Salt Wins HR Executive 2024 Product of the Year Award
When HR Executive magazine was selecting last year’s winners of the 2023 Product of the Year Awards, they realized many of the applicants for the award introduced generative AI technology solutions—to no one’s great surprise.
The judging team noticed, however, one area where more tech emphasis could be placed: shift-based, hourly and frontline employees. Steve Boese, program chair of the HR Technology Conference, commented, “We observed many demonstrations of solutions designed to meet the needs of information or technology companies primarily, and sometimes it seems that a large portion of the workforce is being slightly underserved by our HR technology providers,”
Enter Salt …
Unlocking financial progress for frontline workers
HR Executive 2024 Top Product, Salt, is the first rewards and recognition platform for frontline employees. It enables employees to earn and save a new store of value just by working, which is transforming the way hourly workers engage with their jobs.
Founded in 2023 by the same visionaries behind DailyPay, the leader in Earned Wage Access, Salt has quickly become the industry leader in addressing the critical issue of frontline worker engagement.
We spoke with many HR leaders who had large-scale hourly workforces. These leaders needed solutions that would move the needle, be easily adopted by employees and inspire retention. In surveying over 200 HR executives, 80% of them who had a rewards program weren’t sure of its efficacy or deemed it ineffective.
Salt gives frontline employees something to own and addresses the root of employee engagement problems. It allows businesses to compensate and reward their workers in a meaningful and novel way.
Perhaps for the first time, frontline employees can earn something of value for their future through today’s work efforts. Salt is the first ownership asset that frontline workers earn with each hour they work. Rooted in behavioral science principles (i.e., the endowment effect), Salt makes employees feel like they’re getting more out of work, which translates into a greater sense of financial security.
Here’s what Boese had to say about Salt winning the HR Executive 2024 Product of the Year Award. “The novel concept of Salt is that employees earn on top of their paycheck, and they can eventually use it to go on a family vacation or to earn a savings product, like a 529 contribution. 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.”
Benefits for employers and their employees
With an average employee adoption rate of 40%—70% and hundreds of thousands of users earning over 10 million Salt assets, Salt demonstrates the tangible impact that work can have on employees and employers.
- 91% of Salt users report feeling more financially secure
- 90% of Salt users would be willing to pick up more shifts
- Employees who use Salt stay with their employers, on average, 56% longer
- Employees value their Salt 11x more than their employers' investment in it
Sam Falletta is CEO of Incept LLC, an outsourced contact center and a Salt customer since before the Chime acquisition. “For this industry as a whole, turnover is a monster. “COVID, for most of us, made that even worse because it made engagement so much more difficult. … Every little bit of engagement helps when you know that you are not just competing with the four employers in your region but also with the 500 job opportunities open to remote workers."
Chime Enterprise (formerly Salt Labs) will continue to innovate and introduce solutions that help employers support their employees at any point in their financial journeys. By continuing to help frontline workers, we create a more financially healthy and engaged workforce and empower them to own the long-term value of their work and achieve their financial goals.
If you’re interested in partnering with us, email partnerships@saltlabs.com