Bob Gordon, President“We present a diverse array of programs and products tailored to meet the needs of employees. These offerings are extended to employees without any associated costs or liabilities to employers. Employees can take part in these programs at their discretion,” says Bob Gordon, President of Power Voluntary Benefits Inc.
Purchasing Power is the most popular program that Power Voluntary Benefits Inc. offers. It enables employees to meet their immediate requirements without relying on expensive financing options, like high interest credit cards, payday loans, and retirement withdrawals to make purchases. This is a wise monetary solution for employees who live paycheck to paycheck. In fact, companies that have adopted this program have been able to significantly improve their employee retention rate. Along with this, Purchasing Power also provides employees with financial health resources and live financial consultants to help employees with financial challenges regarding their credit issues.
The Kashable program allows employees to meet the need for cash, addressing out-of-pocket medical expenses, personal emergencies, and times of hardship. It equips employees with socially responsible, low cost credit; employees with poor credit scores but strong employment data can access the credit. This solution prevents employees from borrowing from their 401K or asking their employer for a cash advance.
“Borrowing from a 401k can have detrimental effects on your retirement savings, and if you happen to leave your job, you’ll be required to repay the 401k loan,” says Gordon. “Our programs help minimize the number of employees seeking to borrow from their 401k plans.”
Power Voluntary Benefits Inc. recognizes the significance of financial stability and extends its solutions to legal matters as well. There is an online platform for Wills and Trusts, providing essential legal documents at an affordable price. The company also provides discount platforms where employees can purchase items and pay for them over time with approved credit.
Our programs help minimize the number of employees seeking to borrow from their 401k plans
A notable success story involves Power Voluntary Benefits Inc. collaborating with a prominent food manufacturer having a large workforce of over 10,000 employees. The client implemented its programs for employees with no added cost or liability to the company. Survey results recently showed 60 percent of employees using the program were more likely to stay with the employer. Also, 80 percent of the employees who opted for the program witnessed a significant reduction in financial stress, and 75 percent of employees reported a decreased likelihood of borrowing from their 401k accounts.
Power Voluntary Benefits Inc. stands as a leader of innovation and transformation in the employee voluntary benefits industry. With extensive experience in the employee benefit sector and a strong commitment to challenging the status quo, it has disrupted the traditional approach to financial wellness.
