OUR MISSION:

We spread innovative workplace practices that champion employee financial stability and make good business sense.

A Durable, Sustainable, Private-Sector Solution

Income Advance

Born in a business environment, the Rhino Foods Foundation understands the power of business and its potential for social impact—and we recognize the link between employee wellbeing and business success. We also understand the challenges of implementing sound workplace practices that both effectively address employees’ financial needs and work efficiently for HR and Finance. And we get the undeniable importance of the bottom line. With those factors in mind, we work to spread sustainable people-centered initiatives that create durable long-term value for employees and employers alike.

Our primary initiative focuses on employee financial stability and spreading the Income Advance (IA) Program—which provides employees with access to emergency funds that help them overcome adversity and get on a path toward greater resilience by helping them build credit and start saving for the future.

A History of Success

Initially inspired by a Bridges out of Poverty training hosted by the United Way, IA was developed by Vermont bakery style ice cream inclusion manufacturer Rhino Foods in 2007 in collaboration with North Country Federal Credit Union. Since then, IA has helped over 500 Rhino Foods employees access about $500,000 in emergency funding, build credit, and start saving for the future. Meanwhile, productivity and employee retention have increased, and the business has grown to a point where it’s now widely recognized (notably by The Wall Street Journal, Forbes, and B Lab) as a prime example of how an employee-centered business can succeed both financially and as a force for good.

IA by the numbers at Rhino Foods*

500+

employees served

When employees learn about the program, they quickly come to recognize its value. To date, over 500 Rhino Foods employees have accessed capital through the IA Program.

$500,000+

dollars loaned

Rhino Foods employees have borrowed over $500,000 through the IA program. Not only has the money helped people overcome hardship. Because it’s issued by a financial institution, it’s helped folks build credit and start saving for the future.

97%

Employees continue saving

With savings encouragements built into the program, most people begin saving after satisfying their loans. At Rhino, 97% of employees who use the IA program wind up having part of their paycheck automatically deposited into savings accounts.

*Figures compiled beginning in 2007 when the program was founded at Rhino Foods.

38% - Percentage increase in employee retention since the implementation of IA

An Employee-Centered Solution

The Freezer Geezer

At its core, IA is a solution designed to meet the needs of employees like Paul - who’s affectionately known around Rhino as “The Freezer Geezer.” Watch the short video below to learn how Paul used IA to get out of a financial jam and rebuild his credit for the long-term.

Beyond Rhino

IA has proven to be a valuable tool for over 40 other Vermont businesses that Rhino and North Country Federal Credit Union have helped introduce it to in recent years. In 2018, those businesses collectively facilitated over 1,000 IA loans totaling almost $1.3 million—and lenders reported a loss rate of only about 2.4%. Separately, in an 18-month feasibility test conducted by the FINRA Foundation and the Filene Research Institute (FRI) (in 2014 and 2015) that involved 48 employers and 13 financial institutions in 8 states, the program surpassed expectations and is now heralded by FINRA, FRI, and dozens of the participating employers and financial institutions as a tremendous success that’s worth spreading.

Recent Activity

Many more businesses of varying size, from various industries and places have implemented IA. Moving forward, the Rhino Foods Foundation intends to support as many organizations as possible in the process of implementing IA, and we plan to build a collaborative community of businesses and nonprofits dedicated to making IA commonly available to workers everywhere.

Learn more about the Income Advance Program and access our guide to starting IA at your workplace.

WHere we came from

The Rhino Story

For decades, Rhino Foods founder Ted Castle has been dedicated to helping employees succeed in their jobs, prosper personally, and participate fully in their communities. Under his direction, the Rhino leadership team has focused on establishing relationships with employees and their families, creating a climate of mutual trust and respect, listening empathetically, and ultimately meeting workers’ needs with creative programs that have meaningful, durable impacts on their lives.

In 2018, having attracted some media attention for his work (particularly with refugee employees, which make up about 37% of the Rhino workforce) and realizing that he was looking at an opportunity to impact the way business is done far and wide, Ted formed the Rhino Foods Foundation to advance and spread Rhino’s employee-centered workplace practices, inspire business leaders to think more deeply about their employee engagement strategies, cultivate a national community of collaborative workplace practice innovators, and empower human resource professionals across the country with well-developed programs and tools.

Looking Ahead: Scaling to Bring IA to Workers Everywhere

In addition to helping many small and medium-sized businesses implement IA, the RFF team is currently participating in FSG’s year-long Talent Rewire Innovation Lab with a prominent U.S.-based clothing company and mission-driven fintech innovator True Connect to improve IA for adoption by large national and multinational companies. As the RFF scales, we plan to collaborate with other organizations and businesses to develop a host of additional programs and tools to help employers implement a variety of innovative workplace practices that help employees achieve greater financial stability. Partnerships are in development to make that plan a reality. If you believe you could be an effective partner, let us know! You can reach us at info@rhinofoodsfoundation.org.