You’ve probably heard news of several businesses that have announced employee bonuses this year as a result of the corporate tax rate being cut from 35% to 21%. In fact, based on these announcements, an estimated 3 million U.S. employees will receive a one-time bonus of approximately $1,000 from their employers.
While these bonuses will provide a much-needed reprieve to some, for more than half of working Americans who are stressed about managing their monthly expenses, the road to financial wellness is long and a one-time bonus, though welcome, is not a sustainable solution.
Businesses today, in order to attract and retain employees, have to think beyond bonuses and 401K plans and offer new benefits that help their employees reduce stress and be more engaged at work.
Closing the Gap
To reduce financial stress, a holistic financial wellness solution is needed—one that helps users clean up their financial past (debt), helps them pay bills on time (earned wage access), and one that helps prepare them for the future (savings tool).
PayActiv’s holistic financial wellness platform closes the ‘between paychecks’ gap for employees by providing timely access to earned wages, a lifeline for hourly workers in their time of need and an effective means to avoid fees and debt because of overdue bills. And this is just the beginning of the path to financial wellness. PayActiv’s intelligent allocating and budgeting features provide employees the tools to plan ahead and start putting away funds needed for monthly expenses. The third step for financial wellness comes from starting a savings plan. PayActiv’s savings feature has received awards from both the HR as well as the FinTech industry for innovation in simplifying and revolutionizing savings. It is easy to use and successfully gets users started on planning for their future in just a few clicks.
This holistic approach to financial wellness along with the array of free services like budgeting and savings, bill pay, bank transfers, card loads, discounts, and financial counseling, sets PayActiv apart from any other benefit for employees.
It’s no surprise then to see the vast results of deploying PayActiv in your workplace. Employees start benefiting from the get-go and employers too start seeing a rise in productivity, loyalty, and engagement.
Late fees, overdraft fees, and interest payments regularly plague lower-income families, but by using PayActiv, they are able to avoid these predatory costs and use their pay for real expenses.
PayActiv users save an estimated $1,000 to $2,500 in FinTax each year. And, savings to businesses in terms of reduced turnover, fewer sick days, and increased productivity add up to over $50,000 annually from each 100 enrolled employee.
The best part, you can add PayActiv as a benefit for your employees at no cost to your business.