3 Financial Tips to Help Workers Stay and Succeed

Understand Your Employees’ Financial Challenges Step one is to understand the financial challenges your employees face. According to Netspend’s latest study on hourly workers, about one-third say their financial health is fair or poor. That can harm productivity, with a loss of 150 hours each year per employee under financial distress. Plus, financially stressed workers may even quit their jobs due to financial difficulties, creating an expensive situation for employers. On the flip side, many workers would stay in a role for financial benefits that provide them more control over their finances, including direct deposit, an interest-earning savings account that’s not a bank account, and online or mobile financial education tools. In other words, businesses have an opportunity to empower their workers to improve their financial health and boost retention.

Give Employees What They Want: Control Over How They’re Paid How you pay your employees matters, and faster access to pay is essential. In fact, 83% of hourly workers want more frequent pay. You may also be surprised to hear that 16% of workers are still paid by paper check—one of the most expensive and time-consuming ways to access funds. That’s a missed opportunity for employers considering that employees prefer direct deposit to other payroll options to improve their financial well-being, and are more likely to stay with or recommend a business to others if it has it. Plus, research shows that financially secure workers are happier in their jobs. That means providing workers convenient access to their funds to improve their financial security and eliminating cash-checking burdens can help your business stand out.

Empower Employees with a Strong Financial Tool Payroll cards, a solution that allows employers to electronically deposit employees’ wages onto a prepaid debit card, have become a payment method of choice by employees across the economic spectrum. An effective payroll card program provides employees with both a convenient way to get paid and access to digital tools to help improve their financial futures. These are some of the key features employees look for in a payroll card program:

• • Ways to save more money with convenient and free withdrawals. • Faster access to pay, with 100% of funds being available upon direct deposit. Plus, the option for early access to earned wages. • The ability to use their paycard to shop online and in store. • Optional savings accounts to help employees meet their savings goals.

By offering a payroll card program with these features, employers can help their employees improve their financial well-being, which boosts workplace performance and job satisfaction. That gives businesses a leg up on retention. Modernizing your payroll process also benefits your payroll team. It leads to a more efficient payroll process by reducing the use of checks and saving time and money associated with processing, printing, mailing, and replacing lost or stolen checks.

To learn more about preventing employee churn and increasing employee financial health with financial wellness tools, like payroll cards, visit netspend.com/business.