NEW YORK, Aug. 28, 2024 /PRNewswire/ — Salt Labs (a Chime Company) has been awarded HR Executive’s Top Product of the Year Award. This award recognizes its flagship product, Salt, an employee rewards and incentive platform that acts as a savings account for everyday working Americans.
“Salt was the most unique and differentiated solution we saw this year.” – Steve Boese, HR Technology Conference Chair
Founded in 2023 by the visionaries who founded DailyPay, the leader in Earned Wage Access, Chime Enterprise has quickly become the industry leader in addressing the critical issue of frontline worker engagement. Salt is the first rewards and recognition platform for frontline employees that enables employees to earn and save a new store of value just by working, transforming how hourly workers engage with their jobs.
Salt gives work new meaning by allowing employees to capture, measure and reward themselves for their work using their most valuable resource — time. Like earning airline rewards points, employees accumulate Salt by working their scheduled shifts, giving them a new opportunity to unlock financial progress and save for future rewards.
“The novel concept of Salt is that it is something employees earn on top of their paycheck, and it can eventually be used for going on a family vacation or perhaps earning a savings product like a 529 contribution,” Steve Boese, program chair of the HR Technology Conference, said. “In a crowded and mature HR technology market, Salt was the most unique and differentiated solution we saw this year, and it stands out for its innovative and creative approach to employee rewards and recognition technology.”
With Salt, for the first time, frontline workers can earn something of value for their future through their work efforts today. Salt is the first ownership asset that frontline workers earn with each hour they work. Rooted in behavioral science, such as the endowment effect, employees feel like they’re getting more out of work, and 91% of Salt users report feeling more financially secure.
“HR executives and business leaders in companies with large-scale hourly workforces need solutions that move the needle, are easily adopted by employees, and inspire loyalty and retention,” Jason Lee, Chief of Chime Enterprise and Salt Labs’ founder, said. “In surveying over 200 HR executives, 80% of them who had a rewards program weren’t sure of its efficacy or deemed it as ineffective. We’re amazed by the impact of Salt on our enterprise customers, and we’re honored that HR Executive recognized Salt as a novel approach to employee rewards and saving for frontline employees.”
Salt is proving that work can have a more tangible impact on employees and employers alike. Employee users of Salt are staying at their jobs an average of 70% longer, and 90% say they would be willing to pick up more shifts just to add more to their Salt Balance.
To learn more, you can visit their website.
About Salt Labs
Salt Labs is an enterprise employee rewards company that was recently acquired by Chime. Its flagship product, Salt, is an enterprise employee rewards and incentive platform for everyday workers that drives savings and financial progress, resulting in a deeply motivated and engaged workforce. For enterprise partnership opportunities, please visit www.saltlabs.com or email partnership@saltlabs.com.
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SOURCE Salt Labs, Inc.
