Randstad USA partners with Instant Financial to provide PayMyWay on-demand payment to thousands of employees
This new partnership comes at a time when the historically tight labor market has accelerated the shift towards employee demand for instant access to salaries, and employers are more focused than ever on employee retention, including job offers. benefits that act as a competitive differentiator.
January 24, 2022
As employers across industries step up efforts to turn the big quit into the big retention, Randstad USA today announced that it is partnering with responsible earned wage access (EWA) pioneer Instant Financial, to provide thousands of their talent with the option of real-time, on-demand access to same-day pay. At no cost to their customers or talent, Randstad’s PayMyWay solution will help reduce absenteeism and increase job applications, while maintaining compliance in 50 states to avoid risk to Randstad and its customers.
“It’s no secret that workers are demanding more from their employers in the context of the current labor shortage that is forcing many companies to struggle to adjust their talent management strategies in order to stay competitive” , said Greg Dyer, president of the Randstad USA group. “PayMyWay is a solution that not only gives new and existing talent more flexibility to control when and how they receive their pay, but also gives customers an edge in today’s market to support employee recruitment and retention.”
This new partnership comes at a time when the historically tight labor market has accelerated the shift towards employee demand for instant access to salaries, and employers are more focused than ever on employee retention, including job offers. benefits that act as a competitive differentiator. A recent data report from Instant Financial revealed that employers are able to reduce employee turnover by more than 27% and cut hiring costs by 35% simply by providing access to day wages. same. Without charging fees or interest, PayMyWay will enable Randstad to help its customers hire and increase job loyalty.
“The pandemic has revealed an unprecedented level of financial anxiety in the United States,” said Tal Clark, CEO of Instant Financial. “Many families have been forced to dip into their savings due to job loss or unforeseen expenses, and as we enter 2022, fear of the unknown persists. Responsible access to earned wages provides the necessary access to income between paychecks, removing some of the unknown and relieving some of that financial anxiety.
Even after the Great Resignation ends and the labor market returns to a new normal, the recruitment and retention tactics adopted by employers will likely become the norm. The need for employer-focused financial wellness tools is long overdue for hourly and salaried workers. Through a responsible EWA, PayMyWay will enable Randstad to provide talent across a wide range of industries with the tools they need to take control of their financial freedom.
For more information on Earned Wage access, visit http://www.instant.co.
Randstad North America, Inc. is a wholly owned subsidiary of Randstad NV, a €20.7 billion global provider of flexible working and human resources services. As a trusted human partner in the tech-driven world of talent, we combine the expertise and passion of our people with some of the most innovative HR technologies on the market today to advance careers and success. commercial of our candidates and clients.
Randstad’s North American operations include 5,700 associates and a deployed workforce of more than 86,000 in the United States and Canada. In addition to staffing and recruitment, Randstad offers outsourcing, consulting and workforce management solutions for generalist and specialist disciplines, including technology, engineering, accounting and finance, healthcare clinical and non-clinical health, human resources, law, life sciences, manufacturing and logistics, office and administration, and sales and marketing. Global concepts available to North American enterprise customers include RPO, MSP, integrated talent management solutions, payroll and independent contractor management, and career transition services. Learn more at http://www.randstadusa.com or http://www.randstad.ca.
About Instant Financial
Instant Financial is leading the charge to bring financial freedom and well-being to millions of working people in the United States through its earned wage access solutions. By enabling employers to allow employees access to their daily pay immediately after their shift, Instant Financial helps organizations improve retention and reduce absenteeism while helping employees take control of their financial freedom bridging the gap between workday and payday. Learn more about Instant Financial at http://www.instant.co.
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