Promoting financial wellness in the workplace is just another way to retain current employees and recruit top talent. But, for some companies it is easier said than done. Many are unaware of where to start and that’s where Edenred Benefits comes in!
We understand the type of support employees need when it comes to their finances. One special way to support your employees financially is offering on-demand pay. Let’s explore what Edenred’s AnytimePay feature is, how it works, and a few ways it can benefit your employees.
What is AnytimePay?
With AnytimePay, employees no longer have to wait until payday to receive their wages. Instead, they can instantly add funds from their next paycheck to a prepaid card with the click of a button. They simply log into the Edenred Benefits app and choose a funding amount (up to their available limit). That’s it. Payments are available in seconds then processed within the same pay cycle, and the amount is deducted from employees’ next paycheck.
The prepaid card can be used to help pay for groceries, food at restaurants, and even food deliveries.
For employers, Edenred Benefits provides a payroll deduction file to process payroll deductions made through the app and make automatic ACH transfers.
AnytimePay essentially acts as a safety net and is a great perk to offer. Here are some benefits of on-demand pay for both your company and employees:
- Enhances your benefits package – Non-traditional benefits are a sure way to help employers stand out by offering unique perks that can positively impact company culture.
- Bridges the financial gap – With inflation, many are struggling to make ends meet and an advance in an employee’s paycheck can give them access to food and groceries when needed most.
- Gives employees freedom – Your employees will feel more empowered and valued if they are given the opportunity to control when they receive their paycheck funds.
- Improves employee retention – Employees whose employers implement on-demand pay are likely to interpret that act as proof that their employer cares about their well-being and will be more likely to stay.
If you’re interested in offering AnytimePay to your employees, we’d love to help. Book a meeting with us today to start the conversation.