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Emerging Tech for Worker Financial Security
Workstream
In collaboration with the Mastercard Center for Inclusive Growth, we are helping employers identify the opportunities and potential risks that new technologies pose to worker financial security.
Nearly 1 in 5 Americans were unable to add any money to their savings in 2021, and more than half of adults are ‘uncomfortable’ with their emergency savings.
Bankrate
Today, 97% of employers feel responsible for workers’ financial security.
BANK OF AMERICA
Estimated costs to an organization of worker turnover range from 33% up to 200% of the departing employee’s salary.
WORK INSTITUTE
the Challenge
Investors and tech developers are often optimistic about the opportunities that new technologies could create. Yet many of those benefits have not been proven to support employees or employers.
As data on workers gathers into richer digital profiles and identities, the potential for harm grows. New technologies may improve worker financial security, but employers must remain cautiously optimistic, considering use of these tools critically and thoughtfully.
Our approach
We are bringing together leaders in worker financial security, employer-offered services, and labor relations to discuss tech trends, potential opportunities, and needed alignments.
The result will be a guide to help employers navigate how to decide if and when to adopt new technologies to support their workers’ financial security, with an eye toward ethics and privacy.
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