Lapeer Plating & Plastics Drives Employee Financial Wellness with ImmediatePay
They recognized that championing their employees’ financial well-being was just as crucial as perfecting their products. In May 2022, Lapeer took a bold step by introducing ImmediatePay, a groundbreaking financial wellness benefit, to positively impact the financial health of their workforce.
Lapeer Plating and Plastics is a premier manufacturer of Class A, high-visibility automotive components. With a commitment to innovation, quality, and efficiency, the company has positioned itself as a leader in the automotive industry. Given the nature of the manufacturing sector and the importance of a motivated and engaged workforce, Lapeer is on a mission to enhance its employee benefits package to better address the financial needs of its employees.
The introduction of ImmediatePay has yielded noteworthy results for both the employees and the company, with over 1,507 transactions have been made by employees using ImmediatePay since its launch. The average amount of earned pay accessed is $115.70, reflecting the tool’s ability to address short-term financial needs.
An impressive 82% of Lapeer’s employees report feeling more engaged at work due to the availability of ImmediatePay. With the option to access earned wages in times of financial need, employees a heightened sense of security and well-being among employees.
82% of employees are more likely to show up for their shifts, as ImmediatePay ensures they can access their pay when needed the most. The platform’s primary function of addressing immediate financial needs has proven valuable to a significant portion of the workforce, with 88% of Lapeer’s employees utilizing ImmediatePay for need-based reasons, such as unexpected medical expenses, car repairs, or urgent bills.
Lapeer Plating and Plastics’ implementation of ImmediatePay as a free financial wellness benefit has demonstrated its commitment to employee well-being and engagement. The tool’s integration with ADP, the company’s payroll and time tracking system, facilitated a seamless adoption process. The positive impact on employee engagement, attendance, and financial well-being is evident from the significant enrollment rate, frequent usage, and employee feedback. By offering ImmediatePay, Lapeer Plating and Plastics has not only enhanced its employee benefits package but also exemplified its dedication to supporting its workforce’s holistic needs, ultimately contributing to a more motivated, engaged, and productive team.
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About Immediate
Immediate is trusted by leading companies to help recruit & retain talent with ImmediatePay, a financial wellness benefit that allows employees to access their pay between paydays. Book a call today to learn more!