Salt Labs, the first employee rewards and incentives platform for frontline workers that motivates employees to act like owners, announced it has been selected to join UKG Labs, the fast-growing global startup ecosystem and virtual laboratory within UKG. UKG is a leading provider of HR, payroll, workforce management and culture solutions for all people.
UKG Labs exists to accelerate innovation in every workplace by identifying and nurturing innovative companies that are building novel technology and solutions in service of people, particularly those that bring value to the frontline workforce. Through a rigorous vetting process, portfolio companies demonstrate a commitment to helping people thrive at work while ensuring that businesses achieve their goals. UKG selected Salt Labs, a first-of-its-kind technology and unique solutions that address large hourly employers’ most pressing labor challenges, with a deep commitment to motivating workers and improving their overall financial health.
The annual savings rate for the low-to-moderate-income segment is negative 2%, meaning 70% of the population consistently spends 102% of every paycheck, leaving them with nothing of value to show for their hard work. Salt Labs created the first ownership asset designed for these workers, which is earned just for working.
This new asset allows them to create and build a store of value that they can exchange for something they want, such as a financial product or a memorable experience, like a trip. This control over earnings potential has generated a newfound sense of financial security, with over 91% of Salt users stating that they feel more financially secure since earning Salt.
“UKG Labs provides a space for founders who are building people-centric technology to innovate alongside us at UKG,” said Victoria Cacicedo Ordonez, senior director, research science, product strategy at UKG, “Our portfolio companies join us in our mission to empower great workplaces. We are particularly excited to collaborate around loyalty and rewards with Salt Labs.”
With over 100,000 employees on the Salt platform across various industries, including retail, call centers, transportation and service professionals, Salt Labs has helped drive meaningful changes for employers and their employees. From an employer’s perspective, Salt radically changes employee behavior, resulting in a 56% retention improvement among Salt users and a 90% increase in engagement, demonstrated by an increase in employee willingness to pick up extra shifts.
“Our mission is to enable hourly workers to own the long-term value of their work,” said Jason Lee, founder and CEO of Salt Labs. “We are honored to work with UKG to help our customers drive loyalty and improve financial wellness for their frontline workers.”
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