Why It Benefits CEO Says the ‘Days Are Numbered’ of Two Week Pay Cycle
Given the current economic climate, there is an urgent need for employers to invest more in order to support the financial health of their employees, especially with so many workers living on paychecks.
In response, Even, a provider of financial welfare benefits, launched a new employer-sponsored financial benefits program designed specifically to help hourly workers become financially stable by giving them access to compensation. on demand and emergency savings plans.
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In the United States, 60% of employees live paycheck, according to PYMNTS.com, a data, information and information provider, and more than 80 million employees are paid hourly wages, according to the Bureau of Labor Statistics.
“We mainly work with large employers who have a workforce that is generally hourly workers and fairly unstable schedules,” says David Baga, CEO of Even. “They are looking for that liquidity. Otherwise, they would be forced to face overdraft fees, payday loans, high interest credit cards, or other means to bridge the gap between the salary and the needs they have for their daily lives.
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Even’s new platform can be integrated with employers’ existing human resource information and consumer banking systems, and companies such as Noodles & Company, Mattress Firm and PayPal have already adopted the program. By using the Even app, employees can take advantage of free earned wage access programs and take advantage of incentives that can help build emergency savings. A calendar will help you analyze your schedule to project and budget future revenues.
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“When you look at everything in the lives of our consumers, everything moves faster and faster in an on-demand economy towards a more instant experience,” Baga explains. “It’s natural to think that with the paycheck on a bi-weekly schedule, his days are numbered.”