EarnUp@Work also provides tremendous value for employers. Stress over retirement planning, getting surprised by financial emergencies and not having a monthly budget are all factors that can lead to distraction while at work. A recent report found that $150 billion in productivity was lost in a single year when employees came to work stressed – far greater than the costs associated with employees not showing up to work at all.
EarnUp@Work helps to operationalize SECURE 2.0 Act of 2022 through accurate match contributions and real-time payment visibility. The platform can also support employers’ educational assistance programs that match student loan payments up to $5,250 per year tax free. This program was made available in March 2020, yet only 8% of U.S. employers offer it, according to the Society of Human Resource Management’s 2023 employer benefits survey.
Meanwhile, recruitment and retention continue to be a challenge, with more than one-third of HR leaders indicating they don’t have the resources to attract top talent. In fact, seven in 10 consumers believe they would perform better at work if their employer offered more financial wellness benefits, and over half of employees rank financial wellness their number one desired employer benefit, up from 29% in 2021.
“Financial wellness is the no. 1 most requested benefit, but education alone has proven inadequate,” said Michelle Scanlon, Chief People Officer at EarnUp. “Employees need tools that provide the practical application of debt management, an automated solution and dynamic guidance that makes it easy for them to take action. With EarnUp@Work, employers can provide their workforce with better tools to help employees achieve financial stability and improve their overall health.”
EarnUp@Work can be co-branded or private labeled and the tools can be used together or individually. The platform also features fast, easy onboarding, requiring no technology resources.
*EarnUp is not a money transmitter and will not receive or hold your funds. Money transmission services are provided by partner financial institutions.
To learn more about EarnUp@Work, please visit EarnUp.