SANTA MONICA, Calif., July 18, 2017 /PRNewswire/ -- Shuttle (www.shuttlefinance.com) has announced the launch of Savings Assistance, a new employee benefit savings App focused on financial wellness. Leveraging the latest mobile and financial technology, the benefit lets employers help their employees save for the things they care about most and lets employers contribute to contextualized goals alongside their employees. Savings Assistance is a new kind of benefit that addresses the fact that the majority of adult Americans do not have $5001 in liquid savings, which can impact engagement, productivity and even tenure.
"Saving money is a fundamental necessity which many people find to be immensely challenging. Our goal is to automate the savings process in a fun, mobile-first setting that allows employers to create value for their employees," according to Shuttle's Co-founder and CEO, Brendon McQueen. "We're introducing contextualized savings goals in a 100% inclusive benefits App that any employee, regardless of their circumstance, can use to save money," adds Shuttle Co-Founder and CMO, Nick Roberts.
Shuttle lets employers create a customized Savings Assistance plan and invite their employees to the App. From there, employees create either custom savings goals or pre-selected goals chosen by their employer. These goals range from creating an emergency fund to saving for physical wellness — and almost anything between. Employees are then prompted to setup automated ways to save, including a popular feature called Round Ups, which ties savings to spending. Their employer can also opt-in to help employees reach specific goals, thereby creating a relevant personal bond.
According to SHRM2, employee financial issues can have a serious effect on their job performance — causing stress, less focus, absenteeism and tardiness — all issues than can be significantly addressed by people simply having an emergency fund. "We looked at existing benefits offerings and thought, a lot of these have time horizons out of sync with employee needs, or worse, some are so complex and restrictive that it's a wonder anyone is able to sign up for them. If an employer can directly contribute to a more immediate and tangible need like a down payment on a house or a realized emergency fund, that's something really powerful," says Mr. McQueen.
Indeed, the average tenure of America's youngest professionals is 1.3 years according to the Bureau of Labor Statistics3 so offering compelling benefit packages that increase engagement and retention has never been more important.
The idea here is to provide employees with an engaging benefit while solving a real pain point in their lives — all the while helping employers with some of their biggest employee challenges. "Shuttle offers a very direct employee benefit in an easy to use, fun mobile app. Best of all it's completely flexible to meet a specific savings goal for every employee. It's really a win-win for all parties," according to John Foster, a Shuttle Advisor and Chief Wellness Officer at Thrive Market.
Improving savings rates for Americans won't happen immediately, but automating the act of saving and allowing employers the option to contribute means that pennies will ultimately turn into real change.
ABOUT SHUTTLE FINANCE
Headquartered in Santa Monica, CA, Shuttle Finance is co-founded by Brendon McQueen and Nick Roberts. Mr. McQueen previously founded and led Tuition.io, a market leader in student loan employee benefits. Mr. Roberts previously served as launch CMO of savings App Acorns and led marketing at Experian.
SOURCE Shuttle Finance