First-of-its-kind Community-Supported Financial Platform Provides Employers of All Sizes the Ability to Offer a New Suite of Financial Wellness Benefits
PALO ALTO, Calif.--(BUSINESS WIRE)--Earnin, the 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.
“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.”
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.”
*Statistics included in the PWC 2019 Employee Wellness Study
Earnin is a community-supported financial platform with a suite of tools that let people take control of their financial future. Earnin started out by solving one of the greatest – and least discussed – inequities in the American financial system: the practice of employers paying workers bi-weekly. Earnin's core product, Cash Out, allows people to access the pay they've already earned. There are no loans or hidden costs. People pay what they choose. Other products include: Balance Shield, which helps prevent overdrafts, a financial calendar that helps people budget and schedule payments, and Health Aid, a service that negotiates unpaid medical bills without charging mandatory fees.
Current funding partners include: Andreessen Horowitz, Matrix Partners, Ribbit Capital, Felicis Ventures and March Capital.