Even Launches New Employer-Sponsored Financial Benefits Platform
Innovative Employers Including Noodles & Company and Mattress Firm Join Early Adopter PayPal in Recognizing the Need to Invest in Employee Financial Health
Even, a leading financial benefits platform designed to provide financial resiliency and control to US employees, announced the launch of its employer-sponsored platform. Even’s financial benefits platform is the only solution built from the ground up for hourly workers, a group who has been largely overlooked and underserved by the current financial system. By sponsoring employee access to the platform, employers are able to provide their employees with the financial tools they actually need to reduce their dependence on payday loans, late fees and overdraft fees, increasing their net disposable income and ability to take control of their financial lives. Even’s platform allows employers to configure their early wage access program, incentivize emergency savings contributions, and provide visibility into projected net earnings based on actual schedules. Innovative employers including Noodles & Company and Mattress Firm are joining early adopter PayPal in recognizing the need to invest in employee financial health and fully sponsor Even as an employee benefit.
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“In 2019, we began instituting a number of changes to improve the financial health of our entry-level and hourly employees, including lowering healthcare costs, making every employee a shareholder, raising wages and providing financial education,” said Traci Memmott, Senior Director of Global Payroll at PayPal. “We’re proud to partner with Even to provide additional means for our employees to manage their financial health, from early wage access to budgeting and saving.”
In the US today, 60% of employees are living paycheck to paycheck and over 80M are paid hourly without visibility, access, and flexibility over their pay, highlighting the need for employers to do more to support the financial health of their staff, especially in the current economic climate. With Even, employees gain a clear and accurate understanding of how much they are able to save and spend during any given week despite their changing schedule and hours. And when needed, can access their pay early.
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“Employers across the country are struggling to rehire today, especially in the market for hourly workers. Today’s labor market is forcing employers who rely on front line workers to reevaluate their benefits and adapt them to be more competitive,” said David Baga, CEO of Even. “Forward thinking companies are recognizing that traditional benefits like 401Ks, and two week pay cycles are not meeting their needs. We’re incredibly proud to work with innovative companies like PayPal, Noodles and Mattress Firm who are answering that call.”
Even’s easy-to-implement platform enables employers to launch within 30 days; pre-built integrations with Workday and Kronos further streamline the process. Even’s integrations with HRIS, payroll, time and attendance, and consumer banking systems, provide unprecedented financial visibility to employees. This data empowers them to make informed decisions, like accessing their wages early to cover a bill before payday, picking up an extra shift to earn more after viewing their projected earnings, or budgeting to build emergency savings. With this launch and beyond, Even looks forward to continuing to work with forward-thinking employers to create a more financially resilient workforce in the US.
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