In This Post:
Presenter:
Keith Knowles
RVP of Sales at Immediate
Last week, Shortlister hosted an exclusive webinar tailored for benefits advisors keen on staying ahead of the curve! As you prepare for the upcoming benefits season, it’s crucial to explore innovative solutions that can enhance both the financial and mental well-being of your client’s employees.
During the session, Keith Knowles, RVP of Sales at Immediate, delved into the advantages of Earned Wage Access (EWA), highlighting its profound impact on employee satisfaction, productivity, and retention.
Facts reveal the reality: The workforce is struggling financially
- 70% are living paycheck to paycheck, including those who make six figures.*
- 97% of full-time employees have financial stress, and 87% said it affects them.*
- 61% who have paid a bill late say they didn’t have enough money to cover the cost.*
- 47% can’t cover a $400 expense with cash, savings, or a credit card.*
With absenteeism, presenteeism, and turnover plaguing our workplaces, it’s becoming increasingly difficult to combat staffing challenges. Without employees showing up when expected or performing at their highest levels due to fatigue – not only is there a costly financial loss but morale drops too.
*Landing Tree, Late Bills Study, 2022
Financial, mental and physical health are connected
Financial stress leads to lower mental health, less engaged employees, and increased costs to the employer.
- 80% of Americans confirmed that financial debt negatively affected their mental health.*
- 50% of employees who are distracted by their finances at work say they spend three or more working hours each week thinking about or dealing with issues related to their personal finances.**
*Davis, M. (2023, June 28). Amid Rising Inflation, 61% of Americans Who Paid a Bill Late in the Past 6 Months Say They Couldn’t Afford It. LendingTree
**Picchi, A. (2023, August 31). More than 60% of Americans are living paycheck to paycheck. CBS News.
The Immediate difference
Immediate helps businesses recruit and retain talent with ImmediatePay, a financial wellness benefit allowing employees to responsibly access their pay between paydays.
They process over half a million transactions annually, transferring over $65M in earned wages to employees with over 95% client retention.
Guardrails created to protect employees
Immediate believes in offering on-demand pay, the right way by adding flexible guardrails that encourage responsible use at a reasonable price.
- Access up to 50% of earned pay
- $250 transfer limit per transaction
- Up to 4 transactions per pay period
- Free financial wellness tools, including remote coaching
Immediate’s core values are providing responsible access to protect employees and promote financial wellness. By bringing Immediate to the midmarket, you can help disrupt the broken system and point your client’s team toward improved financial wellness.
Suite of financial offerings
ImmediatePay: Access to earned pay with responsible guardrails.
- Free for employer
- No-interest, voluntary benefit for employees
- Оffered to both Hourly and salary employees
Immediate tips: Easily disperse tips to your team instantly and digitally.
- Cashless payouts
- Without withholdings
- No cost option
Embedded EWA: Offering enterprise customers and financial institutions access to EWA.
- Low code widgets
- Access to API’s
- SSO options available
ImmediateFlex: Push off-cycle payments to employees.
- Off-cycle payments
- Automated or manual
- Enrolled or non-enrolled
User experience
Navigating the Immediate app is a breeze, comprises 3 simple steps:
- Log in: Employees view their earnings up to the current pay cycle.
- Choose Amount: Decide on the withdrawal amount and select the preferred transfer method.
- Deposit: With a click, funds are instantly transferred to the chosen destination.
ImmediatePay Card and Prizeout gift cards offer free transfer options, simplifying the process further.
Real results from real customers
Immediate customers across all industries report the same results: faster recruitment, increased engagement and productivity, and more loyalty.
- 15% reduction in time to hire, expediting recruitment.*
- 96% of employers offering EWA say it helps attract talent.*
- 75% say EWA would influence acceptance of a job offer.**
- 83% of employees report feeling more engaged since the benefit launch.**
- Increase retention rates by as much as 40% with ImmediatePay.**
- 96% say employees like EWA and it improves their sense of financial security.**
*Forbes, “Providing Earned Wage Access Can Benefit Business Owners and Their Employees,” December 2022
**Immediate, ImmediatePay user survey, Steward Healthcare, 2022.
Transform your workforce with immediatePay
Connect with the Immediate team today to learn how Immediate can help you hire faster, increase retention rates, and engage your workforce with their financial wellness benefit that offers responsible access to earned pay.
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