Statics show that 78% of U.S. workers live paycheck to paycheck, one in four don’t save and a majority turn to their bank or credit union for financial literacy resources. ATMs, a critical touch point for consumers, can be used to provide financial education. By offering ATMs at work, financial institutions can offer surcharge-free transactions, increase brand awareness and promote financial planning in the environment where consumers are most likely to engage – the place they make their money.
It doesn’t take a big raise or expensive gifts to make employees happy. One of the simplest ways to ensure employee satisfaction is get creative with benefits and perks that add real value to employees’ lives. That’s why the popularity of ATMs in the workplace is growing among employees and employers alike.
On-site ATMs for local businesses are a great way for banks and credit unions to increase brand presence. But, when used correctly, they are also a step toward creating a community partnership that develops new accounts and revenue for the financial institution through Bank at Work programs.
Your employees are using an ATM and chances are they are spending a great deal of their paycheck on fees to obtain cash. Many HR professionals recognize this and that’s why having an ATM in the building to give their staff easy access to cash — surcharge-free — is becoming one of the hottest new employees benefits being offered by employers.
As Millennials begins dominating the workforce, many employers are faced with the dilemma of finding ways to pay them. Where many in older generations enjoyed the benefits of direct deposit, a lack of bank accounts for younger workers has resulted in a surge of payments by check. It is for exactly these reasons that many businesses turned to payroll cards.