How Early Access to Pay Helps You Keep Your Employees
Employers spend $1000s to replace and rehire an employee so it’s critical that business leaders respond to the demands and needs of their hourly workforce with new resources and tools that keep them engaged and happy.
In this HRchat episode, we consider why offering things like same-day digital access to tips and early access to earned wages can help organizations retain their staff.
My guest this time is Andrew Garner SVP and General Manager of Business Partnerships at Netspend, at Netspend, a well-known provider of payments and financial solutions for consumers and businesses. As the partner to many of the world’s most recognized brands, Netspend connects people, brands and payment products to deliver helpful financial solutions.
Questions for Andy Include:
- You’re quoted in benefitnews.com as saying “People are looking for different experiences [at work] — and it goes back to employees reflecting on their career and their life… They’re looking for certain things like higher wages, or immediate access to their tips or earned wages every single day.” What’s changed in the past couple of years to cause this reflection and how much has better tech contributed to expectations around getting paid faster?
- The idea of earned wage access is quickly becoming a key tool for recruitment and retention. Please explain the process and offer stats around how many employees in the US and elsewhere could benefit.
- How can financial insecurity impact employee mental wellbeing?
- Considering that the loss of a single hourly worker can cost an average of $4k to replace and rehire for the position, why do you believe there’s a pressing need for business leaders to get creative with new resources and tools for better financial management and earned wage access for their employees?
More About Netspend
A pioneer in providing financial services to traditionally underserved consumers, Netspend is continuing to make payments accessible to more markets in more ways. Netspend’s open technology platform enables businesses to quickly and securely embed payments solutions into their ecosystems and seamlessly brings innovation to market.
Netspend products can be acquired online, through its mobile apps, and at more than 100,000 locations nationwide including retail outlets, tax preparation offices, and financial service providers, and through corporate pay card and tips partners. Based in Austin, Texas, Netspend is a wholly-owned subsidiary of Global Payments Inc.