.

A better office culture starts with diversity and inclusion but more than 60 percent of marginalized groups working for companies that focus on those values still feel pressured to “cover” their identities to fit in at work, according to research by Deloitte. Organizational expectations to “cover” lead these employees to perceive a lack of opportunities within the company, which results in their decreased commitment, negatively impacting job satisfaction and retention.

There are four common ways marginalized groups make efforts to conceal their identities in the workplace. Understanding how employees “cover” and how it impacts their relationship with the organizations they work for is essential for employers focused on improving office culture and bolstering diversity and inclusion efforts.

How Employees Cover at Work to Fit into Office Culture

Deloitte explores “covering” at work across the four axes defined by Kenji Yoshino in 2006:

Appearance-based covering involves altering one’s self-representation to blend into mainstream office culture. This can include changing one’s grooming, attire and mannerisms. A black respondent shared, “I went through a period two years ago where I had a bad reaction to the chemical straightener I used in my hair and had to stop. It was so uncomfortable wearing my natural hair to work that I resorted to wearing weaves, which were very costly and did more damage to my hair. However, I felt that the weave was more acceptable than wearing my natural hair. I also hated that when I wore my natural hair it always seems to be the subject of conversation as if that single feature defined who I am as a person.”
Affiliation-based covering happens when employees avoid behaviors commonly associated with their identity to negate stereotypes. A woman respondent shared, “I was coached to not mention family commitments (including daycare pickup, for which I leave half an hour early, but check in remotely at night) in conversations with executive management, because the individual frowns on flexible work arrangements.”
Advocacy-based covering concerns how much employees defend the group they identify with at work. An LGBTQIA+ respondent shared, “I didn’t feel I could protest when the person put in charge of diversity for our group was in fact an extremely vocal homophobe.”
Association-based covering occurs when employees avoid contact with other group members at work. A respondent with cancer shared, “I don’t associate with cancer groups, because I don’t want to draw attention to my medical status, disability, or flexible arrangements. People tend to look at me like I’m dying when they find out I have cancer, they avoid giving me longer term or higher-profile projects. Mostly I think they do this to be nice, because they assume I can’t handle it.”

How to Improve Office Culture with Diversity and Inclusion Efforts

Deloitte acknowledges in their report, “Some forms of covering are absolutely justifiable. To join a group is to surrender some degree of individual expression in the name of common expression,” and quotes a respondent who said their appearance-based covering actually increased their commitment to their workplace.

The issue is then identifying which covering demands are proper or improper, and Deloitte developed the “Uncovering Talent” model to help companies close the gap between values and practices, which involves:

Reflecting on current instances of covering.
Diagnosing the incidence, impact and drivers of covering by gathering qualitative and quantitative data.
Analyzing covering behaviors relative to stated corporate values.
Identifying leadership and cultural solutions.

It is possible for efforts to improve office culture, diversity and inclusion to succeed. Nearly 20 percent of respondents stated that they have “uncovered in a way that has led to success” both for them and for their organization.