For Employees
For Companies
As 2024 comes to an end, the U.S. workforce continues to find itself navigating a difficult financial environment. Despite elevated inflation rates, consumer spending grew by 2.4% for the year (Business Insider).
However, this came at a cost: inflation-adjusted wages grew only 1.2% over the year (Deloitte United States), and benefit costs rose 3.3%, further straining household budgets. Compounding all of this, Americans’ total credit card debt reached a record $1.14 trillion in Q2 2024 (New York Fed). It’s safe to say that the American workforce remains financially stretched.
Studies show that this financial insecurity doesn’t stay at home… stress follows employees into the workplace, creating significant challenges for both workers and businesses. Employees facing financial difficulties are 3.5 times more likely to be distracted at work, resulting in reduced productivity and engagement (Wellable).
A recent survey linked financial stress to a 15% drop in productivity, with disengaged employees costing U.S. businesses between $450 billion and $550 billion annually in lost productivity (Gallup).
Additionally, financial insecurity is a top driver of employee turnover, with up to 75% of employees considering leaving their current roles in search of higher pay or better benefits (Vantage Circle). The cost of replacing an employee ranges from 33% to 50% of their annual salary, including recruitment, onboarding, and lost productivity costs (Hubstaff).
Addressing financial stress isn’t just a benefit—it’s a business strategy. By incorporating financial wellness benefits like earned wage access (EWA) into your benefits offering, you can provide your team with on-demand access to earned wages, reducing reliance on high-interest debt. This alleviates financial pressure, engages the workforce, and fosters stronger employee loyalty.
With Immediate, you can offer EWA to your team at no cost to your business. Thanks to existing integrations with most major time tracking and payroll systems, connecting Immediate is a seamless experience.
In fact, the most consistent post-launch feedback we hear is that Immediate has been “one of the easiest integrations.”
Turnover isn’t the only expense. Businesses face challenges from disengaged employees who are slower to complete tasks, take more time off, and contribute to a negative work culture. This disengagement exacerbates costs, including $1 trillion annually in turnover expenses and productivity losses totaling $1.8 trillion per year across U.S. businesses (SHRM) (Hubstaff).
At the end of the day, supporting your team’s financial well-being isn’t just the right thing to do—it’s one of the smartest moves you can make for your business. Immediate gives your employees the breathing room they need to handle life’s challenges, stay focused, and feel valued… all at no cost to you.
By taking steps to reduce financial stress, you’re not only helping your team—you’re creating a stronger, more engaged workforce that drives your company forward. Let’s work together to make a real difference for your employees and your business in 2025.
Reach out to our team today to learn how Immediate can help you get started making a difference in both your business and your team's financial lives.
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