Inflation and salaries... ouch

First was the pandemic and then came the labor shortage, followed by yet another curve ball: inflation. The Consumer Price Index has risen by 9% this year – which is the highest it has risen in 40 years. This increase in prices means that everything costs more; therefore taking its toll on paychecks as well budgets for the average American worker.

Simply put: paychecks are just not going as far.

American workers are feeling a loss in their ability to buy virtually everything, from gas to food to housing. Unfortunately, most employers cannot keep up with the increase in costs as it pertains to commensurate salary increases. The average cost of goods went up 8% while the average rise in wages only grew by roughly 3%.

Because employers are also feeling the impact, most are left feeling like there’s not much they can do. However, giving your employees access to their earned but unpaid wages is proven to make an impact.

“I am most definitely more engaged at work without having to worry about those small bills that need to be paid BEFORE payday. In all reality having the funds at the right time is everything.” – Chelsea L., ImmediatePay user

With Immediate, you can decrease the financial stress of your employees and increase their engagement by as much as 80%. In addition, the safety net of having access to their wages when they need it most is proven to decrease turnover by as much as 40%. Investing in your employees’ financial wellness is an investment in them. With increased attention being paid to employee financial wellness benefits, give employees what they need most: access.

Book a discovery call with me to learn more about how easy it is to offer Immediate to your team.