Financial wellness is a sub-category of total well-being that gets a lot of attention in the world of HCM and benefits. Student loan debt is increasingly viewed as an area where employers can better attract and retain talent via a benefits offering. I expect to see increasing fragmentation in the financial wellness space. Employers that integrate this into an overall total well-being and/or employee experience strategy will see gains beyond attraction and retention,. including employee engagement.
From their press release:
Goodly’s platform is the first to allow employers to make monthly payments, integrated with their payroll, directly to employees’ student debt. The turnkey platform lets employers make regular contributions towards paying down employees’ student loans, while allowing employees to automate their regular payments and access expert student loan counseling through Goodly’s student loan wellness platform. Goodly’s platform gives users all of the resources they need to manage their student loans from one dashboard.“Goodly’s mission is to help employers recruit and retain employees by offering practical employee benefits,” said Hemant Verma, Co-founder and CTO. “Data shows that a majority of millennial employees would trade everything from PTO, 401k match, and even health insurance to have student loan benefits. Student loan benefits can be a deciding factor for job seekers to accept an offer of employment, and a way for employers to attract top-performing talent by offering to support their financial future.”
Source: Goodly Announces $1.3M in Seed Funding to Make Student Loan Assistance a Mainstream Employee Benefit | Business Wire