EvoShare announced a partnership with cloud-based payroll and human capital management provider Paylocity late last week to fully automate the process of funding additional savings account contributions with cash-back from employees’ everyday spending.
The deal means an “unprecedented ease-of-use and scalability for HR and Payroll teams,” the companies said.
EvoShare allows employees to contribute to a financial savings account like a 401(k), 529 College Savings Plan or HSA, while shopping online and locally at stores, bars, and restaurants. Similar to Rakuten Ebates (but more advanced and retirement-plan related), they receive up to 30% cash-back towards their retirement plan, savings account, or student loan repayment.
“It’s a really big deal and will accelerate EvoShare’s growth,” Bill Chetney, CEO of GRP Advisor Alliance and an early EvoShare investor, noted.
Paylocity simplifies payroll and human resources tasks for both employees and employers with a single, secure and “smart” platform.
Its offering includes full-service payroll functionality and a wide range of HR functionality, including talent management, time and labor management, benefits administration, and third-party administration (TPA) for benefits such as HSA, FSA, and COBRA.
Paylocity platform
The Paylocity platform also features advanced analytic reporting tools and seamless integration with the retirement plans, general ledger, time and attendance applications and employee benefits solutions, all of which are available on web browsers and mobile devices.
“By partnering with Paylocity, we are bringing a streamlined process for employees to get cash-back from the spending they already do,” Eugeny Prudchyenko, CEO of EvoShare, said in a statement. “Employers can increase plan participation and satisfaction without extra work, and employees earn extra money to put towards their financial future. It’s a win-win all around.”
For too long, Prudchyenko notes, employees have only relied on their paycheck to save for the future or pay down student loan debt. Employees can now use both their earnings and their daily spending to grow their nest egg.
EvoShare partners with employers looking to increase employee participation, contributions, and overall engagement in their 401k plan and overall financial wellness.
These employers offer EvoShare as a unique perk that gives its employees a breakthrough solution toward their financial security.
“Paylocity and EvoShare both have the goal of improving the employee experience at work,” Chris Westfall, Paylocity Vice President, Channels and Alliances, added. “Our integration and partnership allow employers to provide a high-value benefit to their teams without requiring a heavy lift by the HR and Payroll teams.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
