4 Reasons You Should Offer A Payroll Advance Program For Your Employees

What Is A Payroll Advance Program And Should You Offer One? 

A payroll advance program is a great benefit for employees. Read on to learn how Federal agencies can benefit from offering a payroll advance program.

Today’s world is unpredictable. Hardworking federal employees may suddenly find themselves in a financial bind and need money quickly. Offering your employees an alternative source of funding would steer them away from toxic financial habits like turning to their credit cards or unsecured loans. Here are the advantages of offering a payroll advance program for your employees.

What Is A Payroll Advance Program?

A payroll advance program is an employer-led benefit that allows employees to obtain part of their upcoming paycheck days or weeks ahead of time. This is different from a loan since a payroll advance merely allows an employee access to earned pay.

A payroll advance program is a valuable benefit for federal employees that presents little risk and offers lots of benefits for employees. However, setting up one takes up work and resources. We can help you set up a payroll advance program seamlessly. 

Benefits Of Offering A Payroll Advance Program To Federal Employees

1. Improves Productivity

Offering payroll advances for employees indirectly boosts their job performance. The impact of financial wellness on job performance is well-documented. If employees don’t have to worry about where to get funds to cover additional or emergency expenses, they can focus and work better in the office. 

2. Sends Out A Positive Message

Offering a payroll advance program shows your employees that you care about their well-being. By offering this simple program, you are helping them manage financial stress and keep them from falling into a cycle of debt. Sending out a positive message to your employees is a great way to foster a positive organizational culture.

3. Cultivates Loyalty And Boosts Morale

Giving your employees an alternative option for acquiring last-minute funds shows them that they can rely on you. You are no longer simply an employer but possibly a family, as you have probably been calling yourself. When employees know that their employer cares about them, they feel a sense of loyalty that will encourage them to stay and work hard.

4. Attract And Retain Top Talent

Federal agencies have been struggling with high turnover rates since 2011, adversely affecting their human resources. However, federal agencies can turn this around by beefing up their employee benefits with payroll advance program. Benefits that directly address employees’ needs are a great way to attract and retain talent in your agency.

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