EXECUTIVE SUMMARY
About Our Program
BenefitsMe is a no-cost, employer-sponsored purchasing assistance program, providing the opportunity for all employees to utilize payroll deduction to secure products now and pay for them over time without any interest, finance charges, fees or credit history requirements.
What Problem Do We Solve?
Employee financial stress negatively affects mental health and overall well-being. Employees who are stressed cannot show up as their best selves at work leading to distractions, measurable dips in productivity, impact to customer/patient experience, and an increased risk for accidents or injuries.
78% of Americans live paycheck to paycheck. Without responsible access to credit and a disciplined repayment model, employees often find themselves with no other options than retirement plan loans, employer loans, rent-to-own, payday lending, etc.
We help employees develop financial confidence over time by reducing high-stress levels associated with personal finance and providing a disciplined approach to making essential and desired purchases.
How Does It Work?
- Onboarding requires 4 – 6 hours of your team’s time over a 2-week period.
- BenefitsMe hosts an ecommerce site branded with the Organization’s logo.
- Once live, employees will create their account at Shop.BenefitsMe.com.
- Employees will be issued a spending limit equal to a percentage of their annual income.
- Employees can shop thousands of items across categories like electronics, appliance, furniture, travel, etc.
- At checkout, employees will select their repayment terms.
Items will ship directly to the employee. - The Employer agrees to support payroll deductions & communicate the program.
- All employees are given access to the BenefitsMe “Financial Education Learning Center” to help with the process of becoming financially confident. No purchase necessary..
Financial Literacy Learning Center
Financial stress is the #1 cause of employee stress, with 76% of employees citing their financial worries as having a negative impact on their productivity.
59%
of employees report compensation isn’t keeping up with rising costs.
37%
of workers have taken out a loan, early withdrawal or hardship withdrawal from their 401(k) or simple plan.
41%
of workers have faltering confidence in their financial plans for retirement.
Source: PwC Employee Financial Wellness 2023 Survey
The Financial Education Literacy Center is accessible at no cost to all participating employees. This interactive resource features over 90 modules, available in English and Spanish, covering topics such as:
- Financial Foundations - Understand the basics of some key financial concepts such as Credit Cards, Car Loans, Building Credit, and the difference in debit, credit, & prepaid cards.
- Building Financial Capability - Learn how to manage your money and avoid financial dangers by creating a budget, understanding your credit report, and identity protection.
- Building Financial Resilience - Explore tips for preparing and overcoming financial crisis such as saving for an emergency, avoiding social media scams, and debt consolidation.
- Investing in Your Future - Learn how to be more financially prepared in the years ahead on topics such as shopping for insurance, buying a home, continuing education, investment strategies, 401(k) plans and contributions, and planning for retirement. Financial stress is the #1 cause of employee stress, with 76% of employees citing their financial worries as having a negative impact on their productivity.
Why Bring BenefitsMe to Your Organization?
Employees look to their employers to help with a few critical needs – a safe work environment, fair compensation and comprehensive employee benefits that truly benefit them. Create lasting goodwill that can help with recruiting and retention by offering BenefitsMe. Current users report positive value and financial relief from having access to BenefitsMe.
92% say BenefitsMe is a valuable addition to their benefits package
85% say they would recommend BenefitsMe to a colleague or friend
62% say they are more likely to stay with their employer because they have access to the BenefitsMe program
77% say that having access to BenefitsMe reduces their financial stress
85% say they are more likely to use BenefitsMe rather than borrow from retirement savings
Is There Any Liability to Your Organization?
There is no employer liability when offering the program beyond supporting payroll deduction. We work independently with terminated employees on any outstanding balances after the final pay check.
CLIENT TESTIMONIALS
“One of the most rewarding responsibilities of my role is shaping a positive workplace culture and promoting employee well-being. The feedback we have received since adding BenefitsMe to our benefits offering has been unequivocally positive.. we believe we are providing an option of access to those who would have otherwise been unable to make these purchases.”
Cathy, CHRO, 15,000 employee organization
“After reviewing the platform, we saw this could be a huge benefit. Employees no longer have to worry about credit card interest but still get the benefit of paying over time. In addition, there was no liability or cost to St Bernards. After the initial file transfers were established, we have had very little involvement with the program. It is the easiest implementation/ management of benefits I have ever worked on.”
Shannon, Benefits Manager, 5,000 employee organization
“Implementing BenefitsMe was a breeze, with minimal time required for ongoing program administration, approximately 10 minutes a month. Our employees have embraced the program, and we haven’t received any complaints or service requests directed to our internal team. It’ couldn’t be more convenient.”
Chrissy, CHRO, 600 employee organization
“The flexibility BenefitsMe offers our employees has been transformative, allowing them to purchase essential items without financial strain. This convenience has had a positive impact on our employee workforce and their financial well-being." Shannon, Benefits Manager, 5,000 employee organization
Richard, JD, SPHR, CHRO, 2,000 employee organization
EMPLOYEE REVIEWS
“I want to say how much I appreciate this program. I wanted to do something special for my son for Christmas this past year. He just finished culinary school at 19 and was starting his 1st job. He had been wanting a Quest VR unit for years but they are very expensive. He kept coming to me with prices for used units, but even those were a lot to just pay cash for, and I really did not want to take a chance with a used product. BenefitsMe launched with our company early November and I knew it was meant to be. Not only did they have the latest VR model, but there were 3 payment options available that I could choose from. I went ahead and ordered it early and it was arrived within a week. Let me tell you it was difficult to keep that a secret, but the look on his face when he opened it! He was shocked and almost in tears. Thank you BenefitsMe!! You have an amazing program and you really came through.”
Jennifer C. from Texas
“I have always wanted an Apple Watch and I have finally been able to purchase one with the ease of BenefitsMe. I am enjoying my watch, and my Air Fryer is the BEST!!!
Awesome Quality!!”
Commanita H.
“It absolutely exceeded my expectations. I am overly thrilled with my purchase thank you so much. I absolutely think this is a godsend.”
Wanda H from Arkansas
GETTING STARTED
It’s simple! Take these steps to bring BenefitsMe to your organization.
Streamlined Onboarding Process
SIGNED AGREEMENT
Standard client launcheswithin 2 to 4 weeks
ONBOARDING INTAKE FORM
Information gathering prior tokick-off call
ONBOARDING CALL
Program overview, operationalaction items (HR, AP, IT), and communications plans
CLIENT SET UP & TESTING
Operational set up and testing toensure census and deduction files meet requirements
LAUNCH
Website is functional andprogram launch communications have been deployed.
POST LAUNCH
Account manager will assumepoint of contact and review current and future milestones.
PROPOSAL
BenefitsMe partners with leading employers to offer a responsible and disciplined approach to employee purchasing by leveraging the convenience and security of payroll deduction.
Program Details
| Proposed Effective Date | November 1, 2024 |
| Definition of Eligible Employees | All eligible, customized criteria TBD |
| Payroll File Submission Dates | To match payroll calendar |
| Spending Limits | A set % of annual employee earnings |
| Repayment Terms | Not to exceed 12 months |
| Maximum # of Purchases | Not limited, subject to spending limit |
| Financial Education Resources | Over 100 learning modules included |
| Open Enrollment Criteria | N/A - program is offered 24/365 |
| Employer Communication Support | Customized to your population |
| Employer Fees | 0 |
| Employer Liability for Termed EE’s | 00 |
Program Acceptance
Client Signature
Date
BenefitsMe Representative Signature
Date