Even’s mission is to help companies reimagine the role of pay so people can live the lives they want. They are the third most popular voluntary benefit offered by employer partner Walmart, behind only health insurance and 401k accounts. Other notable customers include PayPal, CoxHealth, and Noodles & Company.
Financial stress is distracting and costly. Millions of Americans are living paycheck to paycheck and using high-interest payday loans to make ends meet. Employers are struggling with increasing turnover and hiring costs caused by ongoing employee financial uncertainty. What if employers could help employees improve their financial health and reduce financial stress?
Even’s approach to earned wage access combines the flexibility and convenience of on-demand pay with powerful tools for planning, budgeting and saving.
The goal: To help employees build the savings they need to reduce reliance on on-demand pay and improve employees’ financial resilience, productivity, and loyalty.
FINANCIAL HEALTH FOCUS
Employees need a responsible and affordable solution for managing unexpected expenses and bills that are due before payday. But to improve employees’ financial resilience and have the most significant impact on employee retention and loyalty, on-demand pay should be paired with tools that help employees plan, budget, and save. The goal is that over time employees can begin using their own savings to cover expenses between paychecks instead of alternative financial services.