JumpStart Instant Pay
With unemployment rates at their lowest since 1969, employees are scrambling to recruit and retain quality employees. We have a product that will give you an unfair advantage vs. your competitors in recruiting and retaining hourly workers.
Recruiting and retention are important issues for you. For example, The Work Institute’s 2017 report shows that the average cost of turnover runs 33% of annual earnings. So the average worker, earning $45K costs you about $15K to replace.
JumpStart Instant Pay© gives your hourly employees same-day access to their earned wages, helping to alleviate stress, increase engagement, and ultimately decrease employee turnover. That’s an important benefit that most other companies can’t offer.
There are 70 million hourly workers in America. According to a Federal Reserve report, 44 percent of Americans are not prepared to handle a relatively small $400 out-of-pocket emergency, for example a minor, but troubling issue such as mechanical issues with a car or basic home repairs.
So, when an unexpected expense arises, what do your employees do? They don’t have enough (if any) savings reserves. So many of your employees end up going to a Payday Advance store where they may be charged as much as 400% interest.
Forbes magazine reports about 12 million Americans use payday advance loans. And many use them frequently. Surprisingly, the minority use these loans for emergencies. Instead, the vast majority use these predatory loans to cover shortages for basics like housing, food, car payments, day care, and credit cards.
A financial problem like this puts tremendous stress on your employees, doing little to enhance well-being and productivity.
How will JumpStart Instant Pay help you recruit and retain good employees?
- Employees Want it - 74% of hourly workers surveyed said they would use our mobile same-day pay feature for instant access to their earnings.
- Jobseekers are 250% more likely to apply to a company that offers same-day pay over one that doesn’t.
- Employees are 40% more likely to cover a shift if they get same-day pay.
- Among companies that offer it, same-day pay decreases turnover by 13%, absenteeism by 18% and increases sales revenue by 8% on average.
- Zero technology integration is required. You can fund the offering, or have the employee pay $2.99 per transaction, when they opt to use it.
With JumpStart Instant Pay, your employees never need to pay usurious rates for pay advances again. The cash they need can be electronically transferred to their personal account on demand. Then it is automatically paid back to us next payday. You pay nothing. We handle administration. The employee pays a small “ATM” fee for the transaction.
We handle implementation; no headaches for you. We are ADP and Kronos-compatible.
Now you have an unfair advantage when recruiting and retaining valuable employees. You are giving your employees instant access to their earnings at no cost or risk to you.
Contact Us Today to see how Instant Pay can help your company.