With today’s workforce seeking greater flexibility in accessing their earnings, IPS is rolling out its ZayZoon integration to help clients offer a valuable, financial wellness benefit.
Employees can collect a portion of their earned wages before payday, giving them a way to address unexpected expenses without turning to payday loans or high-interest borrowing.
“Wages on demand, or earned wage access, allows employees to access money they have already earned between regular pay cycles,” says Sarah Kempf, IPS Client Service Lead. “Through the IPS and ZayZoon partnership, employees can also take advantage of financial education tools and other resources designed to help them make the most of their paychecks.”
Growing demand for earned wage access is being driven by rising living costs and the financial challenges many workers face. 64% of Americans are living paycheck to paycheck, so for employees dealing with surprise expenses, access to earned wages can provide welcome relief.
Here’s how the ZayZoon platform works:
- It allows employees to access up to $200 per day, or $1,000 per pay period, through a mobile app with no credit check required.
- The service is completely voluntary and funded by ZayZoon, eliminating any impact on employer cash flow.
- Repayment is automatically handled through payroll during the employee’s next pay cycle, making the process seamless for both employers and employees.
Click here to watch a step-by-step ZayZoon demo.
Beyond the convenience of on demand pay, ZayZoon serves as a powerful tool for attracting and retaining employees. By giving workers greater financial flexibility and reducing financial stress, employers can enhance their overall benefits package while supporting employee well-being. Some of the results from implementing the platform include:
- 29% reduction in employee turnover
- Twice the number of job applicants
- 74% improvement in productivity
- 67% higher morale rate
This eBook outlines the business cost of employee financial stress and why it’s important to provide employee financial support. If you have questions or want to learn more, contact your IPS representative.