Hurricane Harvey Is Another Example of Why Employee Financial Wellness is a Critical Need Today
August 30, 2017 09:00 AM ET
PayActiv is stepping up for its employer partners to deliver Earned Wage Access to disaster-struck employees.
SAN JOSE, Calif.Aug. 30, 2017 /PRNewswire/ -- Our hearts go out to the victims of Hurricane Harvey, including our users who have been impacted by this unprecedented emergency. In times of disasters, such as flooding, which can take weeks and months of recovery, lower income employees need urgent access to small dollar amounts between paychecks, but legacy and batch payroll systems are stuck within a fixed pay cycle.
Now, with the devastation of Hurricane Harvey, it gets worse. Legacy systems will run when they run. Come hail or sunshine. Employers just don't have the technology or tools to help employees get timely access to their earned but unpaid wages, even when their between paycheck emergency is as dire as it is right now.
"The role of an employer for its employees has a lot of opportunity to improve," says Safwan Shah. "The on-demand economy is good for employers, tough on employees. Very tough. At a time when employees in Texas, who don't have savings, need money to put their family in a motel, or to get food, most companies are unable to respond."
PayActiv is an HR Financial Wellness Platform that enables employees to get timely access to their earned, but unpaid, wages. This type of financial wellness enables cash strapped employees to avoid a myriad of financial fees, penalties, interest, and debt traps. Now, PayActiv is stepping up for their partner companies, and providing immediate funds to employees of those companies in disaster areas.
"These are the situations that push lower-income employees to the most exploitative financial services," said Safwan Shah. "At times like this, a little help can go a long way to prevent employees from falling into a financial abyss."
"Our mission is to empower our employer partners. We know that they want to provide financial wellness, security and dignity to their employees but don't have the requisite tools and resources. We are grateful that we can be of service. What greater need than during an emergency such as Hurricane Harvey?
PayActiv first created an 'emergency' service for their clients in Baton Rouge General Hospital during the 2016 floods, and saw an immediate and powerful impact on their employees. Now, PayActiv is extending the program to clients in hurricane-affected areas, including Craftworks. "We appreciate the ability PayActiv gives us to help our employees in their time of need," said Mr. Srinivas Kumar, CEO of Craftworks. "At Craftworks our soul purpose is 'Craft and serve our people and communities.' The immediate access to cash through PayActiv to our employees during trying times helped us live our values and our purpose."
PayActiv is an award winning, socially responsible, financial services network for employees to get timely access to earned but unpaid wages without incurring debt. Businesses that partner with PayActiv get instant credit in the mind of their employees and see significant cost reductions through increased engagement and retention. Employees love PayActiv because it eliminates the horrific between paycheck financing fees of payday loans, bank overdrafts and title loans. Besides instant and timely access to funds, PayActiv offers a suite of services that include better banking products, savings and budgeting tools, bill payment and financial health measurement. PayActiv is backed by prominent Silicon Valley investors and won best in class awards in both FinTech and HRTech categories in 2016.
For more information visit www.payactiv.com, or contact Sabina Bhatia at firstname.lastname@example.org