Whether struggling to pay bills or save for the future, Brightside helps employees navigate financial situations in a way no other financial benefit can, with an outsized impact on marginalized communities
SAN FRANCISCO, Sept. 20, 2023 — Brightside, the only Financial Care solution for employers, today announced that it has been named an honoree in BenefitsPRO’s 2023 LUMINARIES Award program. Honored within the Industry Impact category, Brightside was selected based on demonstrable and replicable results in advancing diversity, equity, and inclusion within the benefits industry and the broader community. The recognition reflects the company’s impactful efforts moving the employee benefits industry toward a more inclusive future.
Brightside created Financial Care, a new category in employee benefits. Its mission is to improve the financial health of working families and support the financial needs of all employees, including the urgent and complex financial situations that seven in 10 Americans living paycheck to paycheck face.
“We are dedicated to delivering real ROI for employers by improving the financial health of the vulnerable employees most likely to suffer financial stress,” said Tom Spann, CEO and co-founder of Brightside. “This recognition speaks to our team’s work fulfilling this mission, and we’re honored to be recognized as a luminary within this impressive cohort of people and teams innovating in employee benefits.”
In supporting hundreds of thousands of families – with a focus on Fortune 500 employers and their frontline workers – Brightside meets employees where they are in the moments that matter most and helps them with all financial needs, including managing financial emergencies, reducing debt and building savings. Brightside is the only company that combines a business model on the side of the working families with a platform of innovative financial solutions. Whether the challenge is struggling to pay bills or saving for the future, the company helps employees effectively navigate their unique financial situation in a way other financial benefits solutions can’t. For example, currently being piloted in 12 states, Brightside has already helped put nearly $20 million back into the pockets of Amazon hourly employees.
Brightside’s results show that it is making a critical contribution to society at large, particularly for women and people of color: both female and Black employees engage with Brightside at a rate 50% higher than White employees. Combined with proven results such as a 40-50% reduction in turnover, a 34% reduction in employees with subprime credit scores, 50% of engaged employees automatically saving for a future emergency, and an 80% decrease in employees not contributing to their 401(k), Brightside is helping workforces be more diverse and inclusive.
To see the full list of 2023 LUMINARIES Award honorees, please visit the BenefitsPRO website. This year’s LUMINARIES will also be profiled in the October 2023 print issue of BenefitsPRO.
Brightside created Financial Care, a new category in employee benefits, to help reduce financial stress for the seven in 10 Americans who are not financially healthy. Since 2018, its Financial Assistants, proprietary rules engine, and innovative product platform have helped thousands of families save more than $1,200 annually (on average) while improving emergency savings and reducing debt, resulting in improved retention, productivity and workforce diversity while lowering healthcare costs. Brightside is located in San Francisco, CA; Chandler, AZ; and Philadelphia, PA. For more information, please visit gobrightside.com.
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