Success Stories
World-Leading Bank Uses WageWorks to Increase FSA Contributions 62 Percent
One of the largest financial firms with over 111,000 employees and 3,500 branches faced the critical challenge of keeping morale high in the wake of rising benefit costs. Turning to WageWorks, this money-centered leader replaced its legacy system with a convenient benefits program that employees embraced nationwide. The results?
- 61% jump in Health Care FSA participation and contributions
- 54% rise in Dependent Care FSA contributions
- 50% increase in Commuter Benefits participation
Read more.
Fortune 500 Business Equipment Provider Leverages WageWorks to Increase Tax Savings and FICA Savings
A Fortune 500 provider of business equipment offered an extensive range of benefits to their 33,000 employees. While benefits such as health insurance and the 401(k) program were popular and widely used by employees, not all benefits were as well understood and readily adopted. WageWorks' employee-friendly pre-tax programs generated increased employee interest in these previously little-used benefits. Participation in both programs doubled, increasing tax savings for employees and increasing FICA savings for the company. With the automated WageWorks system, the company was able to offer better benefits while streamlining administration. Read more.
Major U.S. Bank Maximizes Participation with WageWorks
One of the ten largest U.S. banks with 1,500 branches and over 40,000 employees had a company-wide charge to automate internal processes and establish a best practices environment for human resources. In its first year with the WageWorks Commuter Program, the bank increased participation by almost 15 percent, and flexible spending account participation more than doubled. Not only did participation rise, but so did the amount employees contributed to their accounts. With more employees using more of their benefits to reduce their costs, employee satisfaction with benefits increased despite overall decline in the benefits environment. Both programs delivered increased FICA savings for the bank. Read more.
