Chime Enterprise has officially announced the launch of Chime Workplace, which would be a next-generation financial wellness suite of services available to employers and employees at no cost.
According to certain reports, Chime Workplace arrives on the scene bearing an ability to combine Chime’s purpose-built financial tools with workforce financial health insights, all packed into a seamless solution for employers.
To understand the significance of such a development, we must take into account a survey, where it was revealed that two out of every three workers consider financial health as the top area where they seek support from their employers. On the other hand, nearly three quarters of financially stressed employees were found to prefer an employer who genuinely cares for their financial well-being.
As for how Chime Workplace fits into this dynamic to fulfill the given need, we begin from its promise to provide cutting-edge capital management capabilities. You see, employees can seamlessly take control of their daily finances through a combination of pay and income management offerings, such as get paid up to two-days early with Get Paid Early, fee-free overdraft coverage with SpotMe®, and on-demand pay access with MyPay®.
Next up, there is a facility in place to facilitate capital growth. This means employees can reliably build their savings for emergencies, special plans, or personal milestones, and more. With such an effortless and rewarding savings mechanism, all the participating employees should be able to save automatically and accelerate their growth through a high-yield savings account.
“Employers have told us their biggest frustration with existing financial wellness programs is that they don’t make an impact or empower employees to get to the next step in their journey,” said Jason Lee, Chief of Chime Enterprise. “Multiple vendors, logins, and endless apps only compound this problem and, ultimately, hinder effectiveness. Chime Workplace works with employers to solve these challenges by delivering one trusted app that meets employees where they are and gets them to where they want to be.”
Another detail worth a mention is rooted in the prospect of capital expansion. Designed to be an on-ramp for employees beginning their credit journey, the technology conceives comprehensive credit health tracking to help individuals monitor and improve their personal credit profiles, right from the outset.
Once they do so, Chime Workplace makes it possible for employees to build credit history through everyday purchases, something which eventually helps them work towards their long-term financial goals.
Rounding up highlights would be a facility dedicated towards employee rewards and loyalty. In essence, Chime Workplace brings to the fore a premium add-on employee rewards and loyalty program which will improve upon your traditional compensation arrangements. We say so because this particular solution will recognize and celebrate employees’ work milestones and achievements to enhance engagement, while simultaneously supporting their medium and long-term goals.
Among other things, we ought to mention how Chime Workplace delivers at your disposal a centralized platform capable of simplifying benefits administration, as well as boosting employee participation. Not just that, employers across the board can also come expecting to avail aggregated and measurable insights into the financial health of their employee base. These benefits may include savings growth, credit health improvement, and overall engagement.
Making this development even more valuable is the fact that an estimated 97% of Chime members say the company has helped them big time in regards to unlocking at least one aspect of their financial progress
