Tackling systemic issues such as inequality, public health crises, and climate challenges might sound like an aspiration of governments and social enterprises — but businesses have untapped potential to also make a huge difference. In a recent Edelman survey, over 70% of people in 14 countries said that business could have a positive impact on issues like health outcomes, inequality, and climate change if it devoted resources to addressing them, and up to 30% were confident that business could have a “game changing” impact.
One Way to Help Employees Build Emergency Savings
Most workers in the U.S. can’t afford unexpected expenses. A partnership between an asset firm and a non-profit created a system for building a cushion.
May 14, 2024
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Summary.
Intentional cooperation between two organizations — BlackRock, a major asset management firm, and national non-profit, Commonwealth — created the conditions for the nation’s largest payroll processor, multiple U.S. employers, retirement record keepers, and others to work together to help address systemic U.S. household financial insecurity through a workplace-based savings plans. This was not the typical retirement-savings programs, but rather an emergency-savings programs, designed to reduce the financial fragility that often affects those living on low to moderate or volatile incomes with little ability to cope with a financial emergency.