- Earned Wage Access solution can help companies attract and retain talent
Citizens announced a solution that enables corporate clients to give employees on-demand access to their earned pay, along with financial health tools designed to help them feel more financially secure.
“Acquiring and retaining strong talent is more important than ever, and this program enables our clients to offer their employees a valuable benefit”
“Acquiring and retaining strong talent is more important than ever, and this program enables our clients to offer their employees a valuable benefit,” said Michael Cummins, head of treasury solutions, Citizens. “This solution also offers employees tools that can help reduce their financial anxiety.”
HR Technology News: Revenue.io Hires CFO Jim Arth and CRO Phillip Edgell as Real-Time Revenue Operations Goes Mainstream
According to a 2019 Visa survey of 1,000 workers nationwide, 95 percent said they would be interested in working for an employer that provides Earned Wage Access. Citizens’ 2022 Payments Pulse survey of 200 middle-market treasury executives found 70 percent were already offering some form of earned-wage access and another 24 percent are expecting to offer it soon.
The Citizens solution funds the earned wages and then is reimbursed by companies during the traditional payroll cycle, which means employers can use it at no additional cost and with no impact to their working capital. Earned Wage Access connects with nearly all major enterprise human resource information and payroll systems, creating a seamless process that can be up and running in as little as 30 days.
HR Technology News: Clockwise Introduces Links, a Smarter Way to Schedule Meetings
Separately, Citizens plans to launch a new account feature, Citizens Paid Early™, in the second quarter of 2022 allowing customers to receive their direct deposits up to two days early.
Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
HR Technology News: Texthelp Names Cathy Donnelly as Chief People Officer
[To share your insights with us, please write to sghosh@martechseries.com]