Tag: Staff 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.

  • Why Having Financially Healthy Employees is as Important as Medically Healthy Staff

    “Only about 30 percent of your employees are doing well. The rest need help.”

    Imagine hiring the brightest doctor in the nation to come and assess your employees. After surveying each one, doing a complete examination, and running a series of tests, he comes to you with the news that 70 percent are unwell. How would you respond? Would you get the care and attention to make the company a more healthy workplace? Of course, you would!

    Unfortunately, this statistic isn’t imagined, but it may not be a problem for physicians to solve. According to a recent article, these numbers reflect the financial health of most Americans. Financial wellness is often overlooked but plays a critical role in the health of any organization. Not buying it? According to data from SUM180, an online financial planning service, 29 percent of employees admit to missing work to deal with stress caused by their own finances. That has a huge impact on your bottom line.

    Employers often think their industry is the exception to the rule despite data proving otherwise. In the article cited above, a survey by research provider Raddon found that 44 percent of responders said they were “very” or “extremely” literate, but when given a financial quiz, only six percent scored an “A.” And to open your eyes on how bad off employees are, a late March report showed 45.4 percent of consumers had $2,500 or less in savings, while 15.6 percent had no savings at all.

    But there is hope, and it’s easier than ever to help your staff. ATMatWork can match your company with a local bank or credit union that will offer a surcharge-free ATM in the workplace for your staff and bring solutions directly to your doorstep. Having a surcharge-free ATMs in your break room will immediately save your employees money. To see more data and the results your company could obtain, download our case study.

    Having a bank or credit union branded ATM in the workplace not only provides staff with savings, but they will consistently educate your employees. Partnering with ATMatWork means you have immediate access to financial pros for questions that can reduce the financial stress of employees. Many offer programs and discounts for the needs of employees that will bring the overall financial wellness of your company to a healthy level. From savings to mortgages, your company will have a financially healthy team working on your behalf.

    To learn more, call at 866.440.4700 or email us 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.

  • Thank your employees for their hard work and help them keep more of their paycheck with the benefit of an ATM on-site!

    5 benefits of having an ATM at work as an employee perk!

    1. Cash for lunch, vending and the weekend

    2. Saves time. Allows employees to remain at work

    3. Helps staff keep more of their paycheck

    4. Safe, secure environment for employees to do ATM transactions

    5. Competitive advantage for recruiting

    FREE to the Employer | 100% Hassle-Free for HR Staff

    Email us at sales@atmatwork.com to schedule a personalized 10-minute consultation

  • New Trends in Employee Benefits for 2020

    With unemployment rates steadily trending downward throughout 2019, employers are ramping up benefit plans to retain and recruit the most qualified employees. An attractive benefits package sends a message to employees that the business cares about their well being and work-life balance. As 2020 kicks off, here are new trends and developments for employers to consider.

    Flexible Work Schedules

    There is a growing trend of flexible work schedules and remote workers across the globe. Over the last five years, remote work has increased by 44% according to a recent study. Employees who have some control over their schedules feel empowered. It’s easy to understand why employees would cherish the option of not missing a school function or working around other life events that a typical schedule doesn’t accommodate.

    This benefit is a win-win. The result of recent studies show that companies profit from flexible schedules, with reports of more than 4% increase in productivity by remote workers over their in-office counterparts. With many apps and programs available, employees can be consulted with the click of a button.

    Worksite Wellness

    Health education and promoting an improved lifestyle is at the top of many business plans for 2020. It’s no longer uncommon for corporations to partner with gyms to give employees free or reduced-cost membership. Many employers even provide an on-site workout room that employees can use before or after their shift.

    To further reduce costs and make life easier for all employees, on-site clinics have been emerging steadily over the years. As many as 65% of big businesses are expected to have clinics on-site to care for employees and their families. This dedication to health and wellness has a significant ROI since healthier employees will miss fewer workdays.

    Financial Wellness

    Great employers who want to retain top talent understand the need for both physical and financial wellness. HR Technologist reports, “Poor financial health can cause employees to become disengaged or less productive, not to mention triggering a rise in absenteeism.” If an employee is present but missing calls from a creditor or bank during the workday, that stress will ultimately roll over into poor production.

