Employee financial wellness company FinFit is integrating its technology into human resource management platform PrismHR, the firms announced on Thursday (Jan. 31).
PrismHR is linking its customers, which provide HR services to their own corporate clients, to FinFit’s WageNow program, a way for employees to access their earned wages on-demand. The tool aims to address the cash flow challenge of the weekly and bi-weekly pay cycle.
In a statement, PrismHR Senior Vice President of Customer Success Tim Pratte said the solution can be particularly beneficial for small business employees.
“WageNow helps PrismHR customers meet a significant demand from their SMB clients and employees,” he said. “It eliminates the need to issue payroll advances, and by helping improve employees’ financial wellness, WageNow allows PrismHR customers to help their clients improve employee engagement and achieve greater employee retention.”
FinFit President David Kilby spoke with PYMNTS’ Karen Webster last year about the importance of employers addressing the financial pain points of their staff.
“Chronic stress is what we talk about here, and it is the unhealthy stress of constantly having to worry about what the next day brings,” he said. “It’s estimated through various studies that close to 50 percent of employees in the workforce today would not be able to meet a $400 financial need without having to borrow money or sell an asset they own today.”
A separate interview with PrismHR’s Pratte similarly emphasized the importance of employers being able to offer financial wellness solutions to their staff to retain talent.
“Many of our customers right now are facing pressure from their customers, meaning SMBs, to offer more on-demand payments and more financial wellness solutions,” Pratte said last November. “Anything that can benefit the employees, give them help in financial wellness or get them paid easier and faster.”