In a competitive job market, employer health and wellness benefits are becoming a crucial tool for companies when it comes to recruiting and retaining talent, not just in the hottest industry sectors and geographies, but across the board.
Consider the following two statistics. Across the US, 67% of women making between $75,000 to $99,999 and 52% of those making more than $150,000 would change jobs for better fertility benefits, according to a report from Future Family. Meanwhile, a survey by the National Business Group on Health last year found that more than 78% of employees feel that their employer’s wellbeing programs make the company more attractive for potential employees and 70% say it is one of the reasons they stay at their jobs.
67% of women making between $75,000 to $99,999 and 52% of those making more than $150,000 would change jobs for better fertility benefits
Employers are increasingly realizing that offering these benefits are not only a key tool to recruit and retain top talent, but critical for reducing overall healthcare costs, improving mental and physical health, resulting in better employee productivity, and supporting a diverse workforce.
Today, nearly nine-in-10 employers in the US (87%) cover some kind of infertility benefit through their health plan, according to data from the National Business Group on Health, which include IVF, artificial insemination, egg, fertility medication and surrogacy. Nine out of 10 big global companies offer some sort of employee wellness program.
As demand for employee health and wellness benefits increases, the need for simple, digital funds disbursement that underlie provision of these benefits also increases. Providing new health and wellness benefits in a way that’s easy for employers, employees, insurance companies and benefits providers to manage requires seamless and automatic movement of funds between all of these parties. Companies currently succeeding at this include Sprout and Wellable, which enable companies to customize wellness programs to meet their needs, and Carrot Fertility and Progyny, two of the growing number of providers of fertility benefits.
Working with a provider of banking and payments APIs is a hassle-free way to deliver benefits fast. For example, employers who need to make quick and easy digital payments to insurance companies or benefit providers can set up and process secure ACH payments to those third parties, or organize one-time or ongoing digital payments. For claims that need to be settled quickly, insurers can send instant disbursements directly to the third party’s debit card in real time, without the need to use the counterparty’s bank account or mail a physical check.
Working with a provider of banking and payments APIs is a hassle-free way to deliver benefits fast.
Employers may also use these methods to reimburse employees directly. They can also allow employees to monetize wellness reward points or to pre-pay for employees’ services by issuing them a prepaid debit card. For example, Carrot Fertility, which provides fertility benefits for big employers such as Stripe and Box, offers employees of their client companies the chance to sign up for a Carrot Card so that they can access their benefits and pay for services easily, without the stress and hassle of out-of-pocket payments.
BBVA Open Platform’s Move Money API is a one-stop-shop that allows you to send ACH payments, pay digital and physical bills, and send instant payments to Visa or Mastercard debit cards or pre-paid cards using just one endpoint. What’s more, you can white label these services and make them a native part of your application.
Our APIs are already being used to provide benefits tailored to workers in today’s economy. Companies like Catch and Roam HR use BBVA Open Platform so that part-time, gig and freelance workers can move money into FDIC-insured bank accounts at BBVA USA to pay their taxes, save for vacations and save for retirement.
In today’s environment, the popularity of targeted health and wellness benefits are also likely to increase. Banking and payments APIs are a hassle-free way to make sure your programs work for you and your employees.
Contact us today to find out how BBVA Open Platform can help your company with digital disbursements.