Could you cover an unexpected $1,000 bill with your savings? If not, you’re are not alone. A recent Bankrate survey revealed that 56 percent of Americans could not cover the hypothetical unexpected bill, a sign that people are having a hard time building savings and emergencies funds. This is despite the fact many financial experts urge people to set aside funds for emergencies. It also means people and families are on the edge of disaster for financial security.
While it is not always possible to raise pay rates, businesses can help their employees who are finding themselves in these positions by adopting non-traditional pay programs like on-demand pay.
On-demand pay has benefits for everyone
On-demand pay allows employees to access their wages early, rather than waiting to receive them at the end of a traditional two-week pay period. The immediacy of on-demand pay can help employees in several different ways, including dealing with emergency expenses.
If employees can access their wages, they can avoid using high-interest credit cards, taking out high-interest loans from payday lenders, and over drafting their checking accounts.
On-demand pay has other benefits for employees and employers too. Employers can use it to increase retention rates. A Checkers & Rally restaurant in Tampa, Fla., reduced its turnover by 20 percent after it adopted on-demand pay. On-demand pay also helps businesses recruit the best employees and raises the engagement of current staff.
Benefits employees appreciate
Edenred’s AnytimePay solution can help your business offer a competitive on-demand pay service that attracts, retains, and helps your employees. All participants of the program will receive a prepaid card that can be used at restaurants, grocery stores, and with food delivery apps. Employees can also access their wages in between paydays and receive the funds instantly with the click of button.
If you’re looking for an on-demand payment solution to remain competitive and promote financial well-being, then AnytimePay can help. Book a meeting with us today to learn more.
