i2C: Doing Well By Doing Good
While other firms scaled back their workplace and hiring activities with the onset of the pandemic, i2c took a different path, forging ahead with building its team and growing its resources to help its affected clients. “I’d say the most significant change our organization made in response to the pandemic was to lean into our purpose and our own growth. Amid the horrible human and economic impact, we chose to invest, extending offers to new employees and showing up every day to help our clients serve some of the most affected, on the way to the best five months of revenue our company has ever had,” says President Jim McCarthy.
The following is an excerpt from What Did You Change?, contributed by Jim McCarthy, president of i2C.
I’d say the most significant change our organization made in response to the pandemic was to lean into our purpose and our own growth. Amid the horrible human and economic impact, we chose to invest, extending offers to new employees and showing up every day to help our clients serve some of the most affected, on the way to the best five months of revenue our company has ever had.
Perhaps more importantly, we gained a renewed sense of meaning in our work, and a recognition that you actually can do well by doing good.
Leaning Into Talent
Seeing a spike in demand as a result of further electronification of payments, we identified an opportunity and responded by growing our sales and marketing organization. As other businesses failed and struggled, we reached out to their best talent with offers. Since the advent of COVID-19, we’ve added 536 new employees.
In all my years in the industry, I’ve never hired so many people in such a short time and never met so few face-to-face. I can’t wait for this to be over so I can give them a proper welcome and thank-you.
Stepping Up for Clients
Early in the crisis, we heard experts recommend cutting costs and holding onto cash. We saw it differently. If cash flow is king, it’s never been more
important to help keep it flowing for others. As a result, we helped improve payouts and earned wage access for gig companies like DoorDash and Lyft, working with clients like Payfare and PayActive to provide people with the money they needed to live.
On the small and medium-sized business side, we partnered with Bento, Brex and Payoneer to help keep businesses open and operating by quickly streamlining digital flows and processes through our platform. With Comerica and Direct Express, we’ve helped ensure the rapid delivery of vital benefits.
By now, it’s no secret that the issuing and payments processing businesses have done well — a point underscored by Visa’s recent report of perhaps one of its most historic global gains on cash. Any awkwardness associated with the idea of doing well during such an awful time is offset by the objective fact that black swans can be good for certain segments of business, but also by the knowledge that we are helping to serve many people who have been dislodged by the crisis, by literally putting payments and something they can spend into their hands.