Business challenge
Grace Health was seeing a lot of employees taking 401(k) loans, as well as employees asking if they had an employee assistance fund to help with emergencies. The company wanted to help people save for a financial emergency since they weren’t doing it on their own.
Why SecureSave?
Grace Health chose SecureSave because the program sets up an separate emergency savings account — making it a little more difficult to spend the money. The company also appreciates that SecureSave doesn't issue a debit card, making it harder to withdraw the money on a whim.
Grace Health loves that there aren’t any fees for the employee and the employee takes the account with them if they leave employment. Plus, the fees the employer pays are minimal.
What do employees think about SecureSave?
Employees praise the SecureSave program, with participation higher than initially anticipated. Grace Health workers enjoy the convenient app access, simple payroll deduction with employer match, and easy (and fast) enrollment. Plus, everyone loves Suze Orman and her affiliation.
Many employees have increased their contribution beyond the default. Already, several Grace Health workers have stated to HR how much SecureSave has helped them in a financial emergency and others have said they've appreciated how easy it is to save for future needs.
“We were seeing a lot of employees taking 401(k) loans and employees asking if we had an employee assistance fund. Many of the issues were for car or home repairs typically totaling less than $2,000, yet they were tapped out and didn’t have any money set aside. We wanted to help people save for a financial emergency since they weren’t doing it on their own.”
- HR Team at Grace Health
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