NEW
YORK, May 7, 2024 /PRNewswire/ -- Salt Labs, the
first employee rewards and incentives platform for frontline
workers that motivates employees to act like owners, today
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.
"We are particularly excited to collaborate
around loyalty and rewards with Salt Labs."
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."
If you want to hear more about how you can partner with Salt
Labs on this mission, please email partnerships@saltlabs.com.
About Salt Labs
Salt Labs is an employee rewards and
incentives platform for frontline workers, built to capture the
value of work beyond the hourly wage. Salt Labs' mission is to
build long-term employee wealth through a first-of-its-kind earned
loyalty asset that leads to higher retention and productivity.
Salt Labs was founded in late 2022 by a team that includes
repeat founders Jason Lee and
Rob Law, who founded DailyPay, a
$2B HR and FinTech company.
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SOURCE Salt Labs, Inc.