Why Understanding Your Employees' Diverse Needs is the Key to Unlocking Financial Progress

If you employ hourly workers, you are likely aware of the financial insecurity they often feel, living paycheck to paycheck with little to no savings. They bring their financial stress to work each day, which impacts their productivity and overall well-being, causing them to be sullen, perhaps uncooperative, and distracted. Roughly 78% of Americans live paycheck to paycheck, so you can imagine the number of hours wasted on financial worries at work is staggering!

However, this is just one demographic in your workforce, and it’s essential to remember that your entire employee base has different needs when it comes to where they fall on the financial wellness spectrum. Each employee is at a different point in their financial journey, so a single point solution only covers the needs of a fraction of your workforce. Perhaps 25% of your employees require a cash flow solution, such as Earned Wage Access (EWA). Perhaps another 30% are actually seeking financial coaching to learn how to budget more effectively and control their spending. And maybe 40% of your workforce is looking for a loyalty and rewards solution so they feel they are being compensated beyond just their paycheck.

Suppose you have a point solution that satisfies the needs of each of these diverse segments. In that case, you likely have multiple vendor relationships to manage, which can consume a significant amount of your benefits staff’s time, energy, and effort.   

Unlocking Financial Progress for Everyone in your workforce

When you think about financial progress for your employees, what comes to mind? Here are some characteristics of financial progress that you should consider:

1. It’s inclusive, addressing the problems affecting your entire workforce, not just a subset.

2. It’s personalized, meeting each employee where they are on their financial wellness journey.

3. It’s achievable, with realistic goals for your employees and workforce as a whole, because no single product can achieve every employee’s goals.

4. It’s measurable, meaning you can actually see an improvement in employees’ FICO scores and an increase in their savings. Adoption rates alone can’t measure success.

Let’s examine a financial wellness solution from Chime Workplace^TM, that meets these objectives with real-life examples.

Meeting Diverse Financial Needs: Real-Life Employee Scenarios

James uses free checking and leverages Chime’s earned wage access¹ and natural disaster relief to pay bills on time and support his family during emergencies.

Kelly is doing just fine, paying her bills on time, but she wants to build up her emergency savings and start contributing to a high-yield savings account.² Her goal is to save enough to buy her first car.

Derek, a warehouse worker just transitioning from gig work, starts fresh with no credit history. He uses Chime’s checking account and Credit Builder³ to establish credit and get on a stable financial path.

Rob, a retail associate nearing retirement, wants to avoid fees and ensure financial stability. He benefits from Chime’s fee-free overdraft,⁴ monitors his credit health.

Each of these individuals illustrates how Chime Workplace meets employees where they are — whether they’re just starting out, recovering from setbacks, or planning for the future.

A comprehensive employee financial wellness suite that propels progress

Chime Workplace offers a holistic and comprehensive suite of financial wellness products that help your employees progress on their financial journeys.

• Capital Management solutions help employees meet day-to-day money challenges with Earned Wage Access, two-day early pay, and fee-free overdraft coverage.

• Capital Growth solutions that help workers start and build their savings through a high-yield savings account that allows employees to reach their long-term goals faster.

• Capital Expansion serves as a gateway for employees starting their credit journey. By tracking credit health, individuals can monitor and improve their credit profiles from the outset. Then they build their credit history through everyday purchases, working toward long-term financial goals.

• Employee loyalty and rewards is a premium add-on solution that goes beyond traditional compensation. This solution enhances engagement while supporting employees’ medium and long-term goals.

This centralized platform simplifies benefits administration while boosting employee participation. Through a centralized data portal, employers gain aggregated and measurable insights into the financial health of their employee base, including savings growth, credit health improvement, and overall engagement.

Employer dashboard to monitor employee financial wellness progress 

Chime Workplace combines consumer data from nearly eight million members with employer data. The result? The most comprehensive employee financial data analytics platform.

Chime Workplace provides:

• Progress-driven metrics so you can see how employees are progressing in their financial wellness journeys

• Anonymized employee data-based insights so you can determine whether employees are progressing toward better financial health (i.e., moving away from earned wage access, saving more, increasing their FICO scores)

With Chime Workplace, employers can view key metrics and gain clear insights into their employees' financial wellness progress, all in one dashboard.

A single app that does it all for your employees

With access to a single app, your employees can:

• View their checking account balance

• Access their earned pay and withdraw from their account

• Find fee-free ATMs

• View prior spending behavior by transaction

• Access their Salt savings balance

• Grow their high-yield savings

• Build credit

Chime is the #1 Most Loved Banking App⁵ based on millions of reviews in the Apple App Store and Google Play Store. It’s easily accessible, universally loved, and understood by your hourly workforce. 

Chime’s average member tenure is 7 years or more, demonstrating staying power that creates lasting impact and meaningful progress as employees grow financially.  Chime deeply understands your employees’ needs and has spent over a decade building products with proven efficacy specifically for your employee demographic.

Higher employee adoption = better results for your organization

Chime Workplace makes it easy for employees to adopt our platform. It’s available for download from the Apple App Store or Google Play Store, and it takes an average of under three minutes for an employee to set up an account. Employees then have access to help for all their financial needs through a single login. 

Every Chime Workplace solution is intuitive and easy to use, making it easy for your employees to adopt. Higher adoption also equates to benefits for your organization, including increased loyalty and engagement, improved productivity, reduced absenteeism, and higher job satisfaction. Sounds like the perfect recipe for employee and organizational success!

Schedule a no-obligation demo to learn more about how Chime Workplace can help all employees progress along their financial wellness journey.