Stacy Greiner, CEO of Daily Pay, a WorkTech company and leading provider of earned wage access, shared her insights on the emergence of WorkTech and why employers should prioritize benefits that ensure the financial wellness of their employees.
Stacy Greiner
Chief Executive Officer, DailyPay
Why is the future of work focused on employee experience, engagement, and well-being?
The needs and expectations of today’s workforce have changed dramatically in the last decade. In the past, traditional HR Tech supported the HR function and processes at work, but today’s workforce requires more. We see this new, evolved space as WorkTech — as opposed to HR Tech — and it goes well beyond HR processes to truly support the day-to-day needs of the workforce.
WorkTech encompasses employee experience, engagement, and well-being in and out of the office. So, it’s imperative that employers take note of this seismic shift in the way we think about employees in and out of the workplace.
To keep that American dream of going from the mailroom or stockroom all the way to the C-suite alive. To make them feel empowered. To meet their needs where they are. To arm them with the tools they need to succeed.
Why should employers consider offering financial wellness benefits?
Financial stress is causing a productivity crisis for workers and their employers. When employees are stressed, they call out sick more, are less productive, less engaged, and will quit sooner than their colleagues. U.S. companies collectively lose $4.7 billion a week in productivity due to employees dealing with financial stress.
Unfortunately, most HR Tech solutions aren’t helping today’s stressed out hourly and frontline workers. More than half of U.S. employees (56%) say they spend three or more hours at work each week thinking about or dealing with issues related to personal finance.
The right financial wellness benefit needs to empower employees so they can feel in control of their finances, so they can pay bills on time, stay out of debt, and live a better financial life. In fact, a Bank of America study shows that over 8 out of 10 (84%) employers note that offering financial wellness tools drives up employee retention.
What are some steps employers can take to improve the well-being of their employees?
Today, employers should be fully embracing ways to bring out the best in their employees to make it easier to be great at their jobs. Emerging WorkTech tools, such as earned wage access, empower employees to be their best at both work and home.
With earned wage access, for example, about 7 of 10 DailyPay users who previously paid late fees do this less often or stopped completely. This enables them to avoid expensive options like payday loans to make ends meet.
Employees are better connected with their managers, more in control of their schedules, and have control over when they feel financially secure. They are more easily able to plan work around life and life around work, and stay ahead of bills that used to pile up and cause stress.
To learn more, visit dailypay.com
