Most workers could benefit from
For human capital management platform isolved, FinFit was the best offering in this category for its 177,000 employer clients. FinFit's platform provides various financial well-being services: financial coaching,
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The average debt for Americans is hovering around $104,000, including mortgages, car and student loans and credit cards, according to Experian. A mix of easy-to-access tools that help people understand and better manage their money couldn't be more timely, and it's something HR professionals are asking for, says Barry Gauch, VP of strategic alliances and partnerships at isolved.
"You can offer a solution based on demand, but it may not land very well because the provider isn't strong," he says. "[By] coupling demand, evaluation and voice-of-the-customer type of work, we were able to solidify a relationship with FinFit."
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The partnership allows all isolved's clients to offer FinFit as an added benefit, meaning the platform could reach 7 million employees. Because of the different categories of financial wellness offered through the FinFit platform, it transcends age range and economic status, making it an especially good fit for companies with a diverse workforce. With access to coaching resources, education and a view of their broad financial picture, workers in any stage of life can identify where they are and how to reach future goals.
For employers who think that long-term savings perks, such as access to a 401(k) account, are enough, it's time to reevaluate. Resources should also exist to help employees feel more confident about their current spending and saving, and overall financial literacy, says Michael Woodhead, FinFit's chief commercial officer. Sixty-six percent of Americans live paycheck to paycheck, according to MarketWatch, and nearly nine out of 10 overall report feeling financial stress.
When workers engage with good financial wellness benefits, results go beyond increased savings: Close to 90% of FinFit employee members reported improvement to their well-being and stress levels after participating in its programs. Their data also found a 120% increase of employees not living paycheck to paycheck, and employer clients have reported up to a 40% reduction in 401(k) borrowing since making the platform available.
"Americans are living with day-to-day financial stress, and that stress is causing a meaningful impact," Woodhead says. "You have high increases in presenteeism and absenteeism and decreases in overall productivity related to financial stress."
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For isolved, incorporating a single-point financial solution like FinFit is a good way to bring their clients, which include businesses of all sizes in a variety of industries, a way to round out their other benefits for a holistic approach to employee wellness. FinFit works with their employer partners to customize the benefit's rollout and communication to their workforce, and gives them access to trackable data of employee interaction with each of the platform's offerings.
"This is not a bespoke or a custom message that goes out to a certain segment of their employee populations," says Woodhead. "This is something that touches everyone. There is an entry point into a financial wellness platform for almost your entire workforce population."
