By offering customized financial wellness program for technical workers registered with a leading online technical workforce provider, Entitled Solutions empowered them to enjoy better financial health. The numerous benefits have allowed the workers to be more engaged with the platform and created a win-win situation for everyone involved.
On-demand technical workforce registered with the online platform faced several issues during the onboarding process. Absence of a credit profile, and no performance data, restricted access to loans for investing in essential equipment. Being employed on a gig-model, access to insurance coverage was also restricted. As a result, the platform was facing various issues as the availability of suitable personnel was being limited due to these impediments. Moreover, the company was struggling to cater to these requirements of the workers due to logistical and financial constraints. Now, with access to a comprehensive wellness package from Entitled, the online technical workforce provider is enjoying a faster onboarding process and is able to offer comprehensive insurance coverage to the workers.
The online technical workforce provider is a leading crowdsourcing platform which helps businesses connect with on-demand technical and field workforce for various profiles. Some of the industries that the platform caters to are telecom, networking, internet etc. In order to be eligible for gig-opportunities available on the platform, workers must register on the platform and complete the onboarding process successfully.
Lack Of Financial Resources
Workers registered on the online platform are essentially gig-workers who are available for any type of work opportunity that suits their skills. But performing technical jobs in sectors like networking and telecom necessitates for the workers to procure specialized hardware and software, the cost of which can go up to Rs. 60,000. This money must be arranged by the workers from their own funds. But they lack access to credit facilities to support their requirements, limiting the options available. The reason being the absence of a formal credit score as they are employed in the gig-economy and there is an absence or lack of performance data. The other option for the platform was to buy all that equipment and incur huge upfront costs which would act as a huge burden on the financials. Additionally, as the workers are not full-time employees of the online technical workforce provider, this option was also not suitable for the platform. As a result, the onboarding process of such workers was becoming extremely difficult for the platform.
No Insurance Coverage
Moreover, the companies that post the requirement for technical personnel on the online platform want the workers to have insurance coverage. This is necessitated due to the nature of the job and possible implications on the company in terms of any accidental lability. The problem is aggravated by the fact that as these workers are employed on a gig model, and are frequently working on different assignments, it is not possible for them to get an insurance coverage on a monthly or annual basis. The other option was that the platform incurs the insurance cost for regular annual insurance plans. But this plan would just not work considering the cost commitments involved and uncertainty regarding the regularity with which the worker would be employed.
Entitled Solutions: Offering A Customized Financial Wellness Program
- Potential Earning Based Loans
After understanding the issues that the online technical workforce provider was facing regarding on-boarding of the workers, Entitled Solutions managed to create a completely new use-case for personal loans, i.e. enabled access to personal loans based on earning potential of the workers with flexible repayments. This facility allowed the workers to avail the necessary loan for buying hardware and software essential for completing the onboarding process on the platform. The platform was relieved of the burden of investing huge amounts of capital in buying the equipment. The repayments for this loan are deducted at source by the service provider, thus creating a win-win situation for all involved.
- Daily Pay Accident Insurance
In order to relieve the HR department of the online technical workforce provider from the comprehensive insurance coverage requirements of the workers, Entitled Solutions enables access to daily pay insurance for the workers. This facility has ensured that even if the worker is engaged by the platform for even a single day, insurance coverage for that particular day will be available for him/her. The company has been able to insure the workers without incurring huge costs of an annual plan. On the other hand, the workers are now more active on the online crowdsourcing platform and are getting assignments on a regular basis as the imperative requirement of insurance coverage is taken care of.
Multiple benefits for the online technical workforce provider
Along with the workers, the online crowdsourcing platform has gained significant benefits from the customized financial wellness program offered by Entitled Solutions.
- As the workers are able to purchase the necessary equipment and have the requisite insurance coverage, the onboarding process has become extremely efficient and entirely hassle-free.
- With a customized financial wellness plan in place, workers enjoy better financial security and are hence more engaged with the platform. This helps the online platform cater to the needs of its clients in a better way.
- The online technical workforce provider has managed to scale its business significantly as all the major impediments that restricted the engagement of workers and businesses are now taken care of.
- The online technical workforce provider has been able to take care of all the requirements of the workers as well as its clients without incurring any burden on its financial resources.
In order to capitalize on the gains from partnering with Entitled Solutions, the online technical crowdsourcing platform is currently in the process of building a custom rewards program for the registered workers. This will further improve the engagement of the workers with the platform and offer mutual benefits to all parties concerned.