Workplace Trends
June 8, 2020

3 Free Ways to Financially Support Your Employees

No matter what industry you're in, sky-high inflation paired with a tight labor market probably has you wondering how to balance worker demands while maintaining your company's budget. Today's workforce wants higher wages, yes—but they also want more financial flexibility and freedom, which are things that don't necessarily have to come with added expenses for your business. Use these free tips to support the financial wellbeing of your workforce and watch employee engagement and satisfaction soar.

Chance the pace of pay

Beyond what you pay people, when you pay people is a huge factor in job satisfaction. Changing the pace of pay can be crucial in times where people's cash flow is limited and an unexpected expense has the potential to drastically undermine their budget. Allowing your employees the option to use earned wage access has the power to improve their financial wellness for free.

Earned wage access allows employees to take an advance on a portion of their upcoming paycheck before payday. Since it's an advance of their own earnings, there isn't the risk involved that there would be if that employee used a high interest payday loan or put their unexpected expense on credit. Earned wage access is a free way to grant your employees faster access to their own earnings when emergencies arise.

Not only does this provide crucial relief during a challenging time, but it will incentivize them to keep working for an employer who has their best interest at heart. 

Switch to instant, digital tips

If you're still tipping out employees in cash or putting tips onto their next paycheck, those inefficient processes could be hurting everyone involved. Not only does dealing with cash or checks mean you have to constantly be making trips to the bank or adding an additional step to your paper check processes, but your employees suffer when they have delayed or inconvenient access to money they've already made.

With today's cost of living, many people can't afford to wait for their tips to be cashed out or put onto their next paycheck. And when you pay people in cash, they often need to deposit that cash into an account to pay their bills.

Eliminate the hassle for everyone involved by switching to instant, digital tip payouts. With Branch you can instantly send tips (or mileage reimbursements) to employees after each shift, ensuring they have quick and convenient access to their money every time they work.

Provide a fee-free banking experience

It's common for people to be intimidated by big banks if they can't afford the overdraft fees or minimum balance requirements that unfortunately come along with many traditional banking experiences. Providing employer-sponsored financial benefits like access to Branch provides your employees with a fee-free checking account, Branch Card (a free debit card) and zero overdraft fees or minimum balance requirements.

Plus, providing access to these tools is completely free for both you and your employees. You can hand out Branch Cards on day 1 to new employees, providing instant access to their wages and a fee-free banking experience. Not only does this improve retention and employee engagement, but offering free banking perks can be a huge draw when hiring new employees, too.

Workers are paying more attention than ever to what businesses are doing in order to ensure employee satisfaction and wellbeing. Show your workforce you care about their financial security through Branch's free suite of tools that provide faster access to earnings and fee-free digital banking.

Request a demo to learn more.

Continue reading