BMG Money's LoansAtWork product helps employers reduce workforce turnover by improving employees' financial wellness through disciplined, responsible, and easy-to-manage credit.
Miami, Florida --News Direct-- Prodigy Press Wire
BMG Money, a financial services company based in Florida, has created LoansAtWork, an employee benefits add-on that allows employers to help alleviate their employees' financial distress through disciplined, responsible, and easy-to-manage credit at low rates.
Employers are struggling with a phenomenon known as The Great Resignation, characterized by historically high levels of employee turnover. This is one of the toughest challenges faced by employers, as hiring and training new employees to replace the ones who leave is very expensive, and having to constantly do so can cause performance to dip and other employees’ dissatisfaction to rise.
To counter this, many employers are expanding their employee benefits packages, struggling to improve things such as healthcare insurance and childcare benefits. However, one often-neglected aspect is financial wellness. Many Americans are living paycheck-to-paycheck, and rapid inflation has created even more financial stress for most employees. An unbelievably large number of people are one unexpected expense away from approaching a predatory lender, due to low credit scores precluding them from bank loans. Others may be forced to borrow from their retirement plans, weakening their ability to financially care for themselves in old age.
According to BMG Money, LoansAtWork alleviates the emotional stress and despair faced by up to 15%-to-20% of employees. It is a voluntary benefit that helps employers steer their employees away from predatory, high-interest loans by providing a more sustainable alternative. This enables employees to manage unexpected expenses and emergencies through fixed and affordable payments.
LoansAtWork approves loans based on employment, not credit scores. Employees can enroll online and quickly receive their loans in a matter of minutes. Payments are deducted automatically from their payroll for a fixed period of up to two years. According to BMG Money, this credit lifeline for employees has a great impact on morale, leading to better performance on the job, which eventually reflects upon the entire organization.
The LoansAtWork program can improve employees' credit profiles over time due to its automatic payments feature. It also can teach employees how to save money and improve their financial health, in tandem with BMG Money’s free financial literacy program, which was developed by the Consumer Financial Protection Bureau.
BMG Money offers LoansAtWork as part of its mission to facilitate economic justice and inclusion in the financial mainstream by providing employment-based financial products for people in underserved sectors, who form the backbone of the American economy.
“Prior to The Great Resignation, employee benefits were too often usually focused on the higher-paid and more senior employees of an organization. But today, employers need to focus on providing all-encompassing employee benefits that go from the C-suite to the rank and file. Everybody needs to have a reason to stay in their job – not just the most fortunate, but everybody. Our LoansAtWork program helps employees manage emergencies with fixed and affordable loan payments, escape the grasp of predatory debt, and become more financially healthy, leading to better performance at work,” says Tom McCormick, co-CEO of BMG Money.
Name: Jose Patino
There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.
Release ID: 597877
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