SupportPay Announces Free Employee Benefit to Help Working Parents Struggling with Life After Divorce or Separation Following "Divorce Quarter"
With an increase in divorce filings in Q1, SupportPay offers its first-of-its-kind
employee benefit for free for a limited time to help companies provide support and bridge the gap in benefits for single and divorced working parents.
NEW YORK, Feb. 1, 2023 /PRNewswire/ -- SupportPay, the only co-parenting fintech solution with an employee benefits program, today announces that its benefits program will be available for free to help working parents before, during, and after divorce. Between February 1-28, working parents, HR leaders, and benefits professionals can register to receive access to SupportPay's solution for three months. The trusted payment platform helps working parents manage child support and/or alimony payments, track shared child expenses, coordinate custody schedules, and streamline communication between parents through its web and mobile app.
Studies conducted by law firms show that divorce rates can rise by one-third after the holiday season, explaining why the month of January is often referred to as "Divorce Month." However, SupportPay is coining the term "Divorce Quarter" as divorce filings peak in the first quarter of the year. In fact, a study conducted by the University of Washington, which analyzed divorce filings in Washington State, found they peaked in March.
To support working parents who may be struggling with life after divorce or separation, SupportPay is offering its unique and innovative benefits program for three months at no cost. Employees often remain silent about this type of needed support from their employer out of discomfort, the stigma surrounding being a single parent, and a lack of existing offerings. The demand for single-parent benefits is much higher than commonly assumed, and SupportPay is helping to bridge that gap.
"The number of single, divorced, and co-parents that are often overlooked in today's competitive benefits ecosystem still surprises me," said Sheri Atwood, founder and CEO of SupportPay. "Because of this, we are extending our unique benefit to businesses and their employees free of charge during Q1, resulting in improved financial well-being and mental health for employees, while also generating a clear return on investment for employers. By introducing an initiative that supports working parents, businesses are committing to a larger initiative that is making sure everyone is supported and thriving in today's workplace."
A survey from Good Housekeeping in partnership with SupportPay found that divorce greatly impacts employees and also ripples through the entire company. Employees going through a divorce experience lost productivity for more than one year (81%), increased absenteeism (73%), and a decline in health and financial well-being (67%). Additionally, the survey found that 70% of the workforce is impacted by divorce at any given time. SupportPay's innovative solution is specifically designed to reduce the financial stress associated with divorce and separation, while improving productivity, reducing turnover, and facilitating the process toward a healthy co-parenting relationship.
SupportPay's first-ever benefits program was successfully launched in August 2022, and companies like Hearst Corporation and several other Fortune 500 companies have partnered with SupportPay to provide employees and their co-parents with access to the platform.
To register, please visit https://supportpay.com/benefit-program-offer.
Over $900B is exchanged each year between parents who are raising children together but living apart. SupportPay is the first and only co-parenting app to automate and manage child support payments, expenses, custody, and communication. In addition to its online, iOS, and Android app, SupportPay offers its platform as an employee benefit by partnering with companies to provide access to employees who are impacted during and after divorce. SupportPay is a HearstLab portfolio company, whose mission is to close the gap in venture capital funding for women. They are also a participant in the Morgan Stanley Multicultural Innovation Lab Accelerator, an accelerator program that invests in early-stage, high-growth companies led by women and multicultural entrepreneurs. SupportPay is a subsidiary of Smart Family Tech, Inc., a software company focused on delivering solutions that make family life easier. The holding company also includes the co-parent scheduling and communication platform, WeParent, which was acquired in November 2021 and is included as part of the employee benefit. For more information on SupportPay, visit www.supportpay.com.
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