Larry Meyers is the SVP of Public Affairs for PayActiv. He is an expert in employee financial wellness. PayActiv is a Certified B-Corporation and Public Benefit Corporation, which provides an award-winning holistic financial wellness platform that includes earned wage access, empowering employees to improve their lives and offering employers improved retention, productivity and engagement.
Earned wage access gives employees access to wages they have earned but not yet been paid on.
The federal government has officially acknowledged that EWA is not only a new financial product, but “an innovative way for employees to meet short-term liquidity needs that arise between paychecks."
Financial wellness doesn’t have a clear definition. It means different things to employers than it does to employees. One thing is certain: financial wellness means more than worker pay.
Every delayed preventative screening, test or check-up can result in a failure to discover a serious medical condition that requires treatment. That raises treatment costs down the line for both company health plan and employee.
COVID-19 has changed the world and employee benefits managers must pivot to products and services that provide direct and immediate assistance to workers.