Wellness includes mental, psychological and physical health; don’t dismiss it!
Employee wellness is at a crossroads in 2024. Despite increased attention from employers, mental and emotional health challenges remain distressingly common in the workplace. In a recent ADP survey, nearly half of employees said their work has suffered due to poor mental health. Additionally, the number one cited workspace challenge was burnout.[i] These results should serve as a wakeup call for businesses, especially when you consider the consequences.
Many business leaders know turnover is a huge driver of costs, with some estimates saying that replacing a worker can cost “half to four times the employee’s annual salary.”[ii] That means if you’re “hiring for a job that pays $60,000, you could be spending upwards of $180,000 to fill that role.”[iii]
Given these costs, investing in employee wellness is not just beneficial — it’s essential. To mark National Wellness Month this August, we spoke with Alliant National HR Director Stacy Stolen about the significance of wellness and how agencies can better address this crucial need.
The multifaceted nature of wellness
Most people would agree that workplace wellness matters. However, if you asked folks about what exactly goes into wellness, you’d probably get a range of answers. That’s because wellness isn’t one thing but the “culmination of one’s mental, psychological AND physical health,” said Stolen. “Achieving wellness is a uniquely individual experience,” she continued. “It’s based on one’s lifestyle, identities, cultural understanding and commitment level to change.” Businesses must embrace this idea and approach wellness with something more than a one-size-fits-all approach.
The relationship between wellness and inclusion
Naturally, this means wellness connects with inclusion, a topic previously explored on this blog. Inclusion initiatives, said Stolen, “help employees feel safe bringing more of themselves to work.” This approach is different from what has often been done historically, which required employees to downplay “parts of themselves for purposes of assimilation.” When companies show that they genuinely value every team member’s knowledge, skills, input and life experience, they help foster an inclusive culture which, in turn, promotes employee wellness. This doesn’t happen automatically, said Stolen. It requires “a trusting relationship between employer and employee” born out of a company making “intentional and informed choices that allow [employes] to fully show up and contribute their maximum potential.”
Connecting the individual to the collective
How does a business make space for everyone’s individual needs while still focusing on its collective identity and goals? For Stolen, it is a symbiotic relationship. “By working collaboratively with each other through the process of learning and unlearning,” she said, “we can ensure the success of the individual AND the collective.”
Much of this can be accomplished by simply reframing the golden rule of “treating others as you want to be treated,” to treating “others as they want to be treated.” By doing so, employees stop seeing everything solely through the lens of personal experiences. Over time, a culture emerges where employees genuinely want to recognize the experiences of others. That’s because they will feel confident that their own experiences and abilities will also be respected and embraced.
Wellness in action at Alliant National
There are numerous ways that organizations can cultivate wellness in the workplace. Here are of some of tools and resources Alliant National has created to contribute to the wellness of staff and external agents:
A standing activity at all-company calls,which is designed to give executive leadership a moment to address staff concerns and increase transparency.
An “Employee Resource Group,” which champions “Caring” across all levels and functions of the organization.
A paid volunteer day for all employees.
An “employee engagement team” whose purpose is to create an environment where employees feel engaged, rewarded and personally committed.
All-staff wellness challenges, such as a recent “Fitness Challenge.”
“Mental Health Awareness” month activities, wheremanagers focus on encouraging work/life balance, sharing mental health resources and making space for employees to find support.
CEO email check-ins on employee stress levels.
The Alliant National Employee Assistance Program (EAP), which delivers free, professional and confidential support and guidance to employees and their families in the following areas:
Family
Work
Money
Legal services
Identity theft recovery
Health
Everyday life concerns
Company-wide, HR-led meetings that are specifically geared toward addressing wellness.
The lasting importance of wellness
When asked for her final thoughts on wellness, Stolen was unequivocal: “The work we do is already stressful, right? We don’t need to add additional layers and barriers to entry. Instead, we want to open doors and drive innovation. We must rethink what we’ve been taught about others and center employee wellness as a foundational pillar to company success.”
Ensuring that all employees feel their experiences and capabilities are valued can go a long way toward building this type of wellness and helping businesses thrive. Incorporating strategies and resources such as those listed earlier can be similarly effective.
