HR technology leader completed banner year marked by leading-edge innovation, exceptional employee engagement, marquee industry honors, and distinguished media recognition
WEST DES MOINES, IOWA (Feb. 15, 2022)— Businessolver®, a leader in SaaS-based benefits technology and services, today announced its 2021 year-end results, which—marked by unprecedented business, product, and personnel success—solidify the organization’s place as the clear market leader as it approaches its 25th year.
“In what was another challenging year for businesses nationwide, I am awed by and appreciative of the focus, resilience, and overall excellence demonstrated by our Solvers and partners during 2021,” said Jon Shanahan, Businessolver CEO and President. “Thanks to their commitment, driven by the continued trust and support of our clients, we were able to meet the moment and deliver on our mission to ‘grow our business and delight our clients’ like never before.”
Businessolver’s 2021 business achievements propelled by key capital investment, strategic executive expansion, and expert thought leadership
In December 2021, Businessolver announced that funds managed by Stone Point Capital LLC had made a majority investment in the company. Stone Point, a leading private equity firm focused on investing in financial services, including the HR and benefits industry and human capital management spaces, joins existing investors Warburg Pincus and JMI Equity as Businessolver accelerates its growth and expands its market leadership. The investment not only brings a new perspective and investment from Stone Point, but also maintains consistency with all previous investing partners continuing their focus to scale the business.
Said Chuck Davis, Stone Point CEO: “We have watched Businessolver grow and deliver for years and are excited to be part of the cutting-edge benefits innovation that they bring to the industry.”
Also in December, Businessolver announced it had elevated Don Smith, the architect of Businessolver’s onboarding and client experience team, to its executive team in the role of Chief Client Officer. As Businessolver’s executive leader responsible for all client engagement from onboarding to ongoing operations, Smith brings to the role more than two decades of experience in HR outsourcing, including all aspects of client service and support.
“Don's intense focus on quality, client experience, and workforce planning—combined with strong team leadership—has allowed him to consistently deliver successful results,” Shanahan said. “He also has a unique ability to strategically deploy resources to achieve maximum productivity, and leverages his blend of skill and strength to maintain the seamless alignment and effective communication needed to ensure client delight.”
In May 2021, Businessolver released its sixth-annual State of Workplace Empathy study, with key mentions in Forbes and Time. The 2021 data revealed that, after declining for years, empathy in the workplace increased amid the COVID-19 pandemic. Businessolver’s 2021 research also uncovered new expectations for employers in creating empathetic work environments; promoting diversity, equity, and inclusion (DEI); and protecting employees’ mental health.
Fielded in February 2021, after nearly a full year of the COVID-19 pandemic, the data uncovered that after years of decline, employees’ empathy ratings of companies and CEOs rebounded in 2021: 72% of employees rated their organizations as empathetic, four percentage points higher than the prior year; 72% also said their CEOs are empathetic—nine percentage points higher than the 2020 rate.
“We’re of course encouraged and gratified to see workplace empathy back on an upward trajectory,” Shanahan said. “However, it took a global pandemic, a national reawakening around racial equality, and record-breaking employee attrition across the country to get there; clearly, last year’s data exposed empathy gaps that need to be addressed to keep workplace empathy on the rise.”
Product enhancements in artificial intelligence and user-experience personalization power Businessolver’s 2021 innovation
Innovation through personalization was the tagline to Businessolver’s 2021 product achievements, keeping the organization tightly aligned with its motto, “Technology with Heart.”
In May 2021, Businessolver announced a strategic partnership with Amino® a leading health care guidance platform, to launch MyChoice® Find a Provider, a health care navigation tool to ensure individuals can find and book high-quality, cost-effective medical care. Powered by Amino’s Smart Match technology, MyChoice Find a Provider seamlessly integrates with Businessolver’s benefits technology platform Benefitsolver®, MyChoice Mobile App, and personal benefits assistant SofiaSM to help individuals make informed health care decisions. MyChoice Find a Provider was awarded silver recognition in the semi-annual 2021 Digital Health Awards.
Also in May, Businessolver launched its Personalized NavigationTM solution, featuring Claims-Based Personalization and Activation Paths. Personalized Navigation connects employees with their benefits when they need health care services, such as booking an appointment, processing a claim, or managing a chronic condition. The solution drives further engagement for employees via personalized alerts and nudges to activate non-electable benefits, including telemedicine, cost-transparency tools, and employee assistance plans. Early client adopters with the Care Navigation tool already have seen a +30% increase in employee engagement.
During the summer, Businessolver launched its COVID-19 Tracker, allowing clients the seamless ability to track employee vaccination status in the same place as benefits data through the deep communication framework embedded in Benefitsolver. The product also enables employers to communicate to employees the importance of updating vaccination status; it also allows employers to provide digital automated reminders through mobile app notifications, e-mail, text messaging, and user prompts upon login to update vaccine information. Businessolver continued to enhance the COVID-19 Tracker later in 2021 to include employer options for tracking employee testing status and booster shots, as well as applying medical plan credits and surcharges based on employee vaccination status.
The company’s innovation streak caught the eye of both the American Business Awards, which honored Businessolver as its Silver 2021 HR Technology Solution Provider of the Year, and Lighthouse Research & Advisory, which named Benefitsolver as the 2021 Best Comprehensive Solution in its HR Tech Awards.
“We’re honored to be a trusted partner for our clients during this challenging time and want to repay that trust by giving them our very best in product innovation and exceptional service,” Shanahan said. “The additions and enhancements we made to Benefitsolver in 2021 help bolster our clients’ ability to meet current workforce challenges as well as arm them with data to effectively plan for the future.”
Businessolver earns key 2021 personnel wins through unwavering commitment to employee engagement and organizational culture
After taking just three days in March 2020 to shutter its eight offices nationwide and shift operations to the homes of its more than 1,000 employees, in 2021 Businessolver solidified its transition from brick-and-mortar operations to remote-first, announcing in May its Workspace Anywhere model.
“With this initiative, we will no longer require an in-office force, but rather encourage employees to choose the workspace that is the right fit for them,” Shanahan said at the time. As a result of Workspace Anywhere, Businessolver’s employee engagement metrics in 2021 lifted nearly 6% over 2020, with attrition rates that were 4.5% lower. In addition, Workspace Anywhere has helped Businessolver affirm its commitment to expanding diversity, equity, and inclusion among its employee population. The company ended 2021 +20% recruitment among traditionally marginalized demographics, while maintaining a +50% female workforce.
Businessolver’s strong organizational culture and product innovation helped vault three of the organization’s top leaders onto the awards podium in 2021. In May, Shanahan was named one of the Top 100 HR Tech Influencers for 2021, among leaders from Google, Cisco, and Spotify. In September, Jamon Harrell, Businessolver Director of Client Onboarding, was named 2021 Emerging Leader of the Year in the Diversity, Equity, and Inclusion Workplace Excellence Awards from the West Des Moines Chamber of Commerce. And in October, Rae Shanahan, Businessolver Chief Strategy Officer, won silver-level distinction as Female Executive of the Year in the 18th annual Stevie® Awards for Women in Business.
Since 1998, Businessolver has delivered market-changing benefits technology and services supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver’s unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
Grant Stoker, Edelman (on behalf of Businessolver)