The Center for Financial Well-Being for independent contractors

TrueNorth Companies, in partnership with FinFit, launched the Center for Financial Well-Being to address the critical issue of financial stress among the workforce. This innovative platform provides comprehensive financial wellness resources designed to improve independent contractors well-being, enhance retention rates and mitigate misclassification risks of short-term lending to IC's for motor carriers.

Challenge

• Financial Distress: Financial stress among independent contractors leads to a less safe and less productive work environment.
• Workforce Risks: When financially distressed, it is more likely to be distracted, leading to higher accident rates and decreased productivity.
• Retention Issues: High levels of financial stress contribute to increased driver turnover, which affects overall retention rates.

According to FinFit, almost nine out of ten workers suffer from anxiety, 60 percent experience depression and 17 percent have sleepless nights due to financial concerns.

Solution

In collaboration with FinFit, we developed a personalized platform offering:

• Assessments: Individual financial health checks.
• Action Plans: Customized tools, resources, and 1 on 1 coaching.
• Engagement: Educational resources and budgeting tools.
• Real-Time Insights: Notifications and incentives for financial goals.

Conclusion

As noted by the numbers above, this program has proven success helping companies improve retention, engage their workforce and reduce misclassification risk. This program can also lead to financial savings as the average cost of a class action lawsuit per member exceeds $5,000, with some lawsuits resulting in damages up to $14,000 per driver.

The financial hardships facing working Americans are staggering. TrueNorth has proactively developed a new finance tool necessary to thrive event during the toughest times. - Tim O'Neil, Senior Workforce Solutions Specialist, TrueNorth

The Center for Financial Well-Being powered by FinFit is a powerful solution for motor carriers seeking to improve independent contractor retention, reduce misclassification risks and support their independent contractor’s financial health.