Businessolver®, a leader in SaaS-based benefits administration technology and services, today unveiled Goal Accounts (GA), their latest product innovation within the MyChoice™ Accounts suite of solutions. Designed to address persistent issues with financial well-being, these consumer accounts provide employees with a simplified opportunity to improve financial health. They also equip employers with a valuable, unique benefits offering that takes total employee well-being into account — helping to increase employee productivity and reduce stress related to financial issues hrtech news.
Goal Accounts is the latest innovation of the new MyChoice Accounts platform, which was developed and launched in 2019. Built with a flexible and configurable architecture, MyChoice Accounts was created to deliver consumer-driven products based on the needs and demands of the market hrtech.
“Employees’ overall financial well-being is a continual challenge, and it matters not just for individual employees, but also for employers who want to ensure productivity and total well-being in their workforce,” says Businessolver’s Head of Financial Benefits, Brian Cosgray. “As we looked to build new products on our MyChoice Accounts platform, we saw Goal Accounts as an opportunity to address employees’ diverse needs for financial security. All the better that it features a seamless experience that is fully integrated with our other MyChoice Accounts products like HSA, FSA and reimbursement programs, managed alongside their larger benefits package.”
Like current MyChoice Accounts products, GAs are elected and managed within the Benefitsolver® employee benefits platform. They automatically deduct funds from an employee’s paycheck, after taxes, and deposit them into an account in an amount specified by the employee. Funds are available any time without penalty via a debit card or electronic transfer. Employees can establish a GA as part of their benefits enrollment process since the accounts are integrated with Benefitsolver.
“We’re excited to build this relationship with Businessolver and be part of an innovative solution that will help individuals further contribute to their financial well-being,” Chief Operating Officer and Director of UMB Healthcare Services Phil Mason said. “Adding this vehicle to existing items like HSAs and 401ks is one more way employers can help support employees in achieving their overall savings goals.”
Financial concerns impact employees at work
Coping with unexpected expenses is a significant issue for a large number of Americans. A recent study found that 20 percent of people don’t save any amount at all, and according to Businessolver’s 2019 MyChoice™ Recommendation Engine results, 48 percent of respondents would “feel panicked” about facing an average emergency room bill. With holiday shopping bills coming due, the new year can be a particularly stressful time in terms of financial well-being.
These concerns don’t disappear when the workday begins; in fact, a recent survey found that employees with high levels of financial stress have more absences than employees with low levels of financial stress, and those highly stressed workers are less productive on the job. Financial well-being is therefore valuable for employers to help their workforce perform at their best.
“Grounded in empathy, GAs are an avenue for employers to encourage healthy saving habits for their employees in tandem with other consumer accounts and benefit offerings,” says Rae Shanahan, Businessolver’s Chief Strategy Officer. “With our MyChoice Accounts products, saving for both short- and long-term goals is automated and simple, and employees can see their “one wallet” of compensation and savings from our Benefitsolver platform and the MyChoice™ Mobile App, which they are already engaging with. Additionally, employers can communicate with and educate their employees about the importance of their overall benefits package and financial health from one cohesive solution.”
To learn more about this industry-leading innovation in financial well-being, visit our Consumer Accounts Administration Service.