Latest news with #Businessolver®
Yahoo
3 days ago
- Business
- Yahoo
Empathy Could Save U.S. Companies $180 Billion in Employee Retention Costs
Study Finds Employees at Unempathetic Workplaces Are 1.5X More Likely to Quit, Costing Organizations Billions Unempathetic Organizations Risk $180 Billion in Attrition Denver, Colorado, June 18, 2025 (GLOBE NEWSWIRE) -- Businessolver®, a leader in benefits and HR technology solutions, released findings from its 10th annual State of Workplace Empathy study which has surveyed more than 26,000 CEOs, HR professionals, and employees over the past decade. This year's findings highlight 5- and 10-year trends alongside the tangible ROI of empathy in today's workplace, including an estimated $180 billion at risk annually due to attrition at organizations perceived as unempathetic. 'Empathy isn't just good for people—it's good for business,' said Jon Shanahan, President and CEO at Businessolver. 'Collectively, companies that fail to operationalize empathy are leaving $180 billion on the table and missing out on a high-ROI lever for long-term growth.' Over a quarter of employees (27%) view their organization as unempathetic and these employees are 1.5X (18 points) more likely to change jobs in the next 6 months. But there's more at risk than turnover: Employees who view their workplace as unempathetic report 3X higher toxicity and 1.3X more mental health issues, contributing to lower productivity and absenteeism costs. Likewise, employees at unempathetic organizations are 2X more likely to feel disconnected from leadership and 4X less connected to their CEO. Other key findings include: Only 55% of CEOs say empathy is undervalued by U.S. organizations, a 28-point year-over-year (YOY) decline; 59% (+12 points YOY) of CEOs view empathy as a perk or 'nice to have' 60% of remote/hybrid employees say they would quit if required to work full-time in-person; and 51% of total respondents would take a pay cut to work remotely 91% of employees say flexible work hours and flexible work location (88%) are top benefits that demonstrate empathy; yet 29% of employees and 21% of HR say they take advantage of flexible hours versus 41% of CEOs Findings, however, also point to empathy moving in the right direction with 63% of employees saying U.S. organizations are evolving with the needs of working households—a 180-degree change from Businessolver's 2016 inaugural report when 60% of employees said employers were not evolving. 'While there's clearly work to be done, I'm encouraged by the 73% of employees who say their organizations are empathetic, reinforcing that many leaders are leaning into empathetic practices that help employees feel seen and heard,' said Shanahan. 'Our data continues to underscore how transparency, flexibility, employee benefits—and accountability—are vital expressions of empathy. Leaders may not intuitively know this, but they must respect it if they intend to grow their business.' About Businessolver's Annual State of Workplace Empathy ReportSince 2016, Businessolver has surveyed a diverse cross-section of more than 26,000 employees, HR professionals, and CEOs across six industries to examine the behaviors and benefits that make a workplace empathetic. In March 2025, Edelman Data & Intelligence fielded the 2025 online survey. In the survey, empathy is defined as 'the ability to understand and/or experience the feelings or perspectives of another.' To qualify, respondents needed to be 21 years or older, U.S. residents, employed full-time or part-time within their respective industry at an organization with 100 or more employees. Learn more and find historical trends at BusinessolverSince 1998, Businessolver has delivered market-changing benefits technology that empowers empathetic service supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight. Attachment Unempathetic Organizations Risk $180 Billion in Attrition CONTACT: Nicole Selinger Businessolver 314-805-2165 nicole@
Yahoo
20-05-2025
- Business
- Yahoo
Businessolver Introduces Stand-Alone Consumer Accounts Administration Platform to Bring more Financial Stability and Benefits Engagement to Market
DENVER, COLORADO, May 20, 2025 (GLOBE NEWSWIRE) -- Businessolver®, the market-leader in SaaS-based HR and benefits technology, announced at its annual Vision conference in May that it is launching MyChoice Accounts, its consumer-directed healthcare account platform, as a standalone solution, giving employers nationwide access to a modern, flexible technology for managing health and benefit accounts. Previously available exclusively to organizations using Businessolver's benefits administration solution, MyChoice Accounts offers an intuitive, mobile-friendly approach to manage key accounts such as HSAs, FSAs and HRAs alongside industry leading service and support. 'When we built our MyChoice Accounts solution five years ago leveraging industry experts with more than 225+ years of experience, it was to create an AI-driven, flexible solution that would grow with employers as consumer expectations changed,' said Rae Shanahan, Chief Strategy Officer. 'Finding a recently developed accounts technology in the space is hard to come by, meaning most employers are stuck with legacy options that do not have the flexibility to truly innovate. We are excited to bring a new technology and administration option to all employers, regardless of where they administer their benefits today.' Additionally, Businessolver is also excited to launch new features to its Health Savings Account experience that puts more savings power in employees' hands. Set to launch this summer, individuals with a MyChoice Accounts HSA will have a new option to set aside funds within a Spend, Save, Invest model. Alongside a modern lineup of exchange-traded funds (ETFs), MyChoice Accounts will introduce a "Save" category, allowing members to grow their savings through a money market account. This feature encourages members to set shorter-term financial goals with higher interest savings options, beyond the traditional investment options for retirement This innovation is in immediate response to the data from Businessolver's platform detailing that 48% of employees say they would feel panicked about an unexpected medical expense. Generationally, Gen Z and Millennials, who collectively make up over half of today's workforce, are the most panicked at 62% and 50% respectively. The new shorter term saving options support a differentiated financial savings strategy. 