A fintech startup reduces the turnover of gig workers

An app helps gig workers manage their money while supporting employers to retain their staff

Spotted: The gig economy is growing. It is estimated that, in the UK, one in six adults work a gig job at least once a week, contributing as much to the economy as the aerospace industry. However, downsides of the gig model for employers include the difficulty in recruiting and retaining workers. Meanwhile, gig workers may find it difficult to manage their finances when they are unclear how big their paycheck will be. To help with this problem, Danish startup All Gravy is working to make gig work more financially appealing.

All Gravy has developed a platform that creates a link between work and pay. The company’s app gives gig workers a complete overview of their finances and the money they are earning per shift, removing the stress of not knowing exactly how much they have earned. The company also gives employees access to earned wages, at no cost or fees – helping them stay away from payday loans. The app also provides employees with a full overview of their finances, and supports them in building up savings and goals, by showing the bills that are due during the pay period, for example.

For employers, All Gravy synchronises and automatically connects with payroll and workforce management systems. According to All Gravy, because employees see the financial impact of each shift instantly in the app (and can get paid right away) they are more motivated to take additional shifts.

The company explains that it was motivated by interviews with workers, reporting, “They told us their frustrations relating to both personal finances and managing their income. Some had invented their own ingenious systems to keep track [of pay], while most had completely given up. At the same time, we hear from the vast majority of employers that they experience that it can be difficult to recruit enough employees and get vacant shifts fulfilled. We realised that there was a huge need for a new way of thinking about shift work and salary.”

With the continued growth of gig working, it is not surprising that we here at Springwise are also seeing innovations aimed at making life easier for gig workers. Some recent additions include a platform that turns gig workers into small business owners, and a blockchain jobs platform that gives freelancers paid time off and pensions.

Written By: Lisa Magloff