As the economy attempts to rebound after the COVID-19 pandemic, businesses are urgently seeking innovative ways to cut costs, save money, and preserve resources. As leadership teams scramble to accomplish these goals, they may overlook one extremely effective strategy: adopting an earned wage access (EWA) platform for employees. By specifically adopting PayActiv, however, employers can also save money in a surprising ways. Here’s how.
Turnover Tumbles and Hiring Costs Drop
PayActiv partners have seen 36 percent less turnover, thus reducing the cost of onboarding, orientation, rolling out of benefits, training, and other investments in hiring a new employee. At the same time, employees who have the opportunity to use PayActiv sense that their employer is invested in their financial wellness, a feeling that is hard to come by at most jobs. This gesture breeds loyalty to the company.
When employees are not worrying about how they are going to pay their utility bill or feeling the pressure of overdraft fees and credit card interest, they can focus more on the present moment. That means doing a better job at work. Employees with EWA are also less likely to miss work for financial reasons such as a lack of funds for transportation or an unexpected vehicle repair expense.
Simply put, financially secure employees come to work motivated and engaged. innovation, creativity, and great ideas bubble to the surface when the mind and heart are free from financial worry. Engaged employees help drive business and promote a positive corporate culture. Less stress also paves the way two foundations of good business: teamwork and collaboration,
Healthcare Costs Go Down
Stress of any kind can take a toll on one’s health. By reducing financial stress, PayActiv simultaneously promotes good mental health and physical wellbeing. That’s important because many individuals faced with financial stress report losing sleep, which can lead to a myriad of health issues. Employees with less stress sleep better at night, are healthier overall, and are less likely to get sick. That means utilizing fewer health benefits and keeping company health insurance premiums under control.
No Cost to Business
PayActiv comes at no cost to your business. That’s right. There are no setup or recurring costs to employers who adopt PayActiv.
When employees are focused, engaged, healthy, and loyal, businesses can save money in hiring and every day. Promoting financial wellness by utilizing a holistic earned wage access platform like PayActiv can yield these benefits for employees and employers alike.