Business Fintech Lifestyle News

Earnin Partners With Employers to Improve Financial Wellness for All Employees

Earnin Partners With Employers to Improve Financial Wellness for All Employees

First-of-its-kind Community-Supported Financial Platform Provides Employers of All Sizes the Ability to Offer a New Suite of Financial Wellness Benefits

Earnin, a leader in innovative solutions to some of the world’s toughest financial problems, today announced the launch of a new Employer Partnership Program. The first-of-its-kind program enables employers of all sizes to offer Earned Wage Access (EWA) benefits in an innovative “Zero Integration” model that raises the industry standard for employee benefits.

Read More: Couples Prefer to Keep Some Finances Separate, Survey Reveals

“We’ve already started to see significant adoption of the Earnin Benefit through our partnership with Earnin, which will help increase retention, attendance and focus,” said Gail Stout, Vice President, Assisting Hands Home Care, a company providing home care services with over 140 franchise locations and an early partner in the Earnin Program. “Earnin’s new Employer Partnership Program is a great way to help employees on their journey toward financial wellness, and we’re thrilled to be one of the first companies to join the program.”

“While we’ve seen an increase in EWA benefits offerings across the board, most of the time it’s restricted to large companies with big budgets and thousands of employees,” said Ram Palaniappan, Founder and CEO of Earnin. “We believe that all companies – from smaller and mid-size brands all the way up to Fortune 50 companies – should be able to offer a comprehensive set of financial wellness tools.”

Read More: Barchart Partners with Quicken to Power Personal Finance Application, Simplifi by Quicken

For employers, a partnership with Earnin provides immediate benefits with zero integration, leveling the playing field for small and mid-size companies looking to offer the same set of compelling benefits as larger competitors. For employees, Earnin provides a set of financial tools that enable them to have greater insight into- and control over their wages. Additionally, Earnin’s research indicates that employees using the app have reduced absenteeism at work and increased their median hours worked by two hours per pay period.**

In addition to timely access to wages, Earnin provides interactive planning tools, overdraft alert tools, and Health Aid, an innovative tool to help reduce or better manage medical bills. Unlike traditional EWA benefits, Earnin offers individuals more flexibility in determining both the timing and the fee structure of accessing already-earned wages. There are no mandatory fees, interest charges or hidden costs – people choose what they pay.

Today, two out of three employees are stressed about finances and 50 percent find it hard to meet household expenses.* Studies have found that financially stressed employees are more likely to get distracted and are less productive, spending 2-5 hours each week dealing with personal finances at work.* Earnin’s Employer Program aims to eliminate these stressors and improve employee performance, giving people access to their money as they earn it.

Highlights of the program include:

  • Increased employee retention
  • Improved attendance and focus
  • Immediate roll out to employees
  • Zero integration with payroll or Time & Attendance systems
  • Zero effort from HRIS and IT
  • No change to business processes
  • Dedicated customer success manager
  • Employer Dashboard
  • Priority Realtime Chat support 24/7, 365 days a year

“We’ve seen in initial testing that Earnin has a major impact on employees and employers — reducing financial stress, and assisting with retention and recruitment,” said Ratesh Dhir, Head of B2B at Earnin. “With our new Employer Program, we’re empowering companies of all sizes to rethink benefits and give employees the ability to take control of their financial future.”

Read More: WorldRemit Announces Global Remittance Partnership With Alipay

Related posts

Thursby Launches Secure Mobile PDF Signing for Armed Forces, Federal Agencies, and Commercial Customers

Fintech News Desk

MOD Mission Critical Enhances Hybrid Cloud Offering by Leveraging the Open Cloud Exchange

Business Wire

30% YoY Increase in Total Wages Loaded On Cards- EWA

Fintech Staff Writer
1