    One easy and low-cost solution for the employer is to put an ATM on-site. Employees can save money by reducing the fees spent at other less convenient locations. If there are financial concerns distracting workers, a quick trip to an on-site ATM to check account balances, move or retrieve funds can solve the crisis. In addition, on-site ATMs are a much safer option for all employees.

    ATMatWork offers several surcharge-free programs so the employer can choose the option that best works for their employees’ individual needs, including ATMs sponsored by local financial institutions that can offer financial wellness.

    To learn more, give us a call at 866.440.4700 or 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.

  • Employees Want Alternate Payment Methods, Financial Wellness and Convenient Access to Cash at Work

    In the last several years, employers have begun offering a wider variety of benefits to inspire staff, retain employees and attract quality talent. A recent study by ADP Institute discovered that traditional perks, such as pay raises and medical benefits, are not the only offerings required for employers to remain competitive in today’s job market.

     According to Evolution of Pay, employees desire easier access to their earnings, financial wellness and more payment choices. Research shows that nearly 80% of employees are now willing to accept payment via unconventional means like payment cards, which are rapidly growing in popularity.

    With employee expectations for financial wellness growing as well, having easy access to a surcharge-free ATM that is sponsored by a local credit union or community bank ‒ that can provide financial wellness education ‒ is a growing new favorite benefit among employers and employees alike.

    An on-site ATM provides major benefits to employees and employers alike, such as:

    • Employee Savings. Employees can save thousands of dollars each month in surcharge fees when using an employer-provided ATM. This can be especially important to employees using a paycard, who may be limited to the number of withdrawals they can make each month or penalized with out-of-network fee for using other ATMs.

    •  Improved Security. Off-site banking poses a greater over-all risk. An employer provided, on-site ATM offers a private, secure environment where employees can withdraw cash, check balances and complete transfers with little risk to their physical or financial safety.

    • Convenience. Easy access to an ATM means employees can complete daily financial transactions without a trip to the bank, as well as having access to cash for lunch, vending and drink machines. On-site ATMs also allow employees quick access to payday funds.

    • Greater Time Management. With no need to stand in long lines at the bank or leave the premises in search of an ATM, employees are able to manage their time better, which means less time away from work and more relaxing breaks.

     An employee provided surcharge-free ATM offers multiple benefits to both employees and provides employers with a competitive edge when it comes to recruiting and retaining talented staff.

    ATMatWork offers several surcharge-free programs so employer can choose the option that best works for their employees’ individual need, including ATMs sponsored by local financial institutions that can offer financial wellness.

    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.

  • Case Study: How One Company Saves their Staff Thousands of Dollar each Month with an ATM as an Employee Benefit

    Providing competitive, fair compensation can be a challenge. Some companies can offer incredibly high salaries, however most need to get creative with benefits and a variety of unique incentives like pet insurance have become popular in recent years.

    A Corpus Christi, TX company was looking for a way to provide their staff with a convenient, cost effective benefit that would provide real value.

    In this case study you’ll learn how they are saving their staff $4,500 on average each month and close to 400 hours by having a surcharge-free ATM on-site as an employee benefit.

    Complete the Form to Get a Copy of the Case Study

  • Q&A Interview with SHRM

    What is ATMatWork?

    In today’s tight job market, companies need to get creative to attract and keep talented employees. And, with Millennials and Gen Z entering the workplace, these younger generations are looking for more than just a paycheck. Some companies offer benefits like pet insurance, flexible hours, mental health days and more. ATMatWork offers employers a cost-effective benefit that will save their staff time and money – easy cash access by having an ATM on-site.

    How does ATMatWork save employees money in ATM and banking fees?

    Despite the rise of credit cards and digital payments, cash remains the number one payment instrument in the U.S, according to the Federal Reserve’s Diary of Payment Choice. Cash representing 30 percent of all transactions; 55 percent of transactions under $10 and 32 percent of payments between $10 and $24.99.

    Employees are using ATMs – and the fees they pay for going to the closest ATM can add up quickly. The national average for withdrawing cash is $3.50 and financial institutions charge an additional fee of as much as $2.50 on average for using an out of network ATM. That’s $6 for withdrawing $60.

