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Nearly 50 million people will be employed in 2021 voluntarily They quit their job. Over 50% of workers have been with the company for more than a decade. the Age of 25 has fallen from 5.5 to 4.9 years Seit 2014. Employees aged 25-34 are now more likely to stay in the same job for three years or less.

This isn’t just “quiet quitting.” U.S. workers are ready to move on from their current jobs — and they’re sending that message loud and clear.

the battle for talent, employer benefits Employees have been an essential tool. Sixty three percent of employees stated that they would quit their job to find a new company. with Be better benefits — even for equal or less pay. Responding to this, many employers have begun to take a proactive approach. benefitsCompletely -led offensive with Remote work, longer PTO fertility support And mental health support.

It’s an exciting time to sell employee benefits

There are many benefits to the employer channel that go unnoticed. This includes a captive user audience. employee Financial and demographic data are available, with no price barriers for consumers when covered by employers the cost. From these new and innovative products, there are exciting opportunities. the Combination of consumer APIs, such as Plaid to access consumer banking data Method, Spinwheel And Rightfoot for consumer liability data), and a new group of employment data APIs, including Argyle Pinwheel And Merge). With an improved financial picture for individual employees startups can Build more tailored benefits products.

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The new APIs have created a job market that is competitive. the The employer channel has become more appealing. Particularly excited are two types of products that employers are now selling to.

Gain access to earnings wage

More than 40% There are approximately 2,000 full-time employees the U.S. live paycheck to paycheck. Earned Wage Access (EWA) allows employees to be paid earlier than the usual. the Biweekly typical cadence. These are the Latest in a long list of “income smoothing” products that make workers’ cash available sooner. Income smoothing’s first version was the People are often trapped in vicious debt cycles by payday loans. interest rates.

B2C cash advances were the next step in income smoothing. These helped consumers to avoid excessive overdraft fees. Like Companies Dave And Earnin Provide consumers with Cash advances up to $750, with service that relies on member fees or voluntary tipping

Income smoothing’s most recent iteration is EWA sold through the employer channel. Employers can access wages and work hours so they are able to channel them. can provide zero-risk “advances” to their staff. They like players Rain And Tapcheck Selling through the An employer may require employees to pay a modest advance. Others prefer. Clair And Branch Relying only on debit card interchange to remove all costs barriers

Financial wellness

Financial stress is a major concern for employees. all-time high, resulting in high employee Low productivity and turnover. To combat these issues, employers are increasingly turning to fintech. help Reduce the stress.

Only high-net-worth people can be served by traditional financial advisors. However, employers can provide financial advice with no additional cost to employees. Additionally, each employee is eligible for this benefit. employee A clearer financial identity is essential with Visibility into salaries, 401(k), equity and insurance options. These companies are: Northstar And Origin Offer dedicated Certified Financial Planners as well as online tools for absolutely no cost the employee.

Financial wellness products don’t just take the Advice. Employers now have access to a variety of products. help Workers save for an emergency (e.g. Sunny Day FundPay off your student loan in full the Style of match for 401(k). Unsaddl). Businesses like PTO Genius And PTO Exchange Allow employees to make use of accrued PTO for retirement savings or personal debt repayments.

What’s next?

Selling via employer is possible when done correctly can help get products into more consumers’ hands, with benefits Employers and employees can both benefit from this. These are some of the benefits. the We anticipate that channel will evolve, and we can see two bigger shifts.

More are possible, we expect. benefits This will allow gig workers to find work beyond the nine-to-five. These companies are Icon And Manifest help Employees can tie their retirement plans and reduce the risk of death the Number of 401(k), accounts that were closed.

the growing gig economy sector, Stride Health And Catch Provide insurance benefits To the Increasing number of 1099 and self-employed workers. Northstar and other companies are taking this approach by continuing access to employer sponsored benefits after the employee This trend has been followed by others, we believe.

Second, the stratification of employers’ offerings will increase. benefits Different generations have different incomes, parents and parental statuses. It all depends on your stage in life. employee Different preferences could exist regarding travel access benefits (like Donde) versus fertility benefits (like Carrot). Employers will pay more attention to commuters than their colleagues in-office. benefits Like Share Mobility Remote workers would prefer to be able access services like Deskpass.

Indeed, less than half of today’s workforce is “very satisfied” with Current benefits package. Products like Forma Offer a fixed budget and a wide range of possibilities benefitsIt allows employees to pick what is important to them.

Real challenges are associated with Selling a service to an employer as a benefit includes the There are inherent problems with delegating B2B customers for everything, from customer success to marketing. with You end users. However, the current labor market, employer benefits are an effective way to boost employer retention, productivity and happiness — and therefore, have become an essential tool for HR staff.

John Lin, Sarah Lamont

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