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The 5 Best Benefits for Remote and Hybrid Teams

The 5 Best Benefits for Remote and Hybrid Teams

by | 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.
 important stats about the helpfulness of financial wellness for remote and hybrid teams

5 Top Benefits for Remote and Hybrid Teams

  1. 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.

  1. 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. 

  1. 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.

  1. 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.

  1. 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.

5 Ways to Improve Remote Cybersecurity for Your Hybrid Team

5 Ways to Improve Remote Cybersecurity for Your Hybrid Team

by | Oct 12, 2021 | Blog

5 ways to improve remote cybersecurity for your hybrid team. As workforces increasingly pivot to hybrid models, teams need to consider the unique security challenges posed by working from home.

Hybrid work environments, where employees work from home and come to the office, pose unique challenges when it comes to cybersecurity.  In a recent survey conducted by OpenVPN, 90 percent of IT workers polled said they believe remote workers are not secure. Over one-third said they have experienced a security incident due to unsecured remote workers. 

We’ve outlined five ways you can improve your remote cybersecurity, so you can avoid putting your hybrid team at risk. 

1. Set up a secure network.

When you’re in a physical office space, it’s important to have a private, password-protected WiFi network that all employees can use to work. However, when working from home, workers will be using whatever wireless network they have access to remotely. Setting up a virtual private network, or VPN, is one way to add an extra layer of cybersecurity protection. Using a VPN allows people within your company to connect and interact on one, secure private network, regardless of where they are geographically. 

2. Encourage multi-factor authentication (MFA).

Multi-Factor authentication, sometimes also called two-factor authentication, is another way to add a layer of security to your work logins. MFA requires the user to present two different credentials from two different categories when logging in to an account. One of the most common examples is entering a unique password and then entering a verification code that is sent via text or third party authentication app. Because the two factors have to be from different categories, two passwords would not qualify as MFA. This system makes it more difficult for hackers to break into users’ accounts and keeps your work network better protected.

3. Invest in email scanning and encryption software.

Scam emails spiked majorly at the start of the COVID pandemic, with IT company Barracuda Networks saying in April 2020 that it had seen a 667 percent increase in phishing emails amid the health crisis. As such, investing in email scanning or filtering software to detect potentially malicious messages could save you in the long run. Such software typically filters inbound and outbound emails to detect whether they classify as phishing, spam, a virus or a suspicious link. Emails also often contain sensitive or confidential data and it’s important to protect that information from any outsiders. You can do this by using a software to encrypt the data attached to emails on your server to prevent any unintended recipients from seeing it.

4. Keep work and personal technology separate.

A recent HP Wolf Security report conducted during the pandemic found that 46 percent of workers now think of their work laptop as a personal device, while 84 percent of IT leaders surveyed were concerned that using work devices for personal tasks has increased their company’s risk of a security breach. Work from home also presents the problem of workers accessing sensitive data from their personal devices, which may not be as secure as company-issued ones. Both of these situations pose a cybersecurity risk, so you may consider instituting a policy for employees to keep their work and personal devices completely separate whenever possible.

5. Commit to ongoing employee training.

One of the most important aspects of improving your cybersecurity is making sure your employees, and everyone who has access to your network, are on board and up to speed on the best practices. This process can include conducting cybersecurity training sessions or simply sending regular reminders about using the VPN, crafting secure passwords, spotting phishing emails and other fraudulent activity or whatever security concerns apply to your unique situation. 

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

3 Things to Plan For When Returning to Work After COVID-19

3 Things to Plan For When Returning to Work After COVID-19

by | Jun 23, 2021 | Blog

3 things to plan for when returning to work after COVID-19. Workforces nationwide are gearing up to return to physical office spaces. Consider these 3 strategies to help your team with the transition.

At the height of the pandemic, it was hard to imagine crowded restaurants or sidewalks, let alone bustling offices. But now the vaccine rollout has resulted in a return to “normalcy.” While working from home may continue to be an option for some people, a slow and steady return to the office will be the right move for many companies. But how should you take those first cautious steps back into the workplace? 

