According to the American Psychological Association, a staggering 72% of Americans struggle with financial stress at least once a year. What many employers fail to recognize, however, is that financial stress outside of the office can contribute to turnover, stress, and low productivity in the office (even if you’re remote).
WageFi is our free earned wage access app; born out of a need to address larger financial and employee retention issues that occur in most businesses. We built our app for SMBs and larger enterprises, and their employees, so they cangain access to wages early, track their financial health, and to take the mental and financial stress associated with work off their shoulders. Here’s how WageFi can help transform your business.
WageFi Reduces Employee Turnover
Employee turnover is immensely costly to employers, with some studies predicting that for each salaried employee that leaves, to rehire, train, and onboard for that same role requires six to nine months' salary in lost productivity. And not only is there a drop in productivity, but now you also need to consider rehiring for the vacant role, adjusting salaries, and accepting a low-output onboarding period for new hires.
WageFi can reduce an employee’s financial burden in a number of ways, which can drastically reduce the likelihood of churn. WageFi gives employees access to their wages before their paycheck posts, as well as access to a spending card. With new financial tools being added with every iteration of WageFi, your employees will spend less time scrolling their bank statements and looking for new gigs, and more time working.
Improves Employee Productivity
When employees are distracted it might not always be because of personal reasons at home; rather, their lack of productivity could be tied to their wages or financial hardships. When employees feel they’re being underpaid, or they’re struggling to make ends meet, they’re often distracted at work. At least 21% of low-wage earners reported that their financial struggles at home directly impacted their productivity.
We built WageFi with a few features specifically designed to improve employee productivity; one of which is granting employees access to their wages earlier. If an employee, for example, is worried about paying their bills at the end of the month, allowing them to access their earned income before their bills are due can take an immense amount of financial stress off of them, so they can get back to work, not worrying.
Track Employee Financial Health Data
WageFi is mission control for employees. Our convenient dashboard gives your workers a 10,000-foot overview of their wages; when they can expect their next paycheck, how much they’ve been paid in gross, and more. Since employers also get access to this information, you can monitor your employees’ financial health as it relates to their wages, which means you can identify red flags in employee accounts that might contribute to lost productivity, and intervene before they can even breathe the word “resignation.”
Instant Employee Access
There’s no waiting period for employees to access WageFi. From the minute they sign on, they’ll have complete access to their financial dashboards and early access to wages. For employers, setup is easy too, and so is qualification.
You shouldn’t let your employees’ financial hardships affect their productivity. You should be proactive, and arm your employees with the information and tools they need to succeed outside of work, and in turn, during work. Get the free WageFi app today to get started