Stolen reinforced these ideas, noting that when companies take these steps, everyone benefits. “Toxic workplaces obviously can damage one’s mental state, whereas an inclusive and safe environment can motivate people,” she said. “Companies should want to address these issues because it’s the right thing to do and because it’s a business necessity. If you don’t ensure employee wellbeing, it can have negative impacts on your team and lead to poor business outcomes.”
Build out your SWOT for a complete picture of your business.
As any business leader knows, there is a huge difference between having an idea for your business and bringing it to fruition. One way to increase your chances of success is to utilize what’s known as a SWOT analysis. SWOTs bring increased visibility to your operations, while providing an honest assessment of your company’s capabilities. The exercise’s insights can then be used for more informed decision-making. Let’s explore what’s involved in doing this work and doing it right.
What is SWOT?
The “SWOT” in “SWOT analysis” is an acronym for strengths, weaknesses, opportunities and threats. Here’s some additional detail on each point:
Strengths are everything you have going for you with your business. This can include things like a strong balance sheet, top talent or a high net promoter score.
Weaknesses are the opposite. They can include high turnover, significant customer churn or outdated and inefficient technology.
Opportunities involve industry trends that you can capitalize on. Some examples are regulatory changes, strategic partnerships or positive changes in customer behavior.
Threats include anything that might imperil your business in the short and long term. Threats could be negative economic forecasts, supply chain disruptions or new competitors in the market.
Create your dream team
The first thing to realize about doing a SWOT is that it’s pretty difficult to pull off alone. No business leader is going to know everything about their organization. You need a team with you that has first-hand knowledge of each aspect of your business. Include different department heads and stakeholders from both in and outside of your company.
Dig into the data
Next, begin collecting data – and lots of it. Compile information on internal processes, review existing resources and pull up any performance metrics you have on hand. Some specific examples could include:
Financial reports
Brand recognition data
Customer reviews
Employee feedback
Draw conclusions and establish your matrix
Once you’ve gathered these insights, start identifying your company’s strengths and weaknesses. Drill down on what is working well and pay attention to any unique selling propositions. Then, do the reverse and look at what is not working. Be open and transparent here. It is the only way to get an accurate picture of what might prevent you from achieving your goals. Next, catalog opportunities and threats. Write down anything that might enable or prevent you from taking your business where you want it to go in the near and long term.
Now organize your thoughts via a SWOT matrix. It’s often easiest to group elements by: 1.)internal factors, that is, your strengths and weaknesses, followed by 2.) external factors, also known as your opportunities and threats.
Analyze your results and plan for action
You can then start putting together an action plan to achieve your organizational objectives, armed with the knowledge that you have an informed outlook on your business’s prospects. Be sure your plan works in unison with your SWOT. When done right, your plan’s strategies, tactics and decision points will grow organically out of your matrix.
Moving forward
Like any piece of strategic planning collateral, always remember a SWOT is a living document. As your business changes or the market shifts, don’t forget to update your analysis so it remains accurate and helpful. That way, you will always have a powerful tool on hand that will help you see your business clearly and make more strategic decisions.
SecureMyTransaction from Alliant National is reshaping fraud prevention in real estate. Listen in as Alliant National Risk Management and Data Privacy Officer Tom Weyant, and Jerome Magana with Select Specialty Insurance, discuss how cutting-edge technologies and business insurance coverages work together to help you safeguard transactions, protect clients, and preserve your business.
VP, Risk Management and Data Privacy Officer CQA, CFE American Society for Quality (ASQ®) Member Association of Certified Fraud Examiners (ACFE®) Member d: 303.682.9800 x530 | c: 720.534.6235 e: tweyant@alliantnational.com
According to PositivePsychology.com, as humans we are innately wired to pursue instant gratification. It’s natural for us to want good things, and to want them NOW. In fact, the urge for immediacy surely benefited pre-modern humans as their very survival often hinged upon making instantaneous decisions followed by taking immediate actions (e.g.“there’s a Tyrannosaurus rex headed my way … I’d betterrun and take cover!”). Humans today are not so different from their ancient ancestors – we, too, want immediacy, especially when it comes to the acquisition of wealth – whether that translates into the speed with which we receive funds or the swiftness with which we get title to real property under contract.
