For a growing number of Americans, gone are the days of working traditional hours in a conventional office setting. Instead, employees are gravitating toward shift, contract or gig work.
These new-age working arrangements are attractive in that they afford employees the flexibility to determine when, where and how they earn income. But with that flexibility comes income and retirement savings uncertainty, among other financial concerns.
Enter Steady.
Launched last week, the Atlanta-based company is already serving 100,000 nontraditional employees (referred to as the Build-Your-Own [BYO] workforce) by delivering personalized income-building opportunities, an income tracker and exclusive relevant discounts via its online platform.
“Steady starts by helping BYO workers easily find and apply to income-building opportunities that match their availability, abilities and interests. Whether augmenting retirement savings, working around childcare responsibilities, leveraging gig opportunities or supplementing insufficient income from a primary employer, Steady helps people earn more,” the company explained in an announcement.
The concept has attracted big-name backers like Pierre Omidyar, the founder of eBay and impact investing firm Omidyar Network, and Shaquille O’Neal, who recently joined the team as an advisor and advocate.
“The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” O’Neal said in a statement. “Helping hardworking folks do and get more is an important mission, and I’m excited to be part of it.”
The Steady platform is available as a free app that can be downloaded through Apple’s App Store, Google Play and at web.steadyapp.com.
“Today’s workforce faces wage stagnation, underemployment and an increasing cost of living. All this leads to people just not making enough money to live the American Dream, and instead they’re caught in a very vulnerable place,” added Ryan Gilbert, Partner at Propel Venture Partners, another of the company’s investors. “We’re excited to back Steady in delivering much needed solutions aimed at the root problem—insufficient earnings. If people are to thrive in today’s changing world, a solution like Steady is imperative.”
The Steady app empowers employees to:
- Build income: Discover and apply for extra income opportunities and shifts from large employers, small and medium businesses and the hottest startups (including the top 40 gig economy players)—filtered by location, interests, availability and goals, in addition to helping define their overall portfolio of work.
- Build networks: Monitor relevant community activity, learn from peers, uncover new opportunities and create connections that help maximize earning potential.
- Build buying power: Access a marketplace of exclusive benefits—from essentials, like prescriptions and groceries, to discounts on major expenses, such as auto care and telecom.
- Build financial cred: Soon, Steady will roll out a wave of financial products and advice about how to optimize this lifestyle. The company aims to work with financial institutions and other providers of key financial products that are currently hard to access without a traditional, full-time W2 job.
“This undertaking is both enormous and essential,” asserted Adam Roseman, CEO and founder of Steady. “We are aiming no lower than at rebalancing the American economy, and I couldn’t ask to be a part of a more talented and passionate team for the job.”
Jessa Claeys is a writer, editor and graphic designer.
