Why we’re launching Steady Together to help struggling workers
Shaquille O’Neal and I are announcing new tools to help people get work, cash, and medical support amid Covid-19
The stories are harrowing, and they’re coming in from across the entire country. People who rely on gig or hourly work are desperate to make ends meet. People who had full-time jobs are suddenly filing for unemployment, searching for new ways to pull in some income. These are unprecedented times of financial hardship for tens of millions of American workers and their families.
At Steady, more than 80% of our members generate income from retail, hospitality, food services, transportation and various forms of gig work. Most have been living month to month for a very long time. And all are dramatically impacted by the coronavirus pandemic — not just through lost work, but also by the upheaval of having to care for their children who are home from school, as well as loved ones who may be ill. Some of the most heart wrenching situations also involve people who don’t have health insurance — a figure that has been on the rise since 2016.
When we launched the Steady app in 2018 to help workers find stable sources of income, I knew things were bad for a huge portion of today’s workforce. Far too many workers had nothing to fall back on. But even I never predicted the shocking numbers we’re seeing now.
Just one bleak statistic from the Steady Income Tracker: our nearly 2 million members saw income plummet by 37% over a 30-day period. Among the worst hit sectors, of course, were ridesharing and hospitality, where incomes have nosedived by more than 70% since the end of February.
Shaquille O’Neal, NBA legend and Steady advisor, shares our concerns. In an Instagram Live conversation with me below, he emphasized that his heart goes out to everyone affected. “I’m very passionate about helping he American workers,” he said. “You guys run the country. You guys make this country what it is.” He shared the story of his neighbor who just lost a job at a major corporation after 30 years.
Shaquille knows what it’s like to need a paycheck. His father was a drill sergeant who drove trucks on weekends “just to buy me some shoes,” he said. As a teenager, Shaquille himself began cutting grass and walking dogs to try to help his family out.
There’s still opportunity
While it’s a frightening time, there are some bright spots for those who need income. There’s been a spike in demand for certain kinds of jobs.
For example, our data show income from grocery deliveries has gone up 132% since the end of February. And income in the home improvement industry has jumped by 53% in that same time frame. (See some figures in our news release and in my interview with Bloomberg Law.) This new work doesn’t even begin to make up for the work that’s been lost. But it does mean that some opportunities still exist.
At Steady, we wanted to offer tangible relief and resources to help everyone as much as possible. We want this support to be actionable, material and meaningful. We listened to our members and asked what we could do that would be most productive. Our team has been working around the clock to develop strategies to help workers a fighting chance.
The result is Steady Together, a new targeted initiative to help workers find high demand jobs quickly, earn cash grants, and have access to telehealth medical support.
It contains four key components, all of which are explained in further detail at our website and in our announcement:
- Steady high demand jobs. Our data shows us where there’s a hiring need at any moment. When you take the time to apply for a job, you should know that there’s real hiring going on for it — that it’s worth your time. Unfortunately, many corporate job listings will remain frozen for the foreseeable future. With our frequently updated list of high demand jobs, you can prioritize the applications that have the best shot of getting you paid work, fast.
- Emergency cash grants. We’re partnering with The Workers Lab to distribute cash grants between $100 and $1,000 to thousands of selected Steady members who have experienced large drops in income, which we are able to see through cleaned bank account transactional data in industries most impacted by Covid-19 jobs loss and major utilization declines.
- Medical support. Beginning in May, all Steady members who have set up their Income Tracker in the Steady mobile app will have their telemedicine subscription paid for by Steady. They’ll be able to access a medical professional by video 24/7. We’re covering the premium, so our members will only have to pay the $25 copay. And this offer applies not just to the member, but also to their spouse and any children in their household up to 24 years of age.
- Rapid ACH cash deposit of completed Steady Income Boosters. Steady can now deposit cash into a member’s account as soon as one of our Income Booster partners informs us that the booster has been completed. Steady Income Boosters include financial rewards for taking steps to improve your financial health, like opening a checking account with no overdraft fees, saving money, and investing spare change, as well as taking on certain gig work.
Since we announced these steps last week, we’ve been inundated with fantastic responses. Thank you to everyone who has reached out.
This is only the beginning. We’re committed to doing all we can to ease the burden workers face during this traumatic time. We welcome your ideas for further steps we can take.
Shaquille wanted to share this message: “Americans, I love you. If any of your family members have been affected by this Covid-19, my heart goes out to you. My condolences go to you and your family. We appreciate you supporting us. And we’re going to always support you guys.”
We wish you and your family and friends the very best of health and happiness. US Labor Department Treasury Department
