In an effort to aid independent contractors in the US, financial management platform Solo has introduced two new financial tools.
Solo has introduced new ‘Smart Schedule’ and ‘Pay Guarantee’ tools across California and New York City with the aim of assisting independent workers operating ‘businesses of one’ embrace their professional flexibility, as well as automating the administrative component of their business and optimizing their work schedule.
The ‘Pay Guarantee’ concept from Solo aims to deal with income unpredictability while also assisting independent employees to earn more by working during peak pay times.
To help users work the “right” job at the “right” time and maximize their profits, Solo’s new ‘Smart Schedule’ is customised to each individual user and shows how much they’ll make per hour across each job they have linked to the Solo app. The business described how doing so will allow employees to benefit from New York’s recently enacted minimum wage for food delivery workers.
‘Prop 22’ in California and the recently passed delivery driver bill in New York both mandate a minimum pay for employees. By offering a dynamic income floor that sometimes doubles during peak pay periods for various jobs, Solo indicated that it intends to go one step further. The basic rate, bonuses, and tips that Solo claims can make up as much as half of a delivery driver’s pay are all included in that promise.
Assisting self-employed individuals to “enjoy flexibility while also stabilizing their income”
For too long, independent workers have had the knowledge and tools to manage their finances, let alone raise their take-home earnings, according to Bryce Bennett, CEO and co-founder of Solo. In order to give people flexibility while simultaneously stabilizing their income, we designed Solo to fill the gap between W2 and 1099 labor.
The predicted earnings per hour that users see in the app are generated by Solo using over 175 million job data points that are directly from independent employees.
Solo’s formula makes adjustments and takes into consideration both predicted and current occurrences that could have an impact on estimated earnings amounts because historical data isn’t always a reliable indicator of how things might change in the future.
The financial management platform employs this concept in an effort to provide independent workers with both the consistency of previous patterns and adjustments to reflect the reality of the present. Additionally, it has promised to pay users the difference if their daily pay doesn’t match its forecasts.
