Webinar: How Payroll Providers Can Advance Worker Emergency Savings

Webinar: How Payroll Providers Can Advance Worker Emergency Savings

Wednesday, December 14, 2022

Hosted by Commonwealth with support from BlackRock’s Emergency Savings Initiative.

Payroll service providers are well-positioned to help companies of all sizes provide quality emergency savings products to their employees. Providing an emergency savings option through the workplace is key to improving financial security and building wealth for workers living on low and moderate incomes (LMI). Emergency savings reduces the financial impact of unexpected expenses and helps mitigate the financial insecurity that fosters chronic stress among workers, which costs employers $250 billion a year in reduced productivity. However, many companies and financial wellness experts are not aware of high-quality emergency savings solutions available in and around the payroll space.

ADP—the nation’s largest provider of payroll services, reaching one in six workers in the U.S.—exemplifies this in offering a high-quality emergency savings option through its Wisely® card and myWisely® mobile app. Through BlackRock’s Emergency Savings Initiative, Commonwealth and ADP collaborated to learn more about the emergency savings needs of both employees and employers, translating the learnings into enhanced savings features available to all Wisely cardholders, offered through the myWisely mobile app.  In addition, ADP and Commonwealth collaborated to create marketing materials that were tested in small pilots with a select group of large employers.

Join Commonwealth and BlackRock’s Emergency Savings Initiative as we present findings from our new research about how high-quality emergency savings features deployed in the payroll space could meet the needs of LMI consumers and how companies can partner with payroll service providers to provide innovative emergency savings products to their employees. Webinar attendees can expect to learn 1) how to develop an inclusive emergency savings program; 2) why emergency savings doesn’t have a “one size fits all” solution; 3) evidence-based product enhancements including customization, automation, gamification, and targeted messaging strategies; and 4) how a large employer launched an employee emergency savings benefit offering in-plan e-savings alongside multiple payroll solutions.

Watch the webinar here

Meet the Moderator:

Claire Chamberlain
Managing Director of Social Impact

Meet the Panelists:

Anurag Chandra
Division Vice President, Strategy & Business Development

Nick Maynard
Senior Vice President

Nancy Weis
Senior Director, Retirement, Benefits Financial Reporting and Relocation

About BlackRock’s Emergency Savings Initiative

BlackRock announced a $50 million philanthropic commitment to help millions of people living on low to moderate incomes gain access to and increase usage of proven savings strategies and tools — ultimately helping them establish an important safety net. The size and scale of the savings problem requires the knowledge and expertise of established industry experts that are recognized leaders in savings research and interventions on an individual and corporate level. Led by its Social Impact team, BlackRock is partnering with innovative industry experts Common Cents Lab, Commonwealth, and the Financial Health Network to give the initiative a comprehensive and multilayered approach to address the savings crisis.