Paychex, Inc., an industry-leading human capital management (HCM) company, announced a new partnership with SoFi, a one stop shop for digital finance solutions, to bring the financial well-being resources and solutions of SoFi at Work to users of Paychex Flex® Perks. Through Paychex’s digital marketplace of curated employee benefits, employees of Paychex customers can seamlessly connect to SoFi’s solutions to support their journey to financial independence, including personal loans, student loans, loan refinancing, and more.
Studies show access to the right financial tools and advice is essential to achieving long-term financial independence. New research from SoFi found that the top regret among student loan borrowers was not seeking financial guidance. The same survey revealed that becoming debt-free (41%) and owning a home (44%) were the top milestones for students, graduates, and parents.
“Employees today expect their employer to help support their financial well-being – it’s no longer a ‘nice-to-have’ benefit,” said Cory Mau, Paychex vice president of corporate strategy, business development, and investor relations. “Businesses that provide access to financial wellness benefits often increase employee productivity, recruit and retain talent more effectively, and ultimately drive positive business outcomes. We are pleased to announce our Paychex Flex Perks partnership with SoFi to provide access to personal finance benefits for employees of our clients at no cost to the employer to help their employees prepare for the future.”
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Paychex Flex Perks is available in Paychex Flex, one of the company’s cloud-based HCM SaaS platforms, making it easy and intuitive for employees to enroll in benefits. Employees can self-select additional benefits based on their personal needs paid through payroll deduction at no cost to the employer.
With Paychex Flex Perks, businesses of all sizes can offer enterprise-level benefits that either augment existing employee benefit packages or enable businesses to offer employee benefits for the first time. The digital marketplace is curated with employee benefits to address the needs of today’s diverse, five generational workforce. Since its launch in the summer of 2024, more than 230,000 customer employees have purchased at least one benefit from the marketplace.
“Our partnership with Paychex marks a major milestone in SoFi at Work’s mission to help more Americans achieve financial independence,” said Kelli Keough, EVP for Spend, Invest, Protect, and Save at SoFi. “Financial tools and top-tier benefits should be available to everyone, not just employees of large companies. That’s why we’re partnering with Paychex, to make it easier for companies of all sizes, to support their workforce with meaningful and actionable benefits. Embedding SoFi’s financial well-being tools directly into Paychex will help millions of users nationwide take more control of their financial futures.”
Source: BusinessWire
