What if any day could be payday? Would it make a big difference for your employees and their families? Waiting for a paycheck is the norm. But now, it no longer has to be. For many low- and middle-income workers, this is great news.
American workers are facing a huge financial problem–relying too much on payday loans. More than 70% of Americans live paycheck-to-paycheck and according to a 2018 Federal Reserve Board survey, 40% say that they could not cover an unexpected expense of $400 or more. Employees struggle when they can’t use their money at the right times.
Restoring Financial Wellness
Employee financial wellness has benefits for everyone. Your employees are more productive, happier, and more successful when they’re financially strong. You enjoy a better workforce.
That’s what drives us here at FlexWage. We developed OnDemand Pay so that employees can access their pay sooner. This helps them get their money when they need it. Employees can avoid expensive payday loans and overdraft fees, and pay bills on time.
They’ve already earned the money by working the hours. Now, they can access that money almost as soon as they earn it. This gives them more control.
More control over money helps your employees do more with their finances. Financially-responsible employees have greater stability and a higher quality of life. Financial Wellness creates other lasting benefits in your employees’ lives and has a domino effect on their futures.
Without this option, they can only turn to credit cards or other high-cost loans. A bill comes due and they’re deeper in debt. We think early access to their pay puts them in the driver’s seat again.
This one financial wellness change allows workers more control over their money and their bills. They can do more with their money like save for retirement or avoid expensive debt. This helps them plan for larger financial goals, too.
Since 2010, FlexWage has been in the business of giving workers access to earned wages when they need. With the most robust and mature product in the industry, FlexWage has the knowledge to help transform your company’s payroll. OnDemand Pay can help you offer payday loan alternatives and financial wellness options.
Contact us today for a demo and to learn more about how FlexWage can benefit your company.