'Financial wellness is top of mind as we continue to innovate in the accounts spaces,' said Kent Rausch, Businessolver's Head of Product and the original designer of the MyChoice Accounts platform. 'Today, we are offering all of the usual suspects, like the tax-advantaged accounts, lifestyle offerings, and a truly innovative HSA; but tomorrow—the sky's the limit. Our platform can really handle financial wellness products that will support informed financial decisions for a healthier workplace.' MyChoice Accounts was originally launched in 2019 as an integrated product on the Benefitsolver® benefits administration platform and offers configurable and personalized consumer account administration options including Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs). Now, with nearly one million active accounts, and significant product growth, MyChoice Accounts is poised to serve clients who want streamlined and simplified accounts management, with or without benefits administration services. Supporting the MyChoice Accounts platform is Sofia™, Businessolver's virtual AI-powered benefits assistant that enhances member engagement by providing chat assistance, account balance retrieval, claims status updates, and more. Most recently, Sofia successfully resolved more than 94% of consumer account inquiries, while employees who interacted with our Service Center call representatives reported a Net Promoter Score (NPS) of 67. About Businessolver Since 1998, Businessolver has delivered market-changing benefits technology the empowers empathetic service supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight. CONTACT: Nicole Selinger Businessolver 314-805-2165 Nicole@
Associated Press
20-05-2025
- Business
- Associated Press
Businessolver Introduces Stand-Alone Consumer Accounts Administration Platform to Bring more Financial Stability and Benefits Engagement to Market
DENVER, COLORADO, May 20, 2025 (GLOBE NEWSWIRE) -- Businessolver ®, the market-leader in SaaS-based HR and benefits technology, announced at its annual Vision conference in May that it is launching MyChoice Accounts, its consumer-directed healthcare account platform, as a standalone solution, giving employers nationwide access to a modern, flexible technology for managing health and benefit accounts. Previously available exclusively to organizations using Businessolver's benefits administration solution, MyChoice Accounts offers an intuitive, mobile-friendly approach to manage key accounts such as HSAs, FSAs and HRAs alongside industry leading service and support. 'When we built our MyChoice Accounts solution five years ago leveraging industry experts with more than 225+ years of experience, it was to create an AI-driven, flexible solution that would grow with employers as consumer expectations changed,' said Rae Shanahan, Chief Strategy Officer. 'Finding a recently developed accounts technology in the space is hard to come by, meaning most employers are stuck with legacy options that do not have the flexibility to truly innovate. We are excited to bring a new technology and administration option to all employers, regardless of where they administer their benefits today.' Additionally, Businessolver is also excited to launch new features to its Health Savings Account experience that puts more savings power in employees' hands. Set to launch this summer, individuals with a MyChoice Accounts HSA will have a new option to set aside funds within a Spend, Save, Invest model. Alongside a modern lineup of exchange-traded funds (ETFs), MyChoice Accounts will introduce a 'Save' category, allowing members to grow their savings through a money market account. This feature encourages members to set shorter-term financial goals with higher interest savings options, beyond the traditional investment options for retirement This innovation is in immediate response to the data from Businessolver's platform detailing that 48% of employees say they would feel panicked about an unexpected medical expense. Generationally, Gen Z and Millennials, who collectively make up over half of today's workforce, are the most panicked at 62% and 50% respectively. The new shorter term saving options support a differentiated financial savings strategy. 'Financial wellness is top of mind as we continue to innovate in the accounts spaces,' said Kent Rausch, Businessolver's Head of Product and the original designer of the MyChoice Accounts platform. 'Today, we are offering all of the usual suspects, like the tax-advantaged accounts, lifestyle offerings, and a truly innovative HSA; but tomorrow—the sky's the limit. Our platform can really handle financial wellness products that will support informed financial decisions for a healthier workplace.' MyChoice Accounts was originally launched in 2019 as an integrated product on the Benefitsolver® benefits administration platform and offers configurable and personalized consumer account administration options including Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs). Now, with nearly one million active accounts, and significant product growth, MyChoice Accounts is poised to serve clients who want streamlined and simplified accounts management, with or without benefits administration services. Supporting the MyChoice Accounts platform is Sofia™, Businessolver's virtual AI-powered benefits assistant that enhances member engagement by providing chat assistance, account balance retrieval, claims status updates, and more. Most recently, Sofia successfully resolved more than 94% of consumer account inquiries, while employees who interacted with our Service Center call representatives reported a Net Promoter Score (NPS) of 67. About Businessolver Since 1998, Businessolver has delivered market-changing benefits technology the empowers empathetic service supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight. Nicole Selinger Businessolver 314-805-2165 [email protected]
