Even, a new app currently in its invitation-only phase, aims to help workers with irregular hours level their paychecks.
If your business requires irregular scheduling, subsidizing an Even subscription for your employees might be a useful and stress-relieving perk. Irregular income causes most people a great deal of stress, so eliminating it can improve employees’ quality of life and job performance.
It works by requesting bank histories and then calculating an average income for each user, with a flat fee of $3 a week. When users get bigger paychecks, some of the income is saved, and in lean weeks the average amount still gets paid. Even provides interest-free credit if there isn’t enough in the user’s savings. Over a longer period of time, if the user’s average income goes up or down, the app adjusts the regular paycheck amount.
Who knows? If the app proves to be as simple and useful as its designers hope, other customers with uneven cash flows may start flocking to it as well, like small business owners, contractors, and entrepreneurs.
By Sharon Campbell