08 September, 2022
The Company Releases Its On-Demand Pay Offering and Ramps Up Employee Discounts and Relief for Rising Living Expenses
Nashville, isolved Connect 2022 — September 08, 2022
More and more Americans are living paycheck to paycheck, increasing the costs they pay through overdraft fees and cash-advance loans to bridge the gap between pay days as well as forcing them to make impossible decisions about which basic needs to go without, such as medicine to keep them well or gas to get them to work. To help relieve the burden of today’s cost-of-living crisis, minimize the cycle of debt and improve workforce stability, isolved today announced isolved People Cloud On-Demand Pay for the 145,000 employers and 5 million employees it serves.
isolved On-Demand Pay removes the need to wait for the traditional payroll cycle, giving employees access to their pay when they need it – with zero business disruption through pay cards and digital wallets. This earned wage access model can not only reduce the amount of debt Americans carry and the fees they pay in interest, overdrafts and payday loans, but also improve recruiting, retention and business operations.
“Companies, particularly ones in the quick service restaurant, transportation, healthcare and other frontline operations, have been hit particularly hard by the financial snowball their employees are experiencing – first from the pandemic, then from inflation and now rising interest rates,” said James Norwood, Chief Marketing and Strategy Officer at isolved. “isolved People Cloud On-Demand Pay improves employees’ wellbeing by helping them take the best financial care of themselves, their families and, ultimately, their customers.”
While many employees are already struggling financially, 69 percent of U.S. full-time employees are also worried that the economy could impact growth within their company including for advancement and promotions, according to isolved’s latest Voice of the Workforce survey. Of these employees, 59 percent have concerns about job security and over a third (35 percent) have started to seek new opportunities within an organization they perceive as more secure.
isolved’s extensive suite of financial wellness offerings include On-Demand Pay, which does not require employees to have a bank account, additional eraned wage access options through the isolved Integration Marketplace and:
Media contact: Amberly Dressler, senior director of brand and content • 714-851-5794 • firstname.lastname@example.org