A Catalyst Corporate Credit Union blog reported that recent studies have shown “[a] staggering 70% of consumers express that having faster payment options from their financial institution is an important driver of satisfaction.” Thanks to advances in fintech, we now have a payment rail with two trains riding upon it to deliver that instant gratification. These two “trains” are Real Time Payments (RTP) and FedNow. They both move so FAST (almost instantaneously) that you and your customers can enjoy the ability to transfer funds 24/7, 365 days of the year in real time. With no waiting periods to transfer funds, just imagine how much faster your closings can take place – they can occur on holidays, weekends, and anytime convenient for you and the parties to the transaction!
Since 2017, RTP has been operated by The Clearing House (TCH), a consortium of member financial institutions; TCH’s RTP Network lists approximately 373 participating Financial Institutions (FIs).
On July 20, 2023, FedNow – the Federal Reserve’s interbank, instant payment infrastructure – went live; it launched with35 participating FIs, the U.S. Department of the Treasury’s Bureau of the Fiscal Service and 16 service providers, but it has the potential to service all depository institutions eligible to hold accounts at the Reserve Banks – currently estimated at more than 10,000 banks and credit unions! FedNow promises to be a real game-changer for the national economy, and especially for our industry.
Let’s talk about what FedNow can do for you. At this time, the FedNow Service supports account-to-account and consumer-to-business bill pay use cases. The maximum credit transfer amount is $500,000, but participating FIs have the option to provide a lesser amount (so you may want to check with the transferor’s FI in advance to make sure that you know its dollar limits). With FedNow, businesses and individuals can also request a payment (referred to as a RFP or “Request for Payment”) from a recipient. For example, with FedNow you can electronically send “Betty Buyer” a request for the balance of cash needed to close her transaction; there is even a “zero-dollar request for payment” pre-validation tool available to make sure that the end-customer has the ability to receive and act on the RFP prior to the biller actually sending one. We can anticipate that FedNow will be able to do even more in the future as its functionality is expected to increase in phases. To learn more about FedNow, and when and how it may be available for your use, please visit FedNowExplorer.org.
Lastly, if you want to know more about the BIG picture – RTP, FedNow, the Good Funds Laws, and Payment Service Providers (e.g. Venmo and PayPal) – and how these mechanisms and laws affect each other and work together, read our in-depth white paper, “Moving Money in a Real Estate Transaction.”
If there is a buck to be made, fraudsters will figure out how to lie, cheat, steal, swindle, hoodwink, dupe, con and bamboozle their victims in an effort to drain the bank accounts of homebuyers and sellers, lenders, title agents and real estate agents.
The first step in defeating the criminals is to understand the types of schemes that are afoot. The next step is to educate parties to the real estate transaction, to raise awareness of potential scams, and identify the warning signs.
Here is an overview you can share outlining the most common real estate industry schemes that participants may encounter.
Mortgage fraud scams
There are two basic types of mortgage fraud: fraud for profit and fraud for property.
Fraud for profit often involves real estate professionals or investors, for instance:
Property flipping, where an investor purchases a property and then quickly resells it at a profit after acquiring an inflated appraisal.
Equity skimming, where a team of fraudsters using straw buyers and false documentation acquire – and often quickly transfer a property – for the purpose of collecting rent without ever intending to pay the mortgage or property taxes, eventually letting the property fall into foreclosure.
Air loan, where a fraudster uses a straw or non-existent buyer to acquire mortgage funds for a non-existent property.
Appraisal fraud, where a real estate agent pays off an appraiser to inflate the value of the property for the purpose of increasing their commission.
Fraud for property often involves a buyer providing false information to qualify for a mortgage, for example:
The borrower falsifies employment verification letters or uses stolen pay stubs or tax returns.
The borrower steals someone else’s identity, including Social Security numbers, birth dates, and addresses, to acquire a mortgage.
Real estate scams
In a real estate scam, a fraudster swindles the buyer by misrepresenting the value of the property or by selling a property they do not actually own. Here are a few examples:
Home inspection scams: A fake home inspector is hired to perform an inspection for the purpose of deliberately hiding potential problems with the property.
Vacant lot scams: A fraudster identifies an empty lot free of liens – and often owned by an out of state owner – then pretending to be the owner, lists the property with a real estate agent. The fraudster often lists the property at below market value to ensure a quick sale.
Fraudulent deed scams: Through identity theft or fraudulent deed transfer, the scammer transfers title to a property to themselves and then sells the property out from under the true owner.
