Randstad USA partners with Instant Financial to provide PayMyWay
By Joy Dumasia
Randstad USA announced that it is partnering with responsible earned wage access (EWA) pioneer Instant Financial to provide thousands of their talent with the option for real-time, on-demand access to same-day wages. At no charge to their clients or talent, Randstad’s PayMyWay solution will help reduce absenteeism and increase job applicants while adhering to compliance across 50 states to avoid risk to Randstad and their clients.
Greg Dyer, Group President, Randstad USA, said: “It’s no secret that workers are asking more from their employers amid the current labour shortage, which has left many businesses struggling to adjust their talent strategies to remain competitive. PayMyWay is a solution that not only offers new and existing talent more flexibility to control when and how they receive their earned wages but also gives clients an advantage in the current market to support employee recruitment and retention.”
This new partnership comes at a time when the historically tight labour market has accelerated the shift toward employee demand for instant access to wages, and employers are focusing more than ever on employee retention, including benefits offerings that act as a differentiator from the competition. A recent Instant Financial data report found that employers can reduce employee turnover by upwards of 27% and lower hiring costs by 35% simply by offering access to same-day wages. PayMyWay will allow Randstad to aid its clients with hiring and increasing job loyalty without charging fees or interest.
Tal Clark, the CEO of Instant Financial, said: “The pandemic exposed an unprecedented level of financial anxiety within the U.S. Many families were forced to drain their savings due to job loss or unexpected expenses, and as we start 2022, the fear of the unknown continues. Responsible earned wage access provides the needed access to earnings between paychecks, removing a piece of the unknown and relieving some of that financial anxiety.”
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