Employee benefits is the next area that fintech is going to take over, and why not? It might seriously help companies retain talent.
Updated October 2026. We corrected the survey figures to match the cited report and updated the Future Family example to reflect what the company offers today. This article is general information, not financial or benefits advice.
Employee benefits are one of the key driving factors when it comes to employee retention. Health insurance, retirement plans, bonuses, flexible hours everything is becoming more and more relevant when it comes to fighting the great resignation. We have all come across the notion that employees today are not fighting for survival, stability, or standard of living, but for quality of life. There is opportunity for candidates who are able to offer something that businesses need and hence, the employees too are increasingly picky about what they want from a job.
WTW’s Global Benefits Attitude Survey, as reported by GOBankingRates in April 2022, found that 60% of U.S. respondents said their healthcare plan was an important reason to stay with their current employer, and 39% said they would move to a new job for better health insurance coverage. Pay still matters too: 56% said they would move for better pay and bonuses, so benefits work best alongside competitive salaries rather than instead of them.
The issue with employee benefits is that they are not always tangible or quantifiable, and even when they are, they are not as transparent as employees would like. This is where Fintech is making some serious strides. It is amazing how far fintech has come in a rather short time. Internet banking, online shopping and payment gateways built into applications would have seemed far-fetched in the 1990s. Today we can look at loan offers, compare interest rates, check our credit scores and plan our insurance policies from our connected devices, phones or computers. So, why not make employee benefits more transparent with the help of fintech? Fertility care is one example. Future Family offers financing for IVF, egg freezing and other fertility treatment, along with support from a dedicated fertility nurse, with the aim of making that care easier to access and pay for.
With fintech-based benefits, employees can have the option to choose their benefits and spread the cost in a way that suits them, and employers may be able to pay their share in installments rather than upfront. This sort of convenience can help a company reduce attrition and retain talent. It is important that employees can see what they are getting out of their benefits so that they value them.
Also, there needs to be more variety in terms of employee benefits. The needs of employees can vary a lot depending on what they and their families need. It is better to let them control what sort of health benefit they want instead of making presumptive calls. For instance, an IVF coverage may be less important for an employee than a solid orthopaedic plan.
However, companies need to be careful not to encourage unsustainable debt. While an employee benefit program is meant to enhance an employee’s quality of life and security, it should not make it painless to overspend as it can land an employee in serious financial crises. With the amount of transparency, financial guidance, and data-driven inputs fintech is able to deliver, employee benefits is the next area fintech is going to take over.
