Payactiv’s Post

Did you know that 6 in 10 Americans live paycheck to paycheck? With inflation at a 40-year high, financial stress is a major concern for employees, impacting their productivity and well-being. In our latest blog, we outline 7 essential steps to launch a comprehensive financial wellness program that addresses these challenges head-on. Discover how tailored financial education, on-demand pay, and personalized support can make a significant difference for your workforce. Read more here: https://lnkd.in/gTAvJEAb #payactiv #financialwellness #EWA #employeebenefits

Only collaboration between financial health practitioners, policymakers, and the private sector can create large-scale impact through wage digitalization. In their new paper, RISE and Mastercard Center for Inclusive Growth share recommendations for the garment and financial sectors to work together to improve workers’ financial health and well-being in global supply chains through wage digitalization. Read the full report https://lnkd.in/dP98Ss-M #FinancialHealth #WageDigitalization #WomenEmpowerment #InclusiveGrowth #EconomicEmpowerment

💡 Without their main source of income, roughly two-thirds of individuals would have to borrow money to meet living expenses. Employers are feeling less concerned that they did a year ago about a recession or other negative economic events. Employers especially feel better about their own business' financial health. In contrast, employees are financially stressed at the time of this survey in 2023 vs 2022. This and more insights are shared in Principal Financial Group's Financial Well-being Index 2023 Wave 2 report. Yes, #emergencysavings makes an appearance. We continue to see this broader story line of employers / employees headed in two different directions. What do you think that will mean for both stakeholders in 2024? Check out Principal's #financialwellbeing report in the comments below.

As I said yesterday this is an area that I'm passionate about and it is so important to raise the profile of the topic of debt during #DebtAwarenessWeek but also beyond in all the support we offer to employees to help improve their financial future. Our research here at WEALTH at work has revealed the impact of money worries on workers and the key findings include: 38% of workers said money worries affect their performance at work by causing increased stress levels. 26% said it had led to decreased motivation. 9% said it has led them to take more days off work unwell. Despite this, only 9% of workers would seek help from their employer if they were struggling with debt. We need to work together to bring this support into our holistic financial wellbeing programmes, through financial education and enablement, throughout the year. #DebtAwarenessWeek #financialeducation #financialwellbeing

The workforce in the US is feeling the pinch of inflation and the increasing cost of living. Financial wellbeing tools can empower everyone to manage their finances smartly. #financialeducation #creditworthiness #hrbenefits #benefitsbroker #insurancebroker #hrmanagers

Across all sectors, financial strain is universal. Employees, whether in financial or non-financial industries, are left with minimal funds for savings, holidays, and extras after covering monthly bills. Explore key findings in Part Two of the 2023 PwC Channel Islands' Workforce Hopes and Fears Survey, including the impact of financial pressures on local workers and their confidence in employers to equip them for the future. Access the detailed report here.

Financial stress impacts productivity and well-being, and the stats don't lie. It's time for employers to take action: - 📊 59% of employees are stressed about finances (PwC). - 📉 48% spend at least 3 hours a week at work dealing with personal financial issues (Salary Finance). Here are actionable steps that employers can take to help ease the burden on employees and foster a supportive environment, leading to becoming an employer of choice. https://lnkd.in/dHjQe_ie #FinancialWellness #FinancialFreedom #WorkplaceWellbeing

Five Positive Predictions for 2024 That Will Help Your Business 1) Inflation Cool Down The CBO expects a softer labor market (which will help lower inflation), with The Organization for Economic Cooperation and Development projecting a 2.8% inflation rate. 2) Borrowing Money Mark Zandi, Chief Economist at Moody’s, predicts the Fed will cut rates four times in 2024. Goldman Sachs is betting the Fed could start delivering rate cuts in March. 3) Cooling of the Labor Market The 2023 labor market is gradually cooling with the CBO expecting unemployment to increase to a healthy 4.4% by the end 2024. 4) Lower Employee Salary Increases According to the consulting firm Mercer, U.S. employers plan to raise compensation budgets in 2024 by 3.5% (merit increases) 5) A Leap Year Feb 29th is a Thursday, giving businesses an extra day of sales before making the end of month payroll. That extra day is predicted to add an additional $50 billion in US economic output. Don’t get left in the dark when it comes to new Payday innovation - Make the change to Rellevate’s Revolutionary Visa PayCard Featuring: Pay Any-Day: Earned Wage Access is proven to retain existing employees by as much as 36% and increase employee hiring dynamics by as much as 75%. Direct Deposit: Employees can now automatically choose to instantly Direct Deposit their paycheck to any US bank at anytime vs manual HR form submission. #paycard #EmploymentTrends #EconomicOutlook2024 #earnedwageaccess #Rellevate

Today, 82% of employees worry more about their finances than their health. With growing awareness around the effects of financial ups, downs, and unknowns, businesses are looking for holistic solutions to help ease financial stress on their employees. With Earned Wage Access, employees get immediate access to the money they have already earned. In this white paper, we'll take a closer look at some common misunderstandings about EWA, providing clarity and highlighting its potential to enhance employee productivity and efficiency, ultimately contributing to overall business improvement. Read more here https://lnkd.in/e-mWyD3t #ondemandpay #EWA #payactiv #employeebenefits https://lnkd.in/eAcTmjTq

Employees nationwide are still feeling the negative impacts from high inflation and growing interest rates. Many of them most likely have savings that have run dry, limited flexibility with their monthly income, and bills and credit card debt to tackle. They’re stressed, and the overwhelm is affecting their personal and professional lives. Right now, it’s especially important for employers to effectively communicate with their employees about their financial well-being benefits and encourage utilization. A financial well-being solution, such as MSA’s, can help your workforce create action steps that will help them better manage their money and reduce the stress associated with financial uncertainty. Learn more about how MSA can help your employees get back on track financially: mysecureadvantage.com © 2023 JPMorgan Chase & Co. GLOBAL RESEARCH, Market outlook for 2024: Slow global growth clouds forecast for equities. https://lnkd.in/eV4iGu_6. December 13, 2023 #financialwellbeing #hr #employeebenefits #financialwellbeing #financialhealth #financialempowerment