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4 Ways to Support Employee Mental Health and Wellbeing

4 Ways to Support Employee Mental Health and Wellbeing

by | Apr 15, 2024 | Blog

4 Ways to Support Employee Mental Health and Wellbeing. Employers should be proactive and create support systems to enhance overall organizational success.

Employers play a significant role in shaping the mental well-being of their employees. Recognizing and addressing mental health challenges not only benefits individuals but also contributes to the company’s overall success. A University of California, Riverside study found that organizations that invested in physical and emotional well-being saw a 5% increase in productivity.

Prioritizing employee mental health fosters healthier and more productive work environments.
In their 2024 Voice of the Workplace Report, mental health and wellness app Calm highlighted 4 key mental health trends that are shaping modern workplaces.

Here’s what to know about employee mental health at work — plus, how you can better support employees who may be struggling.

A fact about employee mental health and productivity.

1. Consider financial wellness benefits to target a top threat to employee mental health.

Around 59% of employees grapple with heightened feelings of anxiousness and worry regarding their financial futures, according to Calm. Around 71% of employees report that financial stress adversely impacts both their professional and personal lives. Another 62% have scaled back their contributions to both their short- and long-term savings as a result of this financial strain.

As a response to these financial pressures, 52% of employees express a desire for access to a financial advisor directly through their workplace, according to a study conducted by Morgan Stanley. Furthermore, 48% of employees seek goals-based retirement investment planning from their employer, while 46% are eager for retirement planning tools and calculators.

By offering comprehensive financial wellness benefits, ensuring transparent communication about the services available, and providing ongoing education about these benefits to promote their utilization, employers can effectively address the challenges associated with employee financial stress.

2. Monitor technology burnout to safeguard employee mental health

In recent years, technological innovations such as AI, project management software and messaging and video apps have become integral to many workplaces. While these programs offer numerous benefits including heightened efficiency and increased flexibility, they also blur the boundaries between professional and personal life, exacerbating burnout among employees. 

The pressure to remain constantly connected to the workplace, even beyond regular working hours, is increasing. Around 58% of employees report they are always available to work and 46% often extend their work into non-office hours, according to Calm data. 

In light of the swiftly evolving technological landscape, it’s imperative to foster increased communication between employers and employees. Employers must establish clear guidelines regarding technology usage to safeguard employees’ well-being. This could entail disabling app notifications during non-working hours, promoting micro breaks throughout the day and granting employees the flexibility to decline meetings when necessary. 

Employers can further support their workforce by implementing mechanisms to gauge and monitor employee well-being, such as quarterly pulse surveys that inquire about workloads and work-life balance. To aid employees in managing stress and anxiety on a day-to-day basis, employers might consider proactive resources like Employee Assistance Programs (EAPs) that ensure employees are well-informed about their benefits options.

3. Provide specific support for women’s mental health.

Female employees consistently report higher levels of exhaustion and poorer mental and spiritual health compared to their male counterparts. They confront a multitude of unique challenges, spanning societal expectations, gender biases and structural discrimination, all of which can compound the strain on their overall well-being.

These experiences have considerable potential to erode women’s mental health. An overwhelming 90% of women identify family planning challenges as all-encompassing, profoundly impacting their mental well-being and ability to concentrate at work.

Many employees report an overall lack of support in the workplace concerning women’s reproductive health, with menopause, in particular, emerging as the least-discussed topic.

In recent years, there has been a noticeable uptick in employer attention towards family-forming benefits and the need for support felt by parents. By providing enhanced support for caregivers, employers can effectively mitigate exhaustion, retain valuable talent, and bolster overall business performance.

Furthermore, it’s imperative to acknowledge the disproportionate impact of workplace flexibility on women’s mental and spiritual well-being, as well as their exhaustion levels. Increasing flexibility measures, such as enabling remote work and granting more autonomy over schedules, can help support women’s holistic health.

Recognizing that women have diverse health needs extending beyond reproductive concerns, employers can explore avenues to offer comprehensive health and wellness benefits, fostering an environment where women feel empowered to vocalize their health-related needs.

4. Increase transparency and community to alleviate Gen Z’s mental health concerns.

Gen Z (which generally encompasses workers born between 1997 and 2012) is the generation grappling with the highest levels of stress and anxiety. When surveyed, nearly 75% of Gen Z workers reported feelings of sadness or depression, according to Calm. Moreover, Gen Z stands out as the loneliest generation, stressed about heightened career uncertainty, the escalating cost of living, financial instability and being overworked.

