Given the current economic climate, there is a pressing need for employers to make greater investments in order to support the
In response, Even, a financial wellness benefits provider, has launched a new employer-sponsored financial benefits program designed specifically to help hourly workers become financially stable by providing them access to on-demand pay and emergency savings plans.
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In the U.S., 60% of employees
“We primarily work with large employers who have workforces that are usually hourly workers and on pretty volatile schedules,” says David Baga, CEO of Even. “They’re looking for that liquidity. Otherwise they’d be forced into dealing with overdraft fees, payday loans, high interest credit cards or other means to fill the gaps between payday and the needs they have for their daily life.”
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Even’s new platform can be integrated into employers’ existing human resources information systems and consumer banking systems, and companies including Noodles & Company, Mattress Firm and PayPal have already adopted the program. Using the Even app, employees can utilize no-fee earned wage access programs and take advantage of incentives that can help build up emergency savings. A calendar will help
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“When you look at everything in our consumer lives, it’s all moving faster and faster in an on-demand economy towards a more instant experience,” Baga says. “It's only natural to think that the paycheck on a bi-weekly schedule, its days are numbered."
