Solo, the leading financial management platform designed to empower independent workers, has launched its new Smart Schedule and Pay Guarantee solutions in California and New York City. Solo has been a valuable tool to “solopreneurs” throughout the country because of its commitment to giving professional flexibility while reducing business administration and improving work schedules.
According to recent data, solopreneurs that used Solo’s platform made 20% more on average. In addition, the company has guaranteed over $10 million in worker pay, demonstrating the beneficial impact its software has had on the life of independent employees.
Solo’s Smart Schedule and Pay Guarantee Program reaches over 150,000 independent employees in the United States. The Solo app provides users with the tools, knowledge, and transparency they need to locate high-paying job possibilities during optimal hours, all with a guaranteed income, based on aggregated market data.
Bryce Bennett, CEO and Co-Founder, expressed excitement about Solo’s ability to improve the financial prospects of solopreneurs. “For far too long, independent workers have lacked the tools and resources needed to manage their finances effectively, let alone increase their take-home pay. We created Solo to bridge the gap between W2 and 1099 work, allowing users to enjoy flexibility while also stabilizing their income,” Bennett explained.
Pay Guarantee is created to combat income insecurity and allow independent workers to earn more during peak pay times. The Smart Schedule function is tailored to the individual user, displaying their predicted earnings per hour for each associated work in the app, allowing users to maximize their earnings by selecting the correct job at the right time. This is especially beneficial to workers in New York, where a newly approved minimum wage for food delivery workers can be used.
While both California’s Proposition 22 and New York City’s recent delivery driver bill seek to establish a minimum wage for workers, Solo establishes a dynamic income floor that can double during peak pay periods for specific industries.
According to Solo’s data, users employing the Smart Schedule tool earned an average of 20% more, equivalent to $90 more per week, and saved an average of $1,500 or more annually in tax deductions. This results in an approximate increase of $5,000 in take-home pay per year for the average worker, thanks to Solo’s automated business and Smart Schedule features.
To generate their earnings predictions, Solo leverages over 175 million job data points directly from independent workers. The estimated earnings per hour displayed in the app are based on historical trends, but the platform also adapts to account for real-time events that could affect earnings. In cases where a user’s daily pay falls short of Solo’s predictions, the company pledges to pay the difference.
Apart from helping independent workers increase their income, the Solo app assists them in saving money by automatically tracking deductible miles, logging expenses, calculating net income, and even facilitating tax filing.
Solo’s expansion into California and New York City signifies a significant step forward in supporting the financial growth and stability of independent workers across the nation. With its Smart Schedule and Pay Guarantee tools, Solo continues to pave the way for solopreneurs to thrive in today’s ever-evolving gig economy.