How Voya is transforming the way we’re meeting customer needs
While effective organizational changes are often initiated and led by a committed management team, these days we’re seeing that some of the most fundamental workplace shifts are being driven by the grassroots needs of employees. This is especially true now with increasing financial uncertainty, changing workplace environments, and more competitive labor markets.
Case in point: Employees are speaking loud and clear about their desire for more help improving their financial well-being, with a focus on more flexibility in employer benefit offerings.1 In fact, according to Voya’s recent consumer survey, nearly three-quarters (73%) of Americans find it extremely important or important to receive guidance on how to optimize their retirement savings and workplace benefits.2 Employers are listening, but meeting those employee needs requires a fundamental shift in the way they think about benefits, and how they’re delivered.
Voya is committed to helping employers provide a higher level of financial care
Meeting employee needs means going back to the basics and recommitting not just to providing more flexible, comprehensive benefits, but doing so in a hyper-personalized way. We call this financial care:
The act of diagnosing and treating the unique financial needs of each individual and helping them get their workplace benefits and savings in sync — in order to make a secure financial future possible.
It’s a concept that goes to the very heart of achieving Voya’s vision for all our customers and partners: Clearing your path to financial confidence and a more fulfilling life. We’re committed at every level of our organization to delivering on that aspirational vision and helping employers support their employees on their financial journeys.
Where it starts: Creating a connected benefits experience
A recent perspectives paper from Voya’s Thought Leadership Council explored how employers can boost employee engagement, save time and help improve outcomes by syncing workplace benefits and savings.
The paper outlines the thinking behind our drive to offer employers, and by extension, their employees, a more integrated and connected experience. If improved financial care is our goal, a connected workplace benefits and savings experience is how we’ll work to achieve it. Furthermore, it’s a push that employers tell us they support, with 98% of them expressing interest in an integrated workplace benefits and savings solution.3
By helping employees overcome challenges where health and wealth decisions intersect, we have the opportunity to:
- Improve financial outcomes
- Boost employee engagement
- Simplify the experience
Easier financial care with the myVoyage experience
A Voya-sponsored survey revealed that 84% of employees are interested in a digital tool that allows them to see ALL financial and benefits information in one place.4 And that’s where the myVoyage personalized financial guidance experience comes in. First launched via mobile app, myVoyage stands out as a key component of our strategy to help employees connect the dots between health and wealth — and help make a more secure financial future possible.
Using data and hyper-personalized communications, myVoyage can provide employees with a one-stop, panoramic view of their full financial picture. This includes workplace benefits and savings — along with the integration of external accounts such as personal banking and credit accounts — to help employees stay on track to reaching their goals. Employers who choose to offer this to their employers will hopefully see increased participation and engagement in their programs.
6 ways myVoyage helps individuals
- A consolidated account view under one login, inclusive of one’s workplace savings accounts and external accounts — which could include: retirement plans such as 401(k) and non-qualified accounts; health savings accounts; and medical/dental insurance — and the ability to connect outside benefits and accounts such as banking and savings, brokerage accounts, credit cards and loans.
- Holistic financial wellness support, including the opportunity to view where individuals stand across all accounts, set and track goals (such as saving for college or paying off debt) with insights on accounts such as spending limits, savings reminders and deposit summaries — offering support along the way.
- Benefits enrollment guidance with the myVoyage personalized enrollment guidance tool, including the ability to optimize one’s workplace benefits options and costs as well as receive personalized guidance on savings and coverage based on plans that are most appropriate for an individual’s needs.
- Access to medical claims to track out-of-pocket expenses and get reminders for preventative care.
- Personalized nudges and actions, including specific steps, tools and resources to help individuals navigate different life stages and events including everything from daily spending to having children or preparing for retirement.
- Professional resources, including the ability to refer individuals to a financial professional for additional personalized advice and guidance.5
Voya continuously strives to be innovative, flexible and results-driven — helping both employers and employees take positive actions toward achieving retirement plan success. Find out how you can get your workplace benefits and savings in sync or contact your Voya representative.
See related articles:
- 2022 Workplace Wellness Survey; Employee Benefit Research Institute; Greenwald Research.
- Based on the results of a Voya Financial survey conducted January 3-4, 2023, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S.
- Voya Employer Survey, N=253, October 2021.
- Voya Financial collaborates with an independent research firm, Ipsos, to conduct periodic surveys among those participating in employer-sponsored retirement plans managed by Voya. During the period between July-August 2022, 5889 retirement plan participants evaluated Voya.
- Financial professionals are investment advisor representatives and/or registered representatives of, and securities and investment advisory services are offered through Voya Financial Advisors, Inc. (member SIPC). Investment advisory services are only offered through investment advisor representatives of Voya Financial Advisors.
Ipsos-Insight is not affiliated with the Voya family of companies. Views expressed vary based on respondent’s personal opinion.
Voya Financial and its affiliated companies (collectively, “Voya”) is making available to you the Personalized Enrollment Guidance tool offered by SAVVI Financial LLC. (“SAVVI”). Voya has a financial ownership interest in and business relationships with SAVVI that create an incentive for Voya to promote SAVVI’s products and services and for SAVVI to promote Voya’s products and services. Please access and read SAVVI’s Firm Brochure, which is available at this link: https://www.savvifi.com/legal/form-adv. It contains general information about SAVVI’s business, including conflicts of interest.
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