CEO SERIES Episode 4:
A Conversation with HoneyBee CEO Ennie Lim
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AJ Plotkin: Ennie is the CEO and founder of honeybee honey bee was the result of any journey through her own personal financial challenges.

AJ Plotkin: And it made her want to help others take control of bears by providing tools for working Americans to manage their finances better better and thrive without the distraction.

AJ Plotkin: of financial distress honey P, is a certified benefit corporation, and that allows employers to pride pre n equal access to financial tools in the workplace.

AJ Plotkin: 89% of honey these users are women, people of color are both bridging the financial literacy gap in the workplace and providing employers, a competitive advantage to retain and attract talent in this Labor market.

AJ Plotkin: And he graduated from McGill University in Montreal, and she was previously a governing board member of the ncaa HR a one of the nation's largest HR associations representing over 30,000 HR professionals any.

Ennie Lim: thanks for having me AJ and that was a really great presentation Dirk i'll just go ahead and share my screen.

Ennie Lim: You can see my screen right already.

Ennie Lim: Okay, well, like a Jason honey bee was really the result of my own financial setback.

Ennie Lim: After I went through a divorce about five years ago, and so my credit was negatively impacted and I found myself in a situation where I just couldn't get access to any affordable credit and.

Ennie Lim: I couldn't get approved for an apartment I was based out in San Francisco and I ended up moving back home to live with my parents and their basement a very humbling experience, to say the least.

Ennie Lim: there's a lot of things I wish I could have done differently, but I was embarrassed ask for help, it was a humbling experience and while I was in Montreal I reconnected with.

Ennie Lim: he's one of my co founders today so his he came from the fintech space, but what was interesting is that his family used to own restaurants and every time.

Ennie Lim: An employee was faced with an emergency his dad found himself lending money to the employees and you can imagine the friction that caused in terms of the employer and the employee relationship.

Ennie Lim: In terms of lending money to your employees and it opens up a can of worms growing up my mom was a sole breadwinner for a household of five so she always.

Ennie Lim: ended up asking her boss, to lend her money every year, and so we understood firsthand like there was an issue that could be solved through the employer channel.

Ennie Lim: So.

Ennie Lim: We know already that economic inequality already existed way before the pandemic, as a result, one in six Americans rely on food banks and, unfortunately, about 52% of Americans have already pulled out of their retirement savings.

Ennie Lim: So this is, you know some of the recent headlines that you might be familiar with, and the reality is employers are having a really difficult time, attracting and retaining talent.

Ennie Lim: Because Amazon and walmart are unfortunately winning the Labor war and as a result, you know companies really have to bulk up their benefits in order to compete I think Amazon announced last September that they were going to pay for.

Ennie Lim: college tuition for 750,000 of their employees and that's about a $1.2 billion investment by 2025 and about close to 80% of companies already offer for one K, so today it's really no longer a differentiator to compete in this talent pool market today.

Ennie Lim: And we're starting to see employers there's a massive shift towards employers buying behavior to add additional financial wellness programs.

Ennie Lim: How do you be not only solves a very fundamental problem for working Americans living paycheck to paycheck but we've become a really core program for talent acquisition by providing free and unlimited access to financial tools for employees and their families.

Ennie Lim: Are to our turnkey solution, our turnkey financial wellness solution includes access to low cost rainy day funds that means no interest no fees no subscription fees no tipping our honey academy program is where employees can learn about basic financial topics with their kids.

Ennie Lim: And our unlimited financial therapy program the way we look at financial therapy is that 72% of mental health issues is related to money concerns.

Ennie Lim: So we treat mental health, the same way, we would treat mental health, and I think we can all agree that you can Google online to figure out how to treat yourself but.

Ennie Lim: Nothing beats and in person therapist because everybody walks through a very different financial journey.

Ennie Lim: So our financial therapy program which is on demand and unlimited to employees is available in both English and in Spanish.

Ennie Lim: And we conducted, about a year long study with Washington University in St Louis and, as he mentioned in the intro 89% of our users are people of color women or both.

Ennie Lim: And we were able to help healthcare worker and a single mom pay for Internet for her daughter in early 2020 when her daughter had to move to virtual learning overnight.

Ennie Lim: Something that you know we we should ever take for granted, we helped a hotel manager clear her medical debt and improve her credit score, we helped an employee that has to travel two hours to work every day.

Ennie Lim: What her car broke down she was able to use the funds to pay for the car repair immediately we've also become a integral part of companies like diversity equity initiatives over $8 billion was spent on DEI initiatives in 2020 and that number is continuing to grow, every day.

Ennie Lim: So we signed over 60 companies are companies come from various industry sectors, including nonprofits hospitality healthcare retail waste water utilities manufacturing food production.

Ennie Lim: We are a solving a really fundamental problem for 87 million middle income workers in America and our pipeline is close to 5 million ar and continuing to grow, every day.

Ennie Lim: Thank you.

GRAPHIC_Logo_HoneyBee Employees Matter
HoneyBee’s mission is to destigmatize access to financial help in the workplace. HoneyBee empowers leaders that are committed to creating an equitable and inclusive culture by providing access to no-cost rainy day funds, unlimited financial therapy and education to help improve their employees’ financial health. HoneyBee is an integral part of employers’ DEI initiatives. 89% of HoneyBee's users are people of color, women, or both. Equity is extremely important for underrepresented individuals and people with marginalized identities to be able to succeed and thrive.
ffVC first invested in Manna in 2021
Ennie Lim
Ennie Lim is the Founder and CEO of HoneyBee. She's a social entrepreneur and HoneyBee is the result of her own journey through personal financial challenges. Ennie graduated from McGill University and was previously the governing board member of the NCHRA, one of thel She is passionate about diversity, equity, and inclusion initiatives and building businesses for a better tomorrow. She believes that all of us have the potential to become powerful changemakers.
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