Palo Alto, CA – March 23, 2022 – Xiggit, a next-gen fintech startup modernizing affordable benefits for SMEs, announced the launch of a crowdfunding campaign on Republic. With Xiggit, small business employers with low budgets can offer “large company benefits” to all workers, whether full-time, part-time, contract, gig worker, or other classification.
Employee turnover, absenteeism, and job distraction are consequences of financially stressed employees. This set of employees is also 2.2 times more likely to quit and take another job. Lost productivity, combined with increased turnover costs, accounts for about 11% to 14% of an employer’s payroll expense.
And, new state mandates have kicked in, requiring small business employers to provide employees with a long-term retirement savings plan. Ten states enacted state-mandated retirement plans. In California, private sector employers with five or more employees face a June 2022 deadline. Penalties for non-compliance will be substantial, starting at $250 per employee and rising to $500 per employee.
With the average cost of healthcare in the U.S. growing over 10% per year and hourly workers not receiving any benefits, Xiggit’s innovative approach provides an ultra-low-cost platform for small businesses to offer health insurance, paid time off, and 401k savings plans. This way, SMB employers can focus on what they do best: running their businesses while offering affordable benefits that suit not only individual needs but keep employees longer.
Veteran fintech executives and founders of Xiggit, Heather Dawson and Carmela Abraham believe that modernizing benefits, while leveraging mobile phones, could provide the key to creating viable solutions for small businesses. Employers struggle to provide employees with the benefits they need, ample healthcare coverage, or 401k retirement plans. These added costs make it increasingly challenging to manage the administrative burden while complying with new labor laws.
Innovative startups, such as Xiggit, continue building, from the ground up, leading-edge tech stacks with modern APIs to drive down the cost of building benefits and payroll platforms for SMEs and their mobile workforce. Xiggit had the foresight to recognize the opportunity for employees to access all aspects of their retirement or healthcare plan from one app on their mobile phones.
“Small business owners can’t afford $1000 or more per employee in benefits cost; nor do they have the time to spend an extra 20 hours per month managing an employee benefits plan,” said CEO and founder Heather Dawson. “This reality leaves 82 million hourly workers without benefits. Xiggit’s approach enables smaller companies to offer high-quality benefits to workers, resulting in loyal workers who are less financially stressed.”
Xiggit is blazing a new trail in the financial wellness and benefits space. Xiggit enables small business employers to offer their employees access to a broad set of top-quality benefits that are customizable and meaningful to employees. Investing in Xiggit will allow the startup to expand its platform and offer additional benefits that provide a broader array of coverage options.
Xiggit has an opportunity to disrupt the benefits market and deliver high-quality benefits to a myriad of smaller companies. They are helping their customers by leveling the playing field so those small business employers can better compete for top talent. Xiggit’s vision includes a wide variety of benefits that each employee can choose from to meet their individual needs.
Xiggit’s Republic campaign is live. Visit their campaign page to learn more.
Xiggit is developing a low-cost, administration-free benefits platform for employers. The Xiggit platform includes a new class of easy-to-understand personal and portable benefits for the 80 million hourly workers left behind by traditional benefit providers. Xiggit enables employers to set a benefits budget that works for their business model. Xiggit takes it from there, shouldering all the administrative burden from the employer so they can focus on growing their business.
Media Contact
Company Name: Xiggit
Contact Person: Carmen Hughes
Email: Send Email
Phone: 650-576-6444
Address:333 Gellert Blvd
City: Daly City
State: CA 94015
Country: United States
Website: https://www.xiggit.com
The post Xiggit Launches Crowdfunding Campaign to Level the Playing Field For Small Businesses and Help Them Win Over The Skilled Worker Shortage first appeared on PressRelease.cc.
