Tag: HR Benefit

  • 4 Reasons Financial Wellness Is Important in the Workplace

    Originally published by Huffpost

    Traditional views of wellness focus on exercise and nutrition. And frankly, if everyone ate and exercised perfectly, life would be better for all of us. But counting steps, joining exercise challenges and eating healthy lunches are so much harder when we’re stressed about money. It’s time to take a look at the relationship between financial wellness and overall well-being.

    Here are a few reasons why financial wellness is a critical part of employee well-being:

    Finances are a Major Stressor
    Work isn’t the only thing stressing employees out ─ money can be a huge source of anxiety. In a 2015 PwC survey of working adults in the U.S., 45% of respondents said dealing with their finances is stressful.

    For some, money can be a constant source of stress. In fact, a 2015 report conducted by the American Psychological Association (APA) found that 72% of adults feel stressed about money at least some of the time, and 22% experience extreme financial stress. When it’s extreme, health suffers. Some respondents said they thought about skipping or actually did skip doctor visits because of financial concerns.

    The same APA study found that those in lower-income households with extreme financial stress are more likely to engage in unhealthy behaviors to manage that stress. Think watching TV for hours, ice cream binging and drinking one too many to manage that stress.

    We know that chronic stress is unhealthy on its own, but financial stress multiplies the impact. People may avoid health investments to save money.

    Managing Finances Takes Time
    Managing finances isn’t just stressful, it’s time-consuming. Without control of their financial health, employees bring their worries into the workplace. In fact, 37% of those surveyed by PwC said they spend three or more hours at work each week thinking about their personal finances.

    Some employees even miss work due to money woes, according to a SHRM survey in June 2014. Among HR pros surveyed, 37% indicated that employees had missed work because of a financial emergency. And another study published by Rand in 2015 found that lack of sleep, financial concerns and taking care of family members are negatively associated with productivity.

    Stress is distracting — and when employees worry about their financial wellness, they lose focus and are less productive in the office.

    Employees Want Support
    Employees feel the burden of all this stress, and they want their employers to help support financial wellness.

    Although the SHRM study found 81% of HR professionals said they provide retirement planning to their employees, a majority don’t provide credit score monitoring or financial literacy training.

    But employees, especially those just out of college, want financial planning benefits.

    In a 2015 survey of employees ─ published by Quantum Workplace and my company, Limeade — almost 40% of employees younger than 25 said they wanted their employer to provide these benefits. Employees who feel stress from money issues are looking for help to improve their financial wellness.

    Financial Wellness Improves Engagement
    In our study, 71% of employees surveyed said they want standard-of-living raises — but only 31% of employers provide them as financial benefits. I’m a big fan of market — and merit-based pay — but employers should be aware of cost-of-living realities, especially for lower-paid employees.

    Cost-of-living adjustments account for increased living expenses due to inflation. They may alleviate stress and allow more work focus. When you give employees these raises, they’re 15% more engaged, on average.

    Providing financial benefits also shows employees that the organization cares about them as individuals, inspiring loyalty and motivation. When employees feel their employers care about their health and well-being, they’re 38% more engaged.

    Investing in financial wellness boosts the overall well-being of employees, increasing their health, productivity and engagement.

    To set up a 10 minute custom consultation, email us at sales@atmatwork.com. We’ll be happy to walk you through the many benefits of having a workplace ATM and the surcharge-free ATM options we offer.

  • Adidas Expands Surcharge-Free ATM Access for Employees at Two Additional Locations

    Selects ATMatWork to provide additional ATM access for their employees

    After successful providing easy, surcharge-free cash at their main office in Spartanburg, SC as an employee benefit, Adidas has expanded the program to include staff at two nearby distribution hubs.

    In 2018, Adidas management made the decision to expand their employee benefits by installing an ATM at their South Carolina headquarters. They partnered with ATMatWork, which specializes in providing ATMs as an employee benefit, and decided to go with the popular Allpoint option to provide the maximum benefit to employees.

    According to Bankrate, the national ATM surcharge average is $4.69, and the out of network fee charged by financial institution for using an ATM, not affiliated with their bank or credit union, is around $2.50 per transaction. Allpoint, the largest surcharge-free ATM network in the U.S., offers fee-free ATM withdrawals to account holders of more than 1,200 banks and credit unions, and the most popular paycard providers.  That’s a savings of more than $7 per cash withdrawal.

    Some of the benefits to Adidas employees include:

    • Saves staff thousands of dollars in surcharge & banking fees

    • Safe, secure environment for ATM transactions

    • Saves time. allowing employees to remain on-site

    • Easy access to payday funds

    • Cash for lunch, vending and the weekend

    Some of the benefits to Adidas management include:

    • Competitive advantage for recruiting

    • Keeps employees on-site

    • Cost-effective benefit

    • Helps employees keep more of their paycheck

    • No upfront costs for the company

    • No extra work for management, ATMatWork handles it all

    Give us a call at 866.440.4700, send us an email at sales@atmatwork.com. We’ll be happy to walk you through the many benefits of having an ATM on-site for employees and the surcharge-free ATM options we offer.

