CoxHealth is partnering with Even, the responsible on-demand pay platform, to help employees get paid early, automatically budget and grow their savings, and have full visibility into their earnings at all times.
“As a healthcare company, we’re well aware of how financial stress impacts both mental and physical health, so we’re always looking for ways to help alleviate that stress for our employees. We’ve had a number of programs in place to address this, but wanted to find something more lasting and impactful, which is why we started to explore on-demand pay,” said Andy Hedgpeth, vice president of Human Resources at CoxHealth. “Even stood out from other on-demand pay providers because of the overwhelmingly positive reviews it has in the App Store, which talk about how valuable the app’s earnings visibility and savings features are in addition to how helpful it is to get paid early. That was important to us, because regardless of when you get paid, you can’t reduce long-term financial stress without the ability to budget effectively and grow your savings.”
CoxHealth was recognized by Forbes as one of America’s Top Employers in 2019 and 2020 and has a longstanding reputation as an Employer of Choice in Missouri. Partnering with Even further demonstrates its commitment to doing right by its employees and offering progressive benefits that set it apart from other healthcare companies.
“We started Even to reimagine the role of pay and help employers close the opportunity gap to build an inclusive, resilient middle class,” said Jon Schlossberg, CEO of Even. “CoxHealth is a perfect partner because they already go well above what most employers offer in terms of benefits — from tuition reimbursement and continued education to subsidized child care and adoption assistance — it’s very clear they care about the quality of life they provide to their employees. They also understand how difficult it is for anyone to focus at work when dealing with financial stress, let alone those working in a high-stakes field like healthcare. We’re proud to work with CoxHealth to reduce their employees’ financial stress so they can focus on what really matters, which is providing great care for their patients.”
Even carefully designed its platform to improve members’ financial health in both the short and long term with the following features:
- Instapay: Early access to earned wages with no interest or transaction fees to break away from the predatory payday loan cycle or overuse of credit
- Shift & Pay Tracking: Even’s Earn tab shows members exactly how much they’ve earned so far, and what their next paycheck will amount to based on upcoming shifts
- Budgeting for Bills: Even automatically identifies the bills becoming due during the current pay period and shows the amount needed to cover them, so members can plan ahead with less stress
- Smart Spending Assistant: Even takes the total dollar amount of upcoming bills and subtracts it from the member’s bank account balance so they know exactly how much is okay to spend at any given time
- Simplified Saving: Members set a savings goal and a percentage of each paycheck they’d like to allocate towards that goal, which Even then calculates every payday and automatically moves into a separate FDIC-insured bank account