    ATMatWork offers a number of surcharge-free options that allow staff to get cash for lunch, vending or the weekend at no charge. And, some of the options available also save employees the banking fees as well. We offer Brinks paycard fee-free ATMs, bank or credit union branded ATMs, machines that run surcharge-free networks or free for everyone options.

    Can you provide an example?

    A Corpus Christi, TX-based company, that employs around 700 workers in two full-time shifts, was looking for a better way to pay their employees and save them money. Aware of the fees their employees paid to cash checks, management decided to make the move from paper checks to Brinks Money paycards.

    However, that was only one piece of the solution. They also needed a way to make it easier for their staff to access their funds without having to pay ATM fees and save them time ‒ especially since hourly employees only have a 30-minute lunch hour.

    After reviewing the variety of options ATMatWork offers, the Human Resources Director decided on a surcharge-free ATM that would provide free balance inquiries for everyone, and fee-free cash withdrawals and no out of network ATM fees for the majority of their employees – both those who had bank accounts and those who participated in the Brink’s paycard program.

    Installation of the ATM in the break room was an immediate success. On average, employees complete 1,600 transactions every month, withdrawing as much as $100,000 over the course of a month and save in excess of $4,600 in fees. Having the ATM in the break room also saves employees a great deal of time because they no longer have to leave work to obtain cash for lunch, vending or leave early on payday to go to the bank.

    What are the biggest challenges companies face when implementing ATMs at work?

    Installation of an on-site ATM is easy, hassle-free for management and can be completed in two weeks. ATMatWork owns and manages the machine so there is no extra work involved for management. All the employer needs to provide is an electrical outlet and a place to put it. ATMatWork also provides custom marketing materials to help HR professionals promote the benefits of having an ATM on-site.

    What do you wish more HR professionals knew about ATMatWork?

    Cash remains the number one payment option for Americans, with Millennials relying on cash more than any other demographic. And the less an employee makes the more they rely on cash.

     According to the FDIC National Survey of Unbanked and Underbanked Households, 32.6 million  U.S. households are unbanked or underbanked. In 2017, the survey estimated 25.2% of Americans had either no access or limited access to a bank account or used alternative means such as paycards or pre-paid cards, to access their wages. Virtually all unbanked or underbanked employees belong to households making less than $50,000 annually. These workers, which can least afford it, are subject to fees for check cashing and ATM fees.

     Having a surcharge-free ATM on-site is a benefit that companies can offer their employees that will allow them to keep more of their hard-earned wages. It’s affordable as well. In most cases, the cost of having an ATM on-site is less than what the company pays for just one employee to have health insurance.

    How important are benefits like this in employee retention?

    The cost of ATM fees and out of network fees charged by an employee’s financial institution can quickly add up, and employees know it. If the employer is offering this service, staff are less likely to switch jobs for an extra dollar an hour, especially if their potential new employer does not offer an ATM on-site.

     Human Resource Directors know their employees are using the ATM and understand the benefits once they see it in action for themselves. We frequently get calls from HR professionals, who have switched companies, wanting to add an ATM.    

    For anyone who won’t be able to make it to the ATMatWork booth in Las Vegas, what do you want them to know?

    Give us a call at 866.440.4700, send us an email at sales@atmatwork.com or visit our website. 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. Our staff goes above and beyond and will work with you to find the best option to fit your employees’ needs.

  • ATMatWork Welcomes The People’s Bank & YMCA

    More than an ATM… A Powerful Dynamic Marketing Tool

    The fully branded ATM at the YMCA is more than just a cash dispenser… it’s a Powerful Market Tool that helps the bank to:

    • Grow Deposit Accounts 

    • Enhance Relationships with account holders and local businesses

    • Creates a Better Brand Impression with custom marketing on the ATM

    Affordable & Hassle Free

    No need for the bank or credit union to buy hardware, load cash, maintenance or keep up with compliance. The ATM experts at ATMatWork handle it all for a low monthly fee.

    Download our brochure to learn more about our ATM programs.

  • 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.