Companies across the board are fighting to recruit and retain employees as the war for talent rages on. Employee benefits are no longer viewed as a cookie-cutter, standard set of offerings — rather, they are valuable tools employers can use to differentiate themselves from competitors and attract top candidates.
Forma, which just changed its name from Twic, offers a discretionary benefits management platform that helps human resources professionals select benefits vendors, process reimbursements and monitor plan usage through a digital wallet. By streamlining these processes for HR professionals, Forma’s product ultimately allows companies to offer customizable, lower-cost benefits to their employees.
Corporate benefits have typically been deployed to employees through a top-down model where companies determine what their employees need, which is inefficient both for employers and employees, co-founder and CEO Jason Fan told TechCrunch in an interview. Forma’s core mission is to flip that relationship by designing employee-first benefits programs, he added.
Forma partners with providers to offer benefits in six broad categories — family & relationships, education & career, wellbeing & lifestyle, basic health & protection, money & wealth, and work & performance, Fan said. Forma’s customers can design the benefits program they’d like to bring to employees by picking and choosing offerings from these categories based on their internal budget and strategy, he explained