“Are you aware that — as recently as January 2023 — approximately 60% of United States adults live paycheck to paycheck? The era of financial wellness is upon us. It is more important than ever for HR to understand the impact of payroll on employees’ well-being, as well as how associated financial strains can reduce productivity and even the success of the organization.
To address financial wellness, many companies are both revisiting their current payroll processes and providing education to employees on how to manage their finances better. This is particularly relevant for low- to middle-income earners, who are more likely to not have a bank account and to not be educated on how to spend and save wisely.
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