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About, formerly Binksty, provides an enterprise-grade platform offering student loan repayment assistance as an employee benefit. Headquarter Location

1149 Third Street 3rd Floor

Santa Monica, California, 90403,

United States

+1 424 259 1835

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5 companies tackling employee financial wellness

Feb 17, 2021

Financial concerns are the biggest cause of stress among employees, and the current crisis has only exacerbated the need for benefits that help workers navigate the daily stressors in their lives. Fifty-nine percent of employees say finances cause the bulk of their stress and 35% of employees are distracted by their finances while at work, according to data from consulting firm PwC. Even before the outbreak of the pandemic, employees had been increasingly looking to their employers to provide benefits that help them with their lives outside of work. Benefits that address mental health , caregiving and financial wellness have now become essential a year into the pandemic. “Over a third of organizations offer financial advice, whether it’s in a group, online, or a one-on-one setting,” says Liz Supinksi, director of research products at the Society for Human Resource Management. “It’s important for employers to invest in financial wellness benefits to educate and inform employees about their options and resources — especially amid a changing workplace and a time when personal finances can be uncertain.” Financial wellness programs have been cropping up across all industries as employers realize the importance of easing their workers’ monetary stress. These benefits bring value to the employee and the company overall. “Employers are seeing in real-time how much of a safety net holistic financial wellness benefits are for their employees, particularly during challenging economic times,” says Vishal Jain, head of financial wellness strategy and development at Prudential Financial. “They are also seeing the role these benefits play in improving employee productivity and loyalty, which can impact employers’ bottom line.” Noodles & Co In the fall of 2019, restaurant Noodles & Company teamed up with the financial app Even to provide its more than 8,000 employees with early pay access, which the organization has seen improve retention and employees’ financial wellness. Since then, a quarter of Noodles' workforce is actively saving every month and have collectively deposited more than $550,000 into their Even savings accounts Goodly Student loan benefits provider Goodly has expanded its offerings to include a 529 account, which allows employees to save towards their children’s college tuition, in the hope that it will help them avoid taking out student loans. “One of the nice things about a 529 savings plan for a lot of employees is it can help to break that vicious cycle of student loan debt,” Goodly CEO Greg Poulin says., a student loan benefits provider, is launching two new features designed to help employers tackle their student loan debt. The company is updating their paid time off conversion tool , which allows employees to allocate their paid time off toward their student debt balance. They are also introducing a public service loan forgiveness tool. “Most HR and benefits executives believe student loan repayment assistance is simply contributing money to their employees student loan debt,” says Scott Thompson, CEO of “But almost all of our new clients are implementing student loan benefits in new and innovative ways.” PwC The Big Four accounting firm issued performance-based raises this January, which was a pay bump of up to 5% of employees' salaries. Workers also received their regular annual bonuses, and promotions were awarded on schedule throughout 2020. The company’s HR department says they didn’t want to sacrifice employee retention to the pandemic, and were determined to keep employee benefits and perks a high priority. “Even amidst the pandemic, the competition for talent remains significant and strong,” says Michael Fenlon, chief people officer at PwC. “This pandemic is not forever, so we’re making short and long-term investments in our workforce.” Prudential To help combat the effects of financial stress on productivity and overall well-being in the workplace, employee benefits that tackle retirement savings can have a positive impact on someone’s economic and emotional life. Incorporating financial literacy into the workplace increases productivity and retention, and financially literate employees are less stressed and more focused, according to the Society for Human Resource Management. “Nearly every aspect of the well-being of Americans is being challenged by what we’re experiencing from the pandemic,” Yanela Frias, president of Prudential Retirement, said in a recent media call. “All of this is enormously stressful physically, mentally, emotionally and financially for so many. The pandemic has laid bare the widening gap between the financially secure and insecure in this country.” By Brody Ford By Henry Ren

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