So, we decided to take some significant steps to shore up their financial security and health. Knowing that our employees were struggling in this way was simply unacceptable. One sign of trouble came from a trend that we saw in applications to this fund: We found urgent requests for help were increasingly the result of everyday events, like an unexpectedly steep medical bill, a student-loan payment or a car breaking down. In 2017, we created an Employee Relief Fund to help people in case of a significant or unforeseen financial shock. As a result, they had to make difficult trade-offs in educating their kids, paying for healthcare, and planning for the long term.Īt times, they faced more heartbreaking situations. But when we looked more closely, we saw that in some places and for some people, it just wasn’t enough.įor example, 65 percent of our customer-service and entry-level employees reported they were frequently running out of money between paydays. At PayPal, we make it a point to pay above-market salaries and offer generous benefits, and we assumed this was sufficient. And we’ve felt even greater urgency now during the COVID-19 pandemic.īut while we were focused on fulfilling our mission in the larger world, we missed something that was going on inside our company. As a company, our employees and I have worked hard to deliver on this goal for customers and communities around the world. Our business model is driven by our mission: We want everyone - individuals, families, small businesses, retailers of all sizes - to have access to affordable, convenient and secure financial services. Since 2015, I’ve been President and CEO at PayPal, a company that focuses on the digital transfer of money and e-commerce.
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