How startups can help you win the talent war with tailored benefits

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In 2021, nearly 50 million workers voluntarily quit their jobs. The median tenure of employees over 25 has increased from 5.5 to 4.9 years since 2014. On average, employees aged 25 to 34 now keep their jobs for less than three years.

It's not just about "quietly quitting". American workers are ready to leave their current jobs, and they send this message loud and clear.

In the battle for talent, benefits have become an important weapon. Sixty-three percent of employees said they would leave their current company for a job with better benefits, even for the same or less pay. In response, employers are launching a benefits-driven offensive with longer PTO, remote work options, fertility support and mental health support.

The employer sales channel has inherent and often overlooked benefits. These include a captive user base, employee demographics and financials, and no consumer price barriers when employers cover the cost. Exciting new products are emerging from the combination of consumer APIs (like Plaid for consumer banking data and Method, Spinwheel, and Rightfoot for consumer liability data) and a new cohort of consumer data APIs. employment (including Argyle, Pinwheel and Merge). With a deeper financial picture of each employee, startups can create more personalized benefits products.

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These new APIs and a competitive job market have made the employer channel increasingly attractive. We're particularly excited about two categories that are currently selling through employers.

Over 40% of full-time employees in the United States live paycheck to paycheck. Earned Wage Access (EWA) services allow workers to receive their wages earlier than the typical bi-weekly cadence. They represent the latest in a long line of “income smoothing” products that get workers into cash sooner. The first iteration of income smoothing was the payday loan, which often caught...