productivity Archives

HR Trends 2021: Which Benefits Do Employees Value Most?

by LizStevens | Sep 1, 2020 | Blog

HR trends 2021: which benefits do employees value most? Employees want benefits that better support their health and wellness after the COVID-19 pandemic.

Benefits priorities are shifting considerably due to the COVID-19 pandemic.

Only 55 percent of employees believe their company is making the best decisions about their benefits, according to new research by The Hartford. Just 44 percent think their benefits package is above average compared to what other employers are offering.

“The pandemic has put pressure on the American workforce in ways few could have predicted and employees need support more than ever,” said Jonathan Bennett, head of Group Benefits at The Hartford. “Now is the perfect time for employers to address employees’ changing attitudes about benefits.”

HR Trends 2021: Which Benefits Do Employees Value Most?

These are the benefits and services that employers are adding to bring their benefits plans closer to their employees’ values:

Employee Assistance Programs (EAP) (56 percent)
Paid Time Off (52 percent)
Wellness Benefits (51 percent)
Behavioral/Mental Health Services (51 percent)
Critical Illness Insurance (50 percent)
Hospital Indemnity Insurance (48 percent)
Paid Time Off for Volunteering (42 percent)
Student Loan Repayment Plans (38 percent)
Paid Sabbatical (38 percent)
Pet Insurance (29 Percent)

Many of the most highly sought after benefits are centered around employee health, including their physical, mental, financial health as well as the health of their loved ones and their communities. Health and wellness has been an HR trend for quite some time but the COVID-19 pandemic has shown that the employee demand for these types of benefits is as strong as ever.

The Importance of Benefits Communication

More employers are recognizing how important communication is to the success of any benefits program. Up from 63 percent at the start of the pandemic, 69 percent of employers told The Hartford they’re mostly or fully responsible for making sure employees understand the benefits offered.

In other surveys, employees have admitted that they don’t understand all the benefits their organization offers or that the programs available don’t meet their needs or are too difficult to understand.

Employers can improve benefits communication in three steps:

Send shorter, bite-sized benefits communications over a longer period of time rather than the traditional method of dumping it in an employee handbook or an annual employee benefits email.
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.

It’s not enough to follow the latest HR trends and make changes accordingly, employers need to work with their employees to determine what benefits are most valuable to them, which programs fit their needs and how they can make it easier for them to access their benefits.

How to Build Remote Work Culture to Support Virtual Teams

by LizStevens | Aug 12, 2020 | Blog

How to build remote work culture to support virtual teams. Four key factors employers should focus on when building a remote work culture.

Employees aren’t ready to rush back into the office just yet. Half of them, understandably, are still worried about the risks of COVID-19, according to a recent survey by Korn Ferry.

The good news is that nearly 65 percent of workers think they’re more productive at home anyways. In fact, roughly 75 percent of employees said that they’ve been able to maintain or improve their productivity at home in another survey by Boston Consulting Group (BCG).

The most challenging part of switching to a virtual workforce is building a remote culture that keeps employees connected and allows for fluid communication and collaboration at all levels.

How to Build Remote Work Culture to Support Virtual Teams

Strong remote work cultures streamline communications to help keep teams connected and on task. BCG recommends employers implement new systems, norms, and technologies to support four key factors (social connectivity, mental health, physical health and workplace tools) that build a strong remote work culture with success strategies including:

Identifying ways to maximize social connectivity among employees
Creating awareness, tools, and benefits that support the mental and physical health of all employees
Investing in and building capabilities to use the technologies, tools, and systems that enable employees to work and collaborate remotely
Measuring employee productivity in conjunction with employee perceptions
Ensuring that the transitions between respective team norms for onsite and remote are as smooth as possible, giving employees a cohesive experience that feels designed, not random

“While COVID-19 has caused great personal, health, and economic hardship, it has also presented a once-in-a-lifetime opportunity to reinvent the workplace,” said Debbie Lovich, a BCG managing director and senior partner. “And doing so will be essential if companies are to meet employee desires for flexibility while harnessing their potential for productivity and remaining competitive when it comes to recruiting and retaining the best talent.”

Remote Work Culture and Employee Recognition

Employee recognition is an important part of workplace culture and nearly half of employees have been frustrated about their efforts not being recognized in a remote work environment, according to a survey by Prodoscore. When asked how they would feel about a tool that would allow their daily contributions to be recognized versus only the end result, 80 percent responded positively.

“We were not surprised to learn that the majority of employees surveyed were not only open to giving employers visibility into their workday but welcomed it,” said Sam Naficy, CEO of Prodoscore.

