Question 1

What is Careots?

Accepted Answer

Careots is a web application and cloud platform meant to help educate employees about their wellbeing and happiness. Careots takes this a step further by offering prescriptive products and services to help employees take the steps needed to thrive and become a more engaged workforce.

Question 2

How does Careots help improve employee wellbeing?

Accepted Answer

Careots gives access to some of the best research and tools available to understand what drives individual and organizational happiness.  Once ready, Careots gives users the freedom to choose from carefully selected products and services that address specific elements of wellbeing.

Question 3

Why does wellbeing matter to a company?

Accepted Answer

Employee wellbeing or happiness directly impacts an organizations ability to achieve its goals. Whether it is a healthier more engaged workforce or competitive advantage in the war for talent, focusing on employee wellbeing should be a core priority of any organization.

Question 4

What is the difference between happy and happiness?

Accepted Answer

Happy is a temporary or situational state of mind that feels good right now like a dopamine rush.  Happiness is a continual or lasting state of being and gives meaning to the actions, relationships, and outcomes of life.

Question 5

What are the six essential human resources of wellbeing?

Accepted Answer

Through consulting industry research, partners, and customers, Careots has worked to understand what drives employee wellbeing. This has led to the creation of the six essential human resources of wellbeing including Emotional, Career, Social, Financial, Physical, and Community. Each of these elements are interdependent on each other and require balance for an employee to thrive at work and in life.

Question 6

How does Careots fit into a complete benefit program?

Accepted Answer

Due to the flexibility of the Careots platform, it has become a useful tool for brokers looking to create differentiated offerings that go beyond traditional benefits programs.  This creates an opportunity for a broker to listen to what is important to a customer and then build it into the ideal benefits offering on a deal by deal basis.

Question 7

Why is Gallup a part of Careots?

Accepted Answer

Gallup (www.gallup.com)(http://www.gallup.com) is the recognized world leader in providing research and surveys on employee engagement to improve wellbeing (happiness). Gallup provides Careots with exclusive Wellbeing Finder resources and access to their research and insights for employees.

Question 8

Why is Happify a part of Careots?

Accepted Answer

Happify (www.happify.com)(http://www.happify.com) is the most used emotional wellbeing app.  Through science-based activities and games, Happify reduces stress and anxiety while building optimism and mindfulness. Happify provides Careots users with premium access to tracked topics, content, and meditations.

Question 9

Who else is involved in Careots?

Accepted Answer

Careots is constantly striving to recruit and foster a robust partner ecosystem. A strong relationship with Stripe and Visa allows for Careots to focus on a rich and stable customer experience. The Careots marketplace hosts over 40 of the most respected consumer and medical brands committed to user wellbeing (happiness).

Question 10

How do brokers purchase Careots on behalf of clients?

Accepted Answer

The Careots platform is able to aggregate individuals companies to create  meta level data for brokers to manage a deployment.  There is also the potential to split the source of the monthly access fee from the spending balance to allow a broker to accomplish their goals.  Upon receiving an ACH or wire transfer, funds will be assigned to the specific company and then users as chosen by the client or broker.  On a monthly basis, usage of reporting of available balances will be provided.

Question 11

How do clients get the most out of Careots?

Accepted Answer

Careots is used to attract, recruit, engage, and retain talent. Other common uses include reinforcing corporate culture/values, advancing wellbeing (happiness), individual/team appreciation, new hire sign-on, achievement rewards, and tenure.

Question 12

What are examples of the Careots available for purchase?

Accepted Answer

The marketplace has over 40 different offerings to spend available balances. This includes Babbel, Peloton, Scribd, Scott's Cheap Travel, Legalzoom, Shipt, Curiosity Stream, and Motley Fool.

Question 13

How competitive are the prices in the Careots marketplace?

Accepted Answer

The marketplace is made up of carefully selected partners aligned with Careots' purpose  Additionally, all offerings are negotiated on behalf of the entire userbase to get the best prices.

Question 14

How are the spending balances used by employees in Careots?

Accepted Answer

Inside of Careots, the user is given an available spending balance and a virtual debit card. Using this debit card, an employee is authorized to purchase the offerings inside the Careots marketplace.  In the event an employer does not fund Careots or an employee does not have enough funds available, an employee can still purchase from the marketplace with a personal credit card.

Question 15

What is the recommended spending balance for an employee?

Accepted Answer

An annual amount of $300 to $500 is recommended for several reasons.  It is a significant enough amount of compensation to mean something to an employee.  It allows for 3 to 4 purchases across the available categories based on the average pricing of products and services.

Question 16

Is there a minimum spending balance required?

Accepted Answer

There is no minimum funding amount to utilize this feature.

Question 17

Does every employee have to receive the same spending balance?

Accepted Answer

Through the Careots platform, an employer can choose exactly how much spending balance is available on an employee to employee basis. This benefit can also be made available in any amount at any time to all types of workers including employee, part-time, contractor, etc.

Question 18

Are there any hidden fees for using a spending balance?

Accepted Answer

There are no additional costs beyond the per user access fee and the amount spent by employees from available funding.

Question 19

Can employee funds be added to the spending balance?

Accepted Answer

U.S. credit card regulations do not allow company and personal funds to be comingled.  If an employee wants to purchase more than the funding allows, a personal credit card can be used at checkout.

Question 20

What prevents the spending balance from being used outside Careots?

Accepted Answer

Through the Stripe and Visa partnership, Careots is able to whitelist or select specific merchants where the debit card will work.  This can be adjusted on an employer to employer basis and can accommodate unique asks where applicable.

Question 21

Is the spending balance considered taxable income?

Accepted Answer

Depending on the products and services purchased, it may or may not be considered taxable income. Careots works directly with customers to operationalize the process of collecting and integrating this data.

Question 22

When should a Careots program get started?

Accepted Answer

Careots can be deployed at any time for any duration.  It is ideal to align the Careots timeline with the existing benefits calendar in order to avoid confusion by employees.

Question 23

What happens to unused balances after the first year?

Accepted Answer

Intra-year Careots balances can be handled according to the employers preference.  If the employer does not want to carry funding across years, employees will be notified and unused funds will be returned.

Question 24

What happens to unused balances when an employee leaves?

Accepted Answer

Careots allows employers to configure how unused balances are handled during an employees transition and will be a decision captured in the deployment.

Question 25

How are funds moved into Careots?

Accepted Answer

ACH or wire transferred funds are collected into a dedicated account managed by Wells Fargo. Upon receipt, assignment of the funding is authorized to the individual employee. These funds are then held by Stripe until they are used.  Employers will receive regular updates on spending and have the ability to ask for ad hoc reporting.

Question 26

How can Careots be accessed?

Accepted Answer

Careots is a web application which means any device with an internet browser will be able to access it. There are no required software downloads or installations.

Question 27

What information is required to deploy a new user in Careots?

Accepted Answer

Deployments with Careots are very easy and simple.  The minimum required information is a corporate email.

Question 28

How can Careots be configured on a client by client basis?

Accepted Answer

The Careots platform can be white labeled or customized to include unique offerings.  If there is a unique ask, Careots is happy to explore accommodating new use cases and challenges.

Question 29

Who provides supports for Careots?

Accepted Answer

Careots has a designated staff responsible for supporting users.  If there is an open issue, please reach out to your Client Engagement Executive or visit the Contact Us (javascript:void(0))page.

FREQUENTLY ASKED QUESTIONS

I am...

CONTACT US

717-574-5133