I always wonder why employers don't just set passwords for their users and only give them the option to randomize them. Seems like an ideal solution, if using passwords is a requirement.
I firmly believe the safest option is a local password manager with randomized passwords that you maintain local backups of.
You also get mostly out of the key management business, because you can say “if you get locked out, call the help desk”, vs personal usage where backup keys / account recovery requires a per-service recovery flow.