Commonwealth and JPMorganChase Announce New Initiative That Strengthens Workers’ Financial Security Through Innovative Workplace Solutions

The workplace is a major component of an employee’s financial security, especially for those earning a low to moderate income (LMI). Significant research exists, including Commonwealth’s work, that draws a direct connection between thoughtful employer workplace benefits that intentionally meet the needs of employees and greater financial resilience for individuals earning LMI and their families.

With support from JPMorganChase, Commonwealth has launched “Benefits for the Future: Reimagining Workplace Benefits.” This collaborative initiative aims to improve the financial well-being of workers earning LMI—who disproportionately include Black, Latinx, and women-led households—by leveraging innovative and enhanced workplace benefit solutions.

Through the project, Commonwealth will partner with large, forward-thinking employers nationally and across targeted local markets, starting in Chicago, IL, and Columbus, OH. Together, the organizations will design, test, and scale quality benefits for their employees, choosing from a variety of solutions, including debt reduction, workplace savings, and wealth-building strategies. Following Commonwealth’s framework of “impact and influence,” the data, insights, and positive outcomes from the pilots will then be amplified to influence industry best practices and policy.

The Impact of Workers’ Financial Stress on Employers

When workers experience financial stress, it has a compounding effect on their mental and emotional wellness and shows up in all aspects of their lives, including job performance. Studies show that 49% of employees experiencing financial stress are distracted at work, spending three or more working hours each week thinking about or dealing with their personal finance issues, which collectively costs organizations upwards of $183 billion in productivity annually.

In an era where more organizations are committed to improving their company’s culture, one significant way to address employees’ needs is by implementing workplace benefits that will improve the financial health of workers while also producing positive business outcomes, such as increased productivity, retention, and timely retirement. In fact, in a 2021 Betterment survey, 83% of participants stated that they “view financial wellness benefits as a sign that my employer values me and my work.”

“Workplace financial well-being programs are an important tool that can help people improve their financial health and build wealth in the long term. At JPMorganChase, we recognize the value of investing in employee benefits programs, and the impact it can have on employee financial health,“ said Sharad Ganesh, Chief Product Officer, Workplace Solutions at JPMorganChase.  “Through this collaboration with Commonwealth, we’re excited to drive greater workplace innovation and help scale what works.”

Adding Value, Capacity, and Expertise to Your Company Through Partnership

While many organizations have outlined a focus and goals for how they invest in their employees, there are often barriers to implementation. These challenges range from capacity limitations to needing additional insight to research benefit providers, and even thinking through the strategy and measuring return on investment (ROI).

Commonwealth has over 20 years of expertise and experience in research, workplace benefits, and piloting innovative programs through partnerships that build financial security for those earning LMI. This positions us as uniquely qualified to assist organizations with their employee financial wellness goals by serving as an unbiased advisor, performing research, and providing support with structuring, implementation, data gathering, and amplifying positive outcomes.Benefits for the Future is an opportunity to build on the strides made through existing and emerging research and government-backed solutions, such as SECURE 2.0 and the CARES Act, that reflect how employer benefits can be a main driver of upward economic mobility. If you are interested in exploring how to incorporate a more holistic, equitable benefits package for your employees, please contact us at info@buildcommonwealth.org to learn more.