Guide to Employee Financial Wellness

Employee wellness is the heart of every great small business. But what about employee financial wellness?

Financial health is a private affair. But we don’t need to know the details about someone’s life to support them—especially when 72% of Americans regularly experience financial stress. Stress that leads to an estimated $300 billion annual loss in productivity!

As a business owner, reducing your team’s financial stress is a win-win. By supporting your employees’ financial wellness, you can boost morale, increase productivity, and foster loyalty in your day-to-day operations.

In this post, we’ll dive into the world of financial wellness and show you how earned wage access, budgeting tools, and Homebase can help you create a team that’s not just unstoppable, but also financially stress-free.

Understanding employee financial wellness.

When we talk about employee financial wellness, we’re looking at an individual’s financial health. That might look like your employee’s:

  • Expense management
  • Savings
  • Financial security

Financial stress can lead to a host of problems for employees, from decreased productivity and engagement to increased absenteeism and turnover.

By offering tools and resources like earned wage access and financial planning workshops to support financial wellness, you can help your team members feel more secure, valued, and committed to their work.

Earned Wage Access with Homebase.

Earned wage access (EWA) is a game-changer for your team, allowing them to tap into their earned wages before payday. No more living paycheck-to-paycheck, sweating over surprise bills, or resorting to high-interest loans or credit card debt just to get by. 

With EWA, your team can access the money they’ve already worked hard for, when they need it most. When your employees have the flexibility to manage their finances on their own terms, they experience a better work-life balance. They can focus on doing their best work, without the distraction of financial stress weighing them down.

Cash Out

Life happens, and sometimes your team needs a little extra cash to tide them over. That’s where Homebase Cash Out comes in. This game-changing feature allows your employees to access up to $500 of their earned wages whenever they need it, without any hassle on your end.

Here’s how it works: once your team members connect their bank account, they can request an instant cash boost for a small fee. If they wait a few days, they can get the money delivered to their account for free within 3 business days. It’s like having an ATM in their pocket, but better – because it’s their own hard-earned cash.

Pay Any Day

Ready to take your support for your team’s financial wellness to the next level? Check out Homebase’s Pay Any Day feature. This exclusive perk allows your employees to access up to 100% of their earned wages as soon as they finish their shift, giving them the ultimate control over their finances.

If you’re already using Homebase for payroll, enabling Pay Any Day is a breeze. There’s no extra work required on your part – just sit back and watch your team’s financial stress melt away. Plus, you can offer this incredible benefit without any sneaky fees or interest charges, ensuring your employees get every penny they’ve earned.

Cash Out and Pay Any Day are also powerful recruitment and retention tools. In today’s competitive job market, hourly workers are looking for employers who offer stand-out benefits and show a genuine commitment to their well-being. By providing on-demand pay, you differentiate yourself from other businesses and attract the best and brightest to your team.

Employee budgeting tools

In addition to EWA, Homebase also offers budgeting tools to help your team take control of their finances. Integrated directly with their bank accounts, Homebase provides personalized insights and alerts to help them stay on top of their bills and expenses.

For example, Homebase’s bill-tracking feature automatically reminds employees when bills are due, helping them avoid late fees and missed payments. The app also shows how much money employees are earning each pay period, so they can plan their spending accordingly.

As a small business owner, you play an important role in promoting financial literacy to your team. Here are some practical tips you can share to help them build healthy financial habits:

  • Encourage them to create a budget: Sit down with your team and walk them through the basics of creating a budget. Help them identify their income, fixed expenses, and variable expenses, and show them how to allocate their money accordingly. Recommend budgeting apps or templates to make the process easier.
  • Promote the 50/30/20 rule: This simple budgeting framework suggests allocating 50% of income to needs (like housing, food, and transportation), 30% to wants (like entertainment and dining out), and 20% to savings and debt repayment. Encouraging your team to follow this rule can help them find a healthy balance between enjoying life and building financial security.
  • Offer resources on financial goal-setting: Whether it’s paying off student loans, saving for a down payment on a house, or building an emergency fund, your workers  likely have financial goals they’re working towards. Provide resources or workshops on setting SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) financial goals, and check in with your team regularly to see how they’re progressing.
  • Encourage open communication: Let your team know that you’re there to support them in their financial wellness journey. Encourage them to come to you with questions or concerns, and be open to feedback on how you can better support their financial needs. By fostering a culture of open communication and support, you can help your team feel more confident and empowered in their financial lives.

By offering these practical tips and resources, you can help your employees build the skills and habits they need to achieve financial wellness.

Implementing Homebase in your small business

Ready to take your employee financial wellness initiatives to the next level? 

Here’s a step-by-step guide to get you started with Homebase:

  1. Visit the Homebase website and sign up for an account. You’ll be asked to provide some basic information about your business, like your company name, location, and number of employees.
  2. Connect your payroll to Homebase.That way, you can use features like Pay Any Day and Cash Out. If you’re already using Payroll, you’re all set. If not, our team can help you get set up quickly and easily.
  3. Get your team on board. Schedule a meeting or send out an email to introduce the new tools and explain how they can help support financial wellness. Be sure to highlight the benefits of Pay Any Day and Cash Out, like increased flexibility and access to earned wages.
  4. Encourage your team to use the tools. Consider offering incentives for employees who sign up and start using the app regularly. You could also host a workshop or Q&A session to help your team get familiar with the features and answer any questions they might have.
  5. Track the impact of your financial wellness initiatives. Keep an eye on metrics like employee satisfaction, retention, and productivity, and look for correlations with the adoption of Homebase tools. You can also survey your team periodically to get their feedback and suggestions for improvement.

Unlock financial wellness for your team.

Employee financial wellness is about more than just numbers on a paycheck. It’s about helping your team take control of their financial lives, so they feel secure and confident in their ability to manage their money and achieve their goals.

By offering tools like earned wage access, budgeting resources, and financial literacy support, you help your team build the skills and habits they need to thrive – both at work and in their personal lives.

Homebase is here to help. With features like Pay Any Day and Cash Out, you give your team the flexibility and access to their earned wages. With our budgeting tools and resources, you support your team in building healthy financial habits that will serve them for years to come.

Take the first step. 

Ready to join the movement toward employee financial wellness? Our everything app is designed specifically with small businesses in mind. Our tools fit seamlessly into your operations. With our commitment to transparency and customer support, you can feel confident that you’re making the best choice for your team.

See for yourself how our earned wage access and budgeting tools can help you build a more financially empowered, engaged, and unstoppable. Your team – and your bottom line – will thank you.

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