Let’s break down the three must-haves for your return-to-work strategy.

1. Consider a phased approach.

The key here is not to overwhelm. Inviting all employees back to the office at once is almost sure to create anxiety among employees. Consider scheduling only some of your employees to return and then slowly increasing in-person commitments as needed and as is comfortable for the people in the office. This not only helps maintain social distancing protocols for the early days back, but also gives people extra time to reacclimate to the office.

You might also consider implementing a staggered approach and require certain cohorts of employees to come on different days or weeks. This approach has a few benefits. First, you can maintain physical distance in the office. Second, working in smaller teams can often lead to more intimate bonds. Facilitating social bonds is particularly important after so much time away from one another. The last benefit is that if a situation arises where you need to track a contagious outbreak, you’re limiting exposure and creating a window between groups to further disinfect the office. 

2. Get creative with your office layout.

Once you’re ready to start welcoming your team back (whether all at once or staggered over time), lend a discerning eye to your physical office space. In many cases, especially if your organization is large or open-concept, the office layout that worked for your pre-pandemic workforce might not be useful for your current employees. 

Make sure work spaces are spacious and physical barriers cut clear lines of where employees can/should sit, work, eat or socialize. This not only helps reduce risk and make contact tracing easier, but it makes people feel safe. It’s vitally important to have an office layout that inspires comfort and safety. Ease of mind is top of mind after such an anxiety-inducing time apart.

3. Establish clearly defined health and safety protocol.

The emphasis here is on “clearly defined.” Not only should you create robust guidelines for social distancing and mask expectation, but you should relay them very explicitly to anyone involved in the return to the office. 

Workers have varying opinions about COVID-19 and they may feel comfortable with different levels of risk. Creating straightforward and clearcut rules will improve workflow by avoiding arguments on this front. This applies not only to COVID-19 prevention tactics in the office, but also what workers are expected to do if they think they may be falling ill. Be sure to consider firm rules for handling sick days as as returning to work after an illness. 

Armed with these three pillars of a return-to-work plan, getting back to the office is entirely doable. One final piece of advice, however, is to be flexible. Our times are constantly changing and staying attuned to the best practices requires patience and malleability.

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

4 Predictions for the Future of Remote Work

4 Predictions for the Future of Remote Work

by | May 18, 2021 | Blog

4 predictions for the future of remote work. The COVID-19 pandemic has pivoted much of the American workforce to telecommuting. What does the future of remote work look like in a Post-COVID world?

According to the Pew Research Center, 71 percent of workers who can work from home are. What’s more, 54 percent of those workers have expressed a desire to continue to do so, even after the Coronavirus/COVID-19 pandemic has passed.

The transition to a primarily remote workforce hasn’t been seamless for all organizations, but many employees have come to rely on the increased flexibility and comfort of working from home. Now, with an end to the pandemic in sight, workers are urging their employers to consider new, long-term remote work solutions — and many employers are listening. 

As the conversation around telecommuting grows, here are four predictions for the future of remote work:

1. For many organizations, the hybrid work model is here to stay.

Remote work certainly has its benefits: zero commute time, increased flexibility, and the ability to connect team members who might otherwise work across the country, to name a few.  However, employers and employees seem to be on slightly different pages when it comes to whether or not full-time remote work could really benefit their workforces.

According to a PWC survey from January 2021, 55 percent of employees would prefer to be remote at least three days a week after the pandemic. On the other hand, 68 percent of employers said a typical employee should be in the office at least three days a week. The likely outcome of this dissonance? A new and improved hybrid work model that strikes a balance between complete remote work and time in a physical office.

2. An increase in temporary workers and freelancers is likely.

According to an Upwork survey from June 2020, 59 million people had done freelance work at some point in the past year. Among those respondents, 12 percent only started during the pandemic. Freelance work has long provided employees with needed flexibility and for those out of work, it can be an excellent way to build stability and earn extra cash.

