5 Benefits to Giving Your Employees Pay Access Before Payday
“Early to bed and early to rise makes a man healthy and wise.” It’s a common saying made popular by Benjamin Franklin. A more modern take on it, however, might go something like this:
“Early access to wages and access to pay makes good employees work hard all day.”
Giving employees pay access before payday with a payroll card can definitely benefit you in more ways than one. From motivating your current workforce to helping you retain your best people, here are five reasons to consider adopting early pay access at your company:
- It Motivates Your Current Workforce
According to Forbes, the No. 1 thing that motivates employees is trustworthy leadership. One way to build trust with employees is showing them that you have their best interests in mind, which includes their lives outside the office. Giving employees early wage access gives them more freedom with their finances, shows you trust them and leads to trust in return. An employee who trusts leadership is a motivated employee.
- It Attracts Quality New Talent
Similarly, early pay access can potentially attract new talent to your company as well. Because of the thriving economy, more and more companies these days are able to offer complete benefits packages. To stand out from other employers, you need to offer something special if you want to attract top talent. Pay access can be that something special.
- It Lowers Stress for Current Employees
According to a study by Career Builder, 80 percent of employees are living paycheck-to-paycheck. They have to worry about things like unexpected expenses, recurring bills and bank late fees. By giving them early pay access, they can pay off these financial burdens as they come up and aren’t limited by strict payday timelines. The result? Lowered stress for current employees.
- It Helps Retain Your Best People
When you combine the motivational factor and lowered stress resulting from early pay access, it means a potentially higher retention rate for your staff. Happy employees don’t want to leave—even for higher pay—so doing what you can to increase their job satisfaction will go a long way toward retaining them.
- It’s No Cost to You
By now you should see several benefits to early pay access. But what’s it going to cost you? Well, nothing. With early pay access solutions like Spentra, there are no setup or recurring fees for the employer. The employee simply pays a transaction fee each time they access their pay early. They enjoy financial flexibility and you enjoy the benefits listed above.
Interested in learning more about early pay access with Spentra? Contact us today for a free demo or to answer any questions you may have.