However, Gen Z also distinguishes itself by being 60% more inclined than other generations to advocate for accessible mental health support; over 75% actively push for a stronger emphasis on workplace benefits. As the first digitally native cohort, prioritizing transparency and fostering open access through two-way dialogues can empower Gen Z individuals to feel more in control.

Recognizing Gen Z’s inclination towards purpose-driven endeavors, outlining the significance of individual contributions and offering specific, constructive feedback underscore investment in their growth. Establishing a sense of community through opportunities for both in-person and remote meetings fosters a supportive environment. Employers can also implement measures such as mental health days and initiatives like Employee Resource Groups (ERGs) to champion wellness.

Employee mental health is an ongoing conversation and evolution. It’s critical to recognize these trends and take steps toward mental health advocacy to help not only individual employees but the workplace as a whole.

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.

4 Top Benefits Trends for 2022

4 Top Benefits Trends for 2022

by | Nov 3, 2021 | Blog

4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022. 

The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.

Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.

4 of the top employee benefits trends to keep in mind for 2022

1. Personalized Benefits

Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided. 

Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to

2. Increased flexibility/remote work

The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work.  In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home. 

Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees.  In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more.  Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.

3. Mental health benefits

The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said. 

To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.

4. Financial wellness benefits

Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression.  Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.

Financial wellness programs, like Best Money Moves, can help employees regain control of their finances. 

Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators.

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

5 Ways to Help Employees Reacclimate to the Office

5 Ways to Help Employees Reacclimate to the Office

by | Aug 3, 2021 | Blog

5 ways to help employees reacclimate to the office. The COVID-19 pandemic saw millions begin working remotely and many employees are stressed about returning to the office. What can employers do to help?

After months of fine tuning their return-to-work strategies, many organizations are finally making the move back to in-person offices. However, not all employees are happy about it. A May 2021 survey of 1,000 adults found that 39% would consider quitting their jobs if employers weren’t flexible about remote options.

Teams might benefit from working in-person, but that doesn’t mean that letting go of remote work is easy for employees. Many members of your team are likely to dread being back at the office, or struggle to adapt to another new normal. So, how can teams and managers help employees reacclimate to the office? 

These five strategies could be the way to go. 

1. Be transparent about your motives for in-person work.

Any time your organization undertakes a big shift in strategy, it’s vital that your team stays informed about the change. Uncertainty can be breeding ground for anxiety and confusion. Even if the reasons for returning to the office seem obvious to you, be sure to explain your rationale. Highlight the benefits of in-person work and be sure to emphasize any individual benefits to the employees. You’ll likely ease some people’s anxiety, and establish a better connection when everyone is on the same page.

2. Don’t ignore how employees are feeling about the shift.

While explaining yourself as a leader is valuable, listening to the people who follow you is even more important. If everyone on your team is ecstatic about seeing each other again, then you know you’re in for a smooth transition. But, if not, your anxious employees will feel so much more supported if they’re given the opportunity to voice their concerns. Allow room for feedback and reactions to this big decision. You might even consider an anonymous survey to encourage honesty from anyone who is less likely to speak up publicly.

3. Foster transparency in your organization in order to make the work your employees do feel meaningful.

Research from the Harvard Business Review discovered that employees tend to trust our top public health experts when it comes to reentry timelines. It also showed that fewer than one in 10 employees would feel safe returning to the office on the word of their employer alone. Make sure every decision you make is in accordance with health guidelines from the CDC and state health departments.

4. Continue to prioritize employee mental health.

According to a CDC study from August 2020, 40% of US adults reported struggling with mental health or substance abuse in late June of last year. Although we’ve come a long way with vaccinations, the pandemic is not over. The value of mental health support has always been high, and a period of transition only amplifies the need for strong resources. If you plan to return to the office, keep mental health top of mind. 

5. Be empathetic to the concerns of your team.

Ultimately, a lot of comfort is inspired by not only what you say, but how you say it. It’s been a difficult period for almost everyone in the country. People react to things differently, but we’ve all experienced a collective trauma with this pandemic. The best thing you can do is be kind and patient. The best way to achieve personal growth for your employees with company goals, is to work together.

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

4 Ways to Support Employee Mental Health Post-COVID

4 Ways to Support Employee Mental Health Post-COVID

by | Jul 27, 2021 | Blog

4 ways to support employee mental health post-COVID. Mental health issues are on the rise in the wake of the COVID-19 pandemic. What can employers do to support struggling employees?

A major issue emerging from the COVID pandemic is the long-term effect on mental health. 

Despite a return to normalcy (endangered now by the new Delta variant), more and more employees are reporting mental health challenges as a result of the pandemic. One in four U.S. adults report symptoms of anxiety or depressive disorders, according to data from the Kaiser Family Foundation. And additional data from KFF has linked pandemic-related stress to problems sleeping and eating as well as increased alcohol and substance use. 

