This New KFC Benefit Helps Employees Stretch Their Fast-Food Paychecks

Prospects line up at a Kentucky Fried Rooster restaurant inside Miami Worldwide Airport on Tuesday, Oct. 17, 2017. Wilfredo Lee/AP Picture

Present of palms — what number of of you’ve labored within the quick meals business? I’m positive a lot of you raised your hand (in your thoughts, at the least). As first jobs go, the pay may be fairly good, however you’ll be able to nonetheless blow by means of your whole paycheck earlier than the weekend’s out.

With greater than three.7 million fast-food employees within the U.S., and entry-level workers incomes roughly $eight.25 an hour, private finance abilities can assist make ends meet.

This week, the KFC Basis introduced the way it’s taking an lively function in fixing this downside for KFC workers. The group has rolled out MyChange, a smartphone app and desktop program targeted on educating and empowering workers about key parts of their private finance, and serving to them make smarter selections.

The app — powered by Sum180 — is meant to be easy to make use of and utterly confidential. Some options embrace:

  • Budgeting instruments and weekly budgeting ideas
  • Customized budgeting plans
  • Personal entry to monetary advisers offering monetary teaching
  • A web based neighborhood providing encouragement to remain targeted in your monetary targets

Krista Snider, managing director of the KFC Basis, mentioned what separates MyChange from different private finance apps is that it  offers workers simply digestible info to higher perceive their scenario.

“Different apps are about managing your cash for you however don’t provide the context on the way you’re going to fulfill your targets,” she says. “This app offers you a roadmap on the place it’s worthwhile to go.”

Why a private finance app? Why now? A survey of some 100,000 KFC crew members nationwide confirmed that monetary counseling ranked second to varsity scholarships as an worker want.

The KFC Basis, a 501(c)(three) non-profit funded by KFC franchisees, runs a number of worker improvement applications, together with school schooling grants, household disaster help and GED applications. The inspiration receives a majority of its monetary help from the Cole Slaw Donation Program, the place KFC franchisees voluntarily elect to have a portion of coleslaw gross sales of their eating places go in the direction of the muse.

Different fast-food chains have made waves not too long ago by providing advantages that foster private or skilled progress. As an illustration, in March McDonald’s introduced that it’s increasing its  tuition help program, making it simpler to entry funds to pay for school.

Now we’ll wait and see if different quick meals corporations comply with swimsuit by providing private finance schooling as a part of their advantages packages.

Matt Reinstetle is a workers author at The Penny Hoarder.

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