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:

1. Improve financial outcomes
2. Boost employee engagement
3. 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. Contact your Voya representative to find out how you can get your workplace benefits and savings in sync.

See related article:

• Infographic: Financial Care 101 – How it can transform the future of benefits