BMG Money provides a voluntary employee benefit that is proven to help employers reduce workforce turnover.
In a study regarding a health system with over 13,000 employees in Florida, the overall conclusion was: LoansAtWork’s participants had a lower attrition rate compared to the general employee cohort. The program’s participants had a higher retention rate of 89.8% compared to the overall retention rate of 82.3%. The attrition rate among LoansAtWork participants is only 10.2%, compared to the general attrition rate of 17.7%. These statistics indicate a 1.2% reduction in annual workforce attrition, making the LoansAtWork program an effective tool for retaining employees. BMG Money has close to 100 hospitals, education, and governmental clients, with many more to come. Since 2009, BMG Money has serviced tens of thousands of loans, issuing $3.5 Billion to employees who otherwise would have fallen victim to predatory payday loans. BMG Money works with the employer group to tailor the program to be as effective as possible. This includes how to communicate the benefit being offered to employees, how to offer training and how to operationalize the program. This program comes with zero cost or risk to the employer.
LoansAtWork
Rather than conditioning loan approvals based on credit scores and credit history like traditional banks and credit unions do, BMG Money instead underwrites loans based upon employment status and income. Thus, BMG Money enables access to reasonably priced credit to employees that ordinarily are excluded from the financial mainstream and too often turn to predatory payday lenders charging 10 to 12 times the cost of the LoansAtWork program. By utilizing payroll deduction on loan repayments, BMG Money can offer these significant savings to employees.
Financial Wellness Program
BMG Money offers complimentary financial literacy programs that equip employees with valuable financial management strategies. The BMG Money team is certified by the Consumer Financial Protection Bureau to conduct virtual or onsite financial literacy sessions based on the “Your Money Your Goals” curriculum. Additionally, free 1-on-1 debt counseling and credit coaching sessions are available to all your employees.
- Voluntary employee benefit
- Emergency loans for employees
- Increase employee retention
- No risk or cost to employer
- Free financial wellness tools
- No fees or prepayment penalty
- Instant approvals & funding
- Apply 24/7/365
For additional information, visit www.bmgmoney.com/loansatwork/employers and contact:
Amar Sharma
Senior Director, Healthcare Partnerships
BMG Money, Inc.
(607) 205-7884
amar.sharma@bmgmoney.com
ADDITIONAL RESOURCES
- Yahoo Finance | BMG Money offers responsible credit lifeline, helping employers ensure financial wellness of their workforces Learn More>
- Customer Reviews | Why they love BMG Money! Watch>YouTube