Paychex is partnering with SoFi to offer employees access to personal finance tools like loan refinancing and debt management through its digital benefits marketplace.
Employees cover the cost of the tools via payroll deduction, which means the employer gets to offer the tools at no cost.
This move helps even small businesses stay competitive in a tight labor market by delivering enterprise-grade perks that support employee financial well-being and retention.
Human capital management (HCM) company Paychex announced this week that it is teaming up with financial platform SoFi to bring end users access to SoFi’s personal finance tools.
Specifically, users of Paychex Flex Perks can connect to SoFi’s solutions via Paychex’s digital employee benefits marketplace. With this access, employees of Paychex customers can use SoFi’s solutions to support their journey to financial independence, including personal loans, student loans, loan refinancing, and more.
“Employees today expect their employer to help support their financial well-being—it’s no longer a ‘nice-to-have’ benefit,” said Paychex Vice President of Corporate Strategy, Business Development, and Investor Relations Cory Mau. “Businesses that provide access to financial wellness benefits often increase employee productivity, recruit and retain talent more effectively, and ultimately drive positive business outcomes.”
Paychex Flex Perks is available in Paychex Flex, a cloud-based HCM SaaS platform that makes it easy for employees to enroll in benefits. Paychex Flex Perks allows even small businesses to offer enterprise-level benefits to entice and retain employees. Launched in 2024, the marketplace has helped more than 230,000 employees purchase at least one benefit from the marketplace.
Employees can use Paychex’s benefits marketplace to select additional benefits based on their own needs. The employees pay for the additional benefits via payroll deduction, meaning they do not pose additional cost to the employer.
The benefits are made possible by SoFi at Work. Launched in 2016, SoFi at Work aims to help employers offer their workforce student loan refinancing, repayment options, a debt navigator tool, financial education resources, and more.
“Our partnership with Paychex marks a major milestone in SoFi at Work’s mission to help more Americans achieve financial independence,” said SoFi EVP for Spend, Invest, Protect, and Save Kelli Keough. “Financial tools and top-tier benefits should be available to everyone, not just employees of large companies. That’s why we’re partnering with Paychex, to make it easier for companies of all sizes, to support their workforce with meaningful and actionable benefits. Embedding SoFi’s financial well-being tools directly into Paychex will help millions of users nationwide take more control of their financial futures.”
As more employers recognize that financial stress impacts productivity and retention, embedding financial wellness tools directly into HR platforms is nearly becoming table stakes rather than a differentiator. The integration between Paychex and SoFi allows small and medium-sized businesses to offer the kind of high-quality financial tools and benefits that were previously only accessible at enterprise scale. In a tight labor market, that is a big deal where benefits can make or break acquiring quality talent.
Photo by Katie Harp on Unsplash
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