Benevate provides cloud based software that allows organizations to offer and manage unique employee benefit solutions that attract and retain talent and improve employees' financial wellness.
Benevate’s solutions address three big financial wellness challenges: high student loan debt, low homeownership rates and rising college costs. Clients may offer their employees any combination of the following employee benefits:
All of our employee benefit solutions involve an employer providing either a lump sum (forgivable loan) or periodic contributions (earn out) to the appropriate 3rd party entity (e.g. student loan service provider, 529 college savings plan.) In exchange for their employer’s financial assistance, employees agree to retention and performance obligations.
An employer provides an upfront lump sum of money that is forgiven over a specified period of time as long as the employee meets agreed upon obligations (e.g. performance, retention). If the employee fails to meet the agreed upon obligations, they must pay back the unforgiven loan balance, plus interest.
An employer provides periodic payments (e.g. annual), typically increasing in value over time, to an employee’s student loan account or college savings plan. If the employee leaves the organization, they forfeit all future earn out payments.
Historical data shows that the forgivable loan and earn-out payment models have the strongest impact on retention/ROI and we recommend these payment models be considered first. In scenarios where retention is not the top priority of the program, Benevate has the ability to offer recurring monthly (or other recurring time period) payment models.
No. During the design phase, Benevate will work with you to design an employee benefit that meet your unique objectives and budget.
Yes, for organizations that do not wish to administer the employee benefits themselves, Benevate will provide program administration, participant support and fund disbursement and reconciliation.
Benevate’s solutions provide clients with a measurable ROI in the form of higher job acceptance rates, lower employee turnover and an employee friendly brand in the market.
All of our benefit solutions are priced Per Participant Per Month. Pricing is tiered based on the number of participants.
Absolutely. Unlike most benefit providers, we enjoy talking with CFOs. We work with clients to develop a customized business case that is based on their unique HR metrics (turnover, salary, cost per hire, etc) and benefit design.