SupportPay introduces a complimentary employee benefit for working parents facing challenges in post-divorce life, following January’s alarming ‘divorce quarter’.
The US-based co-parenting fintech solution SupportPay is responding to an increase in divorce filings by offering its employee benefits programme to companies to provide support and bridge the gap in benefits for single and divorced working parents.
The programme is currently available on a complimentary basis to help working parents before, during and after divorce.
The fintech’s payment platform helps working parents manage child support and/or alimony payments, track shared child expenses, coordinate custody schedules, and streamline communication between parents through its web and mobile app.
Available during February only, working parents, HR leaders and benefits professionals are able to register to receive access to the programme. This access will be available for three months.
Divorce month
Studies conducted by law firms demonstrate that the divorce rate can escalate by one-third following the holiday season, thereby explaining why January earns the title ‘divorce month’.
However, the fintech has coined the term ‘divorce quarter’ as divorce filings typically peak in the first quarter of the year.
In fact, according to a study by the University of Washington, which analysed divorce filings in the state of Washington, marital separations usually peak in number around March time. As a result, the number of working parents who may be finding it difficult to manage life, and specifically their finances, after a separation, also increases.
Employees often remain silent about this type of needed support from their employer out of discomfort, the stigma surrounding being a single parent and a lack of existing offerings. The demand for single-parent benefits is much higher than commonly assumed, and SupportPay is helping to bridge that gap, as Sheri Atwood, the fintech’s founder and CEO, explains.
“The number of single, divorced and co-parents that are often overlooked in today’s competitive benefits ecosystem still surprises me,” comments Atwood
“Because of this, we are extending our unique benefit to businesses and their employees free of charge during Q1, resulting in improved financial well-being and mental health for employees, while also generating a clear return on investment for employers.
By introducing an initiative that supports working parents, businesses are committing to a larger initiative that is making sure everyone is supported and thriving in today’s workplace.”
The wider impact
As highlighted in a recent survey produced by SupportPay in conjunction with Good Housekeeping, a single divorce can have wider ramifications for employees as well as the company it affects.
The survey found that 81 per cent of employees going through a divorce experience lost productivity for more than one year, while 73 per cent experienced increased absenteeism and 67 per cent felt a decline in health and financial well-being.
The survey discovered that 70 per cent of the workforce experiences the impact of divorce at any given time. SupportPay’s solution intends to reduce the financial stress associated with divorce and separation, while improving productivity, reducing turnover, and facilitating the process toward a healthy co-parenting relationship.
As of February 2023, companies like Hearst Corporation and several other Fortune 500 companies have partnered with SupportPay to provide employees and their co-parents with access to the platform.
Image and article originally from thefintechtimes.com. Read the original article here.