“Time is Money”.
These three words form the unseen spine of every business, and PayActiv can help with both.
For the employer, time is a fixed asset. We all want to “make the most of our time”, “not waste time”, and “be productive with our time”. Employers, people, and markets welcome anything that “saves time”, or makes “more efficient use of time”.
Time converts to product via work. Product converts to money via sales.
The monetary value of time thus depends upon an employer’s ability to optimize its use. That brings workers into the discussion.
During the Industrial Revolution, individual workers were pooled into teams to work in factories. Instead of one person creating one hour’s worth of product, now hundreds of people created hundreds of hours worth of product, but in just one hour.
Then came the question of how to further enhance each worker’s productivity.
Modern company benefit programs offer external incentives for workers to turbocharge their internal productivity engines. The problem is that this asks workers to push themselves beyond natural and healthy limits.
PayActiv takes a different approach. We seek to optimize productivity by answering these questions:
“How can employers let workers live the lives they’ve earned?”
“Workers help create the economy, so how can they fully participate in it?”
“How can we help your employees through the ups, downs, and unknowns?”
What are those answers? Hold that thought….
For the employee, time is also money. Many workers are paid by the hour, so the more hours they can work, the more money they can make.
However, unlike the employer who creates an economy of scale by multiplying the number of employees working in an hour, a worker cannot multiply himself. At least, not until cloning is perfected.
Since time is a fixed asset, the only way a worker can turn his time into money is either through a raise in pay, or with a tool that somehow turns time into money.
A pay raise is out of a worker’s control. Many employers might want to pay labor more, but cannot because they operate low-margin businesses where labor is the most expensive element.
Is there a tool to convert time into money for workers?
For the worker, PayActiv takes hours worked and immediately converts that time into money. A worker can access their earned wages at any time during a pay period to navigate the ups, downs, and unknowns of life because they have choice, flexibility, and freedom.
This is empowering to workers.
For employers, this empowerment results in increased productivity, and that is how PayActiv turns time into money. The productivity increase results from the reduction of financial stress.
In PwC’s 2019 Survey of Employee Financial Wellness, 30% of workers reported spending 3+ hours per week at work dealing with financial stress brought on by the liquidity crunch created by biweekly payroll.
That time, and productivity, is no longer lost.
PayActiv is a win-win benefit for employers and employees. We turn time into money.
Let your employees access money they’ve already earned when they need it, and watch them and your business flourish.
Attracting and retaining quality employees is an ever-present pain point for HR...
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