  • Make a New Year’s Resolution to Save Staff Time & Money with an ATM in the Workplace as a New Employee Benefit

    It doesn’t take a big raise or expensive gifts to make employees happy. Millennials especially look at benefits differently than their predecessors. As the first tech-savvy generation, they expect digital connectivity and convenient self-service access everywhere they go.

    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.

    Employees love having easy, safe access to their funds without having to use break time or leave work early to run errands.

    • Saves Employees Money. By having a surcharge-free ATM in your building, employees save thousands of dollars annually.  

    • Saves Employees Time. Being able to do their banking at work, saves employees a considerable amount of time. No more using break time or leaving work early to drive to the bank for cash.

    •  Increases Employee Safety. Having an ATM in the workplace offers an extra layer of security for employees since there is no safer place to withdraw cash than at work.

    A Competitive Advantage without a Big Price Tag

    In addition to making it convenient for staff, having an ATM on-site give employers a competitive recruiting advantage. And, having an ATM at work is cost-effective. In fact, in most cases having a surcharge-free ATM in the building is less expensive than paying for medical insurance for a single employee for just one month.

     Employees thrive at work when they know their contributions are valued. Letting your employees know they matter to you and the company helps employees stay engaged and excited, improving both the quality of work and the overall office environment.

    Contact the experts at ATM at Work and let us help you thank your employees by giving them surcharge-free access to their funds ‒ saving them time and money with an ATM at work!

  • Find the ATM Option that Best Suits Your Employee’s Needs

    Your employees are using an ATM and chances are they are spending a great deal of their paycheck on fees to obtain cash. 

    Many Human Resource professionals recognize this and that’s why having 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.

    Having an ATM on-site Saves Employees Time and Money, Keeps Staff at Work and provides a Convenient and Safe Environment for employees to do their banking. And best of all ATMatWork offers ATM options that are Hassle-Free and, in most cases, less than what you pay in insurance for one employee each month.

    Contact the experts at ATMatWork and let us help you select the ATM program that best suits your employee’s needs.

  • Be a Human Resource Superhero by Providing Your Staff with an ATM at Work!

    Your employees are using an ATM and chances are they are spending a great deal of their paycheck on fees to obtain cash. 

    Many Human Resource professionals recognize this and that’s why having 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.

    Having an ATM on-site Saves Employees Time and Money, Keeps Staff at Work and provides a Convenient and Safe Environment for employees to do their banking. And best of all ATMatWork offers ATM options that are Hassle-Free and, in most cases, less than what you pay in insurance for one employee each month.

    Contact the payment professionals at ATMatWork to get started. 

  • Why A Surcharge-Free ATM On-Site is a Hot New HR Benefit

    Studies show the average employee uses an ATM four to five times each month, typically withdrawing around $60 in cash at each transaction.

    However, the vast majority of ATMs in the U.S. are not operated by financial institutions. These “foreign” machines usually result in a fee for use – from both the ATM operator and the ATM user’s bank or credit union. Together these fees average around $6.00 per transaction. This is a considerable investment of funds to get cash.

    Paycards are a new and growing trend among employers with 25-35% of U.S. employers switching to the paycard model for employees that are unbanked or do not provide financial institution information for direct deposit. Due to the higher fee rates, these employees end up spending more than the average person when withdrawing cash ‒ and taking home less of the money they have earned.

    There is a better way. Companies can help their employees better utilize their funds and save a great deal more of their earnings by offering them a surcharge-free ATM solution ‒ conveniently located within their workplace.

    Safety and Convenience

    The workplace is one of the safest places for employees to use an ATM. Having a surcharge-free ATM on-site saves employees the risks of traffic, theft and time constraints while providing additional security through its indoor, on premise location. On-site ATMs are also a convenience, whether money is needed at that moment on the job or for use in after hour’s activities.

    Keeping More of Their Money

    On site ATMs also provide the added benefit of helping workers keep more of their hard-earned pay check, as well – when they are partnered with a financial institution and/or surcharge-free network like Allpoint or Money Pass. Allpoint, for instance, has over 1400 financial institutions in its network including national and regional banks, and credit unions as well as the leading pay card providers.

    Cash Is King ‒ Especially with Millennials!

    MasterCard’s report, “Measuring Progress Towards a Cashless Society” revealed that cash remains the most commonly used method of payment across all ages. This is particularly true for Millennials (those born from 1981 -2000), who currently comprise 33% of the workforce.

    Statistics show Millennials are not only technically savvy, they put a great emphasis on convenience. And, as they saw their parents greatly affected by the housing market crash and recession, they have a deep distrust of financial institution. They are the generation pioneering payment alternatives such as PayPal and Venmo – and are more likely to utilize cash than other forms of transaction.

