More companies are investing in Diversity, Equality, and Inclusion (DEI) initiatives to better engage with their employees and allow them to unleash their full potential – without being held back by any cultural or operational barriers.
So, what do DEI initiatives do? Essentially, they’re focused on removing the hidden biases people often have that can impact those they work with. These biases can cover age, sexual orientation, ethnic background, and much more.
DEI programs can help people understand themselves and others more fully and challenge ideas and preconceptions. They can take the form of awareness training and events as well as professional and personal development opportunities in the workplace and the community.
But DEI initiatives don’t just challenge and educate. They also provide practical support to employees and help them engage as equals with their peers.
Businesses invest time, energy, and budgets into DEI initiatives for many reasons. Companies that make full use of their workforce’s skills, experience, and relationships can engage more effectively with the broadest possible market.
Drawing on the broadest possible skillset also means that a business can engage with the widest audience possible, which can be invaluable in the retail, hospitality, and customer service sectors, for example. Customers will engage most effectively with those who share a common background.
While businesses focus on DEI initiatives within the workplace, it’s important to consider employees’ lives both in and outside the workplace. This is where benefits like flexible payment options can become life-changing options.
Flexible payment models – often called Earned Wage Access (EWA) – allow for employees to access pay that’s been earned but not yet paid. That means on-demand, anywhere, and anytime. It’s an ideal model for hourly-paid employees who work paycheck-to-paycheck.
For organizations looking to invest further and benefit more from DEI, EWA can be hugely beneficial as 59% of the African-American workforce, and 63% of the Hispanic workforce are paid hourly.
Working for a weekly or bi-weekly paycheck can sometimes mean facing unplanned and often significant expenditures that can strain the family’s finances. These costs might include replacing domestic appliances, healthcare costs, or childcare costs. These unexpected expenses can force employees to borrow from friends, family, or payday lenders, which can be expensive and embarrassing. The result? Absenteeism, sickness, lack of focus, reduced productivity, and other work-related issues.
EWA services can help alleviate these sudden, unplanned demands for cash. Employees value the financial wellbeing that these flexible pay models provide, as they offer a means to avoid unnecessary debt. These services often give access to better banking and financial management services too.
For those who benefit most from DEI initiatives, flexible payment systems help provide the confidence to take up jobs they’re offered, knowing that any financial risk is minimized.
This flexibility creates the ideal outcome for the would-be employee and the company seeking to enhance its commitment to DEI initiatives and the potential rewards that flow from them.
EWA services basically allow employees to access the pay and tips they’ve earned but not yet collected between regular paychecks.
Payactiv goes one step further to help employees access their pay on-demand. Our EWA service is low-cost to employees and zero-cost to employers. Our unique operating model means that our service doesn’t involve lending money to employees – we simply provide access to their cash as they earn it. There are no credit checks and no adverse impact on credit histories. We offer a SaaS-based service so that employees can access the service anywhere, with a smartphone. We also offer discounts and access to better banking and financial management services. Our service integrates fully with the systems provided by the significant payroll providers to align fully with your payment process from the get-go.
Our platform also allows people who are distributed across multiple sites and may lack access to company PCs to get company updates, access company information, and even change shifts with their coworkers quickly and easily via the app on their smartphone.
Learn more about Payactiv’s Service, or book your demo now.
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