Usually, in the US, the autumn season brings a flurry of activity. Students head back to school, farms construct their hay mazes, and households arrange for upcoming holidays. This fall year, however, could look a little differently, as the White House prepares for a second wave of the coronavirus.
The White House is “filling the stockpile in anticipation of a possible problem in the fall,” said Peter Navarro, the White House director of trade and manufacturing policy.
With this possibility of resurgence, not only should the White House prepare, but so should businesses. Before the autumn season arrives, how can businesses prepare for and offer solutions to financial stress when both employers and workers are hit with another shockwave of the virus?
The Possibility of an Autumn Wave
Though some might not like to admit it, the problem of coronavirus resurgence is pressing. Nationwide, cases have risen 15 percent over the last two weeks, the New York Times reports. For the US, although the number of overall deaths has dropped dramatically, the number of new infections has steadily risen in the past week, with seven states alone hitting single-day case records on Saturday, June 20.
In addition to the current rise in cases, some experts warn of autumn, when flu season is at its deadliest.
“When flu season comes, there is the possibility that we will be dealing with two respiratory viruses at the same time—flu and COVID,” said Dr. Thomas Frieden, the former head of the CDC and the president of Resolve to Save Lives, a nonprofit focused on disease prevention.
Shut down once before, the nation was unprepared for the emotional shocks and unable to offer worthwhile solutions to financial stress, which rattled US workers and businesses alike. Before the fall season arrives, businesses must acknowledge that these shocks may happen again and prepare for the overwhelming distress that employers and workers may face. One solution to financial stress is for employers to offer key benefits that will motivate their workforce, reduce training costs, and increase retention, while also showing workers that they are valued.
Preparation for Both Employers and Employees
Since the start, coronavirus has rattled both business and workers into the depths of income volatility, creating high levels of stress, a decreased sense of purpose, and heightened worry about the stability and hope of a company’s—and worker’s—future success. Which begs the question, what solution to financial stress can businesses provide in a time like this?
As a holistic financial wellness platform, PayActiv fights for the workers’ right to financial security and stability. PayActiv is the leading provider in Earned Wage Access (EWA), partnering with employers across the nation to provide one million workers with instant access to their already earned yet unpaid wages.
By having instant access to wages, workers are alleviated of the financial stress that balloons in between pay periods. Users of this platform have saved over $240 million by avoiding overdrafts, payday loans, and late fees. Instant wage access is the solution to financial stress, as it also creates financial autonomy for workers, increasing their overall productivity and sense of purpose in the workplace.
PayActiv doesn’t just benefit the workers but businesses, too.
For PayActiv partnered employers, businesses have seen 36 percent increased retention and over 30 percent reduced turnover. PayActiv case studies have shown how workers’ financial stress has been linked to loss of workers’ productivity and how lessening financial stress for workers drives recruitment and retention. This financial wellness platform requires no setup cost or recurring cost to the employers, and only a small access fee for employees.
By offering instant wage access, businesses acknowledge the entire well-being of the employee, gaining workers’ trust that they will be treated well and with respect in the upcoming autumn months.
 “As New Cases Surge in the U.S., the White House Acknowledges Preparing for a Fall Wave,” New York Times, June 21, 2020, https://www.nytimes.com/2020/06/21/world/coronavirus-updates.html#link-41adcb9d.
 “As New Cases Surge in the U.S., the White House Acknowledges Preparing for a Fall Wave.”
 Denise Grady, “The Fear of Coronavirus and Flu Colliding in the Fall,” New York Times, April 22, 2020, https://www.nytimes.com/2020/04/22/health/coronavirus-flu-season-deaths.html.
Today more than 15 million Americans work night shifts Employees working...
For many people, their first big purchase is their first car You need a vehicle...
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
** Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payctiv App.
1 Standard rates for data and messaging may apply from your wireless provider.
Google Play and the Google Play logo are trademarks of Google LLC.
Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.