With herd immunity on the horizon the hospitality industry has been focused on the future in 2021. Due to the COVID-19 pandemic many companies had to make the difficult decision to furlough or let go of a portion of their workforce in 2020. Now as these folks begin to re-hire many have found it is a struggle to become fully staffed again. More companies than ever are now putting an emphasis on employee benefits and have found the best way to get people to come back to work is offering monetary benefits like Early Wage Access. Early wage access allows employees to be paid instantly vs. waiting the entire payroll period.
Why early wage access is needed: 63% of Americans live paycheck to paycheck
According to CNBC, 63% of Americans have been living paycheck to paycheck since the beginning of the pandemic last March and about half can not cover a $500 emergency expense. The pandemic has taken a huge financial toll on the working class and many folks have added $10,000 of new debt.
While workers struggle to pay their bills and wait on payday, they may go to predatory payday lenders. Payday loans charge extremely high interest rates, and in some cases the APR can be as high as 500%!
With Nowsta’s Nowstapay feature, give your employees financial freedom.
Attract higher quality talent and retain more staff by implementing this simple and easy to use employee benefit.
If you are interested in adding Nowstapay as a benefit for your employees, schedule a demo with one of our specialists.
With NowstaPay, employees can access their earned wages early. Anytime. Anywhere.