    A Hot New HR Benefit – ATM at Work

    Representing one-third of today’s workforce, it is more important than ever to stay a step ahead of these technically savvy employees – and other companies who may be looking to lure them away. An ATM at work is just one way to provide convenience and incentive, while helping employees keep their hands on more of their income.

    Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular paycards and bank at the more than 1,400 financial institutions that are part of the network.

    And best of all the ATM is hassle-free and, in most cases, less than what you pay in insurance for one employee each month.

  • Give Your Paycard Employees More Money…Without Spending a Fortune

    The mortgage crash of 2008 did a lot more than cause a recession. It created a long-lasting anti-financial institution mindset in a large chunk of America’s younger generation. This change in behavior has led to a gradual increase in the un- and under-banked throughout the US – a number now floating around the 15 million mark.

    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. However, a study from Workforce Institute at Kronos reported paychecks arrive late for about 15% of Americans and 25% of respondents reported regular receipt of incorrect payment.

    It is for exactly these reasons that many businesses have come to rely on the ability to direct pay employees. But, with the rise in un- and under-banked workers, employers are struggling to bring all of their employees into the digital payments fold. The solution for many? The paycards or payroll card.

    The idea behind use of paycards is simple. Employers have an electronic way to provide fast funds disbursement as well as an easy way to quickly resolve pay discrepancies. In return, employees have immediate access to their funds on payday, rather than having to take the time to deposit or cash a check. As an added benefit, most paycards utilize the rails of major card networks, allowing the cards to be used for debit transactions.

    But, just like checks, paycards are not all sunshine and rainbows. Similar to some bank accounts, there are many paycards that also issue fees to their cardholders. Some of the most popular fee-incurring situations include an ATM usage fee, card replacement fees and low balance fees. In some cases, there are additional charges for not using the card over a certain period of time. In short, they may “have their money” but they have a great deal of difficulty accessing it without loosing a chunk of their earnings to fees.

    Fortunately, there are several easy ways for businesses using payroll cards or paycards to help their employees avoid fees while better managing their funds.

    • Promote Use of Surcharge-Free ATM Networks – Most major paycards are also members of one or more surcharge-free networks such as Allpoint, MoneyPass and CU Alliance. These networks provide nationwide cash access at participating ATMs. Employers can provide a link to the ATM the locator app and information for any network associated with their payroll cards as well as maps, flyers and other reminders to their employees paid via paycards.

    • Encourage Financial Health – Employers can host workshops and knowledge sessions for paycards employees that help inform attendees about the steps to financial health and freedom including budgeting, investments and knowledge of the fees associated with their payroll cards…as well as ways to avoid them.

    • On-Site ATMs – An ATM in the workplace provides safe, secure access to cash in a convenient location. The machine can be loaded with one of the surcharge-free networks associated with the paycard in use on-site, offering employees a fee-free way to access their funds – on payday or any day.

    Employees often need access to their money right away. However, without a bank account to initiate direct deposit, paycards are one of the only ways to ensure this convenience. Helping employees avoid these additional costs through education, information and on-site ATM programs not only encourages financial independence – it puts more money in the employee’s pockets.

    One of the hottest new benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking.

    ATM options include:

    • Surcharge-Free for Everyone

    • Allpoint or MoneyPass Surcharge-Free Networks

    • Bank or Credit Union Branded

    • Generic ATM

    And best of all the ATM is hassle-free and, in most cases, less than what you pay for insurance for one employee each month.

  • ATMatWork Welcomes Pure Power Technologies

    Staff need cash for everyday purchases like lunch and vending machines, and many leave work early on payday to go to the ATM. 

    Blythewood, South Carolina-based Pure Power Technologies recognized this need and contacted ATMatWork about installed an ATM in their building to give their staff easy access to cash. 

    They chose the Allpoint Network surcharge-free option, which allows the majority of their employees to withdraw cash with NO fee.

    One of the hottest new HR benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking. Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular paycards and bank at the more than 1,400 financial institutions that are part of the network.

    And best of all the ATM is hassle-free and, in most cases, less than what you pay in insurance for one employee each month.

  • ATMatWork Welcomes ZF Transmission

    ATMatWork helps human resource managers bring valued added services to their employees. With direct deposit and paycards as the preferred payment method, employees are using ATMs. Having an ATM on-site saves employees time, money and provides a safe environment to conduct their banking.

    Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular paycards and bank at the more than 1,400 financial institutions that are part of the network.

    And best of all the ATM is hassle-free and, in most cases, less than what you pay in insurance for one employee each month.

  • ATMatWork Welcomes Charter Communications

    ATMatWork helps human resource managers bring valued added services to their employees. With direct deposit and paycards as the preferred payment method, employees are using ATMs. Having an ATM on-site saves employees time, money and provides a safe environment to conduct their banking.

    Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular paycards and bank at the more than 1,400 financial institutions that are part of the network.

    And best of all the ATM is hassle-free and, in most cases, less than what you pay in insurance for one employee each month.