When asked what would be most beneficial to their remote productivity, over 30 percent of employees said visibility software that identifies ways to be more efficient, 25 percent said collaboration tools and 21 percent said video conferencing.

Employees want their employers to find ways to recognize their hard work in a remote setting and they also want tools to help them communicate and collaborate with their teammates more easily.

According to BCG, even after the COVID-19 pandemic is over, 60 percent of employees want to maintain some flexibility in where and/or when they work. Many employers have started looking into ways to extend remote work offerings to reduce overhead costs, expand their talent recruitment pool, increase job satisfaction and bolster retention efforts.

It’s all the more reason to focus on building a strong remote work culture now and improved communication is key to achieving that.

Challenges of Working From Home During the Coronavirus Pandemic

by LizStevens | Jul 21, 2020 | Blog

Challenges of working from home during the coronavirus pandemic and what employers can do to help employees feel less stressed and be more productive.

Many employers are pushing back timelines for employees to return to the workplace as the number of new cases of COVID-19 surges in the U.S.

Working from home is the best way to keep employees who have the capability to do so safe. But it doesn’t come without its challenges.

Employees working remotely during the coronavirus pandemic grapple with distractions, the blurred line between work/home and they also have trouble maintaining a routine, according to research by JDP.

Employers can limit each of these drains on productivity and job satisfaction to lower the risk of burnout and keep the team connected while employees continue to work from home.

Challenges of Working From Home During the Coronavirus Pandemic

Here are the top challenges employees struggle with when working from home and what employers can do to help lessen their impact:

Distractions

54 percent of employees have more distractions at home
40 percent of employees find it hard to focus on work at home
15 percent of employees find it hard to focus on work with everything going on in the world

Employers can help employees limit distractions while working from home by being upfront about them. Discuss how typical distractions like pets, children and technology can pull from their focus and what they can do about it.

For example, employees with kids might set up a work station in a guest room rather than at a busy kitchen table or at a corner in a loud living room. Workers with pets could start taking a long walk with the dog before work so it isn’t as energetic and distracting later. Employees who are anxious about everything going on in the world could try turning off news notifications during work hours.

Every employee deals with varying distractions but prompting them to identify what pulls from their focus and helping them find ways to work around or work with it can make a big difference.

Lacking a Routine and Work-Life Balance

66 percent of employees are more likely to work nights and weekends when working from home
49 percent of employees found it hard to keep boundaries between work and home life
28 percent of employees are starting and finishing work later when working from home

Establishing a healthy routine and setting strong boundaries between work life and home life is critical to successfully working from home. It’s important for employees to have a set schedule when working from home but it’s also complicated because one of the major perks of remote work is having some flexibility over how and when they get their work done. Employees should aim to work on the same days for the same amount of time each week but remain flexible and communicate with employers if that schedule needs to be adjusted slightly for things like childcare, medical appointments or other responsibilities.

The Future of Working From Home

More than 80 percent of employers plan to permit employees to work from home on a part or full-time basis even after the coronavirus pandemic and over 40 percent of employers plan to provide more flex days and flex hours to improve the employee experience.

“As business leaders plan and execute the reopening of their workplaces, they are evaluating more permanent remote working arrangements as a way to meet employee expectations and to build more resilient business operations,” says Elisabeth Joyce, vice president of advisory in the Gartner HR practice.

The trend towards flexible work arrangements isn’t slowing down. If anything, it’s gaining speed and employers who consider how remote work and increased flexibility fit into their organization and how they can meet the challenges of managing a more complex, hybrid workforce position themselves for success.

Coronavirus 2020: Supporting Employees During COVID-19

by LizStevens | Apr 21, 2020 | Blog

Coronavirus 2020: supporting employees during COVID-19. Employees are stressed out, disengaged and it’s hard to maintain productivity amidst the coronavirus pandemic.

Employees are less engaged, less productive and less positive about their careers due to the COVID-19 pandemic, according to a survey by Eagle Hill Consulting.

More than 40 percent of workers are experiencing burnout, a term used to describe prolonged and intense stress, and over 35 percent of employees don’t think their organization is doing anything to help.

It’s up to employers to re-engage workers and reduce employee burnout, but it won’t be easy. According to the Society for Human Resource Management (SHRM), more than 60 percent of employers have had a difficult time maintaining employee morale during the coronavirus pandemic.

