Most hourly employees don't use traditional benefits like 401(k) because they can't afford to. Even closes the gap between your clients' current benefits and employees' short-term financial needs. We provide the tools hourly workers want, and actually use, to make real financial progress.
Instapay, Even’s on-demand payment feature, gives employers flexibility in how they pay employees.
Administrators simply set parameters and then employees can get a percentage of their earned wages delivered to their bank account or made available for cash pickup, day or night. No payroll changes necessary. Unlike other on-demand pay providers, Even doesn’t charge employees predatory fees for access to their pay.
Even integrates directly with payroll and time and attendance data to continuously calculate take‑home pay.
By giving hourly workers a window into how much they earn each day, and a forecast of take-home income as well as accessible earned‑wages and savings allocations, pay periods become transparent – freeing up time employees would usually spend managing their budgets, and alleviating paycheck uncertainty. Reducing stress around wages tells employees that they’re valued by your clients.
Medical claims are one of the most significant cost variables your clients face each year – same for employees.
Even’s emergency savings solution, designed and managed by your client, uses behavioral science methodologies to successfully empower employees to start and continue saving. Employees make recurring, payroll-based contributions, actively working toward one or more savings goals. To date, Even members have set aside more than $350M for unexpected expenses.
Most bills are due once a month, but your client’s workforce budgets around biweekly paychecks.
Even automatically finds and surfaces bills coming due in an employee’s current pay period and shows the amount needed to cover them. Giving employees a clear picture of how much of their paycheck will go to covering bills and expenses helps them plan, and reduces financial stress.
1,000 hourly workers share how they feel about the financial health benefits their employers offer. Gain actionable insights to help you recruit and retain talent in 2022.
I had to go to the doctor the other day, but I was going to have to postpone it until I had the extra cash … With Instapay, I was able to get the advance on my paycheck… get my new medication, and be right on track.
Got sick right before payday, and needed money for my prescriptions. I had $2 in my pocket, and 15 minutes later I had enough to buy them and pay my bills early.
I can save so easily with this app. I just choose to put 10% of my paycheck into a savings account and it's like a whole other bank account. I almost always forget it's there. For someone who will easily spend their savings, this is perfect. I've never saved anything past $100 and now I have over $500!!!
Attract and retain talent in a competitive market
Nearly 3 in 4 hourly workers believe their employers should offer and pay for a benefit that allows them to early access their paychecks — and 57% of these workers would likely leave their current employer for another that does.
Meet employees’ needs and improve employer sentiment
76% of members say that Even’s financial benefits make them like their employer more. Happier employees are better employees.
Reduce turnover and absenteeism
41% reduction in turnover. When employees use Even’s on‑demand pay along with budgeting and savings features, they stay longer.
Better than financial literacy programs
Financial literacy programs, though costly, aren’t well-adopted and do very little to improve financial behaviors. Even serves nearly 900,000 active members, 75% of whom say Even has had a positive effect on their financial health.
“To see the results that we’ve experienced over the last six months, and the growing performance that we’re seeing month on month, is stunning. It honestly is stunning. It’s beyond our expectations.“
— Daniel Eckert, Senior Vice President, Services and Digital Acceleration at Walmart, an Even customer
“We’re seeing higher retention in those that are using this app. Over 50% of our population is utilizing the benefit and we’re getting feedback that this is the first time they’ve ever saved. People are really excited about the fact that they have that option and ability to do that now.”
— Amy Cohen, Director Total Rewards at Noodles & Company, an Even customer
“We’ve made substantial progress to increase the net disposable income of all our employees, and our work with Even will help drive further improvements. Together, we’ll help employees safely navigate cash flow challenges, stay on budget, build financial resilience and reach long-term savings goals.”
— Dan Schulman, President and CEO at PayPal, an Even customer
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