This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The hospitality industry is experiencing a boom in demand yet faces a significant hurdle: a hiring crisis and a nationwide workforce shortage for key workers, including housekeepers, front desk staff, hotel managers, bartenders, servers, and banqueting staff. These jobs often help them to pay their bills while they’re in school or college.
In this role, he oversees the HR technology and operations needs of the 1,100 U.S. A self-described “numbers and analytics person,” Riddle got to use those skills during a crash course on retirement plan management in a college internship at a Washington, D.C., This new platform puts employees in the driver’s seat.” nonprofit.
As the cost-of-living crisis rages on and more burned-out healthcare workers exit the workforce, employers in this sector have an opportunity to support and retain their workers by offering financial wellness benefits that really matter. financial system, employing over 18 million workers.
Recent research found that half of all employees report moderate to high levels of financial worry, and many are leaning on retirement accounts as their primary emergency fund. Physical Health Financial stress has been linked to severe physical health problems like heart disease, high blood pressure, and a weakened immune system.
Given their limited budgets, the option of increasing salaries and offering comprehensive insurance and retirement benefits isn’t a feasible one for many employers in this sector. With an app such as that offered by Payactiv, senior care workers can view the company’s shift schedule online, which makes picking up or swapping shifts easy.
We built this page with you in mind – use it as a learning tool, reference page, and more! The Secret Behind How to Meet and Exceed Workforce Demands. Nearly one-fourth of the manufacturing workforce is age 55 or older , a demographic reality that signals a labor shortage for the nation’s fifth-largest employer.
Recognizing the distinct attributes of your workforce is especially important during open enrollment season , when you’re seeking to craft meaningful benefit programs that meet the different needs of employees from various age groups. Steps for Tailoring Your Benefits Package to Appeal to a Multi-generational Workforce 1.
These programs provide valuable resources, tools, and guidance to support employees in managing their money, reducing debt, and planning for the future. This article highlights the top ten employee financial wellness platforms in 2023, focusing on their core features.
In this article, we’ll explore the concept of financial flexibility from all angles, and why it’s critical for today’s workforce. Retirement and Savings plans Offer employer-sponsored retirement plans to help employees build a financial foundation for the future.
Research data and market trends point to a change in the mindset of the American workforce in 2025. Also, look for service providers that offer live services during business hours and on-demand resources such as educational articles, videos, and other digital tools and calculators that address common financial well-being topics.
13, 2020 /PRNewswire/ –PayActiv, Inc., the leading employer-sponsored earned wage access and holistic financial wellness platform, today announced that it has secured $100 million of funding to further its mission of bringing security, dignity and savings to workers. SAN JOSE, Calif. ,
Financial wellness software has become an essential tool for individuals and organizations seeking to improve their financial health. In 2023, the demand for such software has surged, prompting innovation and improvements in existing solutions. What is Financial Wellness Software?
These can include paid time off, health insurance, retirement contributions, allowances, loans, gym memberships, daycare facilities, and more. For example, millions of workers use Payactiv’s Earned Wage Access solution to access their earned wages in a flexible, timely manner. What Are Employee Benefits and Why Do They Matter?
While many employees decide to work beyond the average retirement age to continue to enjoy the pay and benefits of their job, as well as the intellectual stimulation and sense of accomplishment it gives them, others may be working longer out of necessity. 4 Ways to Deal with Aging Workforce Issues. Health and Safety Concerns.
Employees in this category may lack job security; their incomes are often volatile, and they generally don’t enjoy employer-provided benefits such as health insurance or a retirement plan. Many find it difficult to deal with an emergency or may end up entering retirement without adequate savings or even finding themselves unable to retire.
Whether a monthly, bi-weekly, or weekly pay schedule, payroll is typically done via a payroll system. Why Are Payroll Management System Essentials? Errors in the payroll system can have serious implications. A good payroll management system will allow you to accurately store and manage all your employee information in one place.
Let’s explore why financial literacy is pivotal in fostering a healthy and robust workforce. Those who are financially prepared tend to handle financial challenges, such as personal bankruptcies, health issues, early retirement, job losses, debt repayment, and stress more effectively than those who lack financial preparedness.
workforce is facing a financial crisis, largely due to the steady increase in the cost of living. As a result, their focus is skewed toward financial topics like planning for retirement or refinancing a home loan. Entry-level hires who are fresh out of college probably care more about their student debt than retirement savings.
A multi-generational workforce promotes diverse thinking and can offer significant business benefits. The Multi-Generational Workforce – A Look at the Numbers The world’s population is projected to increase to 9.7 A significant implication of this demographic shift is an increase in the number of older workers in the workforce.
The gig economy refers to the workforce of people engaged in independent, freelance, or side hustle work. In this article, we’ll consider some common financial challenges that gig economy workers are likely to face and explore how on-demand pay solutions combined with holistic financial wellness solutions help tackle cash flow constraints.
In recent years, employee benefits have evolved significantly, moving beyond traditional, basic offerings like retirement contributions, health insurance, and paid time off to more diverse packages. This shift has been driven by various factors, including changing workforce demographics, talent shortages, and economic fluctuations.
saying ‘being able to retire.’ Boost Work Productivity with a Comprehensive Financial Wellness Program To have an engaged, productive, and healthy workforce, companies need to focus on the “whole employee.” Payactiv will not be liable for any errors or omissions in this information nor for the availability of this information.
