Exciting news—we’ve launched our Smart Schedule and Pay Guarantee in both California and New York City.
Solo is committed to helping independent workers embrace the professional flexibility they love while automating the administrative pieces of their business and optimizing their work schedules. Solopreneurs earned 20% more on average and we have guaranteed more than $10 million in worker earnings on the Solo platform.
With the arrival of Solo’s Smart Schedule and Pay Guarantee Program, we have now brought our unique software to over 150K independent workers nationwide. Using aggregated market data, the Solo app gives these workers the tools, insights, and transparency to direct them to the highest-earning jobs at the best hours to work—guaranteed.
“We’re excited to unlock the potential of Solopreneurs using software and data to put more money in their pockets. For too long independent workers have lacked the tools and resources to seamlessly manage their finances; let alone increase their take-home pay. We built Solo to bridge the gap between W2 and 1099 work so that users can enjoy flexibility while also stabilizing their income,” said CEO & Cofounder, Bryce Bennett.
We created our Pay Guarantee Program to address both income instability and help independent workers earn more by working peak pay periods. Our Smart Schedule is custom-tailored to each user to show how much they’ll earn per hour across each job they have linked to the Solo app so they can work the right job at the right time. This will especially allow workers to take advantage of New York’s newly implemented minimum wage for food delivery workers.
Both California’s Prop 22 and New York City’s recent delivery driver bill attempt to impose a minimum wage for workers, but Solo goes a step further by providing a dynamic income floor that sometimes doubles during peak pay periods for different jobs. That guarantee includes the combination of base rate, incentives, and tips that can be as much as 50% of a delivery driver’s compensation.
Solopreneurs using our Smart Schedule tool earned 20% more on average, or $90 more per week, on top of saving an average of $1,500 or more a year in tax deductions. For the average worker, that’s ~$5,000 more a year that they take home as a result of using Solo’s automated business and Smart Schedule features.
So how do we produce our earnings predictions? Solo uses 175m+ job data points directly from independent workers to provide the estimated earnings per hour workers see in the app.
However, what’s happened in the past isn’t always indicative of the future, so their formula adjusts and accounts for anticipated and real-time events that could impact the estimated earnings amounts. This gives independent workers both the consistency of historical trends and adjustments to reflect the reality of the moment. If a user’s daily pay falls short of Solo’s predictions, Solo will pay users the difference.
On top of helping independent workers earn more, the Solo app also helps them save by automatically tracking deductible miles, logging worker expenses, calculating net income, and even helping them file taxes.