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Customer Case Study:
3R Technology Makes Emergency Saving a Real-Time Benefit for Employees
3R Technology deploys SecureSave to offer much needed benefit to workforce
Secure launched its innovative emergency savings program,SecureSave, with 3R Technology, an IT asset disposition and e-wasterecycling company. In just the first few weeks, over 30% of 3R Technology’s employees have opted into the program and additional signups are expected in the coming months as they learn more. In this customer case study, we give the details of the program, how it was designed and the results so far.
About 3R Technology
3R Technology has helped businesses and individuals manage IT equipment and recycle electronics for nearly twenty years. They are the largest IT asset disposition company inSeattle. 3R Technology is an R2:3013 andNational Association of Information Destruction (NAID) AAA certified business.These certifications ensure that all environmental, health and safety, and data security aspects are managed to the highest standards.
"We are incredibly excited to offer our employees SecureSave, an emergency savings program that is not only easy for us to manage but for employees to understand and to immediately realize the direct benefit it provides," said Glen Gaidos, CEO and founder of 3R. "We anticipate that with SecureSave, it will help lower employees' stress and help them be better prepared to handle unexpected expenses. Also, we feel that with SecureSave as a benefit, it will help us recruit, retain and increase productivity in the years ahead, especially given the appeal of this benefit to a younger workforce."
Designing the 3R emergency savings program
3RTechnology has always worked to offer market-leading benefits. With Secure's emergency savings program, they have an additional tool to support their employees with short-term needs and create a path to improved long-term financial savings.
Secure provides an out-of-plan emergency savings program. While still a great companion to the generous401(k) plan offered by 3R, Since Secure is not part of the 401(k) plan for 3R, it makes the overall program easier to setup and administer to 3R. This was an important component of the program as they were not looking to add additional complexity for their team or participating employees.
3R chose to do a savings incentive for employees that participated in the program. The incentive was designed based on our team’s research into what will drive the creation and maintenance of the savings habit. The result is an incentive program that consists of a $25 sign-up bonus, paid after the 4th payroll that an employee participated in the program, and a $5 per paycheck incentive for employees that save at least $25 per paycheck into their emergency savings account.
Why 3R chose to offer an emergency savings program
For companies in environmental or industrial sectors, upwards of 40% of employees don't have emergency savings, and 60% report being stressed about finances, making the SecureSave program extremely timely and relevant. 3R Technology has a generous 401(k) plan already in place for long-term savings, making Secure's emergency savings program a perfect complement for short term, emergency financial needs. With SecureSave, an organization is on the cutting-edge of employee benefits in offering a well-rounded savings program that suits any employee need.
The demand for emergency savings is real, especially since the pandemic's onset and the many stresses it has placed on millions of families. A Federal Reserve survey found that almost 40 percent of participants wouldn't be able to cover an unexpected $400 expense using cash, and a Bankrate poll found another 40 percent of Americans would need to borrow money to cover a $1,000 emergency. Given the new realities of the state of emergency savings, employers are looking now more than ever to bring this benefit to their workforce.
Secure provides a low-cost, easy-to-maintain program that can greatly impact employees; they can focus their efforts on doing their jobs well with less stress. Employees appreciate that it makes it easy to save and gives them full control of their funds, with access at anytime, for any reason, and without penalty or cost.
The Deployment and results so far
Our team at Secure worked with 3R to design a deployment program, tailormade to the employees at 3R. 3R relies heavily on text messaging to communicate with their employees, and has a large population of English as a second language workers. Further, the team knew that ease of setup was going to be a key selling point.
For the deployment, we relied on a text messaging campaign designed by our team and implemented by 3R. We also created a custom video by our Co-Founder, Suze Orman, to help drive awareness.In the end, seeing how easy signup was - only taking 1-2 minutes and seeing that funds were auto-saved from their paycheck – was what drove the most adoption, leading to a 31% adoption rate after the first two weeks. Over time, the management team at 3R feels that adoption will grow to 40-50%.
Summary
Employee financial health and wellness has long been an area of focus by the team at 3R. By partnering with Secure, 3R has the industry leading emergency savings program to help their employees improve their financial health, better withstand unexpected financial shocks, reduce stress and increase productivity at work.
To learn more, schedule time with our team.