Coronavirus 2020: Supporting Employees During COVID-19 Pandemic

How to Tell If an Employee Is at Risk of Burnout

When evaluating employees for risk of burnout look for the most common symptoms:

Exhaustion
Frustration
Forgetfulness
Anxiety
Inability to keep up with daily tasks

Parents are particularly at risk of burnout during the coronavirus pandemic. Sixty percent of working mothers and fathers already experience burnout. School closings due to COVID-19 have many parents juggling roles as workers, teachers and caregivers all at the same time, heightening their risk of burning out.

What’s Causing Employee Burnout?

Workers responding to a survey by Eagle Hill Consulting said these are the things that are making them feel burnt out:

Workload
Lack of work-life balance
Lack of communication, feedback and support
Time pressures
Performance expectations

Flexibility is critical in a crisis. Monitor workloads, consider extensions and check-in on employees frequently to limit burnout and boost morale during the coronavirus pandemic.

How Employers Are Battling Burnout

These are the most common ways employers are managing burnout during the coronavirus pandemic according to Eagle Hill Consulting:

34 percent of organizations are increasing flexibility
26 percent are improving communication
20 percent are providing mental and physical wellness resources
19 percent are changing goals and targets based on the situation today
18 percent are making workloads more manageable

Most organizations have had to make some changes to continue operating throughout the coronavirus pandemic. Employers who are flexible, communicative and understanding of the challenges employees are facing can limit burnout and maintain a positive work environment.

How Financial Stress Impacts Job Performance

by LizStevens | Feb 5, 2020 | Blog

How financial stress impacts job performance. Financial stress makes it harder for employees to concentrate, problem-solve and collaborate with coworkers.

Nearly 60 percent of Americans feel like their finances have taken control of their lives, according to research by Capital One and The Decision Lab.

Financial stress impacts their performance at work and the more stressed they are the less likely they are to make smart decisions when it comes to spending and saving.

How Financial Stress Impacts Job Performance

More than 40 percent of Americans admit financial stress makes it difficult for them to concentrate at work. Research by John Hancock Retirement found the loss of productivity combined with absenteeism from financial stress costs employers more than an estimated $1,900 per year, per employee, and total an estimated annual loss of $1 million for midsized employers and $19 million for large employers.

Financial stress causes feelings of fatigue and interferes with sleep for more than 40 percent of employees. A survey by Bankrate found closer to 80 percent of U.S. adults are losing sleep worrying about everyday expenses, saving for retirement and healthcare costs. Sleep deprivation can impair cognitive ability, making it harder for employees to think and process information.

Financial stress has a significant impact on employees at work. It can lead to lowered productivity, impair the ability to problem solve and moodiness or irritability from loss of sleep could make it difficult for employees to collaborate and communicate effectively.

How Employees React to High Levels of Financial Stress

In their research, Capital One and The Decision Lab found that even when they controlled for household income and FICO scores, high levels of financial stress were linked to worse financial attitudes and practices. Those who experience a high level of financial stress are:

Less likely to save on a regular basis
Less likely to plan their spending
Less likely to feel in control
More impulsive with how they spend their paycheck
Less likely to agree that success comes to those who work hard

How Financial Wellness Programs Help

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.

Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.

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.

HR Trends 2021: Which Benefits Do Employees Value Most?

HR Trends 2021: Which Benefits Do Employees Value Most?

The Importance of Benefits Communication

More on Topics Related to HR Trends: What Benefits Do Employees Value Most?

How to Build Remote Work Culture to Support Virtual Teams

How to Build Remote Work Culture to Support Virtual Teams

Remote Work Culture and Employee Recognition

More on Topics Related to How to Build Remote Work Culture to Support Virtual Teams

Challenges of Working From Home During the Coronavirus Pandemic

Challenges of Working From Home During the Coronavirus Pandemic

Distractions

Lacking a Routine and Work-Life Balance

The Future of Working From Home

More on Topics Related to the Challenges of Working From Home During the Coronavirus Pandemic

Coronavirus 2020: Supporting Employees During COVID-19

Coronavirus 2020: Supporting Employees During COVID-19 Pandemic

How to Tell If an Employee Is at Risk of Burnout

What’s Causing Employee Burnout?

How Employers Are Battling Burnout

More on Topics Related to Supporting Employees During COVID-19

How Financial Stress Impacts Job Performance

How Financial Stress Impacts Job Performance

How Employees React to High Levels of Financial Stress

How Financial Wellness Programs Help

More on Topics Related to Financial Stress and Work Performance

Categories

Recent Post

Archives

Best Money Moves
Newsletter Sign-up