An ever-evolving deskless workforce wants flexible benefits that can travel with them. Employers winning the war for talent are getting creative in building an employee benefits package that supports a diverse workforce. Today’s workforce is mobile. 80% of the global workforce, or 2.7
It’s also the perfect opportunity for companies to refresh employee benefits programs and revitalize their workforce. Systems like Payactiv Connect make it easy for employers to grant their hourly workers access to their shift management system using their smartphones.
That’s because it immediately establishes a platform to build energetic, innovative teams that can spark change. The findings of recent research by Glassdoor reveal that more than 3 in 4 job seekers and employees (76%) report that a diverse workforce is an important factor when evaluating companies and job offers.
Companies offer various benefit plans, such as health and life insurance and retirement savings programs. Compare a financially struggling single parent of two children working in an entry-level position to an executive approaching retirement with no kids at home and a comfortable nest egg.
Recent advances in digital technology have opened the door to take this a step further while reducing the administrative burden on internal resources. Employees weighing trade-offs between plans with different coverage levels, deductibles, and out-of-pocket maximums will benefit from interactive decision-support tools.
Benefits programs vary greatly, but they typically include medical, life, and disability insurance, retirement income plan contributions, paid leave, an employee stock ownership plan, and educational assistance programs. The first step is to analyze your workforce demographics to determine the needs of different categories of employees.
workforce currently encompasses five distinct generations, and each age cohort has different needs. Let’s consider some areas to focus on to ensure you craft a holistic, flexible benefits package that meets everyone in your workforce where they are in the year ahead. 3 Ideas for Reinvigorating Your Employee Benefits Program in 2024 1.
As Baby Boomers enter retirement, many are struggling with rising debt. This worrying trend can lead to financial instability and a lower quality of life in retirement. The average retired couple can expect to spend around $315,000 on healthcare expenses in retirement.
PayActiv Raises $20 Million to Expand Financial Wellness Offering for Millions of Financially Stressed Workers. LinkedIn acquires employee engagement platform Glint. Trilogy Education Acquires Online Coding Platform Firehose Project and Career Services Platform JobTrack. This week’s fundings: $55M+. Sign up now.
Interactive technology can assist in bringing workers’ contributions into the design process. Upcoming financial wellness services using data from measurement tools should notify impending rollouts. This can help employees avoid using their retirement resources to address financial problems. Use Financial Wellness Tools.
Many parents are depleting their savings accounts to cover childcare; others are working multiple jobs, going into debt, or simply leaving the workforce because even in a double-income home, rising childcare costs are impossible to manage. Payactiv Connect has been specifically developed to solve this problem.
To avoid high levels of turnover and maintain a happy, motivated, and productive workforce, you need to spot flight-risk employees sooner rather than later. Harness Technology There are endless ways that technological advancements can make your workers’ experience more enjoyable, improving both productivity and retention.
We’ll discuss the systemic issues facing Latinx people, particularly Latina women, and how alternative banking solutions like Payactiv can help lift people out of poverty by offering free tools, financial support, education, and protection from fee snowballs. Welcome back to the Payactiv Podcast. Hello, everyone.
Post-retirement health insurance. Other potential payroll pitfalls include human error, negligence, fraud, natural disasters, or technology failures. Constantly adding and removing headcount from your payroll systems also adds an unwelcome burden on your payroll administrators and the wider HR team. Stand Out with On-Demand Pay.
Or, maybe you want to take a trip together or retire comfortably so your kids won’t have to worry about providing for you after you leave the workforce. Ideally, you’ll start by maxing out your tax-advantaged retirement accounts. Be sure to check out how Payactiv can help you in your journey to financial health!
Millennials and Gen-Z, who make up a fair portion of today’s workforce, are well-known for their willingness to switch jobs more frequently and spontaneously than their older counterparts. Building a happy and loyal workforce isn’t just something that companies that hire primarily full-time knowledge workers need to care about.
We’ll discuss the systemic issues facing Latinx people, particularly Latina women, and how alternative banking solutions like Payactiv can help lift people out of poverty by offering free tools, financial support, education, and protection from fee snowballs. Welcome back to the Payactiv Podcast. Hello, everyone.
We’ll discuss the systemic issues facing Latinx people, particularly Latina women, and how alternative banking solutions like Payactiv can help lift people out of poverty by offering free tools, financial support, education, and protection from fee snowballs. Welcome back to the Payactiv Podcast. Hello, everyone.
Equally, inflation reduces the value of people’s retirement savings. With Payactiv holistic Earned Wage Access benefit, employees can transfer their earned wages to their bank account or Payactiv card or pick up cash at Walmart. Learn more about how Payactiv can help your people and your business, or book your demo now.
Increased Workforce Productivity When people are worried about how they’re going to pay their bills or feed their families, they’re not going to be 100% focused on their work. As we’ve explored, they’re moving well beyond the employer simply contributing to their employees’ retirement accounts.
The most effective financial wellness programs incorporate just not the tools but also focus on financial literacy, education, and coaching to empower employees to take control of their financial lives. These solutions offer a range of tools and resources that can help employees build sound financial habits and grow their financial acumen.
Their reasons for leaving might include accepting a new job elsewhere, personal commitments or challenges, or a desire to further their education, relocate, or retire. People who are laid off due to workforce reduction or restructuring also fall into this group. These tools can help you spot an unusually high employee turnover rate.
We organize all of the trending information in your field so you don't have to. Join 318,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content