women in business Archives - Best Money Moves

3 Unique Challenges Facing Women in the Workplace

by Amirah Ford | Jul 12, 2023 | Blog

3 unique challenges facing women in the workplace. Women in the workplace face many unique challenges compared to their male coworkers. What steps can you take to improve the experience of your team?

Although women in the workplace have come a long way in the fight for parity, employees still face many unique challenges compared to their male coworkers. This year, in Deloitte’s 2023 Women @ Work report, Deloitte shares several powerful insights into women’s unique challenges at work.

We’ve highlighted our top three takeaways from the survey, along with 3 solutions to promote equity and inclusion for all members of your team.

1. Over 50% of women in the workplace struggle with their mental health

Mental health in the workplace looks very different today than from pre-pandemic times — companies provide increasingly more support and open discussion about the importance of mental health. However, despite this progress, more than half of women say they’re concerned about their mental health.

On top of chronic stress and burnout, women increasingly report that they don’t feel like they can turn “off” from work (60% per Deloitte’s report). This means that in moments where female employees are supposed to be “off” or unplugged from work (e.g., time off, vacation, break time, etc.), there’s a looming pressure to be plugged into work (often by checking emails, replying to direct messages or even actively working or projects). Without having time to turn off and unplug, women’s well-being and overall productivity become at risk.

Having the opportunity to rest and recharge allows employees to show up as their best selves. Managers, executives and HR professionals alike can support employees’ mental health by finding ways to ensure protected time off. For instance, when an employee is granted time off, ensure there are systems in place such as effective project management, balancing workloads or even looping in additional support resources.

2. Women with menstrual health and menopausal challenges suffer in silence.

The lack of open dialogue around women’s health has caused many of them to suffer in silence, including in the workplace. About 40% of women with menstrual health challenges report that they work through their pain and ailment, as opposed to speaking up and requesting time off. This is largely because of the prevailing stigma and lack of support around women’s health, especially in the workplace.

For the few women that did end up taking time off and disclosed menstrual health or menopause as the reason why, several expressed that they did not receive the appropriate support from their employer, according to Deloitte’s findings. About 5% of the women surveyed say this lack of support was a contributing factor in them leaving their employer.

Supporting women’s health and well-being may require companies to revisit and update policies around sick leave and/or personal days. For instance, it may be beneficial to change the language in your corporate handbook to explicitly include menstrual and menopausal health as valid reasons to take sick time and/or a personal day. This can extend inclusive and equitable support for any women and non-binary employee dealing with menopausal and menstrual health challenges.

3. About 60% of women in the workplace worry about financial security

A leading worry among women in the workplace is financial security — according to Deloitte’s report, about 60% of women cite money as a top concern. And financial stability and security is an even greater worry among women of color.

There are several factors behind women’s financial stress and worry — first, women tend to earn less wages than men for the same work (and women of color earn even less than their white peers). On top of the gender wage gap, many women feel the need to prioritize their partner’s career over their own — largely because their partner is the breadwinner. Regardless of a person’s financial standing, financial stress can affect anyone — but with the right tools and resources, financial stress can be addressed and dialed down.

One way companies can help women improve their financial wellness and security is by offering targeted financial wellness benefits. One of the first places employees turn to for well-being support is their place of work. By offering a robust financial wellness program, companies can support women employees toward improved financial well-being and security. Moreover, these benefits can empower women employees to confidently manage their finances and improve their financial well-being.

Looking for a financial wellness program fit for all? 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 well-being.

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!

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 Benefits to Support Working Women

by Amirah Ford | May 18, 2022 | Blog

4 benefits to support working women. Female employees face unique hurdles in the post-COVID workforce. These 4 benefits can help support working women.

The COVID-19 pandemic led to an unprecedented number of women exiting the workforce. Academics and employers alike have coined the term “she-cession” to highlight this exodus, particularly women with young children

There are two key drivers behind this phenomenon, according to an International Monetary Fund (IMF) report. One driver is women work in occupations and industries that were disproportionately affected by COVID-related job losses. Driver two is, school closures forced women to choose between caregiving and their career.

Here are 4 ways organizations can support working women through this difficult period.

1. Support working women with on-site childcare or subsidies.

Amid school closures and limited daycare options, data shows that the burden of childcare has had detrimental effects on women’s employment. This is largely because societal expectations position women as the primary caregiver, even if that comes at the expense of their job. According to an IMF report, the burden of childcare accounts for 45% of the increase in the employment gap between men and women.

By offering childcare benefits like on-site daycare or subsidies, companies can help support women as both employees and working moms without the stress and costs of childcare. In fact, childcare benefits show that your company is a family-friendly employer, which can go a long way in attracting and retaining top talent.

2. Consider menstrual leave as an added health benefit.

Menstruating employees may experience menstrual health issues that can impede work performance, such as period pain and menopause symptoms. With a focus on equity and employee inclusion, companies are starting to incorporate menstrual leave into employee benefit packages.

Menstrual leave would allow employees to take time off for menstrual or menopausal symptoms, in addition to their regular vacation and sick leave. This allows employees to recover without the pressures of 24/7 productivity. Moreover, it helps foster inclusivity within the workplace and increase company-employee trust.

3. Focus on financial empowerment to support working women.

Across different indicators of financial wellness, women tend to report a lower level of financial wellness compared to men. Women employees have less access to financial advice compared to men, according to a Morgan Stanley survey, and they’re less likely to express a need for financial advice to their employers.

To promote financial wellbeing, specifically women’s financial empowerment, companies can invest in financial wellness programs and tailor them to the needs of working women. From loan calculators to money coaching, financial wellness resources can help equip women with the necessary tools to meet their personal finance goals (e.g., planning for college or learning about stock investments). Moreover, this can help address financial gender gaps, like wealth and access to advice.

