According to a 2016 PwC survey, 45 percent of full-time employees say finances cause the most stress in their lives. Furthermore, a 2016 Federal Reserve report found that 46 percent of Americans do not have enough savings to cover a $400 emergency expense. Employee loan rates against 401k accounts average 20 percent, which represent long-term risks for financial well-being.
This new collaboration enables employers to offer trustworthy credit services as a voluntary benefit.
From Provant's platform, employees can access Kashable's site, securely apply for a low-cost loan, and repay it through payroll deductions. This is a smart alternative for employees who might otherwise borrow from retirement plans or use high-interest-rate credit cards, to bridge short-term gaps in their finances.
Because employees with optimal physical, social and financial health, and resilience are more engaged at work, their companies flourish. According to the 2015 Koop S&P study, companies that won the Koop National Award for effective well-being programs outperform the stock market three-to-one.
To help companies boost employee and company performance, Provant offers comprehensive well-being services, online and one-to-one, to guide and support whole-person health. Provant's flexible platform allows companies to select personalized services, such as Kashable, needed by their employees.
"We are pleased to further expand the range of Provant's well-being services with this critical financial support that assists clients in reducing loans against 401k accounts and helps employees establish good credit scores. Adding Kashable to our cadre of best-in-class partners allows employers to help workers reduce their stress due to economic concerns," said Heather Provino, Provant CEO. "When employees are less stressed, they are more productive and lead more fulfilling lives at work, at home and in the community."
"With Kashable, Provant empowers employers to extend financial certainty to their employees during times of hardship and other emergencies," said Einat Steklov, Kashable co-founder. "Access to immediate, responsible credit is a highly valued employee benefit. We applaud Provant for recognizing the need and adding Kashable to their platform."
Founded in 2001, Provant's vision is to change the health of America, one person at a time. With its network of 13,000+ employees nationwide, Provant delivers customized worksite well-being strategies and services. For more information, visit http://www.provanthealth.com/.