Nearly 80% of employees are living paycheck to paycheck, leaving benefit managers no choice but to incorporate robust financial wellness benefits into their offerings to lighten the burden.
Today, just a third of employers
Beyond
Read more:
"If an employee can't pay their rent or put food on the table for their family, and they need $1,000 to get by, we offer them a place where they can come," says Catherine Scagnelli, head of marketing at employee relief fund platform Canary, which provides funds for employees in need through nonprofit grants.
No matter where employees are in their financial wellness journey, these top employers are committed to supporting financial well-being, and they're willing to put their money where their mouth is to prove it.
Pepsi helps employees save smarter
This year, Pepsi is partnering with financial education platform nudge on a "Healthy Money" program, which will support employees across the globe with a personalized financial wellness plan. From
"As we continue to witness a growing need for improved financial literacy driven by external factors such as inflation and economic uncertainty, businesses must recognize the significant impact that poor financial well-being can have on their employees," Tim Perkins, co-founder and CEO at nudge, said in a release. "Personalized, localized solutions can drive meaningful change and improve employee well-being."
Read more:
Canary offers empathy in financial emergencies
Emergency relief access, which can help employees when unexpected expenses hit hard, allocates necessary funds to workers in need. Emergency relief grants from financial wellness platform Canary can be used for a variety of things, from paying monthly bills to an unexpected medical bill or funeral expenses. Once the benefit is made available, employees can log in to the grant application site, answer questions and upload required documents for the Canary team's review. If approved, workers receive the money directly through a PayPal account and do not need to pay it back.
"When an employee applies for grant money in an emergency, sometimes they're applying because [of] things that are really hard to talk about," says Catherine Scagnelli, head of marketing at employee relief fund platform Canary. "Removing that HR layer, where someone doesn't have to report to their boss or let their colleagues know what's happening, lowers the barrier for people who really need money to come and get it because they remain anonymous."
Read more:
Chime commits to life-long financial wellness support
Fintech company Chime is aiming to help meet employees where they are with multi-tiered financial support, including early wage access, a high-yield savings account option and credit-building resources. Whether someone is in the early stages of learning how to budget or feeling very financially secure, there are options to help them keep moving in a positive direction within the same platform.
"Financial health still persists as top of mind for employers," says Jason Lee, who serves as the company's chief of Chime Enterprise. "The economy is still very inflated, and wage growth hasn't kept up with that, so it's hard to get employees to feel like they're being paid adequately. If you help them save and help them budget, someone says, 'Wait a minute, I've been working here for six months, and I actually have savings for the first time ever. I feel like I'm getting paid what I'm worth.'"
Read more:
FinFit takes on loan repayment without the hassle
FinFit's financial wellness platform, which is currently available as a benefit to more than seven million employees, gives access to products like credit lines and loans,
"We use technology to provide access to affordable emergency credit solutions for working Americans who otherwise have only terrible options and unfair options," says Michael Woodhead, chief commercial officer at FinFit. "Once we get engagement from employees, we [provide] an individualized financial action plan that can include coaching, financial literacy, money management and budgeting tools."
Read more:
Banyan Software alleviates the pain of healthcare bills
Healthcare debt is the number one reason Americans file for bankruptcy, and a large part of this stems from hospital stays. Global tech platform Banyan Software rolled out an employee resource fund that workers can access when they face a surprise expense, such as an unexpected medical bill or an expense related to caring for a family member.
"Even when someone is compensated correctly for the work they're doing, it doesn't mean that a several thousand-dollar hit in some category wouldn't be destructive," says Erica Golden, Banyan Software's chief people officer. "To have a company-wide process that allows for our employees to maintain their pride as they're going through a tough time, and feel that the organization would be there for them has provided relief that has been very emotional for our employees."
Read more:
