BrightPlan has launched its new Workforce Financial Wellness Gauge (Gauge), aimed at optimizing financial wellbeing benefits for employees.
The app is set to boost productivity and influence employee turnover and engagement, says BrightPlan. According to a 2022 wellness survey from the company—which surveyed 1000 employees—72% of employees said they are stressed about their finances and 88% believe their employers should offer financial wellness tools and resources. Fifty-four percent list financial wellness benefits as the most desired employee benefit.
BrightPlan says the Gauge platform can guide employers on how diversity, equity, and inclusion (DE&I) strategies, on-time retirement support, vendor partnerships, education opportunities, and more.
“BrightPlan’s data-driven Total Financial Wellness solution with patented AI technology turns raw data into valuable insights and advice for both employers and employees,” says Marthin De Beer, CEO and founder of BrightPlan, in a statement. “This enables organizations to make smarter decisions and better support their employees’ real-time needs, while driving key outcomes such as increased productivity, reduced turnover, decreased absenteeism, significant time and money savings, and most importantly–happier employees.”
Within the Gauge are three measurements, each related to different aspects of financial wellbeing:
- Financial Commitment: Encompasses metrics like debt load, emergency savings, and self-reported credit scores. A low score might indicate employees need help with financial basics.
- Financial Engagement: Looks at data related to BrightPlan log in frequency, educational content consumption trends, and recency of employee conversations with financial planners. A low score might indicate employees could use support taking the right actions to improve financially.
- Financial Empowerment: Measures retirement readiness, progress on education-related savings goals, and more. A low score might indicate employees aren’t planning well for their financial future.
Companies can leverage the insights derived from the Gauge to analyze and work with BrightPlan to build targeted action plans to improve their workforce’s financial health. This data can be segmented by demographics to surface critical needs and gaps.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
