The Cost of Outdated Benefits | ImmediatePay | Immediate

The Cost of Outdated Benefits | ImmediatePay

Traditional employee benefit packages often include health insurance, paid time off, and retirement savings plans. These basic benefits have been the “norm" for decades. However, as the workforce continues to evolve, these benefits are failing to meet the diverse needs of employees.

One such need is financial wellness benefits, which has given rise to a newer employee benefit: on-demand pay.

On-demand pay – often referred to as Earned Wage Access (EWA) – is a financial wellness benefit that allows employees to access a portion of their earned wages before the next payday. This benefit is designed to provide employees with greater financial flexibility, particularly those who live paycheck to paycheck and experience unexpected expenses.  With Immediate, employees can access their earnings early and avoid costly fees associated with overdrafts, payday loans, or credit card debt.

For many employees, traditional benefits such as health insurance and retirement savings plans are essential. However, these benefits do not address the unexpected financial needs of employees, particularly those who are struggling to make ends meet. In fact, many employees are forced to take on debt or work multiple jobs to bridge the gap between paychecks. This creates unnecessary stress, employee burnout, and financial hardship, which can have a negative impact on both employee well-being and workplace productivity.

In addition to providing a financial safety net, Immediate can also help address the financial needs of a diverse workforce. For example, our services can be particularly beneficial for low-wage workers, part-time employees, or those who are underbanked. We offer a solution for employees who may not be able to access traditional credit, such as those with poor credit scores or those who are new to the workforce.

In conclusion, traditional employee benefits packages are failing to meet the diverse needs of employees, particularly when it comes to financial wellness. Immediate offers a benefit that can help alleviate financial stress and improve employee well-being. By offering Immediate as a benefit, employers can showcase their dedication to their employees’ financial wellness while simultaneously enjoying the advantages of a more productive and engaged workforce. To book a call with Immediate and learn more, please visit: https://joinimmediate.com/bookacall/

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