Employees are increasingly stressed about finances, and looking to their organizations for help. isolved's Business Owners Report found that 67% of business owners believe most employees live paycheck to paycheck. The good news? Over 80% of organizations are willing to offer flexible pay arrangements. 

 Why Pay Flexibility Matters 

Financial strain has become a daily reality for employees across income levels. This pressure affects employee attendance, engagement and productivity. It can also affect an organization’s culture: isolved’s Voice of the Workforce report found that 47% of employees say that stressed colleagues are the top threat to a positive company culture. Giving employees more financial flexibility can help with productivity, retention and morale. 

Paycard Solutions Offer Flexibility 

One misconception is that paycards only serve employees without bank accounts. In fact, many paycard holders also maintain a bank account—and many prefer to be paid via their payroll card, with most using it to pay bills. Employees cite convenience, time savings and easier money tracking as drivers. 

Finding the Right Provider 

Not all paycards are created equal. When looking for providers, employers should look for solutions that offer: 

• Zero employer implementation fees  
• Automated card inventory 
• Sophisticated security without the need for expensive tokens 
• Built-in fraud protection 
• Seamless API integration 

Expanding Options with Earned Wage Access 

Earned wage access is a solution that enables employees to access earnings before their employer’s traditional payday. This offering, also known as on-demand pay, allows employees to access their compensation as they earn it, so they have access to money when they need it.  

Benefits of on-demand pay for employees include: 

• Greater financial flexibility: Employees control when they access their earned pay 
• Enhanced financial stability and security: Employees gain access to emergency funds without incurring more debt 
• Increased savings: Employees have more visibility into their earnings and spending, helping them monitor their spending and increase savings 
• Boosted satisfaction: When employees feel secure at work, they tend to be more productive, happier and more reliable 

Benefits of on-demand pay for employers include: 

• Attract top talent: On-demand pay is a hiring differentiator and can expand applicant pools 
• Improve retention: Employees who take advantage of on-demand pay may be less likely to leave and seek other opportunities 
• Increase employee productivity: Eliminating financial concerns can boost employee productivity and a company’s culture 

Empowering Payroll Innovation with rapid! 

rapid!, an isolved Marketplace Partner, can help organizations expand pay offerings. The company is redefining how businesses handle payroll. Their innovative pay solutions simplify distribution, reduce costs and boost employee satisfaction, —all while ensuring security and flexibility. rapid!’s mission is simple: empower organizations and their workforce with smarter, faster payment options. 

Ready to expand the way you pay your people? Get in touch with rapid!, an isolved Marketplace Partner. 

Print