Keep Financial, the technology company revolutionizing compensation and employee engagement, today announced updates to its Keep Employee Engagement Platform (KEEP). KEEP provides an innovative way for employers to direct compensation into plans that enhance the engagement, retention, and performance of their most valuable employees.
Today’s business environments – with rapidly changing employee behavior, unprecedented resignations and evolving socio-economic conditions – have rendered traditional recruiting and retention methods ineffective. The market is showing the need for an innovative approach to employee engagement and compensation.
According to a report from The Conference Board, salary budgets are set to increase 3.9% this year – the largest amount since 2008: “The rapid increase in wages and inflation are forcing businesses to make important decisions regarding their approach to salaries, recruiting and retention. In particular, companies are likely to raise wages aggressively for their current employees or they will risk even lower retention rates.”
KEEP allows employers to create Vesting Cash Plans for their company, in order to deliver cash bonuses to employees. Once an employee accepts the bonus, they enter into a 0% interest loan with Keep Financial, and that loan is then paid down by the employer at each vesting milestone.
These lump sums of cash can be used immediately for the employee’s personal benefit, as they vest (are earned) over time through employee tenure and/or performance. This provides a way for employers to align compensation with retention, ROI, and performance, while delivering pay transparency and supporting employees’ longer term wealth creation.
Enhancements to KEEP include:
- Turn-key onboarding that allows HR teams to instantly sign up and use the platform with no dependence on IT integrations.
- Bonus management dashboard for human resources teams to have an integrated view of their KEEP portfolio with real-time notifications and updates (for both employers and employees) about key milestones for the bonuses.
- Employee self-service portal that lets employees manage their KEEP account and view their bonus vesting schedules.
- Governance and compliance features including robust auditing and reconciliation for the finance and FinOps teams to track every bonus (and tax payments) and respond to any question or audit request.
- Embedded fintech to enable seamless bonus delivery and funding execution for increased efficiency with an intuitive user interface (UI) for any sized organization and for employees at all salary levels.
“We’re hearing from some of the largest financial institutions and professional networking companies that traditional compensation is no longer adequate,” said Kathryn Petralia, Co-Founder and President of Keep Financial.
Kathryn continues: “It’s been shown that high employee morale along with employee engagement leads to 20% higher productivity, 45% less turnover and ultimately increased compensation ROI for that organization. This is where Keep Financial comes in – we’re here to turn compensation on its head and give employers the opportunity to support the people who support them, and make an immediate impact on their employees’ financial future.”
KEEP use cases include:
- Attracting talent in competitive markets with sign-on bonuses and unique benefit packages
- Retaining and growing employee morale with bonuses and incentives
- Engaging and empowering performance and productivity with performance bonuses
- Educating and encouraging long-term wealth generation
“Many HR teams we speak with are in a state of crisis as their compensation policies and tools fail to quickly adapt to today’s hiring and retention challenges,” said Varun Murthy, Head of Technology and Product for Keep Financial.
Murthy adds: “At Keep, we’re responding to that crisis with innovation – our revolutionary platform seamlessly integrates the power of banks, lending institutions, and employee engagement tools and places it at the fingertips of HR leaders. The technology enables HR admins to manage thousands of bonuses across the entire organization and automates the overwhelming list of communication tasks that would typically be required for such an effort.”
To learn more about Keep Financial or leverage KEEP to increase employee retention, engagement, and performance visit keepfinancial.com
For more such Updates Log on to www.hrtechcube.com
