Employers: would you like to see a magic trick?
It’s really just basic math, but the world’s greatest magicians know that master card tricks are all based in math.
Time = Money
Our first article in this month’s newsletter pointed out that time is money. Let’s build on that concept.
Time is of exceptional value to everyone, and in the case of employers, it is probably the single most important tool in running a business. Tools are only as useful as the way in which they are used. Time is what you make of it. If you use it well, you are more likely to succeed.
Everything must run on time. Everything in the supply chain depends on time. From determining how much raw material must be ordered to getting finished product out to stores – all of it depends on every single element in the supply chain operating quickly and efficiently and on time.
If something is late, even by a few seconds, an entire operation can be thrown into disarray. If you run a high volume business that depends on regular timely deliveries, you’ve experienced this first hand. There’s nothing worse than having to tell your customers, “Sorry, we’re out of that. We didn’t get our delivery”.
If this happens too often, your customers will lose confidence in your ability to be consistent. In today’s no-room-for-error world, everything must run like clockwork. Literally.
Your employees are the central element to things running on time. Every single operation cannot be automated. You rely on your workforce.
PayActiv contributes to your time-sensitive venture by creating a virtuous cycle. PayActiv unlocks time for employees [link back to lead article] that leads to higher productivity, which leads to enhanced production, and more efficient workforce management.
All of this generates higher cash flow through reduction of expenses and enhanced revenue to meet demand.
Money = Freedom
The more money you have as an employer, the more freedom you have to make changes.
This could mean changes to enhance growth, to fix problems, to address strategic issues, to pivot to changing circumstances like a pandemic, or to throttle your output up or down.
During the pandemic, we’ve seen many businesses repurpose some of their production lines. Others had to reorganize how they do business. Others had to entirely change their business models.
Others have been left behind because they lack the freedom that their competitors enjoy because they lack the money, whether it be cash on hand or cash flow.
Freedom = Choice
Nobel Prize-winning economist Milton Friedman’s most famous quote is “freedom equals choice”. If you are free, then you can choose what to do with that freedom.
Businesses with the freedom to be flexible thus have more choices at their disposal to respond to any kind of market change, whether it is a pandemic or a price war.
Companies that have PayActiv already enjoy this advantage. When the pandemic hit, they had more freedom to adjust than their competitors because they were enjoying productivity enhancements, and from that, cash flow enhancements.
They could choose how to respond to the pandemic. Their competitors could not.
As workers return, they will be deciding what companies have benefits that most suit them. The employer who offers earned wage access through PayActiv has a decided advantage. They can equip and empower employees.
The Magic Trick
Here’s the basic math disguised as a magic trick.
Time = choice
How? Why? It’s basic math.
Time = money = freedom = choice.
If you value time, money, freedom, and choice, PayActiv can help make the most of each of them.
Attracting and retaining quality employees is an ever-present pain point for HR...
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