Employees can often hide their stress with bills and essential needs that can’t wait any longer. You, as an employer, can help by giving your new and existing employees access to money they earn ahead of scheduled paydays.
Faster pay access boosts your competitive advantage.
Traditionally if an employee needed money before a pay cycle, they could approach their manager for an advance. But this places a significant burden on workers to share personal, situational details and endure uncomfortable conversations.
As a brand new employee who doesn’t want to “rock the boat,” this proposition is even less appealing. So instead, many would pursue other means, even if those options include incurring overdraft fees, personal loans, credit card cash advances or taking out expensive payday loans — just making things worse down the line.
Pay Streaming lets your employees receive a constant flow of money they earn whenever they need it without impacting your payroll, cash flow and finance teams. So, for example, brand-new employees could start receiving income from the first day to pay bills, rent or other expenses, significantly reducing any financial stresses associated with switching jobs.
This is a lifeboat option for employees that may have gone days, weeks or months without a steady income and can’t keep waiting: It could help get bills paid faster and essential purchases like food, avoid late fees or even shut off utilities.
Even for people who may not need it, the peace of mind is a valuable stress reliever; it’s a way for you, as an employer, to offer a beneficial alternative to debt and certainty for your workers when so many other things are up in the air.
Helping employees reduce the stress that comes with financial shocks is a savvy way to invest in their financial health and help them build resilience through the help of their workplace benefits programs.
Give your workers a financial health lifeline.
As an employer trying to gain a competitive advantage and increase productivity, you’re looking for ways to find key hires as fast as possible.
Your direct competition is too.
To elevate your business in the marketplace, you’ll need to offer valuable incentives for people to strengthen their personal lives at home and in the office.