Best Money Moves

Research from Harvard Business Review reveals more than 70% of employees are caregivers in some capacity. Caregiving encompasses everything from basic childcare to supporting elderly family members. And this silent majority desperately needs support. Along with their responsibilities at work, these employee caregivers spend between 20 to 30 hours addressing the needs of their loved ones. The costs associated with caregiving practices can also add to these employees’ financial stress, which can affect their mental health and performance on the job. Here are the three top ways to leverage your benefits to help your employees with their caregiving needs. Read more: https://bit.ly/3CYwlnC #FinancialWellness #EmployeeWellbeing

When considering the costs of benefits, including a financial wellness component may seem unnecessary, especially for small businesses. However, according to Morgan Stanley, 75% of Americans believe that financial wellness should be a part of their company’s programs. It’s also important to note that workers are struggling with their finances at an alarming rate. According to a Bankrate survey, 52% of U.S. adults said their financial issues harmed their mental health, which included an increase in stress. These mental declines impact employees at the office, leading to lower productivity and increased rates of absenteeism. A comprehensive benefits package is one of the best strategies small businesses can use to retain employees and attract top talent. When salaries are comparable, the decision to take an offer often comes down to the level and quality of an employer’s benefits program. Read more: https://bit.ly/3DRWjZJ #FinancialWellness #EmployeeWellbeing

Teachers are trusted with shaping the minds of the next generation. But behind the scenes, many struggle with financial wellness, which impacts job performance and well-being. A Stanford-led study revealed that nearly half of teachers surveyed were frequently anxious about their finances, compared to only 17% of the general population. Another study showed that teachers experiencing financial anxiety were 50% more likely to leave their jobs within two years as well as having worse attendance records. Both of these could negatively affect student performance. With teachers’ financial burdens mounting, financial wellness programs are essential. However, many teachers do not get the help they need. According to RAND Corporation, about 35 percent of teachers report that they do not have access to or are unaware of employer-provided mental and financial health supports. Here are four reasons why financial wellness programs like Best Money Moves are vital for educators. Read more: https://lnkd.in/gARVTF_F #FinancialWellness #Teachers #EmployeeWellbeing

Employee turnover is one of the biggest challenges facing organizations in 2025, with 51% of employees seeking new job opportunities. This is the highest rate since 2015, according to Gallup’s latest measure. Employees’ long-term commitment to their organizations is at an all-time low. Many leaders struggle to understand the causes behind this shift. Meanwhile, the costs of turnover are staggering. Replacing a frontline employee can cost up to 40% of their total salary and replacing a leader costs up to 200%, according to the same Gallup data. The reasons for turnover can vary. However, three often-overlooked factors contribute heavily to the current wave of resignations — financial strain, career stagnation and a lack of managerial communication. By addressing these underlying issues, organizations can mitigate turnover while fostering employee loyalty and satisfaction. Read more: https://bit.ly/4gv4wRx #FinancialWellness #Turnover #EmployeeWellbeing

Studies show that top talent want employers who support their overall well-being — even if that means leaving their current job to meet their needs. So, in today’s job market, employee wellness programs have become more of a “must have” (rather than a “nice-to-have”) to attract and retain top employees. Yet, even for companies that have invested in employee wellness programs, it can be difficult to define and measure success. Learn how best-in-class employers define success for their employee wellness programs and capture positive returns on investment (ROI). Read more: https://bit.ly/3Cuu82W #FinancialWellness #EmployeeWellbeing #ROI

Financial anxiety is a term used to describe the stress associated with a person’s monetary obligations. Debt, lack of savings, unexpected expenses or job loss are all major causes of financial anxiety. People dealing with these issues may have further challenges in the office and their lives at home. Worrying about finances is becoming more commonplace among employees. According to the Mind over Money survey by Capital One and The Decision Lab, 77% of Americans report feeling anxious about their financial situation. With financial anxiety comes decreased productivity and increased absenteeism. Whether your employees are stressing about bills or struggling with saving, taking steps to curb financial anxiety is essential to getting the most out of your workforce. Read more: https://lnkd.in/gFE-iHNG #FinancialLiteracy #EmployeeWellbeing #HR #FinancialWellness

New research on employee stress has revealed useful insights to incorporate into your company’s benefit program. EBRI’s 2024 Workplace Wellness Survey interviewed over 1,500 American employees and uncovered surprising trends that could shape workplace wellness strategies in 2025 and beyond. Above all, employees hope to improve their financial lives to secure their future. Depending on the individual, this could mean anything from contributing to their retirement to getting out of debt. However, one throughline remains — when it comes to relieving employee stress, many employees are looking to their employers to provide the necessary educational resources. Here are four takeaways from the EBRI survey and what they mean for your company. Read more: https://lnkd.in/gHyCn-hM

Happy team = happy life And while money can't buy you happiness, it CAN provide freedom. ?? On this episode of One Next Step, Ilyce Glink—the CEO of Best Money Moves—explains the benefits a financial wellness program could have for your organization. ?? Listen to the episode: https://hubs.ly/Q032LSnV0

Stress has long been known to damage employee mental health, productivity and retention. This is especially true of financial stress. Employees grappling with financial anxiety may be more distracted and less engaged. This translates to higher absenteeism and reduced workplace performance. Moreover, employees view their employers as responsible for financial wellness efforts. According to MetLife’s Employee Benefit Trends Study 2024, 92% of employees want more consistent care from their employers. Wellness benefits must support both immediate financial challenges and long-term goals. Here’s how the right wellness benefits can transform employee wellbeing — and why 2025 may be the perfect time to put these tools into action. Read more: https://bit.ly/42aGrMi

Hybrid work options have become one of the most in-demand employee benefits with research from Stanford University suggesting that employees perceive hybrid work as equivalent to an 8% pay increase. Employees in hybrid positions benefit from increased flexibility, improved work-life balance and significant savings on commute costs. Data from Upwork also suggests that around one-third of the total American workforce will be hybrid or remote by 2025. However, transitioning a team to a hybrid work model can pose challenges regarding company culture. A strong company culture fosters a sense of belonging among employees, which is crucial for their performance, engagement and well-being. Studies indicate that employees who feel connected to a larger organization tend to perform better and experience greater satisfaction in their work. As employees seek more workplace flexibility, organizations must adapt and find ways to help their company culture transcend physical office space. These five strategies can help nurture a thriving company culture in this new hybrid era. #FinancialWellness #EmployeeWellbeing #HR