The US retail industry—from brick-and-mortar stores to online shopping—is the largest employer in the economy. The rise of e-commerce has revolutionized the way consumers think about shopping. Convenient access to goods and services for the consumer has become the retail mantra. However; in this race to retail success, there is still a group of people that struggle to have access to basic financial resources—the hourly retail workers. The average hourly retail worker struggles to make ends meet between paychecks, often turning to predatory lending services and falling further into debt. High levels of financial stress among retail employees cause high turnover and loss of productivity.
Payactiv’s financial wellness solution helps retailers provide a benefit that helps reduce the financial stress of their employees by allowing timely access to their earned wages. Retailers who use Payactiv see an increase in employee engagement and productivity and a reduction in employee turnover and related costs of hiring and training.