When was the last time you were able to offer an employee benefit that truly did not cost you a dime? Rain, the company behind the Rain Instant Pay app, is taking everything you know about traditional payroll structure and making it work for 2020 lifestyles – at no cost to you and with no change to your current system.
People consume everything instantly now. If you want to watch a movie, you’re not going to drive to a video rental store – you’re going to find it within minutes on a streaming platform. If your favorite artist is releasing a new album, you’re not going to wait in line outside of a store to buy it – you can stream it from your home at midnight. So if you have a bill to pay, why would you wait until payday to be able to pay it? Shouldn’t we all have instant access to our earnings?
Our friends at Rain have created an “on-demand pay” solution that promotes financial wellness, makes your employees happy, and adds to your benefits package.
What is Rain?
Rain’s mission is to put an end to predatory financial products like high-interest payday loans. Rain provides advances on upcoming paychecks for a small withdrawal fee (paid by the employee). That fee is much smaller than loan interest, overdraft fees, and late fees.
The app promotes financial wellness by:
- Offering a healthy alternative to payday loans
- Helping to prevent people from overdrafting on their bank accounts
- Allowing people to pay their bills on time and not incur late fees
- Limiting withdrawals to up to 50% of earned wages to prevent overspending
Businesses will NOT have to change their payroll and timekeeping systems to use Rain – their technology can plug into your current structure. Plus, if you’re using Labor TraX for time and attendance, you’re in luck – Rain is integrated with Adi Insights technology. That means you can get set up for Rain in less than one week, with almost zero work on your part. The Rain team will get your account all set up for you and will help you communicate this new benefit to your employees.
To take even more work off your plate, employees who have questions about their Rain benefit can reach out to Rain directly. They can call or text Rain’s Customer Care line at 424-369-7246 or email firstname.lastname@example.org.
This is truly a hands-off benefit that you can offer your team at no cost to you.
Financial Wellness as a Benefit
If your company is not prioritizing financial wellness benefits, you’re going to fall behind. CNBC rated “getting paid at any time, not just on payday,” the most buzzworthy benefit of 2020, and the concept has only been making the news more and more each day.
CareerBuilder reported a few years ago that 78% of Americans are living paycheck to paycheck, which would indicate that a large portion of your team would benefit from financial wellness tools.
Regardless, with financial wellness benefits booming in popularity, now is the time to add one for yourself. As the job market gets more and more competitive post COVID-19, you’re going to end up competing with employers who have bigger and better benefits than you. If it’s true that 78% of Americans are living paycheck to paycheck, then chances are that a large portion of your employees and job applicants are worried about finances and would benefit from a financial wellness program.
How an Instant Pay Solution Impacts Your Bottom Line
If you’re using Labor TraX for your time & attendance needs, you’re probably taking a really close look at your employee productivity. Companies that implement an instant pay solution tend to see increased productivity, decreased turnover, and increased job applications.
How does a financial wellness app impact productivity? Well, since we live in a world of instant gratification, the ability to log into an app and see exactly what you’ve earned after a shift can alter your employee’s mindsets. The Rain Instant Pay app can encourage employees to take on extra shifts and can discourage no-call no-shows.
Plus, according to a PwC study, employees who are stressed about finances are likely to spend about three hours per week thinking about finances. A stressed employee is likely a much less productive employee, and you can’t afford that. What you can afford is a free benefit that reduces your employee’s financial stress.
Lastly, do you know how much employee turnover costs you? It’s estimated that it costs 1.5 to 2 times an employee’s salary to replace them, and as much as $1,500 to replace an hourly worker. That is an unnecessary expense that can be resolved by reducing your turnover rates. Adding great benefits (like financial wellness and on-demand pay) can help you with that.
If you’re an Adi Insights client ready to add this awesome, free benefit for your clients, all you have to do is complete this interest form here. Someone from Rain will reach out to you shortly to get your account set up and schedule a date for you to introduce your employees to their new (voluntary) app. It’s that easy!