Xiggit Introduces New Solution that Helps SMBs Offer Broad Set of Benefits to Workers
Xiggit reimagines cafeteria-like benefits, blazing a new path with plans to roll out an innovative strategy that will give a full buffet of perks to help SMEs enhance their workers' financial well-being.
FREMONT, CA: Xiggit, a next-gen fintech startup revamping benefits, officially unveiled its solution that helps Small and Medium-Sized Businesses (SMBs) offer a broad set of large company benefits to all workers. Xiggit's new service enables SMEs to provide a wide range of high-value financial perks to their employees. Xiggit is the first and only company to offer SMEs a streamlined benefits package that requires companies to select a budget for their employees. Employers with limited resources can use Xiggit to provide large company benefits to all employees, whether full-time, part-time, contract, gig worker, or any other classification.
Xiggit reimagines cafeteria-like benefits, blazing a new path with plans to roll out an innovative strategy that will give a full buffet of perks to help SMEs enhance their workers' financial well-being.Even though SMEs employ 50 percent of the workforce in the United States, they cannot compete with large corporations in terms of benefits due to their limited resources. Employers are seeking for methods to stand apart in a world where financial stress is at an all-time high. Benefits are critical in lower-wage, service-based industries. Employers' ability to recruit and retain employees improves when they can offer a diverse range of high-value benefit options to all employees.
Nearly 63 million Americans, primarily part-time workers and employees of smaller businesses, do not have access to or participate in employer-sponsored retirement plans. Workers are 18 times more likely to engage in automatic payroll-deduction-based retirement programs if they have access to them.Over 100 million Americans have no retirement savings and are in danger of running out of money. State governments are stepping in to help with this disaster. Employers are required to provide employees with a long-term retirement savings plan in ten states. A compliance deadline is looming for millions of small businesses. Firms with 50 or more employees in California have until June 2021, while employers with five or more employees have until June 2022.
"We switched from offering a 401k to Xiggit, and that has been a game-changer for us. Our experience with the 401k was horrible. Xiggit's solution is low-cost, easy-to-use and shoulders the administrative burdens for us. Were delighted with Xiggit and most of our employees use and enjoy it. Some of them cannot believe how fast theyve been able to grow their savings. Our workers are improving their financial literacy and that makes them feel more secure," said Bruce Watkins, Founder, and CEO, Cal Preserving.
Personalized, portable benefits with incentivized financial education are part of the Xiggits solution.Businesses can use Xiggit's web portal, which takes only a few minutes to complete. Workers will then receive a message to download Xiggit's mobile app, which they will use to select and manage their perks. Workers with portability receive benefits that they can keep for the rest of their careers, allowing them to create financial security even if they change professions. The Xiggit's solution has the following features:
Professionally Managed Traditional or Roth IRAs: Workers can begin saving for retirement by having small contributions deducted from each paycheck and deposited into a retirement account.
Savings Account:Auto-deductions let employees save for an emergency fund, a car, a trip, and other expenses.
Xiggit Boosts: Through grants granted in Xiggit Boosts' daily "Learn 'n Earn" game, workers can accelerate their wealth. Xiggit Boosts, which is available via the Xiggit mobile app, encourages employees to study, save, and adopt healthier money habits. Employers benefit because they get a higher return on their benefits investment due to improved employee engagement while keeping expenses low.
Financial Tools: Individualized financial assistance to assist workers in learning the money game and improving their financial literacy and well-being. Goal-setting, retirement, and savings calculators are examples of financial tools.
SMBs now have a simple option to provide significant perks without affecting their profits. Employee benefits administration is handled by Xiggit, which relieves companies of administrative duties. The employer and Xiggit collaborate to explain the perks' worth to employees. Employers may boost employee engagement and loyalty by playing the Xiggit's Learn n Earn game, which increases financial literacy and well-being. Employees' loyalty and retention rise when their financial wellness and confidence improve due to their perks, increasing the bottom line. Employers use Xiggit to form deep ties with their employees by assisting them in achieving their most significant financial goals jointly, thereby decreasing financial stress.
"Xiggit is shifting the power of choice and portability to workers. Now SMEs can offer all their workers high-value benefits with choices that count. Workers select benefits that matter to them," said Heather Dawson, Co-founder, and CEO, Xiggit. "Xiggit is also raising the bar in helping SMEs offer personalized financial tools so workers can improve their financial resilience.