Why you should welcome earnings on demand
As an employee, you may have experienced financial issues at one point in your life, but when these issues are set against the backdrop of unexpected bills, many individuals are faced with the pressure of turning to a payday lender for help.
Payday loans have the reputation of being easy to access, but they carry extremely high interest rates. In a crisis, customers ignore these interest rates, and instead look at these loans as ‘fast cash’. This may appear to be a quick solution however, using this method to obtain cash can expose you to risks if you are not careful.
These risks include:
- Not being able to pay back the loan on your next payday
- Taking out additional loans, getting deeper into debt
- Paying extremely high fees
- Reduced credit scores
- Suffering from financial stress
In 2019 IRIS & Hastee undertook workplace wellbeing studies, and the results caused great concern. We found that 82% of workers use finance to source money quickly between paydays, including credit cards, overdrafts and payday loans.
If technology has enabled us to control nearly every second of our lives, why must we still have to wait until payday to receive the cash we’ve earned?
IRIS have teamed up with Hastee to give our customers access to earnings on demand. Helping to support organisations and their employees with improving financial wellbeing.
What does Hastee’s Earnings on Demand Service offer?
Hastee is here to revolutionise the way people are paid.
Hastee empowers employees, allowing them to access a portion of their earned pay immediately, increasing their control and allowing total autonomy! Each month employees receive the first £100 free of fees, after which a small fee of 2.5% is applied- no credit checking is required and no interest is charged.
Employers can help by introducing Hastee to their employees, allowing your team to cover unexpected costs at zero cost to your organisation.
As well as this fantastic benefit, Hastee provide access to a financial wellbeing hub that is packed with the latest money management tips and advice. It includes a complete financial education programme, written in conjunction with The Money Charity and the Money Advice Service, allowing you and your employees to keep financially educated.
Unsurprisingly, nearly 50% of workers do feel uncomfortable asking their employers for an advance, which is why Hastee is having such a huge impact. Unlike other lending models, the Hastee proposition isn’t a loan, therefore there is no interest.
It’s not a loan, it’s money you’ve already earned!
What are the benefits for your organisation?
1. No extra cost
There are no additional costs or risks to your business
Reducing financial stress has a considerable impact on workplace productivity and absenteeism. Happy employees work far more effectively.
3.Attract the best talent and reduce staff turnover
Prospective employees are more likely to join an organisation championing financial wellbeing and existing employees are less likely to leave.
What are the benefits for your staff?
Your employees will receive their pay immediately, smoothing income across the month, helping them to budget and avoid high-cost credit
There is no credit checking. Your employees can be assured that using the Hastee service will not affect their credit score. This is not debt, it’s their earned pay!
No interest to pay, just a small fee
No interest to pay, just a small fee
Hastee have devolved power to employees, allowing them to decide when and how they receive their earned pay.
Financial wellbeing is not about winning the lottery, but learning good practices, budgeting, and having a safety net when life throws you something unexpected.
Responsible employers are acting now by signing up with Hastee. Helping to improve their workforce’s financial wellbeing, not just considering the case closed once the monthly payroll is complete.
To find out more, click here.