The power of financial wellness for small business employees

You know all the common tricks. Keep employees engaged. Have meaningful check-ins with them. Provide benefits. Make communication easy.

But what about their financial wellness?

Finances are private, and deeply personal. We don’t need to know the details about what someone is going through. But  a staggering 72% of Americans regularly experience financial stress, leading to an estimated $300 billion annual loss in productivity. That’s a huge hit for small businesses, and a huge weight for their employees.

As a business owner, you have more power to help reduce that financial stress than you think—boosting employee morale, financial success, and increasing productivity (and loyalty!) in your day to day operations.

In this post, we’ll explore how you can leverage earned wage access, budgeting tools, and worker’s compensation to help build an unstoppable (and fiscally content!) team.

Understanding the impact of Earned Wage Access (EWA) on small businesses.

Earned Wage Access (EWA) is a financial wellness benefit that helps empower your employees to access their earned wages before payday!

Think of it this way: with EWA, you help eliminate the dreaded payday countdown.

Less:

• Living paycheck-to-paycheck
• Sweating over unexpected expenses
• Waiting to access money they’ve already earned
• Resorting to high-interest loans or credit card debt. 

EWA helps enhance work/life balance, enables employees access to the money that’s already theirs, and builds an employee-first environment. Even better: when your team isn’t worrying over cash flow, they’ll be more productive, more engaged, and more likely to stick around for the long haul.  Plus, offering EWA is like having a shiny “Employee’s Choice” badge on your company’s profile. In today’s cutthroat job market, top talent is looking for more than just a paycheck—they want to work for businesses that actually care about their well-being.

By providing EWA, you’re sending a clear message that you’re invested in their success on and off the clock.

Make financial flexibility a reality with same day work and pay.

Give employees access to their money as soon as they’ve earned it? Yes, please!

Make payroll harder on business owners? Noooo, thank you!

A very real threat when you introduce any new process to your business is administrative overhead you can’t imagine finding time for. That’s why, after years of being small business-obsessed, Homebase has designed Pay Any Day and Cash Out.

With Pay Any Day, your employees can access up to 100% of their hard-earned wages as soon as they clock out. Already using Homebase for payroll? You can unlock this exclusive perk for your team without lifting a finger. No sneaky fees, no interest charges. All they need to do is switch their direct deposit to Homebase, and bam! Instant access to their money, anytime, anywhere

If you’re not ready for the full payroll experience, Cash Out gives your team a quick cash boost. After connecting their bank account, your employees get instant access up to $500 for a small fee, or free delivery within 3 business days. And you don’t have to do a thing.

Integrate budgeting tools into your HR strategy.

Financial wellness starts and ends with one tool: a budget that works.

Your employees deserve  the tools and resources they need to create a budget, track their expenses, and reach their savings goals. When you integrate budgeting tools into your employee management strategy, you help become a financial coach, partnering with them in- and outside of work.

That means your employees can:

• Automatically know the value of every paycheck (and the hours that went into it!)
• Know at a glance  when they’re comfortable, or when they need extra hours
• See how growth at the business directly ties into financial freedom
• Develop a stronger relationship with your business as a space that develops skills beyond the hours they’re clocked in

Offering your employees a combo-pack of professional development and personal growth can go a long way in fostering loyalty, building an all-star morale, and reducing turnover—saving you from the hiring grind and improving team performance..

Want to kick off now? With Homebase’s bill-tracking feature, your employees can easily:

• Track their expenses
• Automatically receive alerts for bills  (no need to set reminders!)
• Get personalized insights into their spending habits

It’s like having a financial coach in their back pocket, 24/7.

Here’s how it works: 

1. Your employees connect their personal bank account for Cash Out or create a Pay Any Day account in the Homebase app
2. The Homebase financial wizards work their magic, analyzing transactions and estimating future bill payments based on past behavior
3. Weekly alerts are delivered every Monday, helping  your employees stay on track and in control
4. Staff can track upcoming payments in the Money tab, staying one step ahead of their bills.

Your team will take charge of their finances, reduce stress, and focus on what really matters: bringing their A-game to work every day.

Understanding workers’ compensation and its importance.

As a small business owner, you’re legally required to have workers’ comp insurance, but it’s so much more than just a box to check off your to-do list. Having a solid workers’ compensation plan:

• Helps protect your employees in case of workplace injuries
• Shows employees you’ve got their back

When your employees know you’re looking out for their safety and well-being, they’re more likely to stick around for the long haul.

But we know what you’re thinking: workers’ comp insurance can be a real pain in the assets. 

Traditional policies require you to fork over a hefty premium upfront, putting a serious strain on your cash flow. But fear not! Homebase has teamed up with Next Insurance to bring you Pay-As-You-Go Workers’ Compensation. 

Pay-As-You-Go with Homebase + Next Insurance looks like…

• No more massive premiums eating away at your cash flow
• Smaller premiums each pay period
• Seamless integration with Next Insurance
• Automated processes & fully-handled audits

You can rest easy knowing that your team is protected, without getting bogged down in paperwork and administrative tasks. They’ll:

• Calculate your premiums based on your payroll data
• Send you timely invoice alerts
• Automate your payments

But the benefits of workers’ comp go beyond just compliance and risk management. By prioritizing workplace safety and investing in your employees’ well-being, you’re helping create a culture of care and respect.

Your team will feel supported and valued, leading to increased job satisfaction and productivity.

The bottom line: a happier, healthier workforce.

Financial wellness isn’t just a feel-good initiative. It’s a strategic move that can have a serious impact on your bottom line. When your employees are stressed about money, it shows up in their work. They’re distracted, they’re underperforming, and they’re more likely to jump ship for a company that offers better financial support.

But when you show up for your employees, they’ll show up for you. Giving your team earned wage access, budgeting tools, and workers’ compensation plans are just a few ways you can forge a stronger bond, create flexibility, and show them you really have your back.

Ready to take the next step? Sign up for Homebase today and join the ranks of small business leaders who are putting their people first and reaping the rewards. The everything app for small businesses is a one-stop-shop for all things employee financial wellness. From earned wage access that gives your team the flexibility to access their pay when they need it most, to budgeting tools that help them take control of their finances, to pay-as-you-go workers’ comp that protects your business and your people – Homebase has you covered.

Your journey to a happier, more financially secure workforce starts now – and Homebase will be with you every step of the way.

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*Important Disclaimer: Homebase is the sole and exclusive provider of services described in this article. Clover does not make any representations or guarantees as to these products / services. Please see Homebase Terms and Conditions for more information.

This information is provided for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain advice with respect to any particular matter.