4. Invest in accessible breastfeeding resources.

Transitioning back to the workplace is often difficult, and it even more challenging for breastfeeding parents. Studies have shown that breastfeeding has benefits for both parent and baby; however, most work environments don’t adequately support breastfeeding employees. This is one of many reasons why many women feel forced to choose between their jobs and caregiving.

Companies can extend support by offering breastfeeding resources. A simple way to start is by providing reasonable and protected break time for nursing employees to pump their breast milk. Some companies have even invested in breast milk delivery services, so moms can send home milk even on work travel. Regardless of the solution, it is important that company policy is implemented to protect the rights of breastfeeding employees and ensure that they don’t receive formal or informal penalties.

Attract and retain top talent with financial wellness solutions from Best Money Moves.

Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age.

Whether it be college planning or securing a mortgage, Best Money Moves can 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.

4 Ways to Support Female Team Members After COVID

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

4 Ways to Support Female Team Members After COVID. Research increasingly finds that women have been disproportionately affected by the pandemic. What can employers do to support female team members?

Women, especially women of color, have been disproportionately impacted by the COVID-19 pandemic. According to a 2020 study conducted by McKinsey & Company, women comprise roughly 39 percent of global employment, but have accounted for 54 percent of all pandemic-related job losses.

Even as the pandemic wanes, many women continue to face long-term hurdles to their career development due to inaccessible childcare options or gaps in their work history from forced time off. What can employers do to provide better support to these female team members?

Consider these 4 benefits that can help provide much needed support to women in your post-pandemic workforce.

1. Facilitate flexibility for all employees.

It comes as no surprise that many women with families are still the primary caregivers in their homes. In fact, according to research from the Society of Human Resource Management, as many as one in five people know a woman who left the workforce during the pandemic in order to handle child care that became suddenly inaccessible after daycares and schools closed.

Consider pivoting your team to a results-focused rather than time-focused schedule. This can not only support productivity, but also keep workers less stressed and more focused as they know they have support for their duties both at work and at home.

2. Provide paid parental leave for new parents, regardless of gender.

Similarly, if your workers are welcoming a new family member as part of the anticipated post-COVID baby boom, aim to provide mothers and fathers alike with paid parental leave. According to a report from the U.S. Bureau of Labor Statistics, only 21% of US workers have access to paid family leave through their employers. This puts the U.S. well behind any other wealthy country, where paid parental leave is not only available, but often nationally mandated.

Paid parental leave has been shown to help combat income inequality and improve job continuity, especially for lower-income families. Plus, providing leave to men in addition to women normalizes the practice and combats the “motherhood” bias. This is a prejudice that women may face in competitive fields should they choose to take time off work to be with their new children.

3. When hiring new team members, be realistic about the gaps in work history related to the pandemic.

For those women forced out of the workforce by the pandemic, returning to the office may not be as simple as picking up their careers where they left off. Even as they return to work, many women fear long-term damage to their career trajectory and salaries, which have been thrown off track by the unexpected absence. When approaching the hiring process after COVID, try not to penalize applicants who may have been forced to take time off work due to the pandemic.

4. Institute (and stick to) pay equity measures among team members.

Finally, and perhaps most importantly, be sure that you compensate your female workers with the same criteria you use to compensate male employees. On average, white women still earn only 79 cents to every dollar that their male coworkers earn for the same positions. Women of color are often even more significantly impacted, earning anywhere from 54 to 62 cents on the dollar compared to white men.

One idea some companies are using to successfully address this issue is to conduct transparent salary audits. This holds the company accountable and signals to potential employees that there is an active effort to achieve equity. Another successful strategy is banning inquiries about past salaries. This effort stops employers from importing unequal salaries from past companies.

Gender equality benefits all employees in your organization. Be sure to review and update your strategy for gender parity often to make sure you’re supporting the team members who may need it most.

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

Reach Your Company’s Goals with Financial Wellness Programs

by ryanwangman | Aug 1, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on financial wellness, business milestones and payday advances.

The research is in, and employees want financial wellness programs. A recent Bank of America study found that 91 percent of employees who participate in financial wellness programs say those resources have helped them. Similarly, 95 percent of employers who offer those programs agree that these support systems have been effective in reaching their company’s goals.

Financial wellness programs provide tangible benefits to the businesses that offer them, including greater employee satisfaction, improved productivity, lower turnover rates and potentially lower healthcare costs.

But here’s the problem — less than half of all employees are offered financial wellness plans, and when they are only 31% of those employees participate. Many employees don’t understand how to use — or even find — their programs, desire more personalized help or are too busy to utilize them. Find out how to overcome those issues below.

Here’s How to Increase Participation

What We’re Reading

Financially stressed employees are the new norm. Help Millennials find financial stability to reduce anxiety, take back productivity and lower absenteeism. Here’s how to get started.

Embrace green space in the office. Green space can help reduce mental fatigue to improve productivity and job satisfaction. Financial benefits for employers are an added bonus.

Say hello to “retirement income flooring.” This benefit offers employees an alternate strategy for retirement security that analyzes and addresses retirement needs to reduce stress. What is retirement income flooring?

Free payday advances. New apps allow employees to access their pay more quickly, with one service providing up to half of a prior day’s earnings to workers at no extra cost to them. Is it too good to be true?

Curb lost productivity. Employers say they’re helping to combat workers’ money problems by offering financial education. Here’s how financial literacy can benefit your workplace.

Milestone for women in business. This fall, the University of Southern California will set a new precedent when it enrolls more women than men in its MBA program, the first top-tier business school to reach that mark. What does that mean for other schools?

Get the pay you deserve. Know your worth before going into salary negotiations so you can receive compensation that equals your value. Three things to keep in mind.