Home Payday loans app Sabina Bhatia talks about Prompt’s win-win proposition

Sabina Bhatia talks about Prompt’s win-win proposition

4
0

Beverly Hills, Dec. 09, 2021 (GLOBE NEWSWIRE) – Sabina Bhatia says her mission is to help millions of Americans living on paychecks support themselves and their families with quick access to salaries and smart financial tools.

Listen to Sabina Bhatia’s full interview with Adam Torres from Mission Matters innovation podcast.

The challenges of recruiting in the era of COVID-19

Recruitment has become a huge challenge for employers over the past two years, notes Bhatia. “We talk about the impact we have on the bottom line, but our clients cut me off and say, ‘Sabina, we can’t recruit. What can I do to attract workers to my business? ”

The unemployment rate in the United States in October was 6%, she notes, in part because people don’t feel safe or unfairly compensated if they return to low-paying, customer-oriented jobs then. that the pandemic persists in the United States. Among the sectors most affected are retail and warehousing / logistics.

“We believe that one of the ways for companies to get people to join their team… is to review their benefit offerings,” said Bhatia. “The good news is that it doesn’t take a lot of time and money and can be implemented quickly. “

A CareerBuilder survey found that 78% of Americans are currently living paycheck to paycheck, including 9% of those earning six-figure incomes with matching expenses. The opportunity to help millions of American workers who struggle to provide for their families every day after the pandemic, Bhatia points out, is enormous and urgent.

What is Payactiv?

“We help companies understand the concerns of their employees and work with them to develop solutions,” says Bhatia. “The companies that offer Payactiv have seen significant improvements in recruitment, retention and engagement, saving them millions of dollars in operating costs. ”

“Safwan Shah, our CEO, invented Earned Wage Access (EWA) and launched Payactiv over a decade ago to improve the financial stability and livelihoods of the paycheck worker, what we call ‘the less served, “” says Bhatia. “Payactiv is the partner of choice for more than 1,500 companies looking to help their employees fully engage in work and life. Our all-in-one livelihood platform embraces a holistic approach to improving financial well-being. It has helped employees save over $ 400 million by avoiding payday loans, overdrafts and unnecessary late fees. ”

In short, Payactiv provides quick access to pay, a process whereby a worker doesn’t have to wait weeks for their paycheck, but can instead collect their pay on demand as soon as it’s earned.

How salary access solutions work

Earned On Demand (EWA) access solutions are becoming an increasingly important aspect of employee benefits provided by companies looking to scale up their recruiting efforts, and they can be particularly useful as they approach the job market. holiday season. EWA services provide flexible payment models so that employees can access the salary they have earned through prepayments ahead of their regular paycheck, usually arranged for a small fee.

Bhatia says 95% of hourly workers are interested in working for an employer that offers EWA. 89% of hourly workers are willing to work longer for an employer that offers EWAs, and 79% say they are ready to switch to an employer that offers EWAs.

For decades, Bhatia notes, most hourly workers have not enjoyed the same benefits as their full-time salaried counterparts. But the pandemic has turned this paradigm upside down and hourly workers are now scarce. Employers need to rethink how they attract, reward and retain skilled employees, says Bhatia, and EWA is a simple way to do it. She notes that the best EWA providers offer a free option to access funds, keep their fees to a minimum, and are non-transactional.

For its part, Payactiv, which has been B-Corp certified since 2015, offers the possibility of loading wages earned on a prepaid or payroll card, transferring money to a debit card or bank account, withdrawing payments. wages in cash at Walmart, pay directly for Uber rides or Amazon purchases, or pay your bills directly through the Payactiv app.

How does this help employers and employees in the long run?

“Our technology enables businesses of all sizes to help their employees be less stressed and lead more productive lives,” says Bhatia. “For many hourly workers, financial well-being is something they hope to someday achieve, but don’t have the tools to get them out of the suffocating cycle of debt and have enough money to put aside. for a rainy day.

“Our goal is to serve all those Americans who work hard and suffer needlessly because of outdated technologies or payroll systems that have locked them into a category of ‘unskilled’ for essential financial services and put them at risk of being. trapped by high interest and payday loans, she continues.

“Companies that have mastered the art of creating a compelling and authentic employee value proposition see the results in terms of a strong employer brand. A modern definition of an employee value proposition would be: “A mutually beneficial and rewarding ecosystem of support, recognition and values ​​that an employer provides to its employees to enable them to realize their greatest potential at work. “. Payactiv bridges the financial well-being gap with innovative financial management services, access to a discounted marketplace, and partnerships with employers to accelerate workers’ access to the money they earn each day.

What’s next for Payactiv and access to hourly wages in the United States

In 2020, there were 73.3 million hourly wage workers in the United States, representing about 51% of the total workforce. “Hourly workers are the backbone of the economy,” says Bhatia. “During the pandemic, the importance of the work they do has only grown. They MUST benefit from the growth of the economy they have built. To make this a reality, we’ve created a platform that addresses the short-term needs of the hourly worker and the long-term financial success of workers so they can finally live the life they’ve earned.

Bhatia notes that there is no turning back to the paradigm shifts brought about in 2020. Companies that have been slow to adopt technologies that support remote working or to create clear rules and guidelines Secure structures around concert workers are catching up, she said. “Optimizing the hybrid workplace requires accelerating investments to support virtual collaboration, creativity and access to on-demand wages. Employers will need to recognize that the needs and flexibility of the workforce have changed.

To date, Payactiv has saved more than 1,500 companies over $ 1 billion in revenue costs.

To learn more, visit www.payactiv.com or https://www.itsabouttimethefilm.com/.

Media communication

Information: [email protected]

Podcast: https://missionmatters.com/author/adamtorres/

KissPR.com Brand Advertising Partners – For more details, visit Kisspr.com. KISS PR Digital PR & Marketing powers Mission Matters Business podcast with brand storytelling. T: 972.437.8942

  • Sabina Bhatia was interviewed on Mission Matters Innovation Podcast by Adam Torres.


Source link