Since its inception in January, more than 33,000 Delta employees have enrolled in the airline’s new Emergency Savings Program—and more than 13,000 have completed the entire program and earned the full $1,000 available.
Atlanta-based Delta, the world’s largest airline by revenue, assets value and market capitalization with more than 90,000 employees, revealed the numbers as part of an Aug. 11 company announcement about new enhancements to the fledgling program including a more streamlined education experience and quicker access to the up to $1,000 in rainy-day funds.
“The program has been incredibly well received and the employee-driven updates we’ve made is making it even more accessible to more of our hard-working people and their families.”
Delta Chief People Officer Joanne Smith
The program, launched in partnership with Fidelity Investments and Operation HOPE, designed to help employees strengthen their financial wellness through online instruction, one-on-one coaching and an emergency savings safety net. The savings program is also a key element in Delta’s larger strategy to invest in the physical, mental and financial wellness of its people.
“There’s nothing more important than the safety and well-being of our people,” said Delta Chief People Officer Joanne Smith. “Physical, mental and emotional well-being programs have long been a part of Delta’s approach, but when we recognized an opportunity to provide better saving tools for our people, we knew we needed to act. The program has been incredibly well received and the employee-driven updates we’ve made is making it even more accessible to more of our hard-working people and their families.”
The Emergency Savings Program, available to all U.S. employees below the director level, including pilots, allows participants to choose from three paths based on their personal goals and financial situation followed by individualized coaching sessions from Fidelity Investments or Operation HOPE.
Participating employees receive $750 from Delta deposited directly into the Fidelity Investments emergency savings account opened as part of the program. Fidelity administers the savings and company matching portion of the program through Fidelity Goal Booster, its out-of-plan short-term savings account. In addition, Delta matches up to $250 of the employee’s personal contributions to the same account and covers estimated taxes so the employee can access the full $1,000. The Fidelity account comes with a no-cost debit card to give participants easy, immediate access to their emergency savings.
More flexibility
During the second quarter of 2023, Delta updated the program to give greater flexibility to eligible Delta employees.
The changes include:
- The payout timeline for the $750 incentive has been accelerated so participants can receive payment after completing their first coaching session. Participants who contribute at least $250 through payroll deductions to their emergency savings prior to completing the coaching requirement now have expedited access to both the $750 incentive and $250 company match. Initially, participants were required to complete the entire education and coaching component to receive the incentive.
- The schedule for education sessions has been revised to allow participants greater flexibility to complete the program at their own pace.
- Participants can now choose to save toward any goal within Fidelity’s savings platform beyond just for a rainy day.
Building confidence in saving
The company announcement added that the program’s true value lies in the life-changing wisdom and personalized coaching that helps people achieve a stronger financial future.
“I’m a better steward over my finances because of this program,” said Delta flight attendant Loretta Day. “I was never one to save. I lived for the day. But I have emergency money now. I’m more educated about my finances, investments and stocks.”
According to a survey of participants from the first quarter of this year, there was a 77% increase in people who felt in control of their financial situation after going through the program. There was also a 140% increase in people who felt in control of their ability to save for a goal other than an emergency.
“From step one, this program gives you this hope that there is a way to get better with your finances,” said Delta airport customer service agent Stephenie Janson. “I am really grateful that Delta is doing this because it’s such a personal thing, and people don’t always feel comfortable reaching out to get help.”
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