An innovative approach to workforce wellness
Multiple Awards | $293K+
of large companies offer wellness programs
of employees, on average, use them
Many businesses, particularly larger ones, offer employee wellness programs, including Employee Assistance Programs (EAPs) — perks aimed at improving physical, mental and financial health by covering the costs of purchases such as fitness memberships, nutritious meals or social activities. But despite their prevalence, they are surprisingly unpopular, at least when you consider how many employees take advantage of them.
“About 80% of large companies offer EAPs and various employee wellness programs. Yet multiple studies show that only about 10% of employees use them,” explained Mike Vien, Founder and CEO Wallit, a wellness benefits app. Vien knows all about the benefits business — he’s built several of them within major financial companies like Fidelity and Mercer. So he’s aware when programs don’t align with employees’ lifestyles and the administrative hassles they can create.
Wallit solves the shortcomings of traditional wellness programs for both the employer and their employees. It connects directly to an employee’s debit card giving them the freedom to choose options that are meaningful to them. And Wallit’s innovative technology automatically determines what purchases qualify, so there’s no waiting for reimbursement or saving receipts. The result? Wallit has a nearly 100% utilization rate.
Employers and employees aren’t the only ones who find value in Wallit’s flexibility, ease-of-use and cost savings. As COVID has redrawn the lines between where people live and work, MTI saw the app’s powerful potential. Our development loan was integral in Wallit’s launch, and we’re excited to be partnering with them as they help improve the wellbeing of the workers driving our economy.