Human beings have proven themselves to be good at many different things, but honestly, there is little we do better than growing on a consistent basis. This tendency of improving under all circumstances has notably got us to hit upon some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is based on its skill-set, which was unprecedented enough to conceive a reality for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide and made it the ultimate centerpiece of every horizon. Having such an ingenious tool did scale up the human experience from all conceivable directions, but even after reaching so far ahead, this prodigious concept called technology will somehow continue to bring out the right goods. The same has turned more evident over the recent past, and assuming a new solution pans out just how we envision, it will only make that bigger for the future and beyond.
BrightPlan, a San Jose California-based leader in Total Financial Wellness, has officially launched a new Workforce Financial Wellness Gauge, which is designed to deliver real-time insights about potential gaps in workers’ overall financial well-being. Understood to be built around a patented technology, the solution helps employers and HR departments in staying mindful about their workforce, and as a result, achieve better results across critical metrics like employee turnover and engagement. But how does the whole operation work? Well, the Workforce Financial Wellness Gauge is basically an aggregated and anonymized measure of Employee Financial Wellness Scores. Hence, when an employee used its app, BrightPlan’s AI-driven Financial Wellness Coach assigns each employee a score, along with customized advice on every aspect of personal finance including spending and budgeting, retirement and goals-based planning, investments, estate planning, and insurance needs and financial education etc. Going by the available details, the Gauge’s verdict is based on three key aspects. The first one is Financial Commitment, which studies data regarding employee’s debt load, emergency savings, and self-reported credit scores. If an employee scores low in this metric, it is likely to mean that they need help with financial basics. Next up, there is Financial Engagement. Here, the focus is on BrightPlan log in frequency, educational content consumption trends, and recency of employee conversations with financial planners. Of course, a substandard score in regards to the engagement should indicate the need for expert financial advice. The last metric is of Financial Empowerment that digs into retirement readiness, progress on education-related savings goals, and more, with dismal results possibly hinting at flawed financial planning on the employee’s part.
“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,” said Marthin De Beer, CEO and founder of BrightPlan. “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.”
The development follows up on a survey recently conducted by BrightPlan. As per the company’s 2022 Wellness Barometer Survey, nearly 72% of employees say they are stressed about their finances and 88% expect their employers to offer financial wellness tools and resources, showcasing figures that are break all previous records. These sobering numbers, to no-one’s surprise, have spelled wider disengagement, reduced productivity, high employee turnover, and delayed retirement. If we talk about the situation’s financial impact, it has cost US companies a whopping total of over $261 billion per year. Amidst such a volatile environment, BrightPlan has done its bit at a pretty efficient clip. An example of the same is evident in the fact that a median company user has a 61% higher retirement savings rate compared to the national median, while also boasting twice the emergency savings. Beyond that, BrightPlan’s customers have further achieved a respectable 55% increase in retention over the national average.