Korn Ferry rolls out SoFi financial wellness products to its US workers
Consulting firm Korn Ferry has partnered with personal finance firm SoFi to offer financial products and tools to its US workforce.
Financial stress is a heavy burden on US workers, with long-term stress often leading to mental and physical conditions. Stress reduces the ability of the immune system to fight off bacteria and viruses, while chronic stress can impair memory and increase aggression.
Financially stressed workers are also less productive, with an estimated $250 billion in US annual wage losses attributed to the effects of stress, according to a 2017 Mercer study. The average American employee spends 13 hours per month worrying about their financial security.
The central issue related to stress at work is low pay, according to surveyed employees, followed by inadequate staffing and company culture.
Firms will sometimes implement financial wellness programs as a part of their overall benefits package, aiming to create happy and healthy workers with hopefully less outlay than massive salary increases. For firms that pay competitive wages – like most consultancies – financial tools such as investment advice and budgeting software are another feather in the cap of an impressive overall benefits package meant to attract and retain top-end talent in a shrinking market.
Likewise, human resources consultancies such as Korn Ferry have to set a good example with their own benefits and practices outside of the simple goal of effective talent management. After all, how can you expect companies to trust you as a benefits advisor if your own organization doesn’t have a first-class set-up?
To this end, Korn Ferry has further expanded its financial wellness offering for its US employees through a partnership with online personal finance company SoFi. Korn Ferry workers will now be able to access SoFi’s student loan refinancing, personal loan, home loan, and investing products, as well as financial guidance via SoFi financial advisors.
“We offer a complete package of wellbeing benefits that appeal to our colleagues’ physical, emotional, financial, and social wellbeing,” Brian Bloom, vice president of global benefits at Korn Ferry, said. “This new financial offering from SoFi is a natural addition to our Korn Ferry Cares package. We continue to look for new offerings and services to help our global Korn Ferry colleagues and their families.”
Korn Ferry’s global workforce is more than 50% millennials and Gen Z – groups that would be especially well served by SoFi’s refinancing, loan, and advisory offerings.
SoFi’s roots trace back to a loan pilot project devised by a group of Stanford business school graduates, wherein alumni would offer loans to low-risk students. Since 2011, the San Francisco-based firm has expanded to employ more than 1,000 people, and posted $547 million in revenue in 2017.
Korn Ferry and SoFi previously worked together on KF Advance, which expanded career development offerings to SoFi’s 600,000 members. The platform delivers online assessment, resume review, career coaching, and other services drawing on Korn Ferry’s extensive expertise in the area.
