Benefits overview: New solutions for financial wellness, fintech and insurance

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With a tight job market, many employers are looking to offer more, not less, when it comes to benefits. And with so many workers stressed about their finances, they are increasingly looking to employers to roll out more resources to help not only with day-to-day expenses and retirement savings, but also with their overall financial well-being.

Here are some solutions that can support employee needs, especially during periods of extreme market volatility. After all, when financial needs are met, employees are empowered to be more productive.

Purchasing power, a voluntary benefits company, has introduced an enhanced suite of financial wellness services designed to provide its clients’ employees with even greater financial support. These services provide employees with access to timely financial wellness benefits made possible by strategic partnerships:

• Access to financial health resources: Available from Chicago-based social impact fintech company SpringFourthis service enables employees to find vetted, local nonprofit resources that can help them address more immediate financial challenges, including child care services, utility costs and food savings.
• Live financial advice and coaching: Driven by Work credit NFP, a national nonprofit organization, the program is designed to help employees get personalized advice to improve and build their credit. Counselors work with employees one-on-one by Zoom to help them create a personal credit action plan to help them not only build and maintain a strong credit score, but support them in reaching their overall financial goals.

Breezethe leading online disability insurance company, recently announced the launch of Departure with Breeze, a paid parental leave insurance solution for employers to support employees who need to take time away from work to care for what matters most – their families. The addition enhances Breeze’s turnkey online platform, which already includes short-term disability insurance, two types of long-term disability insurance and critical illness insurance. Leave by Breeze also provides access to the employer market and strengthens the Omaha-based insurer’s ability to offer income protection for maternity or paternity leave stemming from birth, adoption or foster parenting.

BrightPlan, a leader in total financial wellness, has announced its new Planner for equity compensationavailable as part of the company’s Total financial well-being solution. The new robust global capability gives employees the digital tools and professional financial guidance needed to view and manage their employer-provided equity compensation. This enables employers to better retain and engage top talent by demonstrating the value of equity compensation, a key component of an employee’s total compensation package.

Voya Financial, Inc. has announced the launch of myVoyage, a new and first-of-its-kind personal financial guidance and connected digital platform for workplace benefits. By offering a ‘one stop’ solution, myVoyage will give individuals a complete overview of their financial picture, including workplace benefits and savings accounts along with the integration of external accounts such as personal bank and credit accounts to help better manage one’s health and financial wellbeing . Launching first via mobile app, Voya’s myVoyage digital platform will offer a consolidated view to provide personalized guidance to help employees make progress towards achieving their financial goals.

Sequoia, a pioneer in total investment in people, has announced that they are partnering with Origin, the comprehensive employee financial wellness platform, to include financial wellness as part of Sequoia’s service to all clients and their employees. This benefit allows employees to access Origin’s state-of-the-art platform, which simplifies money matters by helping them manage their compensation, benefits and personal finances – side-by-side with assigned financial professionals.

In response to President Biden’s plan to eliminate up to $20,000 in student loan debt, Fintech Startup Summer recently launched Forgiveness Eligibility Check, the first new digital tool for student loan borrowers to check their forgiveness eligibility in real time. The summer helps employers appeal to recent graduates, and millennial/Gen Z employees struggling with student debt. Summer’s solution is a way for employers to “do well by doing good.”

Financial finesse, the nation’s leading independent provider of financial wellness coaching as an employer-paid benefit, recently launched Financial Finesse Ventures — a first-of-its-kind venture capital arm for socially responsible fintech. With the escalation in services that put profit over purpose, Financial Finesse Ventures was created to reverse this trend and spark a wave of investment in innovation for good. The new venture arm will seek investments in purpose-driven companies dedicated to creating positive social impact.