Solo, the financial management platform dedicated to helping independent workers manage their business-of-one, has launched its Smart Schedule and Pay Guarantee tools in California and New York City.
Solo is committed to helping independent workers embrace the professional flexibility they love while automating the administrative pieces of their business and optimizing their work schedule. Solopreneurs earned 20% more on average and Solo has guaranteed more than $10 million in worker earnings on the Solo platform.
With the arrival of Solo’s Smart Schedule and Pay Guarantee Program, the Seattle-based Startup has now brought its unique software to over 150K independent workers nationwide. Using aggregated market data, the Solo app gives these workers the tools, insights, and transparency to direct them to the highest-earning jobs at the best hours to work—guaranteed.
“We’re excited to unlock the potential of Solopreneurs using software and data to put more money in their pockets. For too long independent workers have lacked the tools and resources to seamlessly manage their finances; let alone increase their take home pay. We built Solo to bridge the gap between W2 and 1099 work so that users can enjoy flexibility while also stabilizing their income,” said CEO & Cofounder Bryce Bennett.
Solo created their Pay Guarantee Program to address both income instability and help independent workers earn more by working peak pay periods. Their Smart Schedule is custom-tailored to each user to show how much they’ll earn per hour across each job they have linked to the Solo app so they can work the right job at the right time. This will especially allow workers to take advantage of New York’s newly implemented minimum wage for food delivery workers.
Both California’s Prop 22 and New York City’s recent delivery driver bill attempt to impose a minimum wage for workers, but Solo goes a step further by providing a dynamic income floor that sometimes doubles during peak pay periods for different jobs. That guarantee includes the combination of base rate, incentives and tips that Solo says can be as much as 50% of a delivery driver’s compensation.
Workers using their Smart Schedule tool earned 20% more on average, or $90 more per week, on top of saving an average of $1,500 or more a year in tax deductions. For the average worker, that’s ~$5,000 more a year that they take home as a result of using Solo’s automated business and Smart Schedule features.
So how does Solo produce their earnings predictions? Solo uses 175m+ job data points directly from independent workers to provide the estimated earnings per hour workers see in the app.
However, what’s happened in the past isn’t always indicative of the future, so their formula adjusts and accounts for anticipated and real-time events that could impact the estimated earnings amounts. This gives independent workers both the consistency of historical trends and adjustments to reflect the reality of the moment. If a user’s daily pay falls short of Solo’s predictions, Solo will pay users the difference.
On top of helping independent workers earn more, the Solo app also helps them save by automatically tracking deductible miles, logging worker expenses, calculating net income, and even helping them file taxes.
About Solo
Founded by ex-Uber/ex-Convoy employees Bryce Bennett and Keith Ng, Solo is set out to rethink the independent workspace with a worker-first mentality. We aim to provide workers with the information, resources, and tools to achieve professional stability while maintaining the flexibility they enjoy with our unique app-based platform. Workers should have the ability to manage their earnings goals across multiple jobs, understand peak pay rates in their city, and move more seamlessly between the jobs that fit their schedules. For additional information, please visit: www.worksolo.com.
If you would like more information about this topic, please email Bryce at bryce@worksolo.com.
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