Long story short: Give employees a helping hand when it comes to their financial needs

By Alyssa Place, This is my expertise
Published Updated 1 Min Read

[Image: Bloomberg]

Want loyal employees that will stay with your company for the long-term? Start helping them pay their bills.

Employees have been buckling under financial strain even before the pandemic, but those challenges have become more dire for many. Financial stress can quickly seep into your organization, through low productivity and poor mental health. But providing your workforce with benefits that address financial pain points can set your team up for success.

Currently, earned wage access is offered by just 5% of large U.S. companies with a majority of hourly paid workers, according to the Society for Human Resource Management. However, that figure is expected to jump to 20% by 2023.

By allowing employees — especially hourly workers living paycheck to paycheck — the chance to access the money they have already earned ahead of payday, employers are helping to alleviate significant financial burdens caused by COVID-19, while retaining employees and offering a competitive recruiting advantage.

Alyssa Place
Editor-in-chief

Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace … Read full bio


For reprint and licensing requests for this article, click here.


More From Employee Benefit News

Sign Up Form

Login Modal Form