Paychex Introduces SoFi's Financial Management Resources to Users
In a move that could revolutionise the financial landscape for small businesses, Paychex and SoFi have joined forces to integrate SoFi's financial well-being tools into Paychex's HR platform. This partnership, which was launched in 2016, promises to bring high-quality financial tools and benefits to millions of employees nationwide, previously only accessible at enterprise scale.
In today's tight labor market, offering quality benefits can be a deciding factor in attracting and retaining top talent. By integrating SoFi's financial wellness solutions directly into payroll and benefits platforms, the partnership addresses critical employee needs for financial stability and planning.
Employees can access SoFi's digital financial tools with a single sign-on, at no cost to the employer. The benefits provided include discounted personal loans, student loan refinancing and repayment support, free 30-minute financial planning sessions with SoFi advisors, and financial calculators and payoff strategy tools to help manage debt and savings effectively.
Studies indicate that such access to financial wellness resources in the workplace leads to higher employee retention (up to 30% improvement) and reduced turnover (15-20% reduction), which are crucial advantages for small businesses struggling to compete in a tight labor market.
Kelli Keough, SoFi's EVP for Spend, Invest, Protect, and Save, stated that the partnership with Paychex marks a significant step towards SoFi at Work's mission to help more Americans achieve financial independence.
By reducing financial stress, this partnership aims to improve productivity and retention, making small businesses more competitive in the current labor market. It's a win-win situation for both employees and employers, as employees gain access to valuable financial resources, and employers benefit from improved talent attraction and retention.
[1] Paychex Press Release: Paychex Partners with SoFi to Offer Financial Wellness Benefits to Employees [2] SoFi at Work: Financial Wellness for Your Employees [3] Society for Human Resource Management: Financial Wellness Programs Boost Employee Retention and Engagement
- This partnership between Paychex and SoFi, by integrating SoFi's financial wellness solutions into Paychex's HR platform, could potentially boost productivity and retention among employees, providing a competitive edge for small businesses in the current tight labor market.
- The integration of SoFi's digital financial tools into payroll and benefits platforms not only offers employees access to resources such as personal loans, student loan refinancing, financial planning sessions, and financial calculators, but it could also lead to higher employee retention rates (up to 30% improvement) and reduced turnover (15-20% reduction), making it a valuable strategy for small businesses.
