Direct financial wellness services from SoFi now integrated into the Paychex payroll system
In a move aimed at bolstering financial independence and reducing stress for employees of smaller businesses, SoFi and Paychex have partnered to integrate SoFi's financial wellness tools into Paychex's cloud-based Human Capital Management (HCM) platform. This partnership, known as the SoFi at Work program, is now available through Paychex Flex Perks, a digital marketplace for curated employee benefits, at no additional cost to employers.
### Details of the Program
The SoFi at Work program offers a range of financial solutions, including access to personal loans, student loans and refinancing, emergency savings, financial planning tools, and exclusive SoFi product perks. These tools are embedded directly within Paychex Flex Perks, making them easily accessible to employees of businesses of all sizes.
### Benefits to Employees and Employers
This partnership offers several benefits to both employees and employers. For employees, it provides solutions that can help reduce financial stress, improve overall health and productivity, and support key financial milestones such as becoming debt-free and achieving home ownership. For employers, it offers a cost-effective way to enhance their benefit offerings, helping them attract and retain talent more effectively.
The SoFi at Work program is expected to generate significant interest during the upcoming open-enrollment season, particularly in the current tight labor market and with the resumption of federal student-loan payments in April. Early incentives for the program target employees rather than employers, with enrollment set to begin on August 6.
### Expanding Horizons
For SoFi, the deal opens an acquisition funnel for its broader banking products, while for Paychex, it expands its marketplace beyond insurance and lifestyle perks into mainstream banking. This partnership marks a significant step for both companies, extending SoFi's financial wellness tools to millions of employees across over 740,000 small and midsize businesses that use Paychex Flex Perks.
So far, more than 230,000 employees have already bought at least one add-on benefit through Paychex Flex Perks. With the addition of the SoFi at Work program, Paychex hopes to stand out in a crowded payroll market.
Many smaller businesses "don't have the opportunity to provide great benefit plans," making the offer "often not accessible" without a middleman like Paychex. This partnership, therefore, provides a valuable opportunity for these businesses to offer top-tier financial tools to their employees.
[1] Paychex Inc. (2022). SoFi at Work Launches on Paychex Flex Perks. [online] Available at: https://www.paychex.com/press-room/news/sofi-at-work-launches-on-paychex-flex-perks
[2] SoFi. (2022). SoFi and Paychex Team Up to Help Small Businesses Offer Financial Wellness Benefits to Employees. [online] Available at: https://www.sofi.com/about/press/sofi-and-paychex-team-up-to-help-small-businesses-offer-financial-wellness-benefits-to-employees
[3] Paychex Inc. (2022). Paychex Flex Perks. [online] Available at: https://www.paychex.com/human-resources/benefits-perks/paychex-flex-perks/
- The SoFi at Work program is integrated into Paychex's cloud-based Human Capital Management platform, offering employees access to personal loans, student loans and refinancing, emergency savings, financial planning tools, and exclusive SoFi product perks.
- This partnership between SoFi and Paychex is expected to generate significant interest, particularly during the upcoming open-enrollment season, as it expanded Paychex's marketplace beyond insurance and lifestyle perks into mainstream banking.
- For SoFi, the deal opens an acquisition funnel for its broader banking products, while for Paychex, it serves as a means to stand out in a crowded payroll market and attract smaller businesses that may not have the opportunity to offer great benefit plans.
- With the addition of the SoFi at Work program, Paychex aims to provide valuable top-tier financial tools to millions of employees across over 740,000 small and midsize businesses that use Paychex Flex Perks.
- This partnership not only benefits employees by providing solutions to reduce financial stress and support key financial milestones, but also offers employers a cost-effective way to enhance their benefit offerings, helping them attract and retain talent more effectively.
