The Next Big Employee Benefit? Financial Empowerment
about. Why should employees have to wait two
weeks to access the money they have already earned,
just as they had to decades ago? One simple way
employers can bring their hourly workforce benefits
into the future is through the modernization of their
By offering earned wage access through a provider
employers put their workers in control of their own
finances and allow them to access their wages when
it makes sense for their circumstances. Financially
stressed employees are often distracted on the job,
worrying about whether their paycheck will hit in
time for them to pay a bill promptly, or if they will be
forced to take out a payday loan, pay late or overdraft
fees, or ask a family member for cash to stay afloat.
According to the Financial Health Network (CFSI),
financially underserved Americans pay $173 billion
each year for alternative financial services.
By giving hourly workers the benefit of greater control
over the timing of their paychecks, employers address
the financial stress imposed by payroll timing and
show that they understand their workers’ needs.
Provide Access to Practical Financial
Wellness Services That Fit Your
In addition to the classic retirement planning
programs, many employers are beginning to
incorporate broader financial education and savings
tools into their benefits offerings as a way to promote
overall employee wellbeing. While sound financial
planning is key for long-term financial success, many
hourly and paycheck-to-paycheck workers have to
focus on covering day-to-day expenses before they
can think about retirement and goal-based savings.
To help address this, employers can offer access
to savings tools, financial literacy, and financial
counseling that make sense for their workers’ lives
within a simple online platform.
At their core, employee benefits simply seek to make
an employee’s work life complement their personal life
as much as possible. By taking advantage of available
technology to provide hourly workers with greater
control over their personal finances, hourly employees
can experience the same sort of technology-fueled
empowerment that salaried office workers experience
when they telecommute on their own schedules.
Future employee benefits will apply innovative,
technology-driven solutions that equip all workers –
regardless of salary – greater agency over their work
and personal lives. And hourly employers can start
advancing toward this future today.
Sabina Bhatia is the Chief Customer
Officer at PayActiv. She is responsible
for developing alliances and
partnerships with employers and others
who, like PayActiv, are dedicated to
mitigating financial stress for lowto
moderate income workers. With
great passion and focus, Sabina is
an advocate of empowering workers
with tools to maximize their wages for
greater financial wellness
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