The new group of offerings, called Chime Workplace, meets employees where they are — whether that's striving to pay bills on time and learning to budget, or improving credit and
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This is an answer to employers' calls for a more holistic solution without a heavy budgetary or administrative burden, says Jason Lee, chief of Chime Enterprise.
"Employers acknowledge that there's not just one type of employee within the employee base," he says. "You will absolutely find people who cannot pay their bills on time, but you will also find people who can, and what they're looking for is very different. Chime Workplace [is] going to empower employers to enable employees to have a broad set of objectives from a financial wellness standpoint."
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While Chime's solutions are generally used by employers of hourly frontline employees, they can be impactful within any workforce, Lee says. Chime Workplace's four benefit categories include capital management — access to day-to-day help like early pay and fee-free overdraft coverage; capital growth — building savings through deposits into a high-yield savings account with market-leading interest rates; and capital expansion — helping employees build and improve credit through monitoring and everyday purchases with their Chime credit-builder card. All three of these are available to employers and employees at no cost.
The fourth, which is employer-sponsored, is a rewards and loyalty program. Similar to a flight or retailer rewards system, employees are given one "salt" for each hour worked, which can be saved up and redeemed for financial products such as stock shares or retirement savings, or things like gift cards and experiences.
"We have a central thesis [at Chime], which is that people want to be at the next level," says Lee. "Meeting someone where they are today means getting them [there]."
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Measuring ROI with metrics
Along with the ability to meet the financial wellness needs of more employees within one platform, Chime also makes metrics available so that employers can see what kind of progress is being made, such as worker engagement, savings growth and credit improvement. In a survey of 35,000 Chime members, 97% said it has helped them with at least one aspect of their financial progress.
Chime has been piloting its new suite of offerings with some of its employer partners for the past several months, and feedback has been very positive.
"Chime understands our workforce — our employees already know and trust them, and with Chime Workplace they're engaging with tools that help them manage today and build for tomorrow," says Sam Falletta, CEO of call center support company Incept, which has been testing the suite of offerings for several months. "For us, having a partner that drives real financial progress — [which] we can actually measure — is a game-changer."
