In the dynamic landscape of employee benefits, Earned Wage Access (EWA) programs have emerged as a game-changer, offering a revolutionary approach to financial wellness. EWA programs give employees access a portion of their hard-earned money when they need it most, without having to wait until payday. The programs give workers greater control over their money, helping to eliminate the stress of managing unexpected expenses.
American Senior Communities (ASC) is in its sixth year of partnership with Payactiv, a leading provider of EWA services that make it easy for employees to access, plan, spend and save while building financial security and savings for tomorrow. Available to employees at all of ASC’s communities, employees can request a portion of their pay after working their shift. Those funds are then deducted from their next paycheck.
“As a forward-thinking company, we believe that financial well-being is at the core of employee satisfaction and productivity,” said Paula Diehl, Chief Human Resources Officer for American Senior Communities. “By offering this service through Payactiv, we empower our team to navigate life’s unexpected challenges with confidence, fostering a workplace culture that values more than just the work they do.”
Earned wages transfer in real-time with no fees to a Payactiv Visa card if the employee has direct deposit. Wages can also be accessed without direct deposit via a payroll card or Walmart cash pick-up for a nominal fee of $2-$3. Employees can also apply their funds directly to bills or to companies like Uber or Amazon. Their account activity is managed through a smart phone app or website.
According to the PwC 2023 Employee Financial Wellness Survey, 57% of employees surveyed said that finances are the top cause of stress in their lives. Aside from having a negative impact on mental health, self-esteem, work performance, relationships and physical health, many workers turn to high-interest credit and payday loans to navigate their personal finances. EWA platforms like Payactiv help to shield workers from financial vulnerability and the volatility of today’s economy.
“We view this as a very important benefit for our ASC team members,” continued Diehl. “It’s not just about paying our employees; it’s about empowering them on their journey to financial freedom and security.”
