LOS ANGELES, CA / ACCESSWIRE / May 7, 2021 / It's an unfortunate reality check when you learn that most Americans live paycheck to paycheck. In fact, when US workers can't afford bills during an unexpected hardship between paydays, they often resort to payday loans or risk overdrafts - both costly propositions in which there is little respite to an unending cycle. According to a study by the Georgetown Journal on Poverty & Law Policy, it's been proven that many people would find themselves in debt at an average of 11 months of the year - and are more prone to declaring bankruptcy - all because life and circumstance don't wait for the next paycheck.
The answer isn't giving higher wages necessarily, but changing the system. When the "every two week" pay period was born, it was a complicated system that involved multiple people, businesses, and banks to transfer funds from a company to an employee. Not anymore. In the middle of the burgeoning digital financial renaissance, we can now achieve payment within minutes (just ask an InstaCart shopper, Uber driver or AirBNB host), so why not change the system? There are solutions that don't cost the business a dime, yet still make a difference. The solution is providing access to already earned wages, whenever and wherever people need it - at the touch, or "tap," of a button. Thus, providing financial benefits that not only promote growth, but a more stable life.
Tapcheck is a financial wellness benefit that allows employees to access their earnings before payday, at no cost to employers. Tapcheck uses an intuitive mobile app to give workers greater control over their finances, which reduces their stress at home and increases their productivity at work. And thanks to Tapcheck's seamless integration with existing payroll programs, employers who incorporate on-demand earnings into their employee benefits packages find it to be a cost-effective way to distinguish their company from competitors, reduce turnover rates, and provide the financial flexibility that employees want.
Life will no longer need to revolve around paydays. Team members of a business experience less stress and gain some much-needed peace of mind. As a benefit to the company itself, they can increase employee retention up to 50%, and reduce absenteeism by 25%. This also leads to a marked improvement in HR department performance, with a reduction of expenses associated with on-boarding/training new employees.
Think this is far-fetched and futuristic? It's not. The tech is already here and thousands of businesses (and hundreds of thousands of employees) are already benefiting from this service. For $0 to an employer, Tapcheck can provide companies the means to achieve enterprise-level performance. This means higher company revenue from increased employee productivity, lower company expenses based on lower HR expenses, and ultimately, higher profits. Everybody wins. And in the long list of benefits that Tapcheck brings for companies and industries all over the country, company profitability is one of them.
Encourage your employees and increase productivity and profits by learning more about Tapcheck, and how you can drive growth and profitability in your company via financial wellness benefits and financial education tools. You can get in touch with Tapcheck using the contacts listed below.
View source version on accesswire.com: