In its infancy stages, payroll actually started as a way for businesses to keep track of their incoming and outgoing payments. The application of payroll was then applied for processing wages to employees. Since then, payroll hasn't changed much but allowed for direct deposits.
With a growing workforce population that largely contributes to business activities and profits, why should employees be the ones to suffer when faced with financial distress?
As crazy as it seems, 78% of Americans live paycheck-to-paycheck, and that's including 6 figure earners. Kinda mind-boggling right? 1 in 3 Americans also overdraft their bank account at least once a year.
According to research from the SHRM, employee financial distress is actually quite common. In fact, 52% of employees are overall stressed about their finances and 46% have reported spending 3 or more hours a week dealing with or thinking about financial issues.
The financial stress faced by employees can impact how a company works to serve others. As an employer, how can we provide comfort to our employees that work so hard and mean everything to us?
The Future of Employee Benefits Are Here
The solution isn't getting companies directly involved with their employee's finances, but rather making it easy for companies to offer their employees financial benefits that actually matter. It’s time we provide hard working employees with the services they need to stay financially afloat.
The #1 reason why employees stay with an employer is when they feel financial stability and that their company cares about them.
FloatMe exists to serve our partners by providing their employees the ability to advance a portion of their pay, protection from overdraft fees, and financial education.
Here's How FloatMe Works
Once a company chooses to offer their workforce FloatMe, employees can gain peace of mind knowing they can access their pay when they want.
1. FloatMe works with partner company to identify active employees. No change to payroll or cash flow.
2. Employees receive invitation to download and sign up for a FloatMe account. Available on both iOS and Android.
3. FloatMe provides all of the funding for advances and employees can now access earned but unpaid wages.
The ability to advance a portion of your pay alone can provide peace of mind for emergencies, and can prevent from expensive debts like late fees on bill payments, overdrafts, and even the use of terrible payday loans.
Go on, share the message. It's time to provide employees with the financial benefits they actually want. To learn more about the benefits to partners and their employees, please check out our partner page here.
Cheers - FloatMe Team