The adaptability of remote work means the pool of freelancers has grown significantly because of the pandemic. For employers, freelancers can be an efficient way to complete tasks without having to onboard a full-time salaried employee. Plus, remote teams mean freelancers can be found in areas outside of where an organization might be headquartered.

3. Cybersecurity will become more important than ever.

If organizations incorporate remote work into their long-term plans, then it’s likely remote security will play a bigger part in daily work than ever before. In fact, we’re already seeing this. According to Cisco’s Future of Secure Remote Work, 97 percent of American organizations already made changes to support remote work. An additional 82 percent said that cybersecurity is extremely important or more important than before COVID-19.

4. Big changes are coming for physical office spaces.

One huge benefit of remote work that’s hard for employers to ignore: remote employees are much cheaper than maintaining a physical office space. So, whether a team is remote full-time or is working on a hybrid strategy, corporate real estate could be in for a big change.  According to the same 2021 PWC survey, 87 percent of executives are planning on changing their real estate strategy in 2021. While many employers plan to consolidate their locations, others are planning to open new satellite offices in more residential areas. In fact, 56 percent of executives think they’ll need more space in the next three years. In short, we’ll be seeing people both accommodate for the hybrid model, but also reinvest in a better in-person experience that makes employees more likely to want to return to the office.

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

4 Best Practices for Communication Among Remote Teams

4 Best Practices for Communication Among Remote Teams

by | Mar 30, 2021 | Blog

4 best practices for communication among remote-work teams. These four remote-work strategies can help keep your workforce connected, regardless of their location. 

They say the most important part of any relationship is communication. For workforces in the new world of remote work, that’s easier said than done. While technological advancements including Zoom, Slack and Google Suite can go a long way in helping teams stay connected, distance among remote-work teams can easily cause miscommunication and mistakes.

What remote-work strategies can employers enact to enhance communication?

What are some successful remote-work strategies that employers can initiate to keep a remote-workforce connected? Consider these four best practices for communication among remote teams during the pandemic.

1. Communication at work goes beyond long-form emails.

One big loss when working from home is that employees may be less willing to reach out to one another on non-work related issues. In the office, team members often connect through casual moments between tasks and during lunch. Casual conversation is not only good for team morale, but may contribute to more creative problem solving and a willingness among employees to help their organization and coworkers.

Finding a space to talk casually and encouraging employees to use that space may help improve communication for remote teams. Quick-paced, instant messaging systems like Slack, Microsoft Teams, Zoom, and Google Hangouts can allow your employees to connect quickly and stay in contact more regularly. Create channels for work announcements, but also allow a space for non-work conversation, and general communication.

2. Clearly define tasks and be open to questions.

This is true for both remote communication and in-person work but has only become more vital in the age of COVID-19. When employees are assigned a task in-person, it’s easy for them to follow up with clarifying questions or ask for additional guidance. The same isn’t always true during remote work. Make sure when an employee has a task, that they know when it’s due, what’s due and exactly how to complete what’s been asked of them. Be open and available to questions in the same way you would be if they were at the desk next to you. This may mean offering up a phone number or chatroom where you can be easily reached or otherwise making sure they know that you’re available to assist as needed.

3. When an issue arises, pick up the phone.

Inevitably, part of leading a team is knowing how to resolve conflict when it arises. Whether a miscommunication about a work assignment, or a disagreement between two team members, be proactive in the way you handle lapses in communication. Email and messaging platforms may provide quick responses, but they also generally lack the emotion and investment that a phone call or video chat can convey. It can be so easy to misinterpret a sentence in an email that would be so obviously non-controversial in a face-to-face or at least in a voice-to-voice conversation. In times of crisis, a quick phone call can often be the best type of communication for remote teams.

4. Communicate more than you think is necessary.

Clarity and shared vision is critical to the success of any team. Working remotely, it’s easy to stay in your individual worlds, but  whether you’re sharing more clarification, information, or just normal conversation, it’s almost always a positive to communicate. It’s not just that you’re erring on the side of caution in terms of transparency. Working from home can be lonely. You want to make people feel involved, engaged and connected.

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