Employees are struggling with their financial well-being, and it's resulting in lower engagement, retention, and morale.
Employers are uniquely positioned to make an impact for employees and their engagement. Playing an active role in employee engagement is no longer optional for benefits, it’s mandatory. ZayZoon offerings like earned wage access, rewards, and recognition and perks make this easy.
ZayZoon is a no-cost financial wellness benefit for small businesses and franchises. With no restrictions on size, location*, or employment type, any business can use ZayZoon to increase employee engagement and improve productivity.
Earned wage access (EWA) lets employees access a portion of their wages before regular payday. Life doesn’t always follow the pay cycle, ZayZoon gets your team access to their wages early when those expenses come up between pay periods. This empowers them to take control of their money and reduce their financial stress.
Employees often look to their employer for help when they are struggling with their finances in the form of pay advances. As people operations teams usually have to process pay advances on their own, it can be very time consuming and expensive to do.
Many employees also feel shame and embarrassment when asking for a pay advance as they have to disclose why they need an advance. With EWA, employees can access their wages on-demand without notifying their employer.
With ZayZoon, employers can give employees a low-cost (or no-cost) alternative to more costly alternatives—like payday loans or credit cards—that can perpetuate a cycle of debt.
Giving employees access to educational resources and budgeting tools helps improve their financial literacy and supports their wellbeing.
The impacts of earned wage access go beyond employee financial wellbeing. ZayZoon surveyed 500 HR professionals for their state of financial wellness report. They found EWA can drive organizational success in numerous ways, including:
The reality is, when employees don’t feel recognized, they’re more likely to disengage, look for new jobs, and underperform. When your team is not recognized, employees don’t have the motivation they need to do their best work, which leads to higher turnover and lower morale.
That's why employees who receive recognition are 20x more likely to be engaged and employees who aren’t recognized at work are 2x more likely to leave within the year.
ZayZoon’s Rewards & Recognition program simplifies how you show appreciation for your team’s hard work. It’s built to support businesses and industries of all kinds and doesn’t require any new technology or logins.
With ZayZoon, you can recognize employees for their hard work through financial rewards and company-wide shoutouts. Rewards help you incentivize positive behaviors and improve workplace morale.
Data tells us that perks, rewards, benefits and overall recognition at work matter greatly to workers. They boost productivity, according to Gallup, and individual employee engagement on the job. This can lead to more loyalty at work, reduced turnover and increased retention.
ZayZoon gives your employees up to 25% more on gift cards for top brands like Amazon and Walmart, increasing their spending power at the places they already shop. And with gas cards, they can save 5% when they fill up at any US gas station.
Employees also get access to exclusive discounts on prescriptions, over-the-counter medications, and home and auto insurance, helping them save on everyday expenses and stretch their earnings further.
ZayZoon Perks gives your team access to savings where they need them most.
Learn more about ZayZoon Perks
A holistic approach to financial wellness addresses both short-term employee needs and provides resources for long-term financial growth. That's why ZayZoon's offering goes beyond earned wage access to also include financial literacy and wellness services like:
Learn more about ZayZoon’s financial wellness offerings.
The journey to financial wellness begins with understanding our personal financial goals and building habits we can stick to. It can be challenging to build a financial roadmap alone.
ZayZoon’s Money Mindsets Quiz helps employees understand their financial habits, gain personalized support and advice.
Employers can use the quiz to identify team spending habits, tailor financial wellness supports for staff, and reduce employee stress.
We collaborated with leading academics in psychology, economics and behavioral finance to ensure the project is grounded in the latest research.
Learn more about the creation and research behind the quiz.
Providing employees with earned wage access not only strengthens their financial well-being but also leads to higher engagement, reduced stress, and improved job satisfaction.
Curious to learn more about EWA or find out how ZayZoon can help you? Get in touch with one of our experts to learn more today.