Fraud against consumers
Consumers are the most vulnerable targets when it comes to fraudulent activity in the real estate transaction because they generally are not aware of many of the schemes used to infiltrate the deal or prey on their ignorance. Wire transfer fraud and foreclosure rescue schemes continue to be the most damaging and costly to consumers.
Wire transfer fraud is the most devastating of all consumer fraud schemes, as it often wipes out the assets of the individual homebuyer or seller. In a wire fraud scheme, the criminal often infiltrates a real estate transaction through email phishing tactics, then poses as a participant in the transaction for the purpose of convincing the buyer or title company to divert funds to a fraudulent account.
Foreclosure rescue scams are also on the rise. Here are four different tactics fraudsters employ:
Negotiation fake out: The fraudster takes money from a distressed homeowner promising to negotiate an agreement with the servicer or lender and then fails to provide any meaningful assistance.
Bait and switch: The homeowner is asked to sign documents purportedly to bring the mortgage current but in actuality the owner unknowingly signs a document transferring the deed to the fraudster.
Rent-to-own: The homeowner signs a deed to the scammer under a rent-to-own agreement believing they will be able to buy the home back, but instead the fraudster sells the home without the knowledge of the owner.
Equity skimming: The owner signs a deed to the fraudster with the promise they will profit from a refinance, but instead, the fraudster leases back the property to the owner, pockets the owner’s money and eventually lets the property fall into foreclosure.
Text, email or phone scams
Of course, you don’t need to be actively involved in a real estate transaction to be the target of criminals. Text, email and phone scams are also on the rise and victims fall prey to these schemes in alarming numbers. Recent homebuyers and sellers may be particularly vulnerable to these types of scams amidst the commotion of moving and changing information to reflect new residences.
Here are a few of the most common:
Bank fraud alerts: You may receive a text, email or phone call alerting you to “suspicious activity” in your bank account. You may be asked to provide sensitive information to verify your identity or be invited to click on a link that leads you directly into the hands of the fraudster for the purpose of identity theft or getting access to your account.
Delivery problems: We are so accustomed to getting alerts from our delivery services, whether it is the U.S. Postal Service, FedEx or UPS, that we don’t think twice before clicking on a link that alerts us to a delivery problem or delay. A fake alert may direct you to a website that requests a fee to correct the delivery error or requires you to enter a credit card number or provide information that could lead to identity theft.
Fake Amazon orders: You may get a notice from Amazon or other online retail service impersonators asking you to verify an order that you know you never placed. The fraudster will offer to fix the problem for you, if you will just give them information, credit card numbers, or access to your account, all of which spells trouble if you follow through.
Subscription cancellations: Threats are a fraudster’s most effective tactic. When you learn that your subscription to something you rely on every day is about to be cancelled, i.e., video conferencing solution, anti-virus software or a favorite streaming service, you may not think twice before clicking on the re-subscribe button and providing your credit card information.
“Free” gifts: Sometimes fraudsters pretend to be one of your favorite service providers or shopping sites and offer to send a “free” gift if you will just give them your credit card information to pay for the shipping cost.
Red flags of fraud
Scam artists are very adept at preying on the emotions of their victims. Here are a few red flags to be aware of should someone reach out to you under the guise of one of these schemes:
They impersonate a company, organization, or government agency you are connected with.
They instill fear in you by suggesting there is a problem.
They entice you by promising something free or saying you won a prize.
They pressure you by insisting that you must act quickly to avert a disaster.
They require you to provide birth date, social security information or credit card numbers that you know you should never give out.
Fraud schemes like these are successful only when their mark cooperates. In all cases, it is important to slow down and think about what we are being told or asked to do. If your instincts are telling you something is off, it is best to investigate before responding.
If you are concerned that the request that is being made or the information provided may be illegitimate, it is crucial that you reach out directly to the company or individual by a phone number already in your records, rather than respond to an inbound phone call, text or email.
Final note
At Alliant National, we invite agents to share their stories to help us spread the word on how to protect all of our customers from becoming victims of fraud. Please email us your stories at: fraudhotline@alliantnational.com.
In addition, agents who prevent a fraudulent transaction from being insured by Alliant National may qualify for a reward through Alliant National’s Crime Watch Program. Please visit https://alliantnational.com/title-claims/crime-watch-program/ for more information.
