According to FlexJobs and Total Brain, in partnership with Mental Health America:
- 75% of employees say they’re experiencing burnout at work.
- The risk for depression among U.S. workers has risen a whopping 102% as a result of the coronavirus pandemic.
- Workers aged 20-39 have a 305% risk of depression.
- 47% of employees are stressed with their financial situation.
- 67% carry credit card balances.
- 37% cannot make minimum payments on time.
- 23% cannot meet monthly expenses on time.
By now, it’s no news that COVID-19 flipped the business world upside-down. This year, 46% of hourly workers had their hours reduced. Most of them are now consumed by financial stressors that they turn to work for financial absolution. But how productive can your employees really be when they’re burnt out? The problem: Millions of Americans could sure use a mental health day, but most employers don’t have the budget for extra PTO.
There’s a misconception that the average worker can’t afford to take a day off. We tend to think, “Time is money,” and if we don’t work, we won’t get paid. But you know, this euphemism actually came around the mid-1700s by Benjamin Franklin, and it evolved with the times. What was once a reminder to make the most of one’s day now equates nonstop work with financial wellness.
But that idea is outdated and misleading. We need to change our mindsets immediately. Our time is our livelihood. Consider another one of Mr. Franklin’s famous quotes: “Change is the only constant in life. One’s ability to adapt to those changes will determine your success in life.”
Times are changing indeed, and so must payroll. Think about it. By the time a lot of workers receive their paychecks, they’re likely to have gotten into further debt by interest, fees, or loans. How can time be money when your employees have to wait to get paid?
An April survey of 12,000 hourly workers showed:
- 46% had their hours reduced.
- 66% say they will be forced into using payday loans.
- 15% will use other forms of credit.
- 19% will have to dip into what little savings they have.
The idea of working now for future money doesn’t work in today’s economy. For example, someone who’s stressed about how they’re going to pay for upcoming bills and groceries is less likely to be engaged at work.
When we perceive time as a whole, we begin to value it. Your time is your time, all the time. Why should we treat money any differently?
By giving your employees access to their earned wages, they can make time for themselves Payactiv’s Earned Wage Access allows them to use their money when they need it, so they don’t have to worry about their financial situation. Instead, they can focus on work and what’s ahead of them. With immediate access to earned wages, they avoid fees, interest, and predatory loans. They can use your money to deal with life’s surprises, pay bills, or even set a budget to plan for the future.
By reducing employees’ financial stress, they become more engaged and productive at work. Without having to worry about money between pay periods, they can use today, tomorrow, or any day to recharge.
“This year has tested all of us in innumerable ways. If there’s one thing 2020 has taught us, it’s the value of having the mind-space to deal with the unexpected. It’s important for individuals and it’s important for businesses.” – Steve Hasker, CEO, Thomson Reuters
Payactiv helps employees get the most out of life.
The point is, as long as your employees are working, their time is very valuable. Earned Wage Access lets them realize that they’re not just working for money. They’re working for time – time that can be spent on things you can’t put a value on like family, friends, and loved ones. So, show them how to take a day off with Earned Wage Access. You’ll both benefit.
Holistic Financial Wellness
Learn how PayActiv measurably reduces employee financial stress and employee turnover.
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