Financial Wellness Blog
Financial security and wellness have proven elusive to many of today’s workers. They express anxiety and uncertainty that is almost certainly debilitating in terms of their performance at work.
But McDonald’s realized years ago that many of its employees might be struggling financially. Rising to the challenge, the company sponsored a well-meaning initiative in 2013 that was designed to give its workers budgeting advice. This didn’t turn out well.
Instructions for issuing a payroll advance to an hourly employee after your company has made the PayActiv app available:
1. Carry on with your normal workday
2. Accept your employees’ gratitude
No accounting or payroll system to access, no check, and no forms to fill!!!
Any financial blow that overwhelms you can undermine you at work. And so goes the chain of events that make opportunity elusive to many hourly workers struggling to better themselves.
Because no matter what you’ve been told about robots and automation and artificial intelligence, hourly workers still provide much of the connective tissue that keeps our highly developed economic system functional.
Employers need to look beyond the traditional benefits package and look for companies with innovative ideas in providing services that help employees with better managing their personal finances, solving their problems of today, and setting them on a ramp to success and savings.
The financial stress experienced by hourly workers isn’t relieved by standard HR financial wellness programs like retirement planning or health savings plans.
The average employee net promoter score amongst PayActiv users is 73, which means 8 out of 10 employees respond that they would recommend their place of work to others.
PayActiv has simply built a guardrail for employees via which they have resolved the problem of between paychecks financing.
71% of employees say they suffer from sever financial stress and 1 in 3 say that worrying about money matters effects their work. Employers can help employees break this cycle.