Money Network Digital Pay, Earned Wage Access Meets Shifting Demands of New Hybrid Workforces
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While these days the subject of remote work is taking up major space in the minds of managers, the truth is, technological breakthroughs and workers’ growing fondness for flexibility has been driving growth in off-site work for the past decade. But then along came a serious coronavirus, which took both the demand and the need for off-site work accommodations to a whole new level. According to the Pew Research Center, 71% of workers with the ability to do their jobs at home began doing just that when the coronavirus began spreading quickly around the globe.
Allowing employees to work remotely has benefits for employers no matter the state of public health. Research shows it gives companies an edge in hiring top talent and retaining employees, and may also embolden creativity and innovation. Yet with these advantages come some systematic mountains to climb.
As employees from Alaska to Florida keep working from comfy, newly-appointed, home offices, organizational departments, including payroll, continue to look for ways to meet the demands of workers seeking flexibility in every aspect of their jobs, from where they work to how their wages are accessed.
Money Network® is a comprehensive, sophisticated solution that gives organizations the ability to pay associates everywhere and anywhere—electronically, fast, and with ease—and gives workers valued options for Earned Wage Access.
Getting set up with an efficient Money Network payroll program is even more critical when considering that a Gallup poll found a majority of Americans preferred to stick with the work-from-home option, and many companies planned to make the remote option permanent.
Money Network shines with service-industry businesses as well, allowing frontline associates in the food, restaurant, retail, and other industries to also benefit from the program’s many pay perks, including Earned Wage Access.
“Today, it’s real-time everything,” Anne Evers, Vice President at Money Network. “It’s an expectation proliferating in today’s economy and throughout the world. Payday is no exception.”
With hospitality-related and other businesses experiencing difficulty attracting workers post pandemic, providing the compelling digital benefits offered by Money Network can be a key hiring advantage—and the difference between operating profitably . . . or shutting down. So, for some, when it comes to making the decision to implement alternative digital pay solutions like Money Network, it literally may be now or never.
Another stark reality is that the majority of U.S. workers—including those working at home and those who must show up physically to do their jobs—live paycheck to paycheck. Due to our public health crisis, many are facing unprecedented economic hardships, such as pay cuts, mounting debt, and insufficient savings. According to a survey conducted by Fiserv, only 38% of Americans would be able to cover a $500 emergency, such as a home repair or unexpected medical bill, from existing funds. Money Network’s Earned Wage Access capabilities eliminate the wait between workday and payday, allowing employees to better navigate budget emergencies—and without resorting to high-interest payday loans.
It’s clearly more important than ever for people-centric organizations to find ways to foster financial well-being among their workforces with more immediate, flexible forms of payroll delivery. With its advanced technologies and backing of its parent organization, Fiserv, Money Network helps businesses find those ways.
Money Network is payroll delivery compliant, offering to-the-penny access to all funds via the patented Money Network Check and expansive cash access points at in-network ATMs. There are no fees for participating employees to load a portion of earned pay on their Money Network Card with the Money Network Earned Wage Access features. There are also no fees for organizations to offer and administer Earned Wage Access. The Earned Wage Access feature seamlessly integrates with existing payroll/HR and time-tracking systems. Working with Fiserv also offers a major security and fraud advantage.
Jill Ittersagen is a freelance writer based in Homewood, Illinois.