Employer Uses Cases
Expand HR's Reach
Efficiently expand your employee support services without increasing the workload of your HR team by leveraging technology and automation. By implementing self-service tools and digital solutions, you can provide employees with the support they need while freeing up HR resources to focus on higher value tasks.
Transform your DEI initiatives into tangible outcomes. Empowering diverse teams means offering fair employee assistance, yet there may be questions from employees that companies lack the capacity or expertise to handle. With ElektraFi all employees can get professional guidance to promote economic parity.
At ElektraFi, we view diversity through many lenses:
- Life stage, which includes considerations such as age, career aspirations, family obligations, and lifestyle choices.
- Finances, including income, equity, emergency savings, and retirement plans.
- Identity, such as gender, ethnicity, sexual orientation, cultural background, and religion.
- Goals, such as saving for large purchases, planning for family needs, saving for retirement, or buying a home.
- Mindset, including priorities, motivations, stressors, concerns, and core values.
- Health, which includes medical needs, health benefits, insurance coverage, disability support, and dependent care.
Foster an inclusive workplace by creating a culture that embraces employees from diverse backgrounds.
ElektraFi offers support to employees who are navigating various life decisions like:
- What is the most effective method for paying off my student loans?
- What is the optimal way to save for my child’s education?
- How can I determine if I am on track to retire in the next 5-10 years?
- What changes should I make to my budget to provide financial assistance to my parents?
- Which credit card debt should I prioritize paying off first?
- What is the most appropriate way to manage my finances now that I am going through a divorce?
- Is it advisable to sell my equity to contribute towards a down payment on a house?
- How should I plan and budget for adoption expenses ahead of time?
DEI
IPO Preparedness
Employers often don’t have the expertise to answer certain equity-related questions, but ElektraFi does. We can provide insights into inquiries such as:
- How does a tender offer price compare to an IPO?
- How should I decide whether to sell or hold shares at vesting?
- What are my tax obligations at vesting, exercise, and sale?
- How should I factor my equity into my finances when the value fluctuates?
- Should I buy my stock options when I leave my company?
- How do I decide between a cash exercise and sell to cover?
Make sure you prioritize employee assistance when planning for your IPO. Provide your staff with competent financial advice, so they can comprehend and make prudent decisions regarding their equity vesting.
Get a clear picture of how an equity event could affect you.
Understand the potential impact of equity events on your finances. Visualize how equity vesting and an IPO could affect your individual financial situation. Our platform supports RSUs, NSOs, ISOs, and other equity types.
To enhance employee productivity at work, it is important to address personal financial stressors that may lead to workplace distractions. By mitigating financial worries, employees can focus better on their tasks and contribute more effectively to the organization’s success.
Employee Productivity
Answer Employee Questions More Effectively
Elevate employee assistance while maintaining efficient HR and benefits management by leveraging ElektraFi’s financial advisors to provide tailored guidance and support to employees.
Retirement: Retirement savings plan, investment account, pension fund, retirement fund, employee savings plan
Health care: Medical insurance, health benefits, wellness plan, health coverage, healthcare plan
Equity: Stock ownership, shareholding, equity investment, equity stake, ownership interest
Detailed Compensation Breakdown: Employers can provide employees with a clear breakdown of their compensation, including base salary, bonuses, commissions, stock options, benefits, and any other forms of remuneration. This allows employees to understand the full value of their compensation beyond just their base salary.
Performance-Based Pay: Linking compensation to performance metrics promotes transparency by clearly outlining the factors that contribute to an employee’s pay. By setting measurable objectives and defining how they impact compensation, employees can better understand the criteria for salary increases, bonuses, and incentives.
Open Communication: Employers can foster a culture of transparency by openly discussing compensation policies, including how pay is determined and what factors are taken into consideration. Holding regular meetings or providing resources to educate employees about compensation structures can help demystify the process.
Salary Ranges and Bands: Establishing salary ranges or bands for different job roles can increase transparency by providing employees with a clear understanding of the potential salary range associated with their position. This helps employees evaluate their own compensation relative to others in the organization and identify opportunities for growth.
Benchmarking and External Data: Comparing compensation practices against industry standards and external data can provide employees with a broader perspective on their compensation. Employers can share aggregated data or market benchmarks to demonstrate how employee pay aligns with industry norms, ensuring transparency and fairness.
Total Rewards Statements: Providing employees with personalized total rewards statements that outline the complete value of their compensation, including non-monetary benefits like health insurance, retirement plans, and vacation time, can help employees understand the full picture of their rewards package.
Pay Equity Analysis: Conducting regular pay equity analyses to identify and address any gender, racial, or other forms of pay disparities can promote transparency and ensure fairness in compensation practices.
Support Pay Transparency
