How to Empower Veterans with an Inclusive Approach to Financial Well-Being Benefits

From my current vantage point – where I oversee all aspects of a burgeoning business unit at a fast-growing FinTech company – it’s easy to understand why employers have increasingly prioritized veterans when it comes to recruitment and retention strategies.

In fact, I’d argue that almost any organization could benefit from the diverse perspectives, and unique work experiences that veterans bring to the table. Pair that with the world-class training, commitment to skills development, and unparalleled drive toward excellence, and there's no question that veterans who receive the right mix of support and guidance during and after this life-altering transition can absolutely apply their skills, insights, and experience in a way that’s both unique and highly impactful to private sector employers – regardless of job function.

Fortunately, the company I work for (SoFi) shares this perspective and has long prioritized corporate culture and taken an intentional focus on ensuring ours is both inclusive and supportive of veterans who often come to the company with a unique set of needs in terms of employee experience and employer support. Their success is often (and rightfully) directly tied to the company's ability to support their unique needs in a way that helps them grow and succeed from the recruitment process and long after hiring and applies to everything from overall well-being, to caretaking support, educational costs, and beyond.

I’m fortunate to have experience sitting on both sides of this process though. Experiencing the transition from military life to the corporate world was incredibly valuable and taught me to adapt and lead with confidence in the private sector roles I’ve held since; but that doesn’t mean it didn’t come with its own complexities.

Benefits professionals play an increasingly important role in so many aspects of the broader, workforce-wide movement toward a more diverse, equitable, and inclusive world of work. Developing a benefits strategy that supports veteran employees is no exception. In fact, research¹ done by Syracuse University and VetAdvisor validates the value veterans place on this specific aspect of their employment with benefits and pay ranked as ”very important” when asked to rank more than 24 aspects of the employee experience, second only to the top-ranked priority: opportunities to use their skills and abilities.

As you approach this important and impactful element of benefits planning with your team, you’ll want to build a comprehensive strategy that empowers veteran employees to make moves toward their financial goals with the following:

Student Loan Refinancing.
With low rates and no hidden fees, SoFi can refinance your employees’ student loans and save them money. Plus, we can offer incentives to encourage employees to save and offer advice and support—all online.

SoFi Student Loan Contribution Program.
Easy-to-implement programs are designed to help employees pay down student loans sooner, with principal contributions going directly to the student loan service providers. This helps reduce employees’ debt–and unlocks their performance–faster.

529 College Savings Plan.
The cost of college has outpaced the benefits that are provided by V.A. programs, like the G.I. Bill. With this in mind, you might want to set up our 529 College Savings Plan—for veteran employees or their dependents—as part of your benefits mix.

Emergency Savings Contribution Program.
The SoFi at Work Emergency Vault allows employers and employees to make direct contributions to a SoFi Money account specially earmarked for unexpected expenses, healthcare needs, and other emergencies.

Debt counseling, fiduciary support, and student loan support.
Employees can consult with financial planners and a dedicated student loan support team available to help clarify their financial picture and prepare for whatever’s next.

Credit score monitoring and spend tracking.
With SoFi Relay, employees can get credit score monitoring, spending breakdowns, financial insights, and more—at no cost.

Early paycheck without fees or high-interest rates for accessing.*
Employees can get paid up to two days early in a SoFi Money® account by setting up direct deposit every time they get paid.

Resources and tools.
Employees can access timely information, in-depth guides, and interactive tools to help them take control of their debt.

Barrett Scruggs is the Business Lead for SoFi at Work, which serves as a loyal partner to a fast-growing community of 900+ employer partners. SoFi at Work is a holistic and data-driven financial well-being benefits platform that offers a full suite of services, tools, insights, and educational resources tailored to address the unique and evolving needs of each workforce through a dynamic dashboard experience.
¹_{VetAdvisor + Syracuse, Veteran Job Retention Survey, 2014}