Chime went from 0% EAP usage to 20% engagement with the Modern Health platform in months. Their goal of >50% is within reach.
Modern day banking is evolving, consumer needs are changing, and the need for financial confidence and literacy is rising. Enter Chime, whose mission is to create a friendly banking solution and ensures that everyone has a level playing field when it comes to their finances. This philosophy puts their members, and most importantly, the human, first. In fact, “Be Human”, is one of Chime’s core values, which not only guides their day-to-day mission of democratizing access to financial products and services, but also acts as their guiding light when it comes to how they treat their employees, or Chimers.
As Chime’s VP of People & Talent, Beth Steinberg works hard to help drive positive business outcomes through their people strategy. “Making sure that our programs, practices, and initiatives around people are such that we’re really helping people do their best work,” she notes, necessitates that they take a more holistic approach to taking care of their teams. “We don’t just care about you as a work product...we care about you as a human being and we truly believe that the more we care for you as a human being, the better our business outcomes are going to be.” Caring for the whole person includes supporting areas beyond the professional realm, including financial, physical, and behavioral well-being.
Chime leverages Modern Health to open up the conversation around mental health and provide a gateway for their employees to begin their own mental health journey.
To achieve this goal, Chime needed a partner that could offer comprehensive support to their workforce without the roadblocks and bottlenecks of finding care through traditional EAPs and in-network providers. “I was looking for something that was easy to use and offered a number of ways for people to get support,” says Steinberg, who has a deep personal connection to the mental health piece of the puzzle. “My whole life I thought I was going to be a clinical psychologist, and my educational background is in clinical psychology.” Later on, Steinberg would witness her own sister’s struggles with mental illness, which further motivated her to become an evangelist for easily accessible mental health care. “When I came to Chime, I was absolutely adamant that we implement a behavioral health solution. What really made me decide on Modern Health was the ability to have both coaching and therapy, because while behavioral health is much more talked about now, for some people there is still a stigma around it and a lack of understanding.”
"What really made me decide on Modern Health was the ability to have both coaching and therapy, because while behavioral health is much more talked about now, for some people there is still a stigma around it and a lack of understanding.”
Chime leverages Modern Health to open up the conversation around mental health and provide a gateway for their employees to begin their own mental health journey. With all of Modern Health’s resources located in a single app, Chime can now direct their employees to a single entry point where they can be matched with the appropriate level of care for them. An ICF-certified coach herself, Steinberg highlighted that it’s not always necessary to point someone to a high-cost therapist. “When you think of all the areas where people may need to talk to another person and get advice from somebody who is completely unbiased to their situation, you don’t always need a therapist...a coach may be helpful in helping you examine the situation, perhaps reframe your thinking.”
Using the Modern Health platform, Chime has helped their employees through many of the challenges that accompany today’s fast-paced work environment, ranging from helping their employees prep for a big meeting, coaching them through difficult conversations with colleagues, or helping them think about managing finances and investing in their 401Ks.
Though the partnership is just a few months old, Chime’s leadership has been excited to see how quickly Chimer’s have adopted Modern Health into their routines, especially given that not a single Chimer utilized the organization’s EAP in 2019. “Our previous EAP utilization was 0%,” Steinberg said, “and we’re close to 20% [engagement with Modern Health] in a very short time period so I definitely see a world where we’ll get [to a goal of over 50%].” As their team grows, Chime is continually looking for ways to promote the benefit to their workforce, especially with the increased stress and uncertainty caused by COVID-19. Talent Operations Manager, Dakota Betts, added that given the current situation, “whatever resources we can bring to support people, we want to do that now”.
"I look forward to a world where mental illness is viewed the same way as physical illness"
As for the ultimate goal of Chime’s partnership with Modern Health, we’ll hand it off to Beth Steinberg, who could not be more in line with the Modern Health mission. “I look forward to a world where mental illness is viewed the same way as physical illness. It’s no different than having cancer, it’s an illness that needs to be taken care of. That’s where we need to be if we’re going to really try to take care of people, we have to treat it that way.”
Written by Bobby Weiss