isolved is helping Americans tackle the cost of living crisis with Financial Wellness Suite
Company launches pay-as-you-go offering and increases employee discounts
and relief for increased living expenses
NASHVILLE, Tenn., September 8, 2022 /PRNewswire/ — More Americans are living paycheck to paycheck, increasing the costs they pay through overdraft fees and cash advances to bridge the gap between paydays and forces them to make impossible decisions about basic needs to be met without, such as medicine to keep them healthy or gasoline to keep them working. To help ease the burden of the current cost of living crisis, minimize the debt cycle and improve workforce stability, isolved today announced the People Cloud On-Demand Pay solution. for the 145,000 employers and 5 million employees it serves.
isolved On-Demand Pay eliminates the need to wait for the traditional payroll cycle, allowing employees to access their payroll when they need it – without business interruption through payment cards and digital wallets. This earned wage access model can not only reduce the amount of debt Americans have and the fees they pay in interest, overdrafts, and payday loans, but also improve recruitment, retention, and business operations.
“Businesses, particularly those in fast food, transportation, healthcare and other frontline operations, have been particularly hard hit by the financial snowball that their employees are enduring – first because of the pandemic, then inflation and now rising interest rates,” said James Norwood, Marketing and Strategy Director at isolved. “isolved People Cloud On-Demand Pay improves employee well-being by helping them take the best financial care of themselves, their families, and ultimately their customers.”
While many employees are already struggling financially, 69% of full-time U.S. employees are also concerned that the economy will impact growth within their company, including advancement and promotions, according to isolved’s latest Voice of the Workforce survey. Of these employees, 59% are concerned about job security and more than a third (35%) have begun to seek new opportunities within an organization they perceive to be more secure.
isolved’s wide range of financial wellness offerings include pay-as-you-go, which doesn’t require employees to have a bank account, additional payroll access options through the onboarding marketplace isolved and:
- Self-service discounts: isolved’s Employee Marketplace offers employee discounts on prescription drugs, entertainment, and other day-to-day cost reductions.
- Help for caregivers: As costs increase, child and elder care rates also increase. Employees are forced to make decisions about going without care or not coming to work. Through isolved Benefits Services, employees can choose to set aside a pre-tax amount to be reimbursed for childcare and eldercare expenses, helping them deal with the shortage of caregivers.
- Assistance to commuters: isolved Benefit Services makes it easy to offer employees a transit plan to help cover travel expenses with pre-tax income.
- Deductible aid: Employees can lower premium costs on high-deductible plans with an Isolated Benefits Services HRA, as well as make informed health care and cost decisions with an Isolated Benefits Services HSA .
- Quick refunds: With resolute expense management, employees no longer have to wait for long periods of time to be reimbursed for mileage and other accrued expenses at work, which helps employees get to jobsites on time.
For more information about isolved’s pay-as-you-go, visit isolved’s retirement and financial services page. To download “Voice of the Workforce”, click here.
isolved is a leader in employee experience, providing intuitive, people-centric HCM technology. Our solutions are delivered directly or through our network of HRO partners to more than five million employees and 145,000 employers in all 50 states, who use them every day to improve performance, increase productivity and accelerate results while reducing risks. Our HCM platform, isolved People Cloud, intelligently connects and manages the employee journey across Talent Acquisition, HR, Payroll & Benefits, Workforce Management, and Talent Management functions. Regardless of industry, we help high-growth organizations employ, empower and empower their workforce by transforming the employee experience for a better today and a better tomorrow.
Amberly DresslerSenior Director of Brand and Content Strategy