isolved Helps Americans With Cost-of-Living Crisis Through Financial Wellness Suite

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:

  • Self-Serve Discounts: isolved’s Employee Marketplace provides staff discounts on prescription medicines, entertainment and other reprieve from day-to-day costs. 
  • Caregiver Relief: As costs rise, child and elderly care rates are also increasing. Employees are forced to make decisions on doing without care or not making it to work. Through isolved Benefit Services, employees can elect to set aside a pre-taxed amount to be reimbursed for child and elderly care costs – helping with the caregiver crunch.
  • Commuter Support: isolved Benefit Services makes it easy to offer employees a transit plan to help cover commuting costs with pre-tax income.
  • Deductible Assistance: Employees can curb premium costs on high-deductible plans with an isolved Benefit Services HRA, as well as make informed healthcare and cost decisions with an isolved Benefit Services HSA.
  • Quick Reimbursements: With isolved Expense Management, employees no longer have to wait extended time periods to get reimbursed for mileage and other on-the-job accrued costs – helping employees get to job locations on time. 

For more information about isolved On-Demand Pay, visit isolved’s retirement and financial services page. To download, “Voice of the Workforce”, click here.

 


Media contact: Amberly Dressler, senior director of brand and content • 714-851-5794 • adressler@isolvedhcm.com