Employees need robust mental health support in a post-COVID workplace. Luckily: Employers are listening. A solid 41% of companies surveyed plan to expand mental health support in 2021,  according to Care.com’s The Future of Benefits report. Here are 4 strategies for supporting employee mental health through the end of the pandemic and into a post-COVID world.

1. Give mental health support the significance it deserves.

In order for mental health to reach the same significance in the workplace as physical health, it needs to be incorporated into the policies and training. In a post-COVID world, just as managers will be equipped to handle social distancing or mask guidelines, they ought to also be educated on how to best support mental health. This might include knowing how to spot signs of increasing mental illness, or simply knowing what resources to offer to struggling employees.

2. Recognize mental health days as sick days and don’t penalize employees for taking them.

One of the best ways to support mental health is to break the stigma surrounding it. If an employee needs a sick day because of the flu or injury, a team will do their best to accommodate. However the same can’t always be said for time off related to mental health.  Create a culture of trust by not only allowing mental health sick days but encouraging employees to take them when they are necessary. Often, a day or two at home goes a long way in helping struggling employees feel rested and focused. Plus, these policies let employees know they won’t be penalized for struggling.

3. Foster transparency in your organization in order to make the work your employees do feel meaningful.

It can be draining for an employee when they don’t see the purpose behind their work. As company leadership, it’s critical to communicate your vision and goals to the whole team. When an employee can understand why their work matters, it gives them so much more motivation to get out of bed every morning. In fact, some researchers claim that meaningfulness is the most important factor of work for employees, even more than pay or mobility. As such, being a transparent employer can go a long way to improving the mental health of your employees.

4. Be flexible and patient with your team as it continues to grow.

The pandemic affected many of our lives logistically. People moved. Companies moved. Now, as employees return to the office, it might not be so simple to get things back the way they were. The thought of in-person work might be overwhelming for some and exciting for others. Employers must recognize that many people experienced the pandemic differently. Their mental and physical needs will be different. As we settle back in, allowing time and space for the folks who are slower to adjust is critical. Mental health support is not one-size fits all and an individual approach can go a long way.

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

4 Benefits to Help Boost Post-COVID Employee Retention

4 Benefits to Help Boost Post-COVID Employee Retention

by | Jun 8, 2021 | Blog

4 benefits to help boost post-COVID employee retention. An employee mass-exodus could be coming to the post-COVID workforce. What can employers do to keep top talent? 

According to Microsoft’s 2021 Work Trend Index, 40 percent of the global workforce is considering leaving their employer this year. The mass employee exodus is due in no small part to a changing work landscape and increased employee burnout as a result of the COVID-19 pandemic.

Low employee retention rates cost organizations millions and put additional strain on team members who remain and have to pick up the slack. One solution to increase employee retention is to offer creative benefits that empower employees and make your company stand out from the rest of the job market. 

Here are four benefits to help your workforce boost post-COVID employee retention rates.

1. Increased vacation time and bonus with tenure

Most companies reward employees with higher bonuses and more vacation time the longer they stay with the company. To ensure this benefit structure incentivizes early employee retention, companies should have longer vacation time and higher bonuses kick in after just one year of employment.

2. Accessible commuting benefits

The COVID-19 pandemic introduced many employees to the benefits of a commute-free work day. No matter what form it takes, commuting adds stress and hours to the workday. Making it easier for your employees to get to and from work is a productive way to stand out amongst other employers. 

Commuting benefits can come in a variety of forms. Some, like public transportation and bicycle-share passes may cost employers up front, but they also signal to employees that their company values their time and money. Other benefits, like public transportation schedule dependent start and end times and company organized carpools, do not cost employers and still look after the wallets and schedules of employees.  

If your company can operate remotely, offering employees with long-commutes more remote-work days is also a great way to stand out in the employment market.

3. Physical and mental health wellness resources

Offering employees resources to improve their physical and mental health demonstrates care and prioritization for their wellness outside of the office. While not every company can afford an on-site gym, making room in your HR department’s benefits budget for resources like employee gym passes, access to virtual dietitians and motivational and mental health related speakers could go a long way.

4. Comprehensive financial wellness resources

According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life. Helping your employees manage their financial stress and reach their financial goals through a comprehensive financial wellness program is one way to help them combat this problem. 

Employers looking to increase employee retention must do more than just offer a 401-k and other retirement savings plans and offer employees the resources to empower them financially. Best Money Moves’ insightful, comprehensive, and easy-to-use platform can do just that.

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. 

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.