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SecureSave recently launched "one of the most successful enterprise-level emergency savings programs ever," according to CEO and Co-founder Devin Miller. This remarkable achievement was made possible through collaboration with BlackRock and Commonwealth.
An innovative emergency savings program was introduced to one of our healthcare clients, a company with over 50,000 employees varying in age, location, and other demographics. One key to success was the program's flexibility, accommodating a wide range of diverse employees and ensuring equal benefits for all.
Another facet of the program's success was driven by its strategic launch timing. Traditionally, this client rolls out new benefits in November. However, by launching the emergency savings program in August, they were able to highlight and promote the benefit effectively. This out-of-cycle introduction, coupled with a $100 sign-up bonus and a 100% match of up to $20 per paycheck, created significant excitement and buzz. The results were astounding: within one day, the adoption rate reached 26%, eventually climbing to nearly 60% within a month. This has continued to catapult, reaching 68% adoption in 5 months, and 71% in 8 months.
Incentivizing ongoing contributions sparked interest and high adoption rates, but the ease of deployment truly captured attention. Employees could sign up and set up automatic savings from each paycheck within just two minutes.
Emergency savings accounts (ESAs) are a relatively new concept, and this employer put considerable effort into getting employees enthusiastic about the benefit, emphasizing its ongoing incentives, seamless automation and integration, and uncomplicated marketing.