How Disruptive Events Impact Pay Access (and What You Can Do About It)
COVID-19 has caused job loss and financial issues for employees while forcing employers to rethink several aspects of their business. The coronavirus isn’t the only turbulent event we’ll have to deal with this year, however. There are (literal) storms on the horizon.
Tornado season runs from March to June, followed by hurricane season from June through November. With powerful storms comes the possibility of power loss. (Those of us in Texas can tell you about that.) What do employees and employers do about wages when there is no power? Let’s get you prepared.
Disruptive Events and Wages
There are as many ways events can impact employee wages as there are types of events. These events are often unpredictable as well. The coronavirus, for example, has forced many businesses to temporarily close, restrict service offerings or let employees work from home. For companies that still pay employees by physical check, this can be a big issue.
Storms are another type of disruptive event that can impact wages. When a business (or area) loses power, employees can lose access to pay if the payroll system is down. Or, they lose access to wages because they can’t use a computer or its WiFi. Other types of events—such as protests that close certain parts of the city, stock market crashes, an out-of-control wildfire or a cyber attack—can cause a disruption to pay access as well.
The solution for pay access during disruptive events? It very well might be your mobile phone. Specifically, an app on your phone. You see, if employees have the Spentra app, they’ll still be able to manage their pay and access up to 50% of it before payday if they need it. Spentra gives employees and employers flexibility to manage finances properly during disruptive events.
Here are some of the benefits and features of mobile banking with the Spentra app:
- View your current balance
- View your card activity
- Block/unblock your card (in case you lost it during the event)
- Reset PIN
- Enroll and manage text alerts
- ATM Finder for surcharge-free withdrawals at Money Pass® ATMs (assuming they still have power after a storm)
- Friendly support directly from the Spentra app