BrightPlan, a leader in Total Financial Wellness, today unveiled its strategy and first phase of new solutions for addressing four top challenges business and HR leaders continue to face in 2022: attracting and retaining talent, driving employee experience and engagement, supporting employees' holistic well-being and fostering a culture of diversity, equity and inclusion (DE&I). BrightPlan's integrated strategy encompasses new and enhanced product capabilities including the Total Rewards Statement, financial wellness check-up and data and insights that support employer DE&I efforts.
Close to two years into the pandemic, the war for talent rages on as a substantial number of workers continue to fuel the Great Resignation. In November 2021, a record number of 4.5 million Americans voluntarily quit their jobs. Lack of engagement and burnout is common: 67% of employees are disengaged at work and 85% say their well-being has declined. Inclusion is also important in this mix with 51% of employees who quit did so because they did not feel a sense of belonging. At the heart of these issues is the employee experience: talent acquisition, engagement, wellness and DE&I challenges all stem from disconnected or unhappy employee experiences that impact the way we work.
"The long, anticipated future of work is now, By supporting our customers, listening closely and responding to their evolving needs, we are providing tangible solutions that enable them to address these business challenges, further establishing our commitment as a trusted partner to employers and HR leaders nationwide."
- Marthin De Beer, founder and CEO of BrightPlan.
BrightPlan's multi-phased strategy outlines the company's approach to solving four pressing challenges faced by businesses today:
Attracting & Retaining Talent: To win in this competitive talent market, employers need to create a reputation for stellar culture and a great place to work. In the quest for hiring top talent, recruiters aren't always well-equipped to sell the value of an employer's Total Rewards offering and current employees may not fully understand the benefits that are already available to them, putting employers at a disadvantage in competing for top talent. BrightPlan's new Total Rewards Statement, is an easy-to-use tool customized by company and job candidate that explains the value of total rewards. Additionally, BrightPlan is developing more financial education courses integrated with employer benefits that are relevant to different life stages, like Investing 101 and BrightPlan Guides to getting married, buying a home and more.
Employee Experience & Engagement: In our new work reality, employers need to provide their people with the services and support they need to be well, engaged and productive by bringing empathy, care and a more human experience into the workplace. This is core to the employee experience as workers increasingly demand support from their employers. For example, the employee experience is compromised when benefits are inconsistent across geographies and spread across multiple, disjointed platforms. With BrightPlan's recently announced global support for employees of US-based companies working in Canada, the U.K., Australia and New Zealand, as well as expanded services for tax planning and preparation, estate planning, student loan optimization and investing enhancements, BrightPlan's Total Financial Wellness solution helps create a more cohesive experience that addresses all aspects of employees' financial lives.
Holistic Well-Being: Holistic well-being recognizes the need to care for the "whole person," including their physical, mental, financial and social well-being, but many employee wellness programs are incomplete, generic and obscured. They ignore the top cause of employee stress – finances. Nearly 65% of workers reported they were stressed about finances, leading to worsened mental and physical health. With BrightPlan's new financial wellness check-up —a series of questions to gauge employees' financial wellness—employers receive aggregated insights on the financial well-being of their employees. In addition, BrightPlan provides quarterly reports and dashboards that bring clarity into the adoption and success of employee holistic well-being initiatives.
"Supporting employee holistic well-being means meeting people where they are physically, mentally and financially, BrightPlan helps us empower our associates to bring their best selves to work. We are excited they continuously listen to our feedback and develop capabilities to further support our associates in achieving their financial goals."
- Lindsay Madaras, LivingWell manager at Alliance Data.
Diversity, Equity & Inclusion: Fostering a culture of inclusiveness and belonging where every individual feels welcome can be challenging. There is no one-size-fits-all solution and many employer programs do not adequately address the unique needs of underrepresented groups. Financial wellness is key to DE&I since true diversity, equity and inclusivity in the workplace is about recognizing each employee's unique background and supporting them in their well-being journey. Due to the wealth gap for underrepresented groups, inclusion in the workplace should also focus on fostering a sense of financial security through equal pay, equal opportunity and access to resources such as financial wellness benefits. BrightPlan partners with HR teams to address the unique needs of different employee populations through employee resource groups (ERGs). In addition to providing quarterly engagement reports and dashboards, BrightPlan's strategy includes working with each employer to bring DE&I-specific insights into the equation, enabling HR leaders to drive customization and improved decision-making. Further, BrightPlan is adding Spanish-speaking financial advisors to make financial wellness more accessible to diverse employee populations.
Amid continued accelerated change in the workplace and in employees' lives, BrightPlan's strategy is a blueprint equipped with tangible solutions for addressing key challenges faced by businesses today and provides takeaways for shaping the future of work. For more information on BrightPlan's strategy and solutions in these four areas, please visit this link.
BrightPlan is a leader in Total Financial Wellness. BrightPlan provides a comprehensive solution that addresses all aspects of employees' financial health at every stage of life, and empowers HR teams to enhance the employee experience and better attract, retain and engage talent. Its unique combination of digital platform and human advisors enables employers to deploy at scale while delivering personalization for employees. The company is the first financial wellness solution certified for fiduciary excellence by the Centre for Fiduciary Excellence (CEFEX).