As layoffs become imminent and your “back to normal” day gets pushed back again, employee benefits are probably the last thing you’re thinking about.
However, there’s one new type of technology that is free, easy, and incredibly beneficial for your business - especially during a time like this.
Financial wellness apps that integrate with your payroll and timekeeping structure can save time and money for your HR and payroll team by:
- Providing pay cards for your employees who do not have checking accounts.
- Helping your employees through financial strife, while increasing their trust in you.
- Improving your benefits package and giving you a competitive edge.
Financial wellness apps around the globe are quickly becoming the most buzz-worthy employee benefit in 2020. They offer pay cards, early wage access, budgeting and saving tools, overdraft protection, and more. Plus, in many cases, the technology is free for employers to use.
When the COVID-19 economy shift begins to die down, we’re going to see an employee benefits revolution. Top employers will suddenly be competing for talent as restaurants and hospitality groups begin to open their doors again. Companies that supported their employees through this time are going to stand out among the others.
Employers who shoved their employees out the door without so much as a warning probably won’t get their top talent back. Employers who offered pay advances, financial protection, continued insurance, etc. will be able to retain their loyal workforce.
Plus, if there was ever a time to show your employees that you care about their finances, this would definitely be the time to do it. Offering a financial wellness benefit shows that you care during these dark times, and will increase your employee retention rates, job application numbers, and overall productivity.
When your employees show up to work already stressed, they won’t quite reach your desired productivity levels. One CareerBuilder study shows that 78% of Americans live paycheck to paycheck, and that their financial stress slows their productivity.
Offering a financial wellness solution can improve your employee’s productivity in a few ways:
- Early wage access reminds them exactly what they can earn when they pick up an extra shift.
- Reduced concern about on-time bill payments allows them to focus on their tasks at hand.
- Knowing that you’ve provided this benefit creates more trust and respect between you and your employees, and employees who trust and respect you are more likely to perform well.
As your employees become accustomed to on-demand pay and other financial wellness benefits, they aren’t going to want to leave your company unless they can find another company that offers the same benefits. Financial wellness benefits are still a new concept, so not many of your competitors will be able to offer your employees the same thing.
Plus, more benefits can lead to employees feeling more valued and respected. When people feel valued and respected at work, they are significantly less likely to seek alternative employment.
While offering financial wellness benefits is certainly a newer idea, it’s also one of the most popular. That’s why becoming one of the first companies in your industry to offer financial wellness benefits can make you one of the most popular hospitality employers in your city.
Imagine being able to boast about your long list of benefits in your job postings. While your competitors are only talking about their limited PTO policies, you can list out benefits such as on-demand pay, budgeting and savings tools, checking accounts, and overdraft protection.
If financial wellness benefits are so popular in 2020, and if they truly can reduce turnover, improve productivity, and increase job applications, how could they be free?
Some financial wellness providers will offer their services to you for free because your employees will incur the cost - but it’s cheap and voluntary. Employees who opt in will be asked to pay either a small transaction fee when they withdraw their wages early, or will be required to pay a small monthly subscription fee to be able to use the service. However, the savings they can get from using the service will certainly be worth the fees.
If adding financial wellness isn’t going to cost you anything or disrupt your current processes, why not try it now? There’s no better time than the present to offer a financial wellness solution for your employees.
Anastasia is a copywriter and digital marketing manager in the healthcare and financial services industries. Today, she's the Marketing Manager at Rain, a financial wellness benefit provider. The Rain Instant Pay app provides on-demand pay, a checking account, overdraft protection, bill reminders, and more.