A financial services company conducted a survey of 1,000 employees and followed up with “empathy interviews,” one-on-one interviews with a skilled interviewer trained in getting employees to open up about how financial issues make them feel and the emotions associated with the topic. The interviewer asked employees to rate their financial well-being and share personal challenges with money. Through these interviews, employees disclosed their struggle with debt; some have such high student loans that they can’t even pinpoint the exact amount. Employees looking to further their education voiced the need for lower-cost education options.

One technology employer created a survey to pop up on specific internal benefits websites. This survey has a high response rate, from U.S.-based and global employees alike.  The company’s employees are struggling with budgeting and debt, specifically, credit cards and student loans.

One health care company found through its employee engagement survey that some employees were struggling to cover the deductible in their health plan. Based on this finding, the company put in a low-cost, high-value plan for those earning under the 250% poverty line, which included 900 employees.

One technology employer offers a money coach program. The utilization data from the program has informed the company on why employees seek assistance from a coach. Budgeting is consistently the number one need, followed by retirement, investments and taxes.

An employer in the financial services sector leverages Experian’s research services to learn more about its employees’ financial status. Experian can create aggregate anonymized reports based on employees’ credit records, which can inform programs focused on debt.

A transportation and shipping employer leverages a checklist from its retirement provider, which is an interactive form that helps create a personalized action plan for the employee. Even before company formally launched this tool, the employer saw a high level of participation.

Another transportation and shipping company includes financial questions as part of its well-being assessment. At the end of the assessment, the employee is offered suggestions on next steps they can take to improve their finances. The company also offers one-on-one counseling through Operation Hope, a financial literacy provider.

A company in the aerospace and defense industry has included financial modules in its health coaching program.

Another transportation and shipping company is piloting a program to provide basic financial resources based on generational needs. As part of its interactive, personalized Total Rewards portal, employees can click an “Optimize” button that illustrates ways they can make the most of their earnings. The employer reports very high utilization of this tool.

An insurance company is considering using Brightside and Banzai to provide a service focused on an employee’s current financial situation. The program’s goal would be to help employees create a practical budget and savings plan from a realistic perspective.

Payday loans are an area of concern for large employers due to their high interest rates and the predatory practices of loan providers on low-wage earners. As an alternative to these loans, an aerospace and defense employer with a manufacturing population offers limited, short-term loan consolidation through Kashable. Except for the payroll deduction, the process is run completely through the vendor. Another solution to payday loans shared by another aerospace and defense company was Purchasing Power, a website in which employees can buy bigger ticket necessities—like a washer, dryer or refrigerator—with interest included in the cost, which is based on the individual’s credit score.

One transportation and shipping employer has seen a 25% loan usage rate, which has led to a robust communication effort to alert employees to the long-term impact of pulling from 401(k) accounts and emphasizing the benefit of emergency funds as an alternative.

Many employers see “repeat offenders” of 401(k) loans; an employee will pay off one loan, then turn around and take out another. One aerospace and defense employer restricted the number of loans that an employee could have at one time from two loans to one.

A health care employer sought to get to the root cause of these loans: By digging into its data, the company found that employees were mismanaging their personal finances, which also resulted in employees struggling to pay off the 401(k) loans.

One financial services company shared the success of its Seeds to Grow campaign, which metaphorized saving for retirement by comparing it to planting seeds that grow into flowers. The campaign generated a lot of conversation, which led to a spike in enrollment in the company’s retirement plan.

Some employers are looking to tools that have been modernized for today’s workforce. An aerospace and defense employer offers Empower Retirement, which features a fresh take on the online experience. Coupled with a financial wellness incentive of an $100 contribution to a 401(k), the program has attracted 80% of the company’s employees.

Another aerospace and defense company surveyed its employees and found that 48% worry that they don’t have enough money for retirement, and a high number find their current financial situation to be stressful. The focus of the company’s financial well-being program is to create awareness about available resources.

One transportation and shipping employer has allowed employees to apply for student loan repayment through its employee emergency relief fund.

An employer in the financial services industry introduced its student loan repayment program in 2016. Employees in good standing can receive a monthly payment of $166.67, with the maximum topping off at $10,000. Those eligible for the program are at the manager level and below – which is about 24,000 employees. About one-quarter have signed up. The program does not cover Parent PLUS loans or spousal/partner student loans.

A health care employer is in the midst of developing a student loan repayment program, weighing the possibility of offering different levels of reimbursement based on type of employee, recognizing that some clinical roles require extensive schooling. The amount being considered ranged between $50 and $200 per month, with a lifetime maximum between $10,000 and $20,000.

An insurance company shared its evolution from a refinance program to a straight repayment program, which occurred in January 2020. Similar to the financial services example, the repayment program is available to employees at the manager level and below with a tenure of over 6 months. The employer pays $125 per month directly to the loan provider, with a maximum of $10,000. The company has received great feedback from employees. Since the payment is sent directly to the loan provider and not through the employees’ paychecks, the employee is responsible for any taxes incurred by the payments.

Housing: One technology/telecommunications employer promotes SOFI’s mortgage platform to help employees looking to buy a home. Different financial services are offered, such as help calculating down payments and navigating private mortgage insurance (PMI).

On-site Amenities: A transportation and shipping employer has focused on on-site amenities in two major cities. Amenities offered include providing shower facilities for those working double shifts and parking spots for employees to park their RVs.

Transportation: A technology company provides a shuttle between two locations based in San Francisco and San Jose.

Health Care: Two employers operating in the transportation and shipping industry shared that employees with a rare cancer diagnosis in their family are at risk for a financial crisis, largely because some treatments are not covered by the plan due to the fact that they are experimental. One of the employers is addressing this issue by offering a second-opinion service to help employees navigate through treatment options.

Pharmacy: One financial services employer instituted an affordable copay design for prescription drugs, after learning that upwards of 30% of medications are abandoned due to cost. The copays are $13 and $35 for brand-name drugs.

Income: A financial services employer designed a program called “Got 6 Movement” for its low-wage earners to encourage these employees to save more. The company offers tools and resources on how to save money for emergencies and for short-term goals, like a vacation, as well as long-term needs, like retirement. The company communicates by sharing success stories and messaging adapted to the season.

Income: A technology/telecommunications employer provides early access to employees’ biweekly salary.

Income/Health Care: Employers across multiple industries use salary bands to determine employee premiums for their medical plans.

Income: An aerospace and defense employer deployed a “Working Credit” program that helps employees improve their credit score, which can increase their net pay without a salary increase. Sixty percent of employees saw improved scores in the first 6 months.

Income/Health Care: As part of a health care company’s commitment to pay a livable wage, employees earning a lower salary can submit an application to receive support for their health care expenses through reduced premiums for health and dental benefits and either a 50% or 100% discount on coinsurance and the deductible. The company has also structured its tuition assistance to provide the funding upfront so lower-wage employees can pay for their courses when the bill is due.

Education: One transportation and shipping employer has a scholar program for employees to obtain a college degree online at a highly subsidized rate.

Income: A health care provider piloted a program in which educational providers work with supervisors/leaders with a large percentage of low-wage earners to develop communications about retirement and savings in simple terms.