BNFT Introduces Savings Exchange to Enhance Employee Benefits
BNFT Introduces Savings Exchange to Enhance Employee Benefits
BNFT is proud to unveil its latest innovation, the Savings Exchange, which aims to transform the employee benefits landscape. This announcement highlights BNFT's commitment to evolving benefit solutions that align with the changing needs of today's workforce. The Savings Exchange will be an addition to BNFT's existing offerings, including PTO Exchange and LPA Exchange, enhancing the overall employee experience.
The Mission Behind BNFT's Innovations
BNFT’s primary goal is to create a comprehensive benefits ecosystem that serves both employers and employees effectively. The Savings Exchange has been designed to assist employers in meeting the financial wellness goals of their staff, particularly in light of recent legislative changes, such as SECURE Act 2.0. This act presents new opportunities for employees to save, and BNFT is positioning itself at the forefront of this transformation.
Understanding Employee Needs
Rob Whalen, Co-founder and CEO of BNFT, notes the importance of listening to customers. Feedback indicated a strong wish for tools that support employees throughout various life stages. The ability for employees to convert unused PTO into savings or designate part of their salary to Savings Exchange is a critical enhancement to existing benefits. BNFT's platform is aimed at repurposing these funds effectively, ensuring employees can utilize their benefits to assist with unforeseen expenses.
Proven Success and Implementation
Over 11 years, BNFT has established itself as a leader in the convertible PTO market, continuously refining its offerings. The platform has already facilitated the exchange of more than 1.5 million hours of PTO, amounting to an impressive $75 million. A forward-thinking approach has led to an average turnover reduction of 54% across various industries. BNFT collaborates with major companies such as Dayton Children's Hospital, Fairway Mortgage, and Makeready Hotels to deliver substantial benefits to employees.
Rethinking Total Rewards Strategies
In today's fast-paced environment, modern companies must reconsider their total rewards strategies. Traditional models no longer suffice when addressing the evolving needs of the workforce. BNFT’s robust suite of products empowers organizations to create cost-efficient benefit solutions that are adaptable to the diverse life stages of employees. This adaptability boosts engagement, promotes retention, and attracts new talent.
Upcoming Launch of Savings Exchange
The anticipated launch of Savings Exchange is set for late October, specifically with an initial release for a select group of customers. A wider rollout is expected by the end of November. By operating within the established BNFT platform, Savings Exchange will integrate seamlessly with existing payroll, 401(k), and benefits administration partners, streamlining processes for organizations.
About BNFT
BNFT is a pioneering comprehensive benefits platform that focuses on enabling employees to realize the complete potential of their total rewards. It provides HR teams with an accessible and cost-effective solution. As an SOC 2 certified organization, BNFT ensures robust data security and reliability, making it a trusted partner for several notable companies across various sectors, including Fairway Mortgage and Howard Brown Health.
Frequently Asked Questions
What is the Savings Exchange?
The Savings Exchange is a new product by BNFT that allows employees to convert unused PTO or designate part of their salary into savings, promoting financial wellness.
When will Savings Exchange be available?
The Savings Exchange is set to launch initially for select customers on October 31, with a broader rollout planned for the end of November.
How does BNFT support financial wellness?
BNFT offers solutions that enable employees to optimize available benefits, ensuring they can build savings for emergencies and future expenses.
Who can use the Savings Exchange?
The Savings Exchange is designed for employees of companies that partner with BNFT, allowing them to take advantage of this benefit for improved financial security.
What are the future plans for BNFT?
BNFT aims to keep expanding its benefits ecosystem, continuously developing new products and services to support employees and improve employer strategies.
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