SoFi Personal Finance Tools Now Available through Paychex
In a move that could significantly benefit small businesses in a tight labor market, Paychex and SoFi have announced a partnership to offer financial wellness tools through Paychex's digital employee benefits marketplace, Paychex Flex Perks.
This partnership aims to help small businesses stay competitive by delivering enterprise-grade perks that support employee financial well-being and retention. SoFi at Work, launched in 2016, offers student loan refinancing, repayment options, a debt navigator tool, financial education resources, and more to employers. Paychex Flex Perks, launched in 2024, has already helped over 230,000 employees purchase at least one benefit from the marketplace.
The integration between Paychex and SoFi allows small and medium-sized businesses to offer high-quality financial tools and benefits that were previously only accessible at enterprise scale. Employees can use these tools to manage their debts, plan for their financial future, and achieve major life milestones like home ownership.
The partnership addresses a critical employee need and reduces financial stress, which can impact productivity and retention. By embedding financial wellness tools directly into HR platforms, it becomes nearly a table stakes rather than a differentiator.
Kelli Keough, SoFi EVP for Spend, Invest, Protect, and Save, stated that the partnership with Paychex marks a major milestone in SoFi at Work's mission to help more Americans achieve financial independence. Cory Mau, Paychex Vice President, added that businesses providing access to financial wellness benefits often increase employee productivity, recruit and retain talent more effectively, and drive positive business outcomes.
Paychex Flex Perks is available in Paychex Flex, a cloud-based HCM SaaS platform. Employees can easily select and pay for benefits via payroll deductions, minimizing employer administrative burden while boosting employee productivity and satisfaction.
This offering meets growing employee expectations for employer-supported financial well-being and serves as a competitive advantage for small businesses struggling with labor shortages. With Paychex Flex Perks, small businesses can offer personalized financial services like student loan refinancing, debt management, personal loans, and financial planning at no cost to employers.
Key impacts of this partnership include increased employee engagement and productivity, enhanced talent attraction and retention, no added cost or complexity for small business employers, and support for long-term financial independence.
In a tight labor market, offering these financial benefits can be a significant advantage for small and medium-sized businesses in attracting quality talent. The partnership between Paychex and SoFi is set to make a positive impact on small businesses by helping them attract, retain, and engage employees more effectively.
[1] Increased employee engagement and productivity by reducing financial stress through accessible personal finance solutions. [2] Enhanced talent attraction and retention, as financial wellness benefits become essential in a competitive labor market. [3] No added cost or complexity for small business employers, making it feasible for businesses of all sizes to offer these benefits. [4] Support for long-term financial independence, addressing major employee concerns like debt freedom and home ownership, which are top life milestones.
(Photo by Katie Harp on Unsplash)
- This partnership between Paychex and SoFi, by offering financial wellness tools, aims to increase employee engagement and productivity, as these personal finance solutions can help reduce financial stress.
- By integrating financial wellness benefits into their offerings, small and medium-sized businesses can enhance their talent attraction and retention capabilities, given the competitive nature of the current labor market.
