Your best CSR doesn’t get paid until next Friday, but she needs gas in the car to pick up a prescription and pay the electric bill. She only has enough money for one of these unless she takes an advance, applies for a payday loan, or pawns her jewelry. You can help and it won’t cost your company a dime.
Your operations manager just found out his new transmission is going to be $800 more than he budgeted. This is his family’s only transportation and he needs it for work. You can show your support without him even having to ask, and he’ll be at work tomorrow as scheduled.
Many hard-working, good employees are faced with decisions like this every day. Nearly 80 percent are working mothers trying to do the best thing for their employer and family. They need an immediate solution to their immediate problem and are making uninformed decisions that only compound the financial stress. Some are using payday loans (paying $520 in fees for a $375 loan* renewed eight times). Others are overdrawing their bank accounts (costing $94 per month*), while others are selling or borrowing against their assets. These decisions fill an immediate need but are only compounding the problem. Sixty-two percent of employees who accept payday loans will change jobs within eighteen months.
You can help every employee avoid these pitfalls and save your company money at the same time.
FlexWage’s proprietary WageBank solution is designed with you and your employees in mind:
- To help them overcome financial obstacles before payday
- To replace “out of options” actions with rational, common-sense financial management
- To get them back to work tomorrow–smiling, proud, and productive
*